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Goods and Service Tax

FMCG firms top chart of consumer complaints after GST roll-out

FMCG firms top chart of consumer complaints after GST roll-out

Tue, Dec 17, 2019

Fast-moving consumer goods (FMCG) firms have topped the list of over-charging customers ever since the Goods and Services Tax (GST) was rolled out on July 1, 2017. Restaurateurs came second in the chart followed by entertainment and media firms.

Taxpayers worried over GST red-flag reports

Taxpayers worried over GST red-flag reports

Sun, Nov 24, 2019

IANS has seen a red-flag report to the taxpayer. Sources said that the red-flag reports are very detailed and highlight discrepancies across various parameters.

No GST on goods bought at duty free shops: Bombay HC

No GST on goods bought at duty free shops: Bombay HC

Thu, Oct 10, 2019

In major relief to duty free shops, the Bombay High Court has ruled that goods and services tax (GST) cannot be levied on products sold at the duty free shops in Mumbai airport.

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Why FMCG stocks must be in your portfolio

Why FMCG stocks must be in your portfolio

Tue, Jun 06, 2017

Fast moving consumer goods (FMCG) sector has come under focus as Goods and Service Tax (GST) rollout is hardly a month away. The government aims to rollout new tax regime by July 1.

GST implementation in July may slow down automobile sales next month

GST implementation in July may slow down automobile sales next month

Tue, Jun 06, 2017

With just a month away from GST implementation automobile sales may see a slump in June. Here is why.

Will investing in physical gold post GST a good option?

Will investing in physical gold post GST a good option?

Tue, Jun 06, 2017

On one side where the jewellers are cheering the move, and rating agencies are expecting uptick in demand, but with 3% tax on gold, is it really a positive move?

Market opens: Nifty scales 9,700-mark for first time, Sensex on record high

Market opens: Nifty scales 9,700-mark for first time, Sensex on record high

Tue, Jun 06, 2017

It was a record setting spree for the markets early on today as the NSE Nifty crossed the 9,700-mark for the first time and BSE Sensex shot up by 121 points to hit a fresh all-time high of 31,430.32.

GST rollout: Shoppers make merry as retailers slash prices up to 40%

GST rollout: Shoppers make merry as retailers slash prices up to 40%

Tue, Jun 06, 2017

Retailers have began destocking of old inventories to minimise losses post the GST implementation. The prices of consumer electronics may go up 3-5% post GST and so retailers both offline and online have started offering discounts up to 40% on these goods.

Govt should reconsider GST on rough diamonds: GJEPC

Govt should reconsider GST on rough diamonds: GJEPC

Mon, Jun 05, 2017

Gem and Jewellery Export Promotion Council (GJEPC) welcomed the the government's move of keeping GST rate of 3% on gold and jewellery.

Post GST domestic pharma companies to face headwinds in 1HFY18

Post GST domestic pharma companies to face headwinds in 1HFY18

Mon, Jun 05, 2017

It has been a long and dreary quarter for pharmaceutical companies in Q4 wherein most posted a decline in net profit and things are not looking too good for the Indian pharma companies in the first half of FY18 as well.

GST of 3% on gold unlikely to dishearten Indian demand for the yellow metal

GST of 3% on gold unlikely to dishearten Indian demand for the yellow metal

Mon, Jun 05, 2017

Gold jewellery demand is unlikely to be impacted by the GST rate of 3% which is higher than the current tax rate. Though prices of the yellow metal may increase including that of silver and diamonds, industry experts say it will not impact demand.

5% GST on textiles will generate Rs 11,000 crore revenues, industry experts say

5% GST on textiles will generate Rs 11,000 crore revenues, industry experts say

Sun, Jun 04, 2017

With cotton textiles attracting a 5% GST rate and man-made yard at 18%, the textile industry have expressed content over the rates prior to GST rollout. Industry experts have said that this would lead to a revenue generation of Rs 11,000 crore.

Apparel, biscuits, footwear cheaper; gold costlier under GST

Apparel, biscuits, footwear cheaper; gold costlier under GST

Sun, Jun 04, 2017

Apparel up to Rs 1,000, biscuits and footwear will get cheaper, while gold will get slightly costlier from next month as the Centre and states, excepting West Bengal, resolve to roll out GST from July 1.

Gold at 3%, biscuits at 18%; GST Council decides rates for most remaining items

Gold at 3%, biscuits at 18%; GST Council decides rates for most remaining items

Sat, Jun 03, 2017

The Goods and Services Tax (GST) Council has finalised the fitment of tax rates for most of the six remaining items on Saturday, Jammu and Kashmir Finance Minister Haseeb Drabu said.

GST Council clears rules, states agree to July 1 rollout

GST Council clears rules, states agree to July 1 rollout

Sat, Jun 03, 2017

The GST Council today cleared the pending rules, including transition provisions and returns, with all the states agreeing to July 1 roll out of the Goods and Services Tax.

Prepaid mobile recharge to get lesser talk-time under GST

Prepaid mobile recharge to get lesser talk-time under GST

Sat, Jun 03, 2017

Prepaid mobile recharges which are used by majority of the telecom subscribers in India will get lesser value for their money with regards to talk-time post GST. ICRA analysts explain how telecom services will also become more expensive post 18% tax levy on these services.

GST Council to meet on June 3 to fix more rates: Meghwal

GST Council to meet on June 3 to fix more rates: Meghwal

Thu, Jun 01, 2017

Meghwal noted that the decisions taken so far by the GST Council are not based on majority, but on the basis of consensus among all state Finance Ministers.

GDP disappointed, will GST be a surprise for Indian economy?

GDP disappointed, will GST be a surprise for Indian economy?

Thu, Jun 01, 2017

Ministry of Statistics & Programme Implementation on Wednesday released India's Gross Domestic Product (GDP) numbers for the quarter January-March 12017. It said that India's GDP for the fourth quarter stood at 6.1%. And, for the full financial year, GDP stood at 7.1%.

Govt has restored economic credibility of India, Arun Jaitley says

Govt has restored economic credibility of India, Arun Jaitley says

Thu, Jun 01, 2017

Finance Minister Arun Jaitley on Thursday said that the government has restored the economic credibility of India. Jaitley said that demonetisation created a new normal in economic system and that some slowdown was already seen in Indian economy before demonetisation.

Jaguar Land Rover joins its peers, announces 12% price reduction post GST

Jaguar Land Rover joins its peers, announces 12% price reduction post GST

Tue, May 30, 2017

With goods and service tax (GST) coming into effect from July 1, 2017, Jaguar Land Rover on Tuesday announced that post GST the company will reduce the prices by up to 12%.

Not ruling out rationalisation of GST rates: Revenue Secretary

Not ruling out rationalisation of GST rates: Revenue Secretary

Tue, May 30, 2017

Adhia also said the GST may push India's GDP up by more than 4 per cent because of the simplicity and predictability of the new indirect tax regime, which will encourage people to be tax compliant.

States could potentially earn Rs 45,000 crore from GST

States could potentially earn Rs 45,000 crore from GST

Tue, May 30, 2017

India has adopted a dual GST model, where there will be 2 levels of taxes that would be levied separately by the Central Government and State Governments.

India seen staying fastest growing major economy in Jan-March quarter: Reuters poll

India seen staying fastest growing major economy in Jan-March quarter: Reuters poll

Mon, May 29, 2017

he median forecast from a poll of 35 economists showed the Indian economy grew 7.1 percent annually in the first three months of this year. Forecasts ranged from 6.5 to 7.8 percent.

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