The much-awaited Goods and Service Tax (GST) Bill will soon be a reality. The central government is taking every possible effort to rollout the new tax regime by July 1, 2017. The tax officials of the central and state governments will this week hold their maiden meeting on devising a formula fo…
Tag: Goods and Service Tax (GST)
GST: A mix bag of opportunities & challenges for SMEs
The Goods and Service Tax (GST) is a destination-based tax applicable at multiple stages of production and rendering of goods & services and their distribution. Subsuming various indirect taxes such as entertainment tax, state and local tax, surcharge, excise duty, octroi, and others, the GST…
Haryana abolishes market fee for small traders with annual turnover upto Rs 5 lakh
The Haryana government has announced abolition of market fee for small traders having an annual turnover of upto Rs five lakh. The abolition of the fee was among a number sops announced by Haryana Chief Minister Manohar Lal Khattar during a trader’s conference ‘Virat Vyapari Sammelan&…
GST adoption could raise India’s GDP growth rate to over 8%: IMF
The adoption of the Goods and Service Tax (GST) could help raise India’s medium-term Gross Domestics Product (GDP) growth to over 8% and create a single national market for enhancing the efficiency of the movement of goods and services, the International Monetary Fund (IMF) said on February 22. A…
Budget 2017: mobile makers seek incentives for making in India
Mobile handset makers operating in India expect the government to continue duty differential regime for mobile phones in the upcoming budget, amid business slowdown due to demonetisation and the imminent implementation of goods and service tax (GST) regime. Some feel that while the government sho…
Govt to launch programme to address traders concerns on GST
Keen to roll out Goods and Service Tax (GST) by the target date of April 1, 2017, the government will launch an outreach programme to address concerns of small traders. “We are trying to complete GST formalities to roll out GST regime within the target date,” Minister of State for Fin…