New Delhi: Despite the GST Council giving a one-month extension in filing returns under the new indirect tax regime, businesses should start uploading invoices much earlier, says Goods and Services Tax Network (GSTN) Chairman Navin Kumar. He cautioned against delays on the portal near the deadlin…
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Amitabh Bachchan to be the brand ambassador of GST
The government has roped in Bollywood megastar Amitabh Bachchan to promote Goods and Services Tax (GST), ahead of the sweeping tax reform’s implementation scheduled from July 1. The Central Board of Excise and Customs will be making the 74-year-old Bachchan as the brand ambassador for GST. …
Industrial goods manufacturers not in hurry to clear pre-GST stock
They want GST roll-out to be delayed so that the MSME manufacturers can take details of the stock. Manufacturers of industrial goods, components and products such as pumpsets do not seem to be in a hurry to clear the stocks with them before GST is implemented. According to some of them here, the …
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…
How Indian traders can reap benefits from GST
Trading has been the primary business activity in India since time immemorial. Even the British set up a trading post through the East India Company. While India has advanced in technology and has seen rapid industrialisation along with growth in the manufacturing sector, it is the trading sector…
Industry now gets 90 days to claim credit for GST transition stock
Traders and retailers can file declarations within 90 days claiming tax credit for transition stock after the GST rolls out from July 1. The draft transition rules for the Goods and Services Tax (GST) regime had pegged the time at 60 days. The transition rules approved by the GST Council provides…
Without sops, GST set to be taxing for SEZs, tech parks
The recent release of the draft model GST law is possibly the most ambitious and far-reaching reform of the Indian indirect tax structure for goods and services in decades. This is a move as eagerly awaited as it is overdue, given the issues that have plagued the tax system for a long time, inclu…
Making money: Will GST make SMEs more profitable?
The arrival of Goods and Services Tax (GST), a single window taxation system, is supposed to help SMEs which are often burdened with taxes and its compliance. Whether the GST will be a boon to SMEs or not is still to be seen, but it is expected that all the states will pass this Constitution [&he…
GST: Agarbatti manufacturers seek relief on 12% levy
From agarbatti makers to publishers of children activity books and pickle makers, everyone is invoking interests of the common man and a possible adverse impact on employment to seek a waiver or reduction in the proposed GST rate. Some have gone a step further to argue that an increase in levy on…
GST: Here’s how it will help your start-up
The long awaited constitutional amendment to Goods and Services Tax (GST) at last observes the light of the day. The GST bill has finally been passed in the Rajya Sabha and the nation is hoping to usher in this revolutionary move in the way indirect taxes are calculated. It is esteemed to benefit…