GST, a big challenge for small firms, corporates alike

Companies and small businesses will face a challenge in finding experts on Goods and Services Tax (GST) when it is implemented from July 1. GST will hit big companies and small vendors, contractors, caterers, packers and SMEs “like a Tsunami,” according to K Vaitheeswaran, an Advocate, Tax Consultant and an expert on GST. Finance professionals…

tobacco industry

Tobacco Farmers Seek Balanced Taxation Under GST

Aiming to check cigarette smuggling into the country, farmers’ body FAIFA on Monday urged Finance Minister Arun Jaitley to protect the Indian tobacco farmers’ interests through balanced and uniform taxation under the GST. The Federation of All India Farmers Association (FAIFA), representing millions of farmers and farm workers in the commercial crops sector, urged the…

Budget hotels seek lower GST rate

The sector, constituting 80% of the hospitality industry, fears high rates may threaten viability: FICCI India’s budget hotel industry has sought to be treated on par with small food outlets and dhabas and taxed at the lower rate of 5% under the upcoming Goods and Services Tax (GST) regime to be rolled out from July…

GST: What still needs to be done

What remains to be done between now and the final rollout? Here’s a lowdown. The Goods and Services Tax Council will meet on May 18-19 to finalise various rules involved with implementing the new tax regime in the country, including on issues like input tax credit, valuation norms, composition and transition provisions, among others. What…

Govt reopens window for GST enrollment

Businesses that did not enrol for the Goods and Services Tax in the first phase will get a second chance. The government will re-open the enrollment window from June 1 for another 15 days. The issue was discussed at a review meeting by Revenue Secretary Hasmukh Adhia on the administrative and IT preparedness for GST.…

GST rollout in India is a bonanza for global accounting firms

What is taxing for some in India has become brisk business for others. With seven weeks to go before the nationwide goods and services tax (GST) is implemented, Indian companies are rushing to bring in experts to help prepare the accounting and information technology systems for the tax-system overhaul. That’s created a windfall for international…