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INDIA SEES 20% RISE IN $ MILLIONAIRES, DESPITE GST IMPACT
Despite adverse impact on GST implementation, India saw a 20 per cent increase in both the number of dollar millionaires and their wealth in 2017 to emerge as the fastest growing market for high net population, a report said today.
The report, which comes amid growing concerns over social ramifications of asymmetry in wealth distribution, said the number of…
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JOB CREATION : DEMONETISATION,GST LED TO LAYOFFS BUT THERE'S A GOOD NEWS TOO !!
Critics point to household surveys that show jobs being shed in the past year, after the government shocked the economy by suddenly withdrawing most cash from circulation and then introducing a complex goods-and-services tax.
In recent months, a sharp debate has broken out over whether India is or isn’t creating new jobs. Supporters of the government…
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COACHING CENTRES FOR ENTRANCE EXAMS LIABLE TO 18% GST : AAR
Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 per cent GST, according to the Authority for Advance Rulings (AAR).
An application was filed before the Maharashtra bench of the AAR to seek advance ruling on whether the services related to providing the coaching for entrance examination will come…
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HOW PM MODI'S GST ROLLOUT BROUGHT BABA RAMDEV'S PATANJALI TO A GRINDING HALT
Just an year ago, Baba Ramdev was sanguine about the growth prospects of Patanjali Ayurved Ltd. The confident yoga guru-turned-entrepreneur had said that Patanjali would double its turnover within a year. And, to be fair, it didn't seem a far-fetched target at that time. The company, after posting a record sales of Rs 10,561 crore in FY17, was aiming to grow two-fold…
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E-WAY BILL APPLICABLE FOR INTRA-UT MOVEMENT OF GOODS IN 3 UT's FROM MAY 25,2018
The Central Government
vide Notification Nos. 7/2018, 8/2018 & 9/2018-Union Territory Tax, all dated May 18, 2018 has rescinded Notification Nos. 3/2018, 4/2018 & 5/2018-Union Territory Tax, all dated March 31, 2018 to give effect to the applicability of E-way bill for intra-UT movement of goods in the Union Territories of…
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GST BLOW FOR ENTITIES SERVICING FOREIGN CLIENTS IN INDIA?
It is common practice for foreign entities to engage service providers in India at the time of market entry for a host of services that could range from market research, advertising and promotion services, liaising with prospective customers etc. While such services were treated as exports and not subjected to service tax under the earlier service tax regime, these…
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GST, Demonitisation brought 1.8 million more people into I-T net
Apart from encouraging digital over cash transactions, implementation of the GST regime has led to a 50% increase in the number of indirect taxpayers, says External Affairs Ministry official.
India has informed the United Nations (UN) that the Goods and Services Tax (GST) reform implemented by it, coupled with the demonetisation of high-value…
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CASHBACK AND DISCOUNT : Modi Govt'smega plan to boost digital transactions
The government is working on a proposal to incentivise digital transactions by providing cashbacks to businesses and price benefits to consumers, a source said.
As per the proposal being worked out by the Revenue Department, consumers paying through the digital mode would be offered a discount over the maximum retail price (MRP). The…
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GST ISSUES BEING ADDRESSED: RITA TEAOTIA
All issues being faced by exporters with regard to the Goods and Services Tax (GST) are being addressed, Rita Teaotia, Secretary, Department of Commerce, said.
Speaking to newspersons on the sidelines of a meeting with members of the Federation of Indian Export Organisations (FIEO) here on Friday, Teaotia said the issues pertaining to GST had dominated…
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SC JUDGESC SPLIT OVER CLASSIFICATION OF" COCONUT OIL" SACHETS USED AS "HAIR OIL"
SC delivers split verdict on classification of ‘Coconut Oil’ packed in small sachets / containers, as “Coconut Oil” under Chapter Heading 1513 or as “Hair Oil” under Chapter Heading 3305 of Central Excise Tariff Act; Justice Gogoi holds that product is clearly covered by Chapter Heading 1513, while observing that ‘Coconut Oil’ packed in small packages / containers…
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COMPLAINTS ABOUT GST REFUNDS NOT ACCURATE!!
The complaints of garment exporters here about cash crunch they are facing because of delays in refund of Goods and Services Tax (GST) seem to be distorted.
A check carried out by The Hindu with the authorities has revealed that only around 300 of the nearly 1,350 garment exporters who had opted for LoU (Letter of Undertaking) route…
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GST EVASION OF RS.509 CR IN MUMBAI, OVER RS 380 CR SEIZED
The Mumbai Central Goods and Service Tax (CGST) has detected tax evasion amounting to Rs 509 crore and have recovered Rs 381.57 crore from non-filers of tax since the implementation of CGST in the country.
Taking up an anti-tax evasion stand, the Mumbai CGST zone has so far identified over 47 thousand entities…
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FIX GST RATE AT 5% AND RATIONALISE STAMP DUTY, LAND RATES FOR AFFORDABLE HOUSING:PHD CHAMBER
PHD Chamber of Commerce and Industry urged the GST Council to consider further reduction of GST at a slab of 5% from prevailing 8% for affordable housing, arguing that conformant of infrastructure status on affordable housing would only serve the intended cause.
With GST slab staying onto 8% for affordable housing would partly defeat the efforts…
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