Businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.
GST council will meet on March 19 to finalise guidelines and rules on lower rates on under construction houses that will come into force from April 1, but without input tax credit benefits
GST on third party motor insurance for goods carrying vehicles has been slashed from 18 percent to 12 percent
GST Council has cut the tax rate on televisions upto 32 inches to 18 percent from 28 percent
Sakshi Batra is in conversation with Gaurav Choudhury to find what factors led to the surge in GST collections and how crucial is it for the government to sustain the pace at which it is mopping up tax under the new regime.
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST).
Input tax credit has piled up for these companies because most feeder products are taxed at 18-28% under the GST, while railway locomotives fall under the 5% tax bracket
Some companies have argued that they reduced the prices of large packets but could not do the same for smaller packets and sachets, in some cases, as the quantum of price reduction was very low in decimal points, sources told PTI.
The major aim of GST was to make Indian products competitive in domestic and international markets and give an impetus to economic growth.
The body suggested that the HSN Code should be made applicable only on the manufacturers and not traders.
Retracting ITC and reduction of GST has hit the restaurant industry revenues by at least 18 percent
The focus of Friday's meeting is largely on getting approval on the new shareholding pattern of GSTN
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While the Centre said that the price of sanitary napkins would increase if they are exempted from GST, the court gave the Centre one month's time to respond.
Given the robust growth and increase in input prices, there could be a surge in prices for the cars to that extent going forward, according to Mahindra & Mahindra's Group Chief Financial Officer V S Parthasarathy.
Although alcohol has been kept out of GST but all input materials come under it and so average tax rate on the inputs could be higher post GST, said Shekhar Ramamurthy, MD, United Breweries
Social Welfare, Scheduled Castes and Tribal Affairs minister Ramapati Shastri was caught on the wrong foot today when mediapersons asked him to expand the abbreviation while he was interacting with local businessmen in Maharajganj to apprise them of the benefits of the much-touted new tax regime.
Broking firm Edelweiss believes the proposed Goods and Services Tax will not materially impact inflation.
Urjit Patel said GST will reduce inefficiencies within states and broaden the tax base, making it an important part of the digital revolution.
GST is likely to be disruptive from a supply point of view and not demand but that too will likely ease in a quarter or two, says Gautam Duggad of Motilal Oswal Securities.
The government is expected to roll out the GST, which will subsume 16 different taxes, from July 1, 2017. Next meeting of the GST Council is scheduled to be held on June 18, when it will take up lottery taxes and e-way bill.
Earlier, the dealers with less than Rs 20 lakh turnover were exempt from paying tax. But under GST, if they operate through e-commerce route they will have to pay one percent tax.
Compliance and technology costs for insurers are likely to increase by 15% for insurers and they are looking to pass it on to customers from FY19.
The respondents were not confident on preparedness of their partners, that is, vendors and customers to ensure business continuity and minimum disruption.
FundsIndia.com thinks any market turbulence on account of sluggish quarterly numbers in the September and December quarter could be opportunities to average, other things remaining the same.