Shares of ITC and other cigarette makers soared up to 7 per cent in the morning trade on Friday amid reports foreign brokerage CLSA has maintained a ‘buy’ rating on ITC with a 12-month target price of Rs 325. Shares of the cigarette major jumped 7.75 per cent to hit a high of Rs 289 … Continue reading “ITC surges 7% on fresh development on GST, upbeat brokers”

GST council has cleared the state and union territory GST bills and capped cess on luxury cars (15%), aerated drinks (15%) and cigarettes (290%). GST council on 16th March gave its nod to the two remaining pieces of supporting legislation for implementing the landmark tax reform, paving the way for their introduction in Parliament and … Continue reading “GST council clears last two bills, caps cess on demerit goods”

Small scale industries of the region fear a drop in production and profitability due to subsuming excise exemptions and increased administrative work with the implementation of Goods and Services Tax.

The inclusion of low-priced glucose and other biscuits under the proposed Goods and Services Tax regime will probably lead to shutting down of about 240 biscuit factories.

Many banks and financial institutions may be in a lot of trouble as they could just see the complexity in paying taxes increase under the incoming goods and services tax.

Restaurants with an annual turnover of less than Rs 50 lakh has been put in a tax slab of 5 per cent in the GST council meet.

The GST Council at a meeting on Saturday broadly agreed on the contours of two key legislations CGST and IGST – but a final approval is likely only by mid-March. Union finance minister Arun Jaitley met with his state counterparts and discussed the GST legislation to be adopted by Union Territories, but there was no discussion with regard to … Continue reading “11th Meeting of GST Council Reflect India’s Federalist Character”

Tamil Nadu is ready to roll out the goods and services tax (GST) on July 1, the scheduled date, for which the state government has already brought 86% of the dealers under the new tax regime

The states and the Centre on Saturday decided on a 5% levy on dhabas and small restaurants under the goods and services tax

For the first time the government seems to be prepared for goods and services tax (GST) but the corporate world seems to be grappling with the regulation, people in the know said. Industry experts say that it was a blessing in disguise that the deadline for GST was pushed back as most of the companies … Continue reading “Most companies may be struggling with GST”

After a decade-long wait, India will finally implement the Goods and Service tax this will help to remove tax barriers between states, creating a single market. Now a days many updations are flooded in GST regime as GST is going to implement from 1st July 2017. German software company SAP SE on Wednesday launched ‘GST … Continue reading “SAP launches “GST in a Box” to help SMEs”

India has decided to peg the peak goods and services tax (GST) rate at 40% in the legislation instead of 28%, giving it the flexibility to raise rates without having to reach out to Parliament.

Nodal jewellery trade body, All India Gem & Jewellery Federation (GJF), has met a dozen state finance ministers over the past three weeks, starting with Kerala’s Thomas Isaac, to “impress upon them” the need for goods and services tax (GST) of 1.25% on gold ornaments and bullion. He said the Federation had “fruitful” discussions with … Continue reading “GJF raise voice for lower GST on Jewellery”

Central Board of Excise and Customs (CBEC) has launched a mobile application for Goods and Services Tax (GST). This app enables taxpayers to get latest updates of GST. With this Government also launched feedback and 27×7 helpdesk which named as “CBEC Mitra” where taxpayers can connect and enquire anytime. With this app taxpayers can access information … Continue reading “Voila! CBEC launched GST mobile app”

Submitted by Tax_centrik on 21/02/2017 The Government is striving hard to meet its ambitious target to roll out a pan  India Goods and Service tax from July, 2017. One of the biggest challenges in implementation of GST is the migration of existing taxpayers to GST system to ensure the smooth transition to GST regime. About … Continue reading “Don’t Miss GST Deadline: You May Loose Some Benefits”