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Cos face jail term for not reprinting revised MRP on inventory

Friday, July 7, 2017, 3:09 PM

Cos face jail term for not reprinting revised MRP on inventory

Consumer Affairs Minister Ram Vilas Paswan today warned of a fine of up to Rs 1 lakh, including a jail term, if new post GST rates are not printed on the inventory in the interest of consumers. Manufacturers have been allowed to clear the unsold stocks by September with new MRP.

News

 
President Mukherjee gives nod to GST in J&K

Friday, July 7, 2017, 2:30 PM

President Mukherjee gives nod to GST in J&K

President Pranab Mukherjee today gave nod to an order pertaining to implementation of the Goods and Services Tax regime in Jammu and Kashmir, clearing decks for the state Assembly for enacting a State GST law. Official sources said that the President cleared the order and sent it to Ministry of Home Affairs for further action.

News

 
GST extended to Jammu and Kashmir

Friday, July 7, 2017, 1:00 PM

GST extended to Jammu and Kashmir

The Jammu and Kashmir Legislative Assembly today passed the state GST Bill 2017 amidst opposition boycott, making it the last state of the country to join the new tax regime. The bill entitled the Jammu and Kashmir Goods and Services Tax Bill 2017 moved by Finance Minister Haseeb Drabu was adopted by a voice vote as all opposition members decided to boycott the proceedings.

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GST enables tracking of tax evaders: FM Arun Jaitley

Friday, July 7, 2017, 12:15 PM

GST enables tracking of tax evaders: FM Arun Jaitley

Under the new Goods and Services Tax (GST) regime, 320 crore vouchers will be matched every month to check tax evasion, Union finance minister Arun Jaitley said on Thursday. Calling it a big step towards eliminating corruption, Jaitley said the simplified tax system had a mechanism to identify tax evaders.

News

 
GST ratings will help you know how genuine your trader is

Friday, July 7, 2017, 12:07 PM

GST ratings will help you know how genuine your trader is

Come October, customers will get to know who is the best trader supplying goods or services as dealers will be rated based on their tax compliance. The tax compliance rating, that'll be on the lines of credit rating of companies, will be done automatically and displayed on the web portal of the Goods and Services Tax Network (GSTN).

News

 
GST: Samsung reduces prices in Mumbai region

Friday, July 7, 2017, 11:26 AM

GST: Samsung reduces prices in Mumbai region

Samsung, the country's biggest consumer electronics and white goods company, has reduced prices in the key Mumbai region after imposition of GST. The price cut across categories spans televisions, microwave ovens, refrigerators, washing machines and air-conditioners. New prices have been conveyed to dealers, according to the communication seen by TOI. A company spokesperson, however, did not confirm price cuts.

News

 
GST to have cascading effect on industry: film makers

Friday, July 7, 2017, 11:15 AM

GST to have cascading effect on industry: film makers

Documentary film makers in India are stunned by the imposition of 18% tax on budget films. With GST coming into effect for commercial films, short films, documentaries, news reels and advertising — the cost of purchasing film, equipment and services such as editing, suites would dramatically increase for budget filmmakers, attempting to highlight social issues.

News

 
GST: Colgate drops oral care product prices by 9%

Friday, July 7, 2017, 10:50 AM

GST: Colgate drops oral care product prices by 9%

Oral care leader Colgate-Palmolive (India) has dropped prices on toothpastes and toothbrushes by 8-9% following tax reductions in the new GST regime. The move by Colgate-Palmolive, which has a market share of around 56% in toothpastes, is expected to trigger price cuts by other players as well. Post-GST, the tax rate on toothpastes has come down from around 24% to 18%.

News

 
Malls’ sales surge in June on the back of pre-GST discounts

Friday, July 7, 2017, 10:19 AM

Malls’ sales surge in June on the back of pre-GST discounts

Customers thronged malls in the last few days of June as brands and retailers offered discounts and advanced end-of-season sales to clear stocks before the goods and services tax (GST) kicked in on 1 July. Mukesh Kumar, senior vice-president at Infiniti Mall in Andheri, a Mumbai suburb, said footfalls in the last week of June were up 15% from a year ago.

News

 
80% discounts continue as e-commerce unaffected despite GST rollout

Friday, July 7, 2017, 10:12 AM

80% discounts continue as e-commerce unaffected despite GST rollout

While the expectant rollout of the Goods and services tax (GST) triggered a string of online sales across platforms and categories, its implementation on July 1 had set the scene for a decline in these offers. However, most popular e-commerce sites seem to be carrying on their sales. With the price of some products expected to go up this month onward.

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