Garment and apparel prices may increase under the Goods and Services Tax (GST) regime with ‘job work’ inviting 18% levy. Under the current system, there is no tax on job work as it is considered a “subsequent process” in the manufacture of textile products and not a service. However, under GST, t…
Assam govt to formulate new textile policy soon
Assam government said it will enact a new textile policy in the near future for production and marketing of handloom products in the global market. “Government of Assam will soon formulate a textile policy for giving a major fillip to handloom and textile sector in the state,” an official release…
Odisha small industries corporation turnover at Rs 531 cr
Odisha Small Industries Corporation (OSIC), a state run PSU, has achieved a turnover of Rs 531 crore during 2016-17 with a net profit of Rs 7.83 crore, official sources said. Majority of its turnover comes from commercial and marketing activities, said additional Chief Secretary for MSME L N Gupt…
37 returns instead of 13: One of the many challenges threatening GST rollout
A small-scale manufacturing company with operations in only one state will have to file a minimum of 37 returns instead of the current 13 once the goods and services tax (GST) goes live from July 1, increasing work for industry, accountants and banks, according to an IndiaSpend analysis. With the…
How to correct errors in GST registration?
You have registered for GST and now you have discovered there is an error in your GST registration. Will it mean that you have to scrap your entire GST registration and apply for a fresh one? Not at all! You can rectify any mistakes or change any of the details given in the application for [&hell…
GST: Impact on SMBs, technology services & start-ups
The Lok Sabha has passed the Goods and Services Tax (GST) bill and the rates for goods and services have been determined, clearing the path for the most significant tax reform in post-independence India. While GST has been hailed as a much-needed overhaul of the indirect tax system, many small an…
IIA finds anomalies & discrepancies in GST rate schedules, submits representation to GST Council
Indian Industries Association (IIA) – the apex representative body of Micro, Small and Medium Enterprises (MSME) in consultation with more than 7000 MSME members carried out a detailed study on the GST rates announced by GST Council for Goods and Services. The study revealed that there are …
GST Council forms 18 groups to sort out industry worries
The GST Council has set up 18 sectoral groups to interact with the sectors like telecom, banking and export and sort out their issues in a time-bound manner for a smooth transition to the new indirect tax regime. These sectoral working groups consist of senior officers from the Centre and states …
Textile units fret over 18% GST, fear job cuts
The textile industry has said it is worried over government’s decision to impose 18 per cent GST on manmade fibre as the levy will dent the margins of firms manufacturing synthetic yarn and could lead to job losses. The industry is also uneasy about the effect on jobs like weaving, knitting…
UN cites Indian start-up fund for govt policies on developing digital sector
The World Investment Report 2017: Investment and the Digital Economy, released by the UN Conference on Trade and Development (UNCTAD) cited the ‘India Aspiration Fund’ to say that government policies can actively support investment in local content and services and in the development …