How to make GST work for small firms

How will the Goods and Services Tax change matters for the 5-crore plus informal and small enterprises? Will they grow and join the formal sector? Or will the businesses shrink as tax exemptions come down? Many small businesspersons feel that expanding the scope of concessions offered is necessary for survival and growth. The GST package for […]

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5 lakh businesses opt for composition scheme under GST: Hasmukh Adhia

5 lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today. Nearly 71 lakh excise, service tax and VAT assessees have migrated to the GST Network (GSTN) till July 25. Besides, another 12 lakh new registrations came about under […]

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GST on garment job works may be lowered to 5%

The GST Council is likely to consider this week lowering of tax rates for job works for making garments to 5% from 18%, a source in the finance ministry has said. The panel, headed by Finance Minister Arun Jaitley and comprising of representatives of all the 29 states, is also likely to consider removing anomaly in […]

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Government would not blink if larger national interests are involved: Jaitley at GST Conclave

Union Finance Minister Arun Jaitley on Sunday said the government would not blink first against the opposition if there are larger national interests involved. Addressing a GST Conclave here, he also said that the GST was not an easy tax reform to implement and there are people who wanted to stall reforms. “If reform is of national […]

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Over 12 lakh businesses apply for new GST registration

Over 12 lakh businesses have applied for fresh registration under the Goods and Services Tax (GST) regime, Revenue Secretary Hasmukh Adhia has said. Of these, while 10 lakh applications for registration have been approved, 2 lakh are still pending approval. “The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending […]

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The GST timeline: 8 legislative milestones

More than a decade after being introduced in the budget speech for the first time, the controversial tax reform, GST rolled out on July 1st, 2017. The ‘one nation, one tax’ system had been subjected to three governments, under three finance ministers. This tax reform that was aimed to mend together several other taxes into […]

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Impact of Education sector on GST

The Right of Children to Free and Compulsory Education Act of 2009 has made education not only compulsory but has also made the Govt. responsible to provide education at economical rates. The  Council has kept education sector free from its ambit. Services related to education, provided by any educational institution to its students, faculty and staff […]

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