Saturday, July 8, 2017, 12:18 PM
The GST became applicable across India after the pan-India indirect tax regime commenced in J&K from Saturday, hours after its assembly on Friday passed the state GST bill on receiving President Pranab Mukherjee's order "safeguarding" Kashmir's special constitutional status and its exclusive taxation powers. J&K became the last in the country to adopt the new taxation law, making "one nation, one tax" a reality.
Saturday, July 8, 2017, 11:59 AM
Finance Ministry along with the Central Board of Excise and Customs launched GST Rates Finder app on Friday for consumers to verify the accurate tax rates on commodity and services under the Goods and Services Tax. The app, which is currently available on Android platform, will soon be launched for iOS and can be used in offline mode once downloaded.
Saturday, July 8, 2017, 10:32 AM
A representative of Rubber wood-based plywood manufacturers told that 28% GST slab levied on the industry has hit it hard even before it could revive from the demonetisation slump. Meanwhile, according to local manufacturers, they have a turnover below 1.5 crore and were paying a total tax of 16.5%, but under GST it has been hiked to 28%, which is 11.5% points higher.
Saturday, July 8, 2017, 9:45 AM
3% increase in taxation on services offered by colleges, universities and coaching institutes under the Goods and Services Tax (GST) has students arriving in Bengaluru from other places worried. For this would mean spending more on food, accommodation and other services. While colleges have arrived at some estimates, several paying guest (PG) owners are still struggling to comprehend the new system.
Saturday, July 8, 2017, 8:38 AM
The difference between online and offline prices of iPhones has narrowed to Rs.1,500-Rs 2,000 from Rs.5,000-Rs 8,000, as GST has taken away a cushion that had allowed sellers on e-commerce platforms to offer discount. Apple distributors informed retailers that the margin difference was possible as they had supplied the products to online sellers from states that had a low value added tax (VAT).
Saturday, July 8, 2017, 8:27 AM
Ever since GST (Goods and Services Tax) has been implemented, the shopkeepers are having a field day, making the most of the confusion of and lack of awareness among shoppers. Several incidents of people being charged even on items exempt from tax have come to light. There is a lot of confusion over the effect of GST on packaged food.
Saturday, July 8, 2017, 7:29 AM
Indians travelling overseas may need to pay more for foreign currency notes they buy at home before leaving if the customs department has its way and imposes GST on their import into the country. Banks say they are perplexed at the customs department levying integrated GST (IGST) on such consignments, which are exempt from basic customs-duty, and have sought a clarification from the government.
Friday, July 7, 2017, 10:31 PM
Revenue secretary Hasmukh Adhia clarified on Friday that consumers need to pay only the taxes specified in the invoices which were generated before 1 July even if the payment fell due after introduction of GST in the country. Adhia also said that the proposed e-way bill system—an electronic transit pass for goods across state borders—will be in place within three months.
Friday, July 7, 2017, 8:59 PM
Consumers will have to cough up GST on bill payment for credit card, telephone or any other service consumed in June if the invoice for the same has been generated or payment made in July. GST has been rolled out from July 1, and most of the services attract a higher tax slab of 18% compared to around 15% service tax charged earlier.
Friday, July 7, 2017, 8:49 PM
Revenue of listed companies may rise an anaemic 7%, led by the consumption sector in the June quarter, but difficulties in the export-linked sectors and the GST introduction may cap the same, pulling down the margins by 1.2%, says a report. Crisil expects the aggregate topline of companies, excluding finance and oil-players, to grow 7% in June quarter over the same period last year.
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