Tag Archives: GST

Beware: Businesses avoiding GST, council deliberating crackdown

Finance Minister Nirmala Sitharaman is all set to chair her first meeting of the GST council on Friday. The newly appointed finance minister will preside over a gamut of issues including the issue of businesses avoiding GST, which has become evident in the wake of declining GST collections. Agenda: Checking GST evasion The council at its 35th meeting… Read More »

Business up by 10-20% after GST implementation, says pumpset-makers body

With majority of MSMEs in the region claiming to have borne the brunt of GST, Tamil Nadu Pumpset Manufacturers Association (TAPMA) on Saturday said business has, however, grown by 10 to 20 per cent. Speaking to reporters here, TAPMA president Kalyanasundaram said taxes were 4 per cent less after GST implementation, as there was reduction of central sales… Read More »

ITC’s cigarettes business yet to recover from GST cess blow

In any other year, this month would have been the occasion to wonder if ITC Ltd would face a hike in duties on cigarettes in the Budget. Under the goods and services tax (GST), that has changed as the rate fixing decision now rests with the GST Council. Not that it has made life easier for ITC. The… Read More »

How to make businesses GST-compliant? Make GST business-compliant

The market encourages suppliers who are GST-compliant. Photo: Mint The goods and services tax (GST) is a fundamental revolution in the way we think about indirect taxes. It has created a single market, helping move goods seamlessly across states. The GST system has enrolled close to 10 million businesses onto a single national technology backbone, the GSTN (GST… Read More »

Modi tells tax officers to register even small traders for GST

Prime Minister Narendra Modi on Friday told tax officers to work on a system to ensure that small traders are brought into the GST network, especially those with an annual turnover of less than Rs 20 lakh. Addressing central and state tax officers on the first day of the 2-day Rajasva Gyan Sangam in New Delhi, he also… Read More »

11 states may see Rs 9,500 cr revenue loss this year under GST

Even though as a whole states’ revenue may clip past at a CAGR of 16.6 per cent in FY18 over FY16 under the GST, 11 of them may need an additional Rs 9,500 crore compensation from the Centre this year, says a report. “All states combined will grow at a CAGR of 16.6 per cent in FY18 over… Read More »

GST Impact: Indian Smartphone Market Contracts for First Time, Says Canalys

Market research firm Canalys on Wednesday reported that the Indian smartphone market contracted for the first time in its history this past quarter. The report claims that shipments in the country fell 4 percent year-on-year to just under 27 million units. The report adds that the primary factor for falling shipments was the impending introduction of GST on… Read More »

Fast Forward; GST Set to Transform Face of Logistics Industry

India’s greatest tax reform – replacing an array of provincial duties with a nationwide goods and services tax – is transforming the logistics industry in a country where moving stuff around is notoriously difficult to do, executives say. The advent of organised retail and e-commerce began modernising warehouses a decade ago, but most firms still rely on musty,… Read More »