With all the brouhaha over GST, and (often) a limited understanding of the long-term forces shaping India's logistics sector, companies seem to have omitted factoring in some underlying trends that could shape supply chain excellence, says Neelesh Mundra.
The GST rate for the sector has not yet been finalised by the government.
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Linking businesses with account aggregator (AA) network -- a financial data sharing platform -- will help small entrepreneurs get easy access to credit and create millions of jobs, Infosys Technologies co-founder and chairman Nandan Nilekani said on Tuesday. He made the remarks during a session at the 'GSV + Emeritus India Summit' event in Gurugram. In the Budget for FY24, the government said that the GST system could join the account aggregator network, which means that every company in the GST system can ask for its data back which includes their tax filings and invoices, Nilekani said.
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
Lack of visibility on rates makes companies apprehensive.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
The government now ends its mandate with reaffirmation in the vote-on-account of the same goals, for which it claims to have a clear line of sight.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
Experts share their views on the steps that will help businesses become GST-ready.
Construction costs would be reduced to some extent and this benefit can be passed on to the customers, thereby spurring home buying
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
The chamber has sought clarity from government to remove uncertainty among businesses
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
'Modi had not discussed demonetization with me prior to his announcement on 8 November 2016. 'I learnt of it along with the rest of the country. 'I was not surprised when he did not discuss the issue with me prior to making the public announcement. 'It fitted in with his style of making dramatic announcements.' A fascinating excerpt from Pranab Mukherjee's The Presidential Years: 2012-2017.
The domestic luxury car segment is a key beneficiary of GST within the automobile space as prices are set to come down by up to ten per cent in most cases. Roland Folger, MD & CEO, Mercedes Benz India, speaks to Shubham Parashar on the significance of these changes on the industry and other issues.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
Infosys had told the group of ministers that it would expand its 100-member team to speed up the bug fixes.
He also pointed out that the home ministry was neither consulted, nor did it give the necessary security clearance
The government of India holds 24.5 per cent stake in GSTN while states together hold another 24.5 per cent
After the finance minister directed public sector banks to join the account aggregator (AA) ecosystem, 5-6 major ones, including State Bank of India (SBI) and Bank of Baroda are expected to go live by July-end. Sahmati, an industry alliance for the AA ecosystem, has been working with PSU banks to get them onboarded for quite some time now. So far, Union Bank of India and Punjab National Bank (PNB) have gone live on the AA ecosystem. While Union Bank has been live for a while, PNB went live earlier this month.
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
GSTN CEO Prakash Kumar tells Sudipto Dey how IT can improve service delivery of government departments.
'In a country like ours, people talk about wanting to be like Singapore, but when it comes to paying taxes, they start criticising.' 'The medicine is bitter, but the long term effect is good,' Senthil Natarajan, who runs Kovai Pazamudhir Nilayam, a one of its kind fruit and vegetable chain in Tamil Nadu, tells Rediff.com's Archana Masih.
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
Opposition politicians on Wednesday stalled a last minute attempt by Prime Minister Narendra Modi's government to pass the Goods and Service Tax bill.
As per norms, the returns have to be filed online on www.aces.gov.in.
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
'One way to deal with these is to address these quickly and have rapid reaction teams in New Delhi, the state capitals and wherever possible.'
Apart from the much-reported constitutional and political hurdles on a national Goods and Services Tax (GST), there is another basic one. Barely half of dealers in the country have a Permanent Account Number (PAN) from the tax department.
GST mop-up likely to fall in May, June after touching record levels in April and March.
Cash flow-based analysis should throw up businesses better able to survive the transient effects of a working capital crunch, says Devangshu Datta.
The challenge before the government now is to use the factors that are favourable to its benefit.
Bandhan Bank said on Monday that it has been empanelled by the Reserve Bank of India (RBI) to act as an agency bank to facilitate transactions related to government businesses. The RBI's decision will help Bandhan Bank in contributing to nation-building, its MD and CEO Chandra Sekhar Ghosh said. The announcement comes months after a RBI guideline that authorised scheduled private sector banks as agency banks of the regulator for the conduct of government business.
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