GST to roll out from July 1, Govt scotches rumours of delay

GST to roll out from July 1, Govt scotches rumours of delay

In what could be a huge relief for jewellery and diamond processing industry before India's biggest tax reform kicks in from July 1, the Goods and Service Tax (GST) Council reduced the applicable rate on making charges from 18 per cent to just 5 per cent.

West Bengal Finance Minister Amit Mitra hailed today's Council decisions saying common people gained from this and termed increasing the turnover limit for availing composition scheme and reduction intax rates for cinema tickets as "people-centric measures".

Banks will need to make registrations in each state separately under the GST law so that they are ready for the new indirect tax regime roll-out from July 1, Revenue Secretary Hasmukh Adhia said on Monday.

The Goods and Services Tax (GST) will adversely affect the oil and gas industry as the sector will have to comply with both the current tax regime and the GST framework, according to a report.

Retaining 18 per cent service tax slab for made-up and garment sector will have a serious implication on the cost escalation of the final goods of made-up and garments and will be uncompetitive in the domestic and global market, said CITI in a statement.

Presently, the tax on financial services is 15% and after the increase, the returns will also get affected.

It said almost 60% of small businesses in the Country have been devoid of digital technology and they can not comply with GST from July one.

After the last meeting of GST Council on Sunday, Jaitley had said the Centre and states have completed discussion on most of the issues.

The official said that Centre told the Council that the GSTN has already floated tender inviting companies for developing the software for "e-way bill" system and the process for selection of bidders would take about two months.

Textile industry has urged the GST Council to lower the service tax on job work related to made-ups and garment sector, saying the proposed 18 per cent tax would escalate the prices of final goods making them uncompetitive in the global market. "You require an honest intent for that", he had said, to a query that small traders and artisans were not technologically ready for meeting GST compliance.

Related Articles

  • Modi supports Merkel's European Union  leadership as Trump critises Germany

    Modi supports Merkel's European Union leadership as Trump critises Germany

    On his first full-day back at the White House following Memorial weekend, the USA president took to twitter to criticise Germany. It's unclear exactly how Trump plans to change trade with Germany.

    Oh yeah, Days Gone has a shitload of zombies

    The game was revealed previous year , but no, we've got an extended trailer with plenty of gameplay. Players will have to face some new threats aside from the horde of zombies plaguing the open world.

    North Korea releases jailed U.S. university student

    The State Department is continuing to discuss the situation of three other detained Americans with North Korea, Tillerson said. A North Korean foreign ministry official confirmed that Warmbier was released and left the country Tuesday morning.
  • GOP Senator: Trump 'Clearly Does Not Fully Understand or Appreciate the Boundaries'

    He also has secret recordings of his conversations with Comey - unless he lied about that, which he nearly certainly did. Trump was appearing in a Rose Garden press conference along with Romanian President Klaus Iohannis.
    Instagram Rolling Archive Feature Out to All Users

    Instagram Rolling Archive Feature Out to All Users

    This will bring up a menu where you can select to "archive", "turn off commenting", "edit", "share" or "delete" the post. If you haven't archived anything, the page the button opens will have no photos and will say "No Archived Photos".

    Donald Trump: Ex-attorney general's action on Clinton inquiry 'totally illegal'

    On Twitter the President wrote , "Lynch made law enforcement decisions for political purposes.gave Hillary Clinton a free pass and protection".
  • Golden Entertainment To Buy Stratosphere, Arizona Charlie's Properties

    Golden Entertainment To Buy Stratosphere, Arizona Charlie's Properties

    On average, equities analysts expect that Golden Entertainment will post $0.82 earnings per share for the current year. WARNING: "Zacks: Analysts Set $16.00 Price Target for Golden Entertainment, Inc ". (:GDEN)'s stock has changed 65.15%.
    Fisker EMotion revealed on Twitter, new fully electric sports vehicle

    Fisker EMotion revealed on Twitter, new fully electric sports vehicle

    The graphene battery technology Fisker has frequently touted over the past year will not be included when the EMotion launches. As well as the class-leading range, it's also said that the Emotion will be capable of charging in as little as nine minutes.
    Mission Wealth Management LLC Has $1.29 Million Stake in Tesla Inc. (TSLA)

    Mission Wealth Management LLC Has $1.29 Million Stake in Tesla Inc. (TSLA)

    Ulysses Management Llc decreased Tesla Motors Inc (Put) (TSLA) stake by 37.5% reported in 2016Q4 SEC filing. On Monday, May 8 Straubel Jeffrey B sold $33.58 million worth of Tesla Inc (NASDAQ:TSLA) or 109,100 shares.
  • Over 800 USA  flags retired in ceremony

    Over 800 USA flags retired in ceremony

    Harshbarger said it's also about honoring those who came before. "The reason is, that flag stands for our country". Area organizations have planned ceremonies in honor of Flag Day on June 14.

    Comey boosted case for obstruction charges against Trump: legal experts

    Comey went right at that - that is the character flaw in the president that makes defending him a very hard proposition. Donald Trump should bring out the tapes he talked about. "Totally illegal? Very 'cowardly!'" he tweeted.
    The astronauts will be able to bake bread in space

    The astronauts will be able to bake bread in space

    Bake In Space will test various approaches on International Space Station during the European Space Agency's Horizon mission in April 2018.