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.…
Tag: VAT
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 to launch programme to address traders concerns on GST
Keen to roll out Goods and Service Tax (GST) by the target date of April 1, 2017, the government will launch an outreach programme to address concerns of small traders. “We are trying to complete GST formalities to roll out GST regime within the target date,” Minister of State for Fin…
Government redefines SME status for small jewellers
In a relief to SME jewellers, the government increased excise duty exemption limit for small and medium enterprise (SME) sector to Rs 10 crore from Rs 6 crore, waived the levy on sale of traded goods and relaxed various procedural norms, reports media. Accepting the recommendations of a panel, th…
Engineering exporters seek early release of incentives in West Bengal
Engineering exporters have made a strong plea to the West Bengal government for release of “considerable amount of money” blocked with state due to VAT related issues. The issue was raised at a meeting of the engineering exporters’ apex body, EEPC India, presided over by state M…
Govt to insulate VAT revenue from fluctuating fuel prices
The Cabinet has given its nod to a Bill that will give the government the right to impose VAT on Petrol and Diesel on percentage basis or per litre basis. That will insulate the VAT revenue from fluctuations in price of fuels and ensure fixed revenue. Presently, the tax is imposed on percentage b…
Restore special category status to Assam | Gogoi
Assam Chief Minister Tarun Gogoi on February 15 requested Union Finance Minister Arun Jaitley for restoration of the special category status to the state and raise central assistance for it in the coming Union Budget. In a letter to Jaitley, Gogoi pleaded for restoration of the centrally-sponsore…
ASSOCHAM wish-list to step-up Credit Flow to MSMEs
India’s apex industry body Associated Chambers of Commerce and Industry of India (ASSOCHAM) wish-list to banks to improve credit flow to MSMEs: Managers of specialized MSME bank branches should be given more powers and flexibility. The specialized MSME branch should focus only on MSMEs. RBI shoul…
SMEs call for enabling policy to empower e-commerce sector
Small and Medium Enterprises (SMEs) have asked the government to form a friendly policy to liberalise the e-commerce sector. These retailers, who are selling products on e-commerce platforms, want government to treat their virtual shops as technology platform. Recently in a letter to Commerce and…
MSMEs still awaits GST to overcome taxation complexities
Indian Micro Small and Medium Enterprises are demanding adequate measures from the government to protect them from competition from the neighboring countries, especially China. The industrialists have been complaining since long about the complex tax structure in the country. To add to their prob…