Understanding GST on Credit Card Transactions

Credit card transactions will undoubtedly be covered under GST and it would be applicable on late credit card payments, interest rate and processing fee. There were rumours doing round that GST will be levied doubly on credit card transactions/payments, once on the Utility Bill and again on the Credit Card Bill. However, the truth is […]

India’s GST reforms hailed at the BRICS revenue meet in China

India’s GST reforms have been appreciated by the BRICS (Brazil, Russia, India, China and South Africa) countries at a revenue meet held at Hangzhou, China. The leaders and representatives from BRICS countries were curious about the GST Reforms which were introduced in India on 1st July this year. Not only this, media from these countries enquired about the GST […]

GST Won’t Impact Growing Smartphone Market: GfK

HIGHLIGHTS Overall smartphone demand in India will hit 234 million units in 2017 GST is said to have no impact on smartphone demand in the country The global smartphone demand totalled 347 million units in Q2, 2017 The overall smartphone demand in India will hit 234 million units in 2017, an increase of 11 percent […]

Govt extends deadline for GST composition scheme to Aug 16

The Government on India has extended the deadline for small businesses to opt for the composition scheme in the goods and services tax (GST) regime. To opt for composition scheme, the taxpayer can now apply up to August 16. After logging into the GST portal, he/she needs to fill up Form GST CMP-01 ‘Application to […]

GST Council may take up certain tax issues at August meet

Central Board of Excise and Customs (CBEC) Chairperson Vanaja Sarna also said the department is keeping track of revenue trends post the GST rollout from July 1, but actual positions will be known after returns are filed in September. New Delhi: The GST Council at its meeting next month is likely to take up taxation issues raised by […]

Taxpayer base likely to reach 90 lakh, says GSTN Chairman

Experts feel GST covers most goods and services with few exemptions, encourages more compliance NEW DELHI, JULY 19:  The taxpayer base seems to have expanded significantly under the Goods and Services Tax (GST) and the GST Network expects the total registrations for the new tax to touch at least 90 lakh in the coming months. “We […]

RS MPs concerned over anti-GST protests by textile industry

Opposition in the Rajya Sabha today raised the issue of protests across the country by textile manufacturers and traders against the imposition of the GST, saying the new indirect tax would adversely affect the industry, especially the handloom segment. Several opposition members raised the matter during the Zero Hour with some of them demanding that […]