At the stroke of the midnight hour, India has awakened as a common market for the first time. The 17 year-journey of historic Goods and Services Tax (GST) has finally come to an end, as President Pranab Mukherjee and Prime Minister Narendra Modi rung the bell of new India and rolled-out ‘One Nati…
Tag: GST rollout
GST rollout: A mixed bag of pains & gains for SMEs
India has an estimated five crore small and medium enterprises (SMEs) that form the backbone of the economy. How will the implementation of the goods and services tax (GST) impact the sector, which contributes 50 per cent of the industrial output and constitutes India’s 42 per cent export earning…
Star-studded GST launch: Here is full guest list for Midnight bash at Parliament
GST rollout: After years of inputs and months of speculation, the Goods and Services Tax or GST rollout will finally take place today during a midnight session in Parliament’s Central Hall. The hall itself is of historic significance as the last time it hosted a midnight event, it was in 1997 on …
GST Rollout: How GST will affect businesses that don’t pay tax
Rakesh Sachdeva sells auto parts in a busy market in central Delhi, just a few miles from Prime Minister Narendra Modi’s office. Yet despite having a flourishing business he does not pay any tax. Until now, his rundown premises and small scale operation has kept the business below the radar of In…
Small business owners feel jittery over GST
GST rollout may prove to be a bumpy ride for small businesses in Tamil Nadu, Andhra Pradesh and Telangana, according to multiple business people spoke to. While larger companies have either already aligned their systems with GST or are in the last leg of the process, uncertai…
10 things Revenue Secy, Hasmukh Adhia wants to convey about GST
With just two days to go for the GST rollout, the single-largest tax reform since Independence, there have been some doubts and confusion hovering in the minds of small businesses and general public at large over the transition. Accepting that implementation may see some hiccups in the init…
Ahead of GST rollout, TDS for online sellers deferred
Merchants selling goods through e-Commerce platforms and companies, supplying goods and services to various government agencies, have got more time to prepare for a system of tax collected at the source with the government on June 26, deferring enforcement of this requirement under the goods and …
Telangana ready to roll-out GST from July 1: Official
Telangana is ready to roll out the GST from July one from technology and preparedness perspective, according to a key government official. “We are ready. We have not asked for any postponement (of the launch date)”, Revenue Secretary Somesh Kumar told . “As far as technology and…
GST rollout: On-boarding tax network, cash crunch top SMEs’ worries
While the panellists at a conclave on ‘GST and its impact on SMEs’ were in agreement on sticking to a July 1 GST rollout agenda, views varied on its impact on trade. And from the discussions that followed, it was apparent that the participants’ apprehensions were not as much on the GST rate slabs…
Need to strengthen loan restructuring mechanism: Meghwal
New Delhi: The loan restructuring mechanism should be bolstered if the government were to get a firm grip on bad loans, said Minister of State for Finance Arjun Ram Meghwal. “We need to strengthen the loan restructuring mechanism… it will, along with various other measures taken by bo…