Govt notifies e-way bill, exempts more mass consumption goods

The government has notified the electronic way (e-way) bill, exempting certain items of mass consumption, including fruits, vegetables, food grains, meat, bread, curd, books, and jewellery, reported the Economic Times. Other items outside the ambit of the e-way bill include contraceptives, judicial and non-judicial stamp paper, newspapers, khadi, raw silk, Indian flag, human hair, kajal, earthen pots, cheques, municipal waste, pujasamagri, […]

I see convergence of GST tax rates in coming days: Jaitley

New Delhi, Aug 31 (IANS) Finance Minister Arun Jaitley on Thursday said that he expected convergence of two Goods and Services Tax (GST) rates into one in the coming days, though ruling out a single rate of taxation under the new indirect tax regime. “I see two standard rates converging into one in future. The […]

CAIT demands waiver of penalty under GST

The Confederation of All India Traders (CAIT) has called upon the Government to waive off penalty being charged on late filing of GSTR Form 3B which is summary return for the month of July. CAIT President B.C.Bhartia & Secretary General Praveen Khandelwal said that assuming such scenario, the Finance Minister had announced taking lenient view […]

GST shortfall in Goa as many dealers refrain from filing returns

Despite the extension given and the awareness and outreach campaigns undertaken by the government, majority of the taxpayers in Goa have not filed returns and paid the Goods and Services Tax (GST) by the deadline, which was on August 28. Information gathered from the commercial tax department reveals that only 7,500 out of over 25,000 […]

GST is a systematised accretion of India’s rise in global trade

While confusion in handling transactional challenges such as tax credits, refunds and returns is mostly ephemeral, a strategic plan to enhance IT capabilities and timely execution will expedite realisation of the lasting benefits that GST promises to bring in for trade, industry and economy At the stroke of the midnight hour on June 30-July 1, […]

Impact of GST on Pharmaceutical Industry

As the GST sets in, pharmaceutical companies have to pay more in manufacturing cost as raw material cost has goes up by 7% and hence the MRP of the product need to be changed to absorb that impact. 2016-17 has been tenure of prolific significance, as India saw a plethora of reforms, set to change […]