How e-commerce firms will gain in the GST regime

GST should end numerous hurdles that state governments put up against online retail firms, such as Amazon and Flipkart, to protect offline retailers and state revenue. Goods and Services Tax (GST), being a ‘destination-based tax on consumption’, is also set to address concerns of state governments that the business models of e-commerce firms erode their…

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GST: CBEC fast-tracks IT training of tax officials

The Central Board of Excise and Customs (CBEC) has brought the deadline forward for IT training of officials ahead of the July 1 roll-out of the Goods and Services Tax (GST). Last week, the finance ministry said only 40% of tax officials had been trained on the GST portal run by the GST Network. “Out…

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…