Friday, July 7, 2017, 8:57 AM
Over the next one week, Narendra Modi’s Council of Ministers will fan out across major cities and state capitals to explain the finer points of the newly-rolled out Goods and Services Tax (GST). The ministers have been given a week’s time, starting today (Friday) till July 15, to interact with various stakeholders and clear all doubts about GST.
Friday, July 7, 2017, 8:53 AM
The government has stepped in to try and resolve procedural confusion over customs norms under the GST-regime that has seen exports worth millions of dollars remain stuck in factories. The government has issued one-set of clarifications, but exporters say they still aren’t sure about things. The government reviewed the situation and more clarifications are expected soon to get shipments moving again, an official said.
Friday, July 7, 2017, 8:19 AM
Chief minister Pinarayi Vijayan on Thursday urged MPs from Kerala to exert pressure on the Centre to protect the interests of consumers in the wake of post GST price hike of commodities. The chief minister was inaugurating a meeting of MPs from Kerala ahead of the monsoon session of Parliament. Pinarayi asked the Centre to set up state-level monitoring cells.
Friday, July 7, 2017, 7:28 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 eCommerce 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 VAT, three senior retail industry executives said.
Friday, July 7, 2017, 7:22 AM
The Ministry of Food Processing Industries (MoFPI) has established a four-member GST Facilitation Cell at its office to guide the industry about the new tax regime, said a government release on Thursday. The ministry has created a GST cell for the purpose of implementation and facilitating the rollout of GST with immediate effect.
Thursday, July 6, 2017, 9:36 PM
The traders supplying goods to other states will need to register under the GST even if their turnover is below Rs.20 lakh, Revenue Secretary Hasmukh Adhia said on Thursday. "A trader dealing only in exempted goods or where his turnover is below Rs 20 lakh in the financial year, but not engaged in inter-state supplies, is not required to register under GST," Adhia said.
Thursday, July 6, 2017, 9:13 PM
Prime Minister Narendra Modi today termed the Goods and Services Tax (GST) as by far the biggest economic reform and said India is now moving towards a modern, transparent, stable and predictable tax regime. Addressing an India-Israel CEO Forum, he said regulatory and policy issues facing companies have been resolved and his government is positioning India as a manufacturing hub.
Thursday, July 6, 2017, 8:23 PM
The GST is likely to pose challenges for the gold demand in the short-term when small-scale artisans and retailers may struggle to adapt to the new tax-regime, the WGC said. "In the short term, we believe GST may pose challenges for the industry. Small-scale artisans and retailers with varying degrees of tax compliance may struggle to adapt," WGC Director, Market Intelligence, Alistair Hewitt said.
Thursday, July 6, 2017, 7:55 PM
Trade leaders from various states are meeting tomorrow to take stock of the situation post-implementation of the GST and chalk out future working plan. CAIT has convened a day long-conference of prominent trade leaders belonging to different-states. The conference will have extensive rounds of discussions on the effects of the GST and its implications on the trading-community, roadblocks and challenges and access to technology.
Thursday, July 6, 2017, 6:44 PM
The indefinite strike of movie theatres called by Tamil Nadu Theatre Owners and Distributors Association was withdrawn today and theatres are set to open from Friday. The association's President Abirami Ramanathan said that a committee comprising TN government and the association's representatives has been formed to sort out the issue of 30% additional tax being levied over and above GST.
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