-The Hindu GST will subsume almost all cesses levied at the moment One of the key sticking points thwarting consensus in the Goods and Services Council over the course of its meetings in 2016 was the compensation the Centre would have to pay States for any losses they might incur due to the implementation of the new indirect tax regime. What was the issue? The GST is a destination-based tax, and as such is...
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Pronab Sen, former Planning Commission member and former Chairman of the National Statistical Commission, interviewed by TCA Sharad Raghavan (The Hindu)
-The Hindu It’s complex than elsewhere both in terms of number of rates and jurisdictions The form of Goods and Services Tax being implemented from July 1 is uniquely Indian, according to former Planning Commission member and former Chairman of the National Statistical Commission Pronab Sen. In an interview to The Hindu, he says the indirect tax regime will make it easier to start a new company, but increases complexity for those...
More »GST from 1 July: Will farmers have to pay higher MRP on old fertiliser stocks worth Rs 9,500 cr?
-FirstPost.com The rollout of the goods and services tax (GST) starting 1 July has created a panic situation for the fertiliser industry mirroring a similar state of affairs a few weeks earlier with the consumer staple and home appliance manufacturers. An estimated 65 lakh tonne (lt) of bagged fertiliser material worth around Rs 9,500 crore already has the existing maximum retail price (MRP) printed on it. With the rise in GST rates,...
More »Small businesses grapple with GST compliance -Surabhi
-The Hindu Business Line Automating the systems seems to be the biggest challenge New Delhi: With less than a week to go for the new indirect tax regime to kick in, small businesses are trying to understand the modalities of the goods and services tax (GST) as the compliance burden for them is set to significantly rise. Making a relaxation for small businesses, rules allow those with an annual turnover between Rs. 20...
More »GST: Ayurvedic medicines likely to become expensive -Prabhat Nair
-The New Indian Express THIRUVANANTHAPURAM: The Goods and Services Tax (GST), which is said to benefit Kerala in terms of life saving allopathic drugs, is set to spell doom for ayurvedic medicines and products with the proposed 12 per cent tax slab. With the high tax incidence, ayurvedic products and medicines will be out of reach of the common man. The doctors say most of the drugs used for degenerative diseases, allergy...
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