Goods and Services Tax (GST)

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.

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.

The financial major said that the short-term impact of Goods and Services Tax (GST) disruption will help India see better growth in the second quarter.

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 GST Council has decided that under GST, jute & silk would attract nil rate, all categories of yarn would be taxable at 5 percent (excluding manmade yarn which would be liable to 18 percent) and fabrics of all categories would be liable to a tax at 5 percent.

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.

At the moment healthcare is part of the negative list which keeps its free of any service tax levy.

The finance minister Arun Jaitley-headed GST Council has decided to place services under four slabs—5, 12, 18 and 28 percent— compared to the current uniform 15 percent levy on all eligible services

Here’s how prices of goods could move after the new GST rates kick-in from July 1, 2017

Here’s a summary of rates charged in different countries and the years when GST kicked in across the world

GST is billed as India’s most ambitious reforms move, will stitch together a common national market, dismantle fiscal barriers among states and consolidate a patchwork of local and central duties into a single levy

The Goods and Services Tax (GST) council Thursday fixed tax rates on 1211 items, most of which will likely become cheaper.

The decision, taken at a meeting chaired by the MSME Secretary K K Jalan recently, will be implemented after two months of the Goods and Services Tax coming into operation.

Due to prevailing uncertainty about the revenue outcome from the GST implementation, the outlook for revenue receipts of states could turn uncertain.

The Goods and Services Tax (GST) is, beyond doubt, the most revolutionary tax-related reform to be seen in India in several decades. It will eliminate the conflicting and cascading taxation structures, which have confounded &#82

Niti Aayog Vice Chairman Arvind Panagariya will make a presentation on roadmap for rapid transformation of India by outlining key aspects of the document, comprising a seven-year strategy paper and a three-year action plan, an official statement had said yesterday.