Thursday, July 6, 2017, 10:24 AM
Well-known producer Siddharth Roy Kapur, as the president of The Film and Television Producers Guild of India, feels double taxation will make the Tamil film industry commercially unviable. The Tamil Nadu government’s decision to levy 30% entertainment tax over and above the Goods and Services Tax (GST) rate was facing stiff opposition from all quarters.
Thursday, July 6, 2017, 10:18 AM
GST became a fully national tax after the Jammu and Kashmir state assembly and legislative council passed the bill, even though the opposition expressed apprehension about the new tax regime. The state would send the bill to the President for concurrence and the 101 st amendment would be extended to Jammu and Kashmir.
Thursday, July 6, 2017, 7:48 AM
The Kerala government said stern action will be taken against those hiking prices of commodities following the launch of Goods and Services Tax (GST). Chief Minister Pinarayi Vijayan said the government viewed the present increase in prices of commodities very seriously. The government has already established a mechanism to file complaints on increase of prices of commodities, he said in a press release.
Thursday, July 6, 2017, 7:43 AM
In what could bring further relief to certain companies and retailers, the government notification to display the revised price through a sticker on unsold pre-packaged items, is not applicable on medicines and commodities (of certain weight). It is understood that these items can continue to be sold at the pre-GST rate, even when their prices may have changed post July 1, without the sticker of a revised MRP.
Thursday, July 6, 2017, 7:36 AM
Consumer goods makers are unlikely to change prices of pre-GST stock by putting fresh stickers as mandated by the government because it will be costly and operationally challenging to pull back unsold stock. Fast-moving consumer goods (FMCG) firms have decided to keep prices intact for old stock even in cases where their tax incidence has increased under the goods and services tax regime.
Thursday, July 6, 2017, 7:29 AM
More than half of people in the country are unaware of the Goods and Services Tax, a survey by a mobile news application company has claimed. The survey of over 3.6 lakh people across the country found that two Telugu speaking states of Andhra Pradesh and Telangana have the highest awareness on the GST with over 64 percent of population knowing about it.
Thursday, July 6, 2017, 6:51 AM
The cheer that goods and services tax has brought to the automotive market has diminished, with concerns mounting over the risk of states raising road tax to offset revenue loss. Maharashtra has already decided to increase the levy on vehicles by 2% to compensate for the absence of octroi, a state tax which has now been merged with GST.
Thursday, July 6, 2017, 6:47 AM
Maharashtra finance minister Sudhir Mungantiwar Wednesday handed over a cheque for Rs 647.34 crore to Mumbai mayor Vishwanath Mahadeshwar as the first instalment of compensation to the Shiv Sena-ruled Brihanmumbai Municipal Corporation (BMC) for the loss of octroi after the introduction of GST. Mungantiwar said the government had committed to hand over the compensation for loss of octroi before the fifth of every month.
Wednesday, July 5, 2017, 9:47 PM
Dual MRP tags -- indicating pre and post GST rates -- on unsold-consumer products will help companies clear inventories and bring transparency to the market, FMCG firms said today. Besides, the tags would enable end-consumers understand GST's impact and how the prices have gone up or down. Prices of few FMCG products have come significantly down under GST regime, a few other products have become dearer.
Wednesday, July 5, 2017, 8:18 PM
The home ministry has given security clearance to the Goods and Services Tax Network (GSTN), the information technology backbone of the GST regime, paving the way for its operationalization soon. Security clearance to the GSTN, a not-for-profit private limited company, was delayed as the home ministry was examining threat perception to national security from any of the stakeholders, a ministry official said.
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