India GDP growth slumps to 5.7% in Q1, hit by GST implementation

India’s economic growth decelerated to 5.7% in the June quarter of financial year 2017-18 against 6.1% in the preceding quarter on the back of destocking activities undertaken by the manufacturers ahead of Goods and Services Tax (GST) implementation. Manufacturing clearly impacted by uncertainty surrounding GST dipped to 1.2% from 5.3% in the previous quarter. However, construction […]

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High debt to negate impact of high GST registrations in West Bengal

West Bengal has seen a surge in new Goods and Services Tax (GST) registration after its roll out. The state has topped the list of new registrations at around 200,000 new registrations since the roll out of GST on July 1. According to senior tax officials, one of the reasons behind the surge was the fact that traders involved in businesses like […]

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APPREHENSIONS ON GST PROVED UNFOUNDED: PM

Two months after the rollout of GST, Prime Minister Narendra Modi today said apprehensions with regard to the indirect tax regime have been proven to be unfounded and a smooth transition has happened. He asked chief secretaries of all states to further boost efforts to increase registration under GST (Goods and Services Tax) and to achieve […]

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Retail demand rebounding; unorganised businesses gradually shifting to GST: Arvind

ICRA report says the apparel and fabric industry’s profitability is under pressure amid several headwinds. In an interview to CNBC-TV18, Kulin Lalbhai, Executive Director of Arvind spoke about the latest happenings in his company and sector as well as gives a check of the ground realities. Order book on exports and interest for India as a country is […]

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GST effect: Textile sector in Telangana losing competitive edge

To ease the pains caused by Goods and Service Tax (GST) on small scale textile manufacturers, the Telangana state government earlier this month had brought out a textiles and apparel policy. The policy speaks of incentives and land allocation for a mega-textile park, however the sector has responded with mixed reactions. Textile sector exporters have […]

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Employee non-cash perks fall under the GST net in reformed law

Any non-cash perks that an employer gives employees will be taxed under the Goods and Services Tax (GST) law, the Centre said on Monday. The clarification came amid doubts about whether fringe benefits such as chauffeur-driven cars and holidays given to senior executives would be taxed under GST. However, monetary compensation paid to employees will not attract […]

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High GST rate: Cloud of uncertainty looms over used car industry

The cheer brought to the carmakers by the implementation of the nationwide tax structure is about to vanish. The government can anytime increase the cess by 10% taking the tax on SUVs and luxury cars to as high as 53%. While the carmakers have been fighting their own battle after the proposed increase in cess, for the used […]

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Room rent in hospitals to attract no GST

Rent paid by patients for hospital rooms will be exempted from the Goods and Services Tax (GST), the government said today. Issuing clarifications on levy of GST on the tariff for various accommodation services, the Central Board of Excise and Customs (CBEC) said the tax on rooms in the hotel, guest house or inns will be […]

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