GST on int`l freight to make air cargo non-competitive

Levying GST on international freight is likely to make air cargo "non-competitive", an industry body said as per the media reports. Freighters were not liable to pay any tax under the service tax regime, while now they have to pay 18 per cent GST. "Subjecting international freight at 18 per cent GST is totally unfair as it will stifle the growth of air cargo.

"Why

Bajaj Auto first-quarter profit falls about 6 percent

Bajaj Auto Ltd posted a 5.6 percent fall in quarterly profit on Thursday as sales were hit by the changeover to BS-IV compliant vehicles and the transition to the new Goods and Services Tax (GST).

Profit was 9.24 billion rupees ($143.48 million) in the first quarter ended June 30, compared with 9.78 billion rupees a year earlier, the country's fourth largest automaker by market ca

Cabinet okays Central Goods and Services Tax (Amendment) Bill, 2017

The Union Cabinet chaired by Prime Minister Narendra Modi has given its ex-post facto approval for the promulgation of the Central Goods and Services Tax (Extension to Jammu & Kashmir) Ordinance, 2017 and replacement of the Ordinance by the Central Goods and Services Tax (Amendment) Bill, 2017.

The Ordinance has extended the provisions of the Central Goods and Services Tax Act, 20

Revenue from imports up 11% in first 15 days of GST: CBEC

 Though the complete revenue flows from the GST cannot be guaged before October when the new indirect tax regime completes its first quarter, the revenue collection from imports under the Goods and Services Tax has seen an 11 per cent month-on-month increase in the first 15 days, the CBEC has said.

The total revenue flow from imports stands at Rs 12,673 crore from July 1-15

Nothing is perfect immediately, take GST's example: Manohar Parrikar

Goa Chief Minister Manohar Parrikar, cornered by the Opposition in the assembly over a controversial order, on Wednesday cited the example of the GST to illustrate how legislations sometimes are not perfect in the immediate sense.

The Opposition was forcing him to tweak a recent government order that disallows government employees to attend public grievances meetings at homes of elect

GST win-win deal for all: Arun Jaitley

Finance Minister Arun Jaitley described the Goods and Services Tax (GST) as a "win- win" deal for all as it will expand the tax net, end "inspector raj" and bring down prices of goods, reported PTI. Pitching the GST as a measure beneficial for the country at a meeting of the BJP parliamentary party attended by Prime Minister Narendra Modi, senior leaders and party MPs, Jaitl

GST rates not to be revised unless there is anomaly: CBEC

GST rates will not be revised unless there is an anomaly or the rates are unjustified, CBEC Chairperson Vanaja Sarna said as per the PTI report. Her comments came in the wake of textile traders' demand of lowering five per cent GST on textiles. "It is an issue that has snowballed but it is not something which cannot be settled... The issue is that textile sector is taxed for the first

GST rollout not glitch-free: CBEC Chairperson

The rollout of the Goods and Services Tax (GST) has not been glitch-free and has thrown up issues on various fronts, including the entertainment tax, textile and MSME sectors, CBEC Chairperson Vanaja Sarna said on Wednesday.

Sarna added that the issues will, however, get ironed out over time.

"The last 18 days of GST have thrown problems, it has not been glitc

ITC recovers from GSL jolt, scrip up over 2%

Shares of cigarettes maker ITC rebounded over 2 per cent on the Bombay stock Exchange after suffering year’s biggest fall of nearly 13 per cent in the previous session after the government increased the cess on cigarettes to compensate manufacturer losses from lower GST rates.

Recouping previous session losses, shares of FMCG major gained as much as 2.21 per cent to hit intra-da

Indias economy set to reclaim top spot for growth this year: Reuters poll

BENGALURU - India will reclaim its position as the fastest growing major global economy this year, partly propelled by benefits from a new tax system and bolstered by an expected central bank interest rate cut, a Reuters poll showed.

Having been in the offing for close to two decades, the goods and services tax (GST), which the government touts as the biggest domestic

South African Tourism eyes one lakh Indian visitors despite post-GST apprehensions

Notwithstanding its apprehensions about the footfall of Indian tourists after the implementation of GST on July 1, South African Tourism is eyeing one lakh visitors from India in 2017-18, an official said on Tuesday.

Despite a steady surge of 21.7 percent in the number of Indian leisure visitors in the African nation during the last calendar year the apprehension comes from the declin

Tax experts should to register entities separately: CBEC

Some taxpayers have reported that GST portal is mixing up their data with others, a mishap for which the I-T department blamed tax practitioners for registering multiple entities simultaneously, said media reports. Commenting on the issue, the Mumbai division of CBEC told the media, “Some cases have been brought to our notice wherein "taxpayers are complaining that when they are logg

GST to be positive for auto, retail; negative for SMEs: Fitch Rating

New indirect tax regime GST is likely to be beneficial for auto, cement and organised retail sectors, but will have a negative impact on oil and gas, and SME sectors, Fitch Ratings said according to the PTI report. In contrast, the impact would be broadly neutral for property, electricity, telecom, pharmaceutical and fertiliser sectors, it said. "The national service tax (GST), is unlikely

Demand for zero GST on textiles cannot be accepted: Arun Jaitley

Union Finance Minister Arun Jaitley on Tuesday said the demand of textile traders to exempt fabrics under the Goods and Services Tax (GST) system cannot be met with as manufacturers will then not be able to claim credit of tax on previous stages.

"The GST rate structure for the textile sector was discussed in detail in the GST Council, wherein it recommended the detailed rate str

FIEO asks Government to analyze sectors with low growth: Reports

Exporters body FIEO has said that it has asked the government for an analysis of the sectors recording low or negative growth. Federation of Indian Export Organisations (FIEO) also said that 15 out of 30 major product groups have shown negative growth in June. These sectors include plastic, handicrafts, carpet, textiles, pharmaceuticals, gems and jewellery, leather, oil seeds and tobacco.

GST levied depends on room tariff, not hotel's star rating: Government

The government on Tuesday said that room tariff below Rs 7,500 per day will attract 18 per cent GST, irrespective of the star rating of the hotel.

"Reports have been received expressing doubts whether five-star hotels are liable to pay GST at the rate of 28 per cent irrespective of the declared tariff of a unit of accommodation," Finance Ministry said here in a statement.

Steel manufacturing cost to go up as power out of GST: Steel Ministry to PMO

The steel ministry has expressed concerns that cost of steel manufacturing will increase as electricity, being one of the major inputs, has been kept out of the Goods and Service Tax. The concerns were expressed at a recent meeting of the ministry with the Prime Minister's Office, a government official said. "Electricity being a major input for steel industry will increase the cost of

CAD to widen to 1.3% of GDP in 2017: Nomura

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July. "W

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Consumers across India have unanimously hailed GST : Jitendra Singh

India's current account deficit (CAD) is likely to widen to 1.3 per cent of GDP in 2017 from 0.6 per cent in 2016, largely owing to stronger domestic growth in the second half of this year, says a Nomura report according to the PTI, According to the Japanese financial services major, import demand is expected to resume once GST disruptions settle down after July.

"We expect I

ITC nosedives 15% as govt hikes cess on cigarettes

Shares of cigarettes maker ITC tumbled 15 per cent on the Bombay stock Exchange after the government increased the cess on cigarettes to compensate manufacturer losses from lower GST rates. Weighed down by the development, shares of FMCG major declined as much as 14.99 per cent to hit intra-day low of Rs 276.90 apiece on the Bombay Stock Exchange.

The stocks were currently trading at

Multiple factors led to fall in Q1 CV sales: ICRA

 Ratings agency ICRA on Monday said that multiple factors have led to the nine per cent decline in the domestic commercial vehicle (CV) sales for the first quarter (Q1) 2017-18.

"This was triggered by combination of factors including pre-buying (in Q4 FY2017 ahead of the BS-IV roll-out), deferment by fleet operators before GST roll-out and supply disruptions because of

Traders past records will not be dug up: Prakash Javadekar

Union minister Prakash Javadekar sought to allay fears of the trading community over their past records being dug up after they start filing GST returns, saying no such thing will happen, reported PTI. The minister however went on to add that the traders should start a "new inning" after GST implementation and do their business in honest and fair manner.

Javadekar was speaki

GST Council may go for more rate revisions

The Goods and Services Tax (GST) Council on Monday evening will hold a meeting through video-conferencing to discuss some rate revisions "which need urgent attention".

The meeting, called at a short notice, would be chaired by Finance Minister Arun Jaitley through video-conferencing as state Finance Ministers were not in the national capital.

Jaitley had

Expects monsoon session to run with GST spirit: Prime Minister

Ahead of the beginning of the monsoon session of the Parliament today, Prime Minister Narendra Modi has said that this session will bring in a new spirit after the successful implementation of GST. “After summer, the advent of first rain brings in a fresh new smell into the soil. Similarly, this monsoon session will bring in a new spirit after the successful implementation of GST,”

Industry body sees cement sector demand picking up in H2FY18

Demand in the cement sector is likely to pick up from the second half of this financial year (FY) on account of benefits under goods and services tax (GST) and increased government spending on infrastructure, according to industry body Cement Manufacturers Association (CMA). The industry will also benefit as the logistics cost would come down by 30 per cent because of elimination of blockage ti