Ahmedabad: The Goods and Services Tax (GST) Bill will boost the competitiveness of MSMEs and create a level playing field for organized and unorganized sectors, said experts at a manufacturing conclave held by Confederation of Indian Industries (CII) on September 27. “One of the major benef…
Tag: GST
SME body demands separate Ministry in states for sector
Vadodara: An industry body of Micro and Small enterprises has sought for a separate ministry in states to address issues related to sector. The annual general meeting of the Laghu Udhyog Bharti (LUB) will be held on September 25 wherein issues related to the national MSME policy, GST and FDI will…
GST council sets exemption threshold for tax at Rs. 20 lakh
Giving relief to small businesses, the Goods & Services Tax (GST) Council has decided that threshold for exemption for businesses would be an annual turnover of Rs. 20 lakh, while the businesses in the Northeastern and hill states with annual turnover below Rs. 10 lakh would be out of the GST…
Interest of small businesses protected: GST Panel Chief Amit Mitra
With the Centre and states agreeing to keep traders with turnover of up to Rs 20 lakh out of the GST ambit, interest of small traders has been protected, West Bengal Finance Minister Amit Mitra said on September 23. Hailing the decisions reached at the first meeting of GST Council, he said more t…
GST Council consensus emerging on April 1, 2017 rollout, Rs 25 lakh threshold
As the Goods and Services Tax (GST) Council comprising the Centre and states met here on September 22 — its first session after it was formed last week — a consensus seemed to emerge among the members to usher in the new tax from April 1, 2017. They have also resolved to fix the upper […]<…
Centre mulling to ‘advance’ Winter Session for early GST roll out
In a bid to roll out the crucial Goods and Services Tax (GST) from April 1, 2017, the Modi government is considering to prepone the Winter session of Parliament to pass the CGST and IGST bills, and pave way for implementation of the new sales tax regime. The Winter session of Parliament is genera…
GST rollout a hell of a challenge, says Infosys CEO Vishal Sikka
Describing GST rollout “a hell of a challenge”, Infosys CEO Vishal Sikka acknowledged that there are pockets of weak preparedness, but there is still time to address them before the April 2017 deadline. “There are many pockets where there is weak preparedness at this moment. But we have time bet…
Flipkart makes first move as e-Commerce sector prepares for GST rollout
The e-Commerce sector is preparing to ensure compliance with the goods & services tax system before the new tax regime’s targeted rollout date of April 1, 2017, even as it continues to negotiate with the government over some provisions in the law. Providing training on the new system to…
GST needs point-of-supply clarifications
With GST round the corner, companies are already reviewing and analysing the actual impact on their supply-chains. Unlike the existing regime, GST would be a destination-based consumption tax and the tax would accrue to the state where the goods/services are consumed. In this regard, the Model GS…
How can industries reap maximum benefits out of GST
GST will overhaul the current indirect tax system and will impact all facets of business operations of any company, for instance, pricing of products and services, supply chain optimisation, IT, accounting and tax compliance systems. Given the time constraints, industries would need to gear up an…