“GST is a great step by Team India, great step towards transformation. This can’t be seen as a victory of a party or government, it is a win for the democratic ethos of India. We say a lot about corruption but to eradicate it is important to strengthen our system as well”- was how Indian Prime...
The much awaited Goods and Services Tax (GST) has finally rolled out in India. It has been a long- pending issue to streamline all the different types of indirect taxes and implement a “single taxation” system across the entire country.The main expectation from this system was to abolish all ind...
At the stroke of midnight on June 30, the Goods and Services Tax (GST) has became a reality. Businesses expect a well-designed GST to simplify and rationalize the current indirect tax regime, eliminate tax cascading and put the Indian economy on a high-growth trajectory. The contours of the law may ...
P. Chidambaram - Congress leader and former Union Finance Minister The GST was envisaged as a single rate of tax on all goods and services that will replace practically all indirect taxes. A ‘single’ GST rate means a standard rate as well as a standard plus rate (on demerit goods) and a sta...
The Manmohan Singh government was very keen to implement the Goods and Service Tax (GST). Pranab Mukherjee while he had been the union finance minister mentioned it in his budget speech in 2011. The main purpose of implementing the GST was to get relief from the multiple taxation system on different...
Agriculture still employs the largest section of India’s workforce. It commands around 16% of India’s GDP. The proper implementation of the GST is expected to boost the sector. Transportation of agri products across India is one of the persistent problems faced by the sector. Before GST, differe...
The GST is being criticised for being hard on the service sector. The detailed evaluation of GST on various service sectors is given below.Power sectorPower generation has grown rapidly in recent years. There has been a considerable shift from fossil fuel-based energy to clean and renewable sources ...
The GST rates on fruits and vegetables have been exempted to sustain a better flow of the supply chain mechanism but processed and frozen fruits and vegetables are taxed. There is no GST levied on fresh or chilled vegetables, roots and tubers like potatoes, tomatoes, onions, garlic, cabbages, caulif...
The Goods and Services Tax (GST), which rolled out on July 1, 2017, is likely to have a favourable outcome for the economy. The consumers are expected to gain as the government has kept a large number of items under the 18% tax slab.Dr. Arun Singh, Lead Economist, Dun & Bradstreet India, while c...
The new real estate projects are going are going to be charged at 18% under the GST tax slab. The developer community has already raised concern over how the GST will be an unmanageable burden as land may be doubly taxed. It has been clarified that all under construction flats would be charged...