Assurance, tax and advisory firm Grant Thornton’s business confidence report has revealed that policy reforms and the upcoming implementation of the Goods and Services Tax (GST) has buoyed India Inc’s hopes of a rise in exports during the coming quarters. According to the latest Grant…
Tag: GST
New GST rates likely to hit silk fabrics, garments exports
According to Rajendra Kumar Kapoor, President of the Silk Association of India, most of the manufacturers and exporters in this sector belong are most micro, small and medium enterprises (or MSMEs) and unless necessary exemptions are introduced, exports would suffer. Cumbersome process Kapoor, du…
Expert view: Key takeaways from the new GST rates
Uncertainty on rates for gold is not warranted as gold is a key determinant of the rate structure, said Prashant Deshpande, Partner, Deloitte Haskins & Sells LLP, while commenting on the 4-tier indirect tax structure announced by the GST Council today. He further said: “The four rate st…
Council fixes 4-level GST rate structure
The Goods and Services Tax (GST) will be levied at multiple rates ranging from 0 per cent to 28 per cent. Ultra luxuries, demerit and sin goods, will attract a cess for a period of five years on top of the 28 per cent GST. Overcoming opposition from some States, the GST Council finalised on [&hel…
DIPP to pace-up security clearances to improve business climate
The Commerce and Industry Ministry is discussing with the Home Affairs Ministry fast-tracking of issuance of security clearances as it seeks to improve business climate, a top official said on November. Secretary in the Department of Industrial Policy and Promotion (DIPP) Ramesh Abhishek said app…
MP slips one notch to come 6th in ease of doing business
Madhya Pradesh, which had emerged fifth last year in the department of industrial policy and promotion’s (DIPP) ease of doing business rankings among states, is facing tougher competition this year. In the real time ranking of the states based on business reform action plan made available on DIPP…
Too many GST rates could be disastrous: P Chidambaram
Former Finance Minister P. Chidambaram on October 24 said that too many GST (Goods and Services tax) rates would be ‘disastrous’ and advocated for reduction of rates in the new indirect tax regime. “A well designed GST is expected to have a standard rate, plus and minus standard rate. That latitu…
80 lakh assessees may start migrating to GSTN portal from Nov 8
As many as 80 lakh assessees of excise as well as service tax and VAT can start migrating their registration to the Goods and Service Tax Network portal by November 8, GSTN Chief Executive Prakash Kumar said. “On this date (November 8), we are releasing enrolments. This means getting these existi…
GST Network to launch registration portal
Goods and Services Tax Network (GSTN), the company tasked with setting up the information technology backbone for the ambitious indirect tax reform, will open a website for the registration of taxpayers such as traders, manufactures and service providers in November. Taxpayers will be able to acc…
Govt expects improvement in India’s ease of doing biz ranking
Enthused by improvement in India’s rank in WEF’s Competitiveness Index, the government exuded confidence that the country will witness a similar gain in the World Bank’s ease of doing business ranking and it may also prompt a sovereign ratings upgrade. Although global credit rat…