New Delhi: A wave of consolidation is sweeping over the Rs 50,000-crore warehousing industry, thanks to the goods and services tax (GST). The rollout of the tax reform measure could reduce total number of warehouses in the country by at least 40% in the coming months, top industry executives said…
Tag: GST
Govt extends tax break for industry in hilly states till 2027
Industries in the north eastern and Himalayan states will continue to get tax exemption till March 2027, albeit as refund, under the current GST regime which was rolled out on July 1, Finance Minister Arun Jaitley said. “Within the framework of the GST Act each industry will be entitled…
Comment | Demo & GST Done; Mega SMB Boost Awaited
He redefined the art of political communication resulting in a land slide victory in 2014. But to endure his success as an orator par excellence, he is someone who takes honest feedback in the right earnest. Having delivered an unusually long I-Day speech in 2016, Prime Minister Narendra Mo…
New industrial policy to focus on MSME growth
Chandigarh: Signifying a drastic shift in attracting industry, the Congress government is focusing on the micro, small and medium enterprise (MSME) investors rather than the big-ticket ones. On the cards is a dedicated organisation to accelerate their growth, development of common environmen…
GST Impact: SMEs still working hard to sort out teething troubles
Large percentage of businesses not in position to comply with GST ahead of Aug 20 deadline for filing self-assessed returns, says GSTN Chairman
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MSME Ministry asks FinMin to consider exemption of Khadi sector from GST
The MSME Ministry has asked its Finance counterpart to consider exemption of Khadi sector from GST or ensure a seamless flow of input tax credit for Khadi Institutions to claim it, the government said in Parliament on August 10. At present only Khadi yarn produced in the sector is exempted, while…
MSMEs can now create GSTR-1 using Offline Tool & Excel Worksheet
The governmenment has taken another step to make it easy for MSMEs to create their GSTR-1 using Offline Tool and Excel Worksheet. The procedures are made available in the government website www.gst.gov.in and it is free of cost. This, would be beneficial for MSMEs sector as facilities are availab…
‘Current GST provisions ratchet up costs & deter small firms from exporting’
Exporters loved the core promise of GST. They would export more as the product cost comes down through lower taxes and reduction in tax on tax incidences. But specific GST provisions nullify these gains, making exporting high cost and complex. Worse, most small firms would not qualify to export. …
Entrepreneurial ambition among the workforce is highest in India: Survey
Entrepreneurial ambition among the workforce is highest in India, with 56% of respondents in a survey indicating that they are considering leaving current jobs to start their own business. According to the Randstad Workmonitor survey, 83% of the Indian workforce would like to be an entrepreneur, …
SAP plans to digitise 1 lakh companies in India
Technology major SAP plans to digitise 1 lakh companies in India as it believes an increasing number of small businesses will have to comply with the new tax era. The company, however, did not give a timeline by which it plans to achieve this number. This development comes close on the heels of G…