In the last-minute rush for GST-compliance businesses are stumbling upon challenges ranging from accountants’ fees to the need for new email IDs. At a meeting of small and medium enterprises (SMEs) in Noida last week, a businessman said his chartered accountant had increased fees from Rs 5,000 to…
Tag: GST
GST: An idea whose time has come!
We are now just days away from the rollout of the goods and services tax (GST) on July 1 — the most ambitious indirect tax reform ever attempted in modern India. Yes, the design is far from perfect (given the multiplicity of rates), yet it is a visionary idea on which, amazingly, there is politic…
GST implementation won’t trigger price rise, says Nirmala Sitharaman
Allaying apprehensions that GST (Goods and Services Tax), to be rolled out from July 1, will cause negative growth and confusion, Union Minister of State for Commerce and Industries Nirmala Sitharaman said the GST will not trigger a price rise. In fact, it will bring down the prices besides accru…
Supply chain & infra still not GST-ready, worry small traders
Ahead of the Goods and Services Tax (GST) implementation on July 1, small and medium traders have said they are not prepared in terms of infrastructure and the readiness of their supply chains for the new tax regime. “Traders are not prepared for it (GST). The biggest problem is that a large numb…
GST rollout from July 1, but confusion still persists among auto & FMCG firms
With just days to go before India rings in a historic unified tax system, confusion reigns in many consumer-facing industries such as automobiles and packaged goods. While most agree that the unified goods and services tax (GST) would bring much-needed efficiency and long-term benefits, the rollo…
GST will hit small businesses & push Chinese imports: SJM
Days ahead of the launch of GST, the RSS’s economic wing SJM has said the new indirect tax regime will “badly hit small businesses and push Chinese imports“. As the date of implementation of GST is approaching, the heartbeats of small entrepreneurs and traders are increasing, Sw…
MSMEs gear up to embrace GST regime
Micro, Small and Medium Enterprises (MSMEs) are all geared up to embrace the new GST regime by making changes in their functional as well as technological strategy, but want government support for training and creating awareness. Those associated with the MSME sector feel that the “One Tax One Na…
ShopClues rolls out GST compliance services for over 6 lakh MSME merchants
ShopClues is introducing several merchant initiatives and workshops nationwide to have a smooth transition to the Goods and Services Tax (GST) framework. The online aggregator plans to pan over five lakh plus merchants under the new tax regime as it is required to file returns under GST, which wi…
Resurgent requests govt to relax NPA recognition norms for MSMEs
Financial advisory services provider Resurgent India, has requested the government to extend non-performing asset (NPA) recognition norms for MSMEs to 180 days from the current three months period as they have been facing difficult time. The micro, small and medium enterprises (MSMEs) have had …
Leniency in GST laws for genuine mistakes initially: Hasmukh Adhia
With the countdown to GST rollout underway, government has promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime. Revenue Secretary Hashmukh Adhia said a distinction would be made between genuine mistakes in …