archiveGST

The BJP led state of Assam made headlines by being the first state ever to pass the Goods and Service (GST) tax Bill. The GST is the biggest reform in the country’s indirect tax structure, the 122nd Constitutional Amendment was recently passed by the Rajya Sabha. And was passed by the Lok Sabha on Monday, with 443 members present in the House voting in favor of the bill. The government also announced that the deadline for the rollout of the bill would be April 1, 2017. In a quote to...

While the GST rates are yet to be announced, handset makers are concerned that the regime may result in concessions currently offered by different states coming to an end. Mobile phones could become dearer by 7-8 per cent after the GST comes into effect, Chinese handset maker Coolpad said on Wednesday. “Depending on the rate of GST, prices could go up 7-8 per cent,” PTI report published in HT quoted Coolpad India CEO Syed Tajuddin as saying. However, Tajuddin said GST will result in a “big jump” in online sales of mobile...

Channel partners have welcomed the historic Goods and Services Tax (GST) Bill passed by the Rajya Sabha on Wednesday. Channel partners said that the bill, which proposes uniform taxation across the states, will bring ease of doing business and resolve various challenges in the current indirect tax landscape. Partners said that GST would facilitate hassle free movement of goods and services across the region and benefit both dealers as well as end users. The much awaited GST bill finally got approval in the Rajya Sabha as the government pacified opposition’s...

After a long wait and repeated requests by the Indian Government, the Rajya Sabha finally gave a green signal to the historic Goods and Services Tax (GST) Bill, which is considered to be a significant reform that will simplify and unify the tax structure of India. The much-awaited GST, which will be implemented from April 1, 2017, is expected to impact the IT-BPM sector (and also other industries), which is currently valued at USD 143 billion (2015-16). The GST, once implemented, will supposedly bring all states and people of India...

IT hardware lobby group Manufacturers’ Association of Information Technology (MAIT) is hopeful for GST bill passage in Rajya Sabha this week. The GST Bill, which is pending for several years, is likely to be approved by the Rajya Sabha as the government has listed the Bill under this week’s agenda for consideration. Government is expected to get support for the passage of proposed GST Bill in the Upper House. It is a destination-based tax that will reduce the tussle amongst the origin state and the destination state, often seen to...

The much awaited GST bill has come one step closer to convert into law as the government on Wednesday made crucial amendments in the bill draft. The Cabinet has agreed on dropping 1 percent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime. With states on board and the Cabinet approving the amendments, the government is hopeful of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of...

As prospects for passage of the Goods and Services Tax Bill in Parliament improve, the telecom industry has impressed upon the government to come out with a clear-cut position with regards to levy of taxes on Value Added Services (VAS) even as the firms across the entire value chain look forward to a smooth transition to much awaited GST, an ASSOCHAM-KPMG Paper has said. “Given the broad framework of GST, it is expected that even under the proposed GST regime, the telecom service providers may face significant challenges. For the...

In a major relief to offline channel and a big jolt to online marketplaces, the Madhya Pradesh government has proposed 6 per cent entry tax on E Commerce companies. The government has decided to amend the law in order to bring E Commerce transactions under the ambit of taxation. With the move, Madhya Pradesh has joined the list of states who have already levied entry tax on OLS. While offline channel partners have welcomed the move, the E Commerce players seems furious over the decision. Brick and Mortar has demanded...