Following presidential assent last week to the GST Bill, the Union Finance Ministry on September 12 notified the provisions of the Constitution Amendment Act that allows for setting up the Goods and Services Tax (GST) Council. “The Central Government hereby appoints the 12th day of September, 201…
Tag: GST
President gives nod to GST Bill; 60 days’ countdown to GST Council begins
Turning years of wait into reality, the Constitutional Amendment Bill on Goods and Services Tax (GST) received Presidential assent on September 9 and turned into a law. The consent has moved the government a step closer to do away with indirect taxes. Next on agenda is formulation of the GST Coun…
Why model GST law does not give confidence to exporting community
GST will be a game-changing reform for the Indian economy which promises a common Indian market and reduction of cascading effect of tax on the cost of goods and services. GST will have a far-reaching impact on almost all aspects of business operations in the country; for instance, impact on pric…
GST: Why Arun Jaitley needs to insist on low rates; hike on gold
With enough states ratifying the constitutional amendment for GST, it is just a matter of time before the GST Council is set up and serious negotiations begin on the revenue neutral rate (RNR) as well as the standard rate and the commodities that will be taxed at the merit/standard/demerit rates.…
India’s growth is in its small businesses: Nandan Nilekani
One of the founders of iconic IT company Infosys and the brain behind Aadhaar, Nandan Nilekani wears several hats these days — that of a philanthropist, angel for start-ups and an evangelist for re-imagining India. In an interview, Nilekani shared his views on a variety of issues concerning the c…
GST jolt likely for textile industry, may be taxed at higher 12% rate
India’s textile industry is not only several centuries old, but has also been one of the largest contributors to the country’s exports (around 11%) and provided employment to millions. Indirect taxes, being transaction-based, play an important role in the growth of any industry. The government ha…
Govt plans single policy for retail, FMCG & e-commerce
To provide a level-playing field to stakeholders, there is a move in government to harmonise policies of retail, FMCG and e-commerce within a single policy framework, NITI Aayog CEO Amitabh Kant said. Interacting with CEOs at FICCI’s annual Retail, FMCG and E-Commerce convention, he said th…
Small businessmen wary of retro tax demand under GST mechanism
The Goods and Services Tax (GST) has been heralded as India’s biggest reform since the 1991 liberalisation but one aspect of it has made certain small businesses nervous. Given that it will be virtually impossible to escape the tax net once the new levy is implemented, will this make them f…
Govt seeking ways to increase India’s automotive global supply: Nitin Gadkari
Union Transport Minister Nitin Gadkari on August 31 said the government is seeking ways to increase India’s exports to the automotive global supply. It is also attempting to implement a scrapping policy for old vehicles to reduce vehicular pollution. “The automotive sector is on the road towards …
Odisha to help set up 1,000 startups in five years
The Naveen Patnaik government in Odisha on August 23 cleared a startup policy that it plans to launch later this week at an investor meeting in Bengaluru. Patnaik is hoping to get his state among the top three in the race of competitive federalism pushed by the central government. The state cabin…