Saturday, December 29, 2018, 7:51 PM
In a blow for companies with a presence in multiple-states, Karnataka Appellate Authority for Advance Rulings has upheld the levy of GST on services rendered by one-office-branch to other centres. In-house service functions such as human resources and payrolls, if carried out from a centre in one-state for offices in other states, will attract GST for which it will have to issue an invoice.
Tuesday, December 25, 2018, 5:37 PM
The move to reduce number of ledgers follows repeated complaints from trade and industry, especially the smaller businesses. "It is a very good move as it shows that the government is really working towards simplification of the regime. Procedural changes are more useful for businesses than rate changes," said MS Mani, partner at Deloitte India.
Sunday, December 23, 2018, 8:52 AM
Cinema tickets, third-party motor insurance, smaller TV sets, power banks, flights for Haj and Mansarovar yatra and branded frozen vegetables will get cheaper with the GST council slashing rates on 23 items on Saturday. There are indications that rates will be pared for more items including under-construction flats when the panel comprising Union and state finance ministers meets in January.
Tuesday, December 18, 2018, 7:28 PM
Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that '99 per cent things' attract sub-18 per cent GST slab. Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, Modi said, addressing the Republic Summit.
Monday, December 3, 2018, 9:39 AM
A new tax ruling threatens to challenge a strategy that allowed thousands of businesses and professionals to reorganise themselves and attract foreign investors. This involved converting closely held companies into limited liability partnerships (LLPs) a structure that was introduced a decade ago. The new ruling would force many companies to change tack. "This decision will have far-reaching implications," said senior chartered accountant Dilip Lakhani.
Saturday, November 10, 2018, 12:28 PM
Temp hiring numbers are at a four-year high as the goods and services tax (GST) has driven formalisation of the economy and ecommerce and food delivery broaden their footprint, said staffing firms such as TeamLease Services, Randstad, Quess and Xpheno. The number of new temp jobs is likely to touch 300,000, up from 130,000 last year, they estimate.
Saturday, October 27, 2018, 7:39 PM
The current four-slab GST rate structure is likely to be reduced to three as the process of rationalising India's new indirect tax regime proceeds further, the Prime Minister's Economic Advisory Council (PMEAC) Chairman Bibek Debroy said on Friday. In his address at the launch of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder.
Monday, August 13, 2018, 9:03 AM
P&G and J&J, the makers of the top selling brands of sanitary-pads Whisper and Stayfree, among others, are under the scanner of the anti-profiteering authority and may have to cough up huge penalties if found guilty of profiteering. GST-Council, in its meeting on July-21, had decided to exempt sanitary napkins from the indirect-tax. Earlier, it used to attract GST at the rate of 12%.
Thursday, July 26, 2018, 2:30 PM
Tax officers in states and union territories will reach out to trade and industry bodies, MSMEs, to understand their issues and grievances relating to GST and would place them before the Council on August 4. The GST Council secretariat have been tasked to compile suggestions and responses and send to CBIC, which is the apex body for Indirect taxes in the country, by tomorrow.
Thursday, July 19, 2018, 9:39 AM
The GST Council, will not take up proposals to include natural gas and jet fuel within the ambit of the new indirect tax at its next meeting on Saturday, as most states have failed to meet revenue collection targets, a person aware of the development said. The council has also turned down demands for a rate cut from paint and cement industries.
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