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Reprint revised MRP post GST or face legal action: Govt to cos

Tuesday, July 4, 2017, 6:35 PM

Reprint revised MRP post GST or face legal action: Govt to cos

The government on Tuesday warned that legal action will be initiated against manufacturers for not printing the revised MRP post rollout of the GST. Food and Consumer Affairs Minister Ram Vilas Paswan said the government has given three months time till September to reprint the revised maximum retail price (MRP) with the implementation of the landmark Goods and Services Tax (GST).

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MRP rules under GST released

Tuesday, July 4, 2017, 5:33 PM

MRP rules under GST released

The government announced rules regarding MRP or maximum retail price for goods under the GST regime. There has been ample confusion among both consumers and retailers regarding how the MRP changes will reflect under GST. Under the GST regime, if a price of a product has increased the manufacturer/importer/packer will have to give an advertisement in two newspapers about the new MRP.

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GST may boost gold smuggling, illegal jewellery sales

Tuesday, July 4, 2017, 4:57 PM

GST may boost gold smuggling, illegal jewellery sales

A hike in taxes on gold under GST could stoke under-the-counter buying and drive up appetite for precious metal smuggled into the country, where millions of people store big chunks of their wealth in bullion and jewellery. The GST on gold has jumped to 3% from 1.2% previously, with traders and buyers saying the move will likely force more transactions into the black market.

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Businesses can opt for composition scheme on GSTN portal

Tuesday, July 4, 2017, 4:57 PM

Businesses can opt for composition scheme on GSTN portal

With 3.58 lakh new registrations over the past 10 days, GST Network from tomorrow will provide an option on its Web portal to businesses that would like to opt for the composition scheme. The registration facility for input service distributors (ISDs) will start from tomorrow and that of TCS and TDS deductors will open sometime after July 20, GSTN Chairman Navin Kumar said.

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GST to be revenue-neutral in the short-term, says Fitch

Tuesday, July 4, 2017, 3:41 PM

GST to be revenue-neutral in the short-term, says Fitch

The newly-implemented goods and services tax (GST) will support productivity and boost the long-term growth prospects but is unlikely to increase tax revenue in the short-term, says a report by Fitch Ratings. Claimed to be an usher in a single tax regime, the GST rolled out on July 1 has a four-slap tax structure for different goods, ranging from 0-28%.

News

 
600 broadband connections added by BSNL in a month

Tuesday, July 4, 2017, 3:33 PM

600 broadband connections added by BSNL in a month

The Bharat Sanchar Nigam Limited (BSNL) has added 600 broadband connections in a month's time in Nashik (Maharashtra) district following the introduction of new schemes and news of implementation of Goods and Services Tax (GST). The total number of broadband connections has increased from 40,000 on May 31 to 40,600 connections as on June 30 in Nashik district.

News

 
Congress demands roll back of 5% GST on LPG cylinder

Tuesday, July 4, 2017, 3:26 PM

Congress demands roll back of 5% GST on LPG cylinder

The Congress on Tuesday demanded that the 5% Goods and Services Tax (GST) levied on domestic LPG cylinder be removed as it was burdening the poor. "The price of domestic LPG cylinder has gone up by Rs 32 in parts of the country after the GST became effective. This is affecting common people, the poor especially," senior AICC spokesperson Ajay Maken told.

News

 
Opposition creates ruckus in J&K assembly over passage of GST bill

Tuesday, July 4, 2017, 3:20 PM

Opposition creates ruckus in J&K assembly over passage of GST bill

Noisy scenes by the opposition in the Jammu and Kashmir assembly on Tuesday forced the Speaker to adjourn the House twice as the lawmakers took up the discussion on the Goods and Services Tax (GST) implementation. Opposition MLAs belonging to the National Conference (NC), the Congress and Independents stood up on their seats and later rushed towards the Speaker's chair as the four-day long special session started.

News

 
Devices for disabled taxed at concessional 5% rate: Government

Tuesday, July 4, 2017, 2:52 PM

Devices for disabled taxed at concessional 5% rate: Government

The government today rejected Congress Vice-President Rahul Gandhi's allegations of GST tax rates being "insensitive" to the disabled, saying assistive devices for the physically challenged will be charged at a concessional 5%. From Braille writers and Braille paper to wheelchairs, talking books, assistive listening devices and implants for the severely physically challenged will attract a Goods and Services Tax (GST) of 5%.

News

 
'GST will double GDP in next 8-9 years'

Tuesday, July 4, 2017, 2:20 PM

'GST will double GDP in next 8-9 years'

Implementation of the GST will double the GDP of our country in the next 8-9 years, Union minister for railways Suresh Prabhu said. He said the GDP will grow from $2.5trillion to $5trillion theoretically, if the GST regime increases tax revenues. He said that the increase in GDP will bring in more infrastructure projects into the country and also reduce debt burden.

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