Powerloom units will take a hit if the GST on man-made fabric (MMF) is kept at the proposed 18%, industry officials said. Powerloom accounts for more than 86% of the total MMF production in India while the rest comes from other segments like handlooms, hosiery and mills. Incidentally, the GST on …
Tag: GST
Commerce department unhappy with GST norms for exporters
The commerce department has flagged a series of concerns on the mechanism devised for goods and services tax (GST) and said it would not be beneficial for exporters. To begin with, the biggest concern is related to the plan to let exporters pay the taxes and then get a refund after sending shipme…
No excuse for firms not to be ready for GST: Arun Jaitley
Finance Minister said enough time has been given for GST preparation He claimed 6.5 million firms have registered for GST He also said he expected there to be “some challenges” in the short term after the launch Companies have been allowed to file simplified, aggregate tax returns in …
GST launch at midnight: Here are the program details
GST launch will take place exactly at midnight of June 30 and July 1 GST will be launched in the presence of President Pranab Mukherjee There will be a 1-hour program at the launch Finance Minister Arun Jaitley on June 20 shared the contours of the GST (Goods and Services tax) launch program on t…
Delay in IT security clearance not to affect GST launch: Arun Jaitley
Finance Minister Arun Jaitley said GST rollout will not be impacted by any delay in security clearance to GST Network, the IT backbone provider for the new indirect tax system. “It (GSTN) is already functioning,” he told reporters here. Security clearance to GSTN is a “procedura…
Amitabh Bachchan to be the brand ambassador of GST
The government has roped in Bollywood megastar Amitabh Bachchan to promote Goods and Services Tax (GST), ahead of the sweeping tax reform’s implementation scheduled from July 1. The Central Board of Excise and Customs will be making the 74-year-old Bachchan as the brand ambassador for GST. …
View Point: ‘SME sector should get 6 months to ingest complexities of GST’
In its bid to get the maximum number of firms and individuals under the tax bracket, the Union government is boldly going ahead with the implementation of the game-changing reform of Goods and Services Tax (GST). This sort of tax disruption, virtually unprecedented in the country, might boost the…
Industrial goods manufacturers not in hurry to clear pre-GST stock
They want GST roll-out to be delayed so that the MSME manufacturers can take details of the stock. Manufacturers of industrial goods, components and products such as pumpsets do not seem to be in a hurry to clear the stocks with them before GST is implemented. According to some of them here, the …
GST Council gives relaxation of 2 months for filing of GST returns
India’s tryst with its most comprehensive indirect tax reform, the goods and services tax (GST), will begin on July 1. The GST Council, the apex decision body for the new tax, has stuck to the scheduled rollout. GST seeks to bundle state and central levies into one and create a seamless national …
Essel Group Chairman Subhash Chandra voices SME concerns over GST
Adding heft to the rising concerns regarding the initial impact of the Goods and Services Tax (GST), especially in the SME (Small and Medium Enterprises) sector, Rajya Sabha MP and Essel Group Chairman Subhash Chandra on June 17 requested the government not to take any action for non-complia…