Goods and Services Tax Place of Supply
By Ranjeet Mahtani and Sweta Rajan After the approval of the Lok Sabha on March 29, 2017, four supporting GST bills, viz. the Integrated GST (IGST) Bill, Central GST Bill, Union Territory GST Bill and the Compensation Bill were sent to the Rajya Sabha for their comments. The Rajya Sabha cleared the bills on April 6, 2017 without any amendments. With this, the July 1, 2017 target for the introduction of GST seems realistic. Trade and industry are therefore in the phase of deliberating the law and examining potential issues. Under the GST regime, every transaction will have to be subjected to a 4-point analysis: when is the GST applicable? on whom is it applicable? how much is applicable (rate of tax), and what are the ...
Online jewellery market is around $10 bn, which will shoot up to $18 bn in 3 yrs: Adish Shah
The Dollar Business Bureau The Gems and Jewellery sector plays a significant role in the Indian economy, contributing around 6-7 percent of the country’s GDP. One of the fastest growing sectors, it is extremely export oriented and labour intensive. Based on its potential for growth and value addition, the Government of India has declared the Gems and Jewellery sector as a focus area for export promotion. For the first time ever in the country, a B2C and B2B portal for Gems & Jewellery segment. www.jewelemart.com, has been launched for the benefit of consumers, craftsmen and traders. Speaking to the media, Mr Adish Shah, Co-Founder and CEO of Jewelemart, said “Currently world online jewellery market is around $10 billion, which will shoot up to $18 billion in next three ...
70% of our revenue comes from tier II and III cities: H S Bhatia
By Deepak Kumar Speaking to The Dollar Business, H S Bhatia shares his company’s success story and its long-term business expansion plans in domestic and international markets. TDB: Can you tell us about your current business? H S Bhatia (HSB): We run two portals, www.bizpluss.in and www.surpluss.in. They serve different needs of the industry and generate about 90% of our revenue. We buy surplus products from manufacturers, exporters and brands from Dubai, China and the US, and sell them on our platforms. One is a B2B portal, where small resellers and dealers buy products for their shops, and the other is a B2C, where customers can directly buy from us and we deliver the products at their doorsteps, like any other normal ...
Domestic traders oppose 100% FDI in e-commerce
Himanshu Vatsa | The Dollar Business Though the government is yet to decide on allowing 100% Foreign Direct Investment (FDI) in e-commerce, domestic traders say the move will have adverse impact on small retailers and manufacturers within the country. The Ministry of Commerce will hold a meeting with online retailers and other trade bodies on July 10 to discuss various issues before taking a final decision on the matter. Earlier, the ministry held a consultation with stakeholders in May this year. The Confederation of All India Traders (CAIT) said that allowing 100% FDI in e-commerce will “kill the Indian trade” and give all control of retail business in to the hands international players. “We are going to oppose any such move. We ...
Chinese e-commerce giant to promote Indian SME products
Sai Nikesh | The Dollar Business The Chinese e-commerce giant Alibaba on March 30, 2015, announced its future business plans in India. As part of his visit to India, Alibaba's Chairman Jack Ma met the Prime Minister of India, Narendra Modi, and expressed the Company’s willingness to empower small businesses in India and also discussed the modalities involved. In his meeting with the Prime Minister, Ma discussed way and means of implementing the Business-Business (B2B) model in promoting organic farm goods, handicrafts and other products from a rural to the global level. Pointing out to the Business-Company (B2C) model as an American model, the Alibaba founder was learnt to have stated that the ‘Business-Business (B2B) model is best suitable ...
