Search Result for : Tax Rate

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

The Dollar Business Bureau Terming the rollout of GST as an important achievement, Asian Development Bank President, Takehiko Nakao, who was on a 3-day visit to India termed the roll-out of the GST as an important achievement for this government. But added that this achievement is not without its flaws. He was appreciative of the government’s determination to push forward with reforms, but wanted the government to put more energy into ‘labour’, ‘land acquisition laws’ and FDI so that Indian economy can grow faster than that of China’s.  Speaking to the media about his views on the rollout of the GST he said, ‘it is difficult to gauge the impact of GST on the economy until it is implemented but the best thing ...

The Dollar Business Bureau  With cement coming under the 28% tax rate structure under Goods and Services Tax (GST), the industry is not happy with the government slotting it under the highest tax structure as the sector is already struggling with low demand. The Government has failed to take an advantage to spur growth in the already struggling housing and cement sector by placing the commodity in the uppermost tax bracket of 28% under the GST, the industry body Cement Manufacturers Association (CMA) said reacting to the announcement. The industry body has also lamented that the taxation on cement, the highest in the Asia Pacific region, has impacted the health of the sector that is seeing just 70% of its capacity utilisation because of low demand.  “On a 50 kg bag ...

The Dollar Business Bureau  Japanese auto major Honda Cars India Ltd (HCIL) is keen on sharpening its strategy and strengthening its brand as a ‘premium player’ across various segments prior to the expansion of automobile market it is expecting from 2020. “It is important to grow volumes. However, the priority is to reinforce the brand. While the current market volume and growth is good, we believe real motorisation or real expansion of the market will be seen in the middle of 2020-2030,” Yoichiro Ueno, President and CEO, HCIL said on Friday.  “Establishing the foundation for that period is more important than just chasing volumes,” he added. Though the Japanese auto major is working towards establishing a 'premium' brand, it wants to retain its position ...

Ranjeet Mahtani and Stella Joseph This week witnessed significant progress towards GST, with the GST Bills receiving Presidential assent and becoming enactments viz. the Central Goods and Services Tax Act, 2017 (“CGST Act”), the Integrated Goods and Services Tax Act, 2017 (ÏGST Act”), the Union Territory Goods and Services Tax Act, 2017 (ÜTGST Act”) and the Goods and Services Tax (Compensation to States) Act, 2017 (“the Compensation Act”). The provisions under these enactments shall come into force on such date as the Central Government may, by notification in the Official Gazette, appoint. This is a crucial milestone in the journey towards GST, as now, there is certainty with regards to the exact shape and contour of the GST legislations, as and ...

Source: PTI Finance Minister Arun Jaitley has promised a rational tax rate for individuals and bringing down of corporate tax to 25% flat in four years beginning next fiscal along with removal of exemptions except those that encourage individual savings. Addressing students and faculty at the Columbia University in New York on Monday night, he said along with a rational rate of taxation, more banking transactions and making PAN card compulsory for payments over a threshold limit will go a long way in tackling the problem of domestic black money. He also said that once the corporate taxes go down, the exemptions, over there are a bulk of litigations and discretions, will have to be phased out. The Finance Minister said ...