Days ahead of the launch of GST, the RSS’s economic wing SJM has said the new indirect tax regime will “badly hit small businesses and push Chinese imports“. As the date of implementation of GST is approaching, the heartbeats of small entrepreneurs and traders are increasing, Sw…
Tag: tax
Leniency in GST laws for genuine mistakes initially: Hasmukh Adhia
With the countdown to GST rollout underway, government has promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime. Revenue Secretary Hashmukh Adhia said a distinction would be made between genuine mistakes in …
New tax regime to create need for 1.3 m professionals; India Inc rush to get GST math right
GST has infused optimism in the job market. As the goods and services tax rollout date nears, companies across sectors are rushing to get their GST teams in place, leading to a jump in demand for tax and technology professionals. The demand is being led by the FMCG sector, followed by consumer go…
With 9 days to GST rollout, Anti-Profiteering rules still a major concern for Telangana MSMEs
With less than 10 days left for the Goods and Services (GST) regime to come into effect, apprehensions about anti-profiteering and penalties have been worrying Micro, Small and Medium Enterprises (MSMEs) in the state. So far, 85 per cent of traders across the state have registered themselves unde…
The flip side of GST: Its impact on the informal economy
The markets are gung-ho about the shift to the goods and services tax (GST). One factor driving this optimism is the anticipated shift of business from small, unorganized firms in some sectors to organized ones. Since the latter are already in the formal economy, comply with regulations, are gene…
GST enforcement will be lenient during initial period: Commerce Secretary
To allay the fears of the exporting community, the Commerce Ministry on June 21 said that enforcement would not be harsh during the initial period of GST implementation from July 1. “Any transition will require some adjustment. Exporters will get an extended two months time for filing retur…
Govt to make companies pay if they fail to pass on GST benefits to consumers
The central government on June 20 notified anti-profiteering rules to ensure that businesses pass on the benefit of reduced indirect tax to customers once the proposed goods and services tax (GST) comes into force on 1 July. Failing to pass on the GST benefits could cost businesses their registra…
How GST will be a turning point for SMEs
Introduction of the Goods and Services Tax (GST) after a decade-long deadlock is a welcome measure for Indian small and medium enterprises (SMEs). India’s approximately 51 million SMEs are vital for its economy, contributing 45 per cent to the country’s GDP and employing 450 million people. GST h…
GST will be a tough job, but not for the reasons you think!
Are you a businessman? If you are, then it’s statistically likely that you cheat on taxes. From the roads you drive on to the army that defends you, your share is partly paid for by others, mostly by salary-earners who can afford it less than you can. Don’t get offended but the fact i…
GST a seminal reform; May see retrospective changes in GDP: JP Morgan
With the Goods and Services Tax (GST) Council on May 18 fixing tax rates on 1211 items, most of which will likely become cheaper as the new rates will be lower than the current effective levies and the Indian equity market continuing its bull run, it is a crucial time for the economy and markets.…