Even as the date of GST implementation is nearing, threat of mass closure is looming on India’s small, non-integrated manmade fabric manufacturers. Under GST, manmade fibre yarn will be taxed at 18% while its end product, fabric, will be taxed at 5%. Tax differential leaves integrated textile fir…
Tag: GST
NSDL e-Governance & Thomson Reuters ink pact to offer joint solution for GST
Thomson Reuters and NSDL e-Governance have joined hands to offer an integrated Goods and Service Tax (GST) proposition for large and mid-sized corporations in India. Based on a Memorandum of Understanding (MoU) signed on June 15, the solution will enable seamless calculation and filing of returns…
Diamond traders fear the rough edge of GST
India’s diamond industry fears that the Goods and Services Tax on each level of the supply chain will starve firms of cash for daily operations, crippling businesses in the $20 billion export-driven sector. “We work on thin margins and the working capital requirement is high given the cost of dia…
Govt to go soft on GST monitoring for a few months, let traders settle down
There will be some leniency in monitoring and implementation of the new goods and services tax in initial months to allow businesses to settle into the new tax regime, a review of GST preparations by a group of senior ministers was told. The discussions held on June 14 saw the ministers being giv…
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 Jet Set Go: 30 MSME DIs & 18 Tool Rooms assisting MSMEs get GST-ready
The Ministry of Micro, Small and Medium Enterprises is leaving no stone unturned to simplify the Goods and Services Tax (GST) for MSME sector. The Ministry has initiated several schemes to simplify the registration of MSMEs under GST. As per the data provided by Ministry, 54 workshops have been o…
Ahead of GST rollout, producers & traders feel taxed
Recently, pharmacists in many cities sent out mailers to some of their regular clients, especially senior citizens. Stock up on your essential drugs, the customers were told. The ‘advisory’ was not triggered by any trouble at the manufacturing end, but by apprehensions arising from the July 1 rol…
GST Impact: Small business owners feel jittery over e-way bill, sales tax rule
In a move to protect interest of small business owners from the government’s implementation of GST, industry owners have urged the government for relaxed procedures and revised policies. “India is a huge market out there, a sale of Rs 50,000 per consignment is not an occasional incide…
#GST: ClearTax unveils billbook software to assist SMBs
ClearTax, India’s largest income tax returns e-filing and enterprise compliance service provider, has launched a billbook software to assist small and medium businesses (SMEs) in the country get GST-ready. The GST Billbook is a free of cost software platform that works both online and offline and…
SMEs will benefit from composition scheme, says CBEC chief
Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna has said that small and medium enterprises engaged in trade, manufacturing and restaurants business will benefit under the new limit of the Composition Scheme for the GST. “Everybody will get the benefit, those who are already li…