GST impact: Higher lease payouts may hit airlines, cab aggregators.
Anti-profiteering authority puts Baba Ramdev-led company in the dock for allegedly not passing on benefits received from the reduced rate of taxation under the GST regime. Patanjali to respond to notice at January 28 hearing.
'In practice, GST will increase the pain of compliance, if not the cost, a lot.' 'It also has clauses that offer scope to create a single market for corruption,' warns Devangshu Datta.
Mihir Tanna, Associate Director, S K Patodia & Associates, will answer your personal income tax queries.
The Centre is likely to introduce the Central GST and integrated GST bills in late November or early December in the ongoing session in the form of money Bills.
For the government to meet its GST roll-out deadline of April 1, 2017, the states will have to ratify the Bill before Parliament's winter session, starting November.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
'Otherwise, how is the government going to make more revenue?' 'The most important thing the GST does is to transfer money from the household consumers who are the most productive users of capital to the most unproductive users of capital, namely the government.'
To generate ample private sector interest, there is a need to introduce market-linked tariff rates.
The government introduced the 122nd Constitution amendment Bill.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
The gross tax revenues have touched 65 per cent of the Budget estimates at Rs 17.81 lakh crore during the first eight months of the current fiscal till November, propelled by corporate and personal income tax mop-up, according to the Economic Survey 2022-23 presented in Parliament on Tuesday. The survey, authored by Chief Economic Advisor V Anantha Nageswaran, said the 'substantial reforms' in India's taxation ecosystem post-2014 and policy reforms have removed the distortionary incentives from the economy. Reforms like GST, reduction in corporate taxes, exemption of sovereign wealth funds and pension funds from taxes, and removing Dividend Distribution tax have reduced the tax burden on individuals and businesses.
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
There is much work to be done to design a good GST.
BSE Auto index fell over 0.5% after reports that automobiles might get costlier post GST
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
Stocks and sectors impacted most by GST.
Fiscal federalism should not be sacrificed at the altar of GST.
Modi said the Goods and Services Tax has within one year of its launch led to over 70 per cent jump in indirect taxpayer base, demolished check-posts and merged 17 taxes and 23 cesses into one single tax.
The large drop was for export orders that were meant to be delivered until October.
Inter-state supply may come under GST composition
From Braille writers and Braille paper to wheelchairs, talking books, assistive listening devices and implants for the severely physically-challenged will attract a Goods and Services Tax of 5 per cent. But inputs and raw material for manufacturing of these assistive devices or equipment attract 18 per cent GST. Since the final consumer tax is lower than the tax on inputs, a domestic manufacturer can claim refund, an official statement said.
Proposes to increase Exemption Limit for Small Service Providers from Rs 10 lakh to Rs 25 lakh.
"At present, there are two main rate slabs under which sa majority of goods are covered -- five per cent and 12.5 per cent -- which will now increase to three (five per cent, 12 per cent and 18 per cent).Will this result in multiple litigations is anybody's guess."
The transition to a single, nationwide tax on goods and services will streamline business and boost the economy by tearing down barriers between 31 states and union territories.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
Their favourite alternatives: Malaysia, Vietnam and the Philippines. Note, India is missing from that list. And this is despite an attractive financial incentive scheme for OSAT players. The reason, said a senior executive of a US chip company who had a meeting in Taiwan just a few weeks ago, is that "they want more predictability in government policy because they plan to put in big money."
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
The central government, in its revised draft of the constitution amendment bill, had proposed that fuel and liquor should be brought under the ambit of GST.
States' demand for 5 years and Constitutional provision ruled out
'I believe the modified scheme is much more beneficial and simpler.'
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
From 0% to 28%, here's the breakup of what attracts how much GST.
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
Arun Jaitley said he would put the DTC Bill in cold storage.
For any proposal to be cleared, it has to get 75% of the vote.
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
'The role reversal of those in favour of GST and those opposing it is troubling.'
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