Friday, July 7, 2017, 8:20 PM
Describing the Goods and Services Tax (GST) as a "game-changer tax reform", Union Minister of State for Power Piyush Goyal today sought cooperation of the business community for its effective implementation. "This is an opportunity for all of us, so forget the past things and get associated with this new game-changer tax reform which is an honest system," said Goyal.
Friday, July 7, 2017, 7:24 PM
Nasscom on Friday said the implementation of the GST will provide a huge opportunity to the country's IT sector, including the software product segment, as small and medium businesses in India are expected to spend more than $25 billion by 2020 to become digitally enabled. Software as a service is expected to grow at least three times in the next three to four years.
Friday, July 7, 2017, 7:17 PM
American cult bike brand Indian Motorcycle today reduced prices of three of its models in India by up to Rs 2.21 lakh after GST implementation. Polaris India, which sells the brand in the country, said the price reduction in the three models -- Indian Scout, Indian Dark Horse and Indian Chief Classic -- ranges between 9 percent and 12 percent.
Friday, July 7, 2017, 7:06 PM
The Goods and Services Tax has no doubt brought cheer to the Government, but appears to have filled the common man with apprehension from day one of its implementation pan-India, as traders have reportedly started charging customers more. While some traders have raised prices by as much as 25% on essential items of daily use, some hotels and restaurants have also hiked their rates.
Friday, July 7, 2017, 6:45 PM
Kolkata-based FMCG firm Emami today said it has reduced prices of its hair oil to pass on the GST benefit to consumers. Under the new GST regime, common use products like hair oil, soaps and toothpaste have been kept under tax slab of 18 percent against 22-24 percent tax incidence through a combination of central and state government levies earlier.
Friday, July 7, 2017, 5:24 PM
Finance Minister Arun Jaitley has said that before GST, the nation was only politically integrated and not economically but now there is tax uniformity across states. "With the new tax regime, things will be simplified," Jaitley said. He also said that Congress, which supported the entire journey of GST, was 'nervous' towards the end.
Friday, July 7, 2017, 5:13 PM
The Federation of Indian Export Organisations or FIEO has said that no exemption from payment of integrated Goods and Services Tax (GST) will hit export profitability by at least 2 percent. In an exclusive conversation with CNBC-TV18's Rituparna Bhuyan, Ganesh K Gupta, President at FIEO said that they expect a drop in exports during July due to the GST confusion.
Friday, July 7, 2017, 4:32 PM
The goods and services tax (GST) regime allows only one registration against a permanent account number (PAN), but firms with multiple business verticals can choose to apply for multiple registration numbers against a corresponding PAN number, revenue secretary Hasmukh Adhia clarified on Thursday. Adhia said it was an option and such a business can request the GST Network for multiple registration numbers.
Friday, July 7, 2017, 4:17 PM
The Union government has denied reports that education became costlier under GST. A statement released by the Finance Ministry called such reports “completely unsubstantiated” and reiterated that educational institutions are exempted from GST. “There is no change made in any subject relating to education in the GST-era, except to reduce tax rate on certain items of education such as school bags, Finance Ministry statement said.
Friday, July 7, 2017, 4:16 PM
The Finance Ministry on Friday said that education will become cheaper with the goods and services tax (GST) and instead some items such as school bags have now become cheaper. “Services provided by an educational institution to students, faculty and staff are exempt,” it said in a statement, adding that there is no change in taxability of educational and other services on account of GST.
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