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…

GST migration gives migraine to small business owners

Small businesses in India are finding migration to the GST format to be problematic as they have not invested in software and hardware, and continue to run the show with hand-written account books.  Mohan Lal has little time for his business these days as he scurries around with a bunch of papers all the time.…

5 basic things about GST everyone should know

The government is preparing for a July-1 launch for GST, which will change the concept of levy of indirect taxes. With a little more than two months to go, it is important businesses understand this levy and start identifying whether and how it applies to them. If you are a business, it is nearly certain…

An overview of GST

GOODS AND SERVICES TAX (GST) Benefits: GST is a win-win situation for the entire country. It brings benefits to all the stakeholders of industry, government and the consumer.  It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive. GST aims to make India…

GST to boost growth by 4.2%: Federal Reserve

The goods and services tax (GST) can boost India’s GDP growth by up to 4.2% — double the previous estimate — as lower taxes on manufactured goods will bump up output and make products cheaper, a U.S. Federal Reserve paper said.GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding…

GST reform an ‘act of courage’: IMF chief

Describing the ongoing Goods and Services Tax (GST) reform as an “act of courage”, IMF chief Christine Lagarde today said she expects “some positive outcome” as a result of the decision. “The GST reform is really an act of courage,” Lagarde told reporters during the annual Spring meeting of the International Monetary Fund and the…

GST rules: One leg still stuck in old taxes

  After the GST rules were released, many stakeholders are curious to know how the valuation rules would shape up under GST, especially how the stock transfer of goods would be dealt with. Previously, Central excise ‎duty on stock transfers was calculated on the base of ‘cost of goods plus 10 per cent’ which seemed…