E India CA

Professional Updates for Chartered Accountants

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Government unlikely to bring GST bills soon

With the united opposition attacking the ruling dispensation in Parliament over the demonetization issue, the government is unlikely to bring three bills related to GST in the coming days and hopeful of pushing them in latter half of the Winter session which began on Wednesday. The government is keen to push the passage of three leg...

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Passage of GST bill could take a hit over Modi’s demonetisation move

Will the Opposition’s onslaught against the Centre over the demonetisation affect the passage of the goods and service tax (GST) bill? A confident government may bring the GST bill by early next week in Rajya Sabha, indicating it is not perturbed at the ongoing protests against another of its financial reforms — the demonetisa...

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Centre to share model GST law with states tomorrow

NEW DELHI: The Centre will share the draft model GST law with the states tomorrow as it prepares for the rollout of Goods and Services Tax (GST) from April 1 next year, CBEC Chairman Najib Shah said today. The Centre is also working on multiple options apart from 'horizontal' and 'vertical' division for deciding on jurisdiction ov...

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Centres states may shake hands on 18% service tax under GST

The Centre and states may agree on an 18 percent service tax rate under goods and services tax (GST), a move that could turn most services, which are now taxed at 15 percent, costlier. Most services, except those in the negative list of essential services such as healthcare and education, will come under GST. For goods the Centre h...

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Assocham Urges Against Cess, Suggests GST Rate Hike By 1-2%

New Delhi: Arguing against the levy of cess, Assocham has written to Finance Minister Arun Jaitley to hike the proposed Goods and Services Tax by 1-2 per cent to compensate states for revenue loss under the GST system. "The idea of levying cess to make a corpus for compensation to states does not seem to be feasible. The additional ...

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How The Promise Of GST Is Shaking Up India’s ‘Zero Mile’ City Nagpur

Mumbai:When Indian retailer Future Group opened a warehouse on the outskirts of Nagpur three years ago to supply its supermarkets, the building was surrounded by dry, barren fields. Now it is only one in an expanse of distribution centres, storage depots and factories. A dusty provincial city of 2.5 million, Nagpur is at the geograp...

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ITC’s cigarette business holds up; GST rate key

Punitive taxes on the core cigarette business notwithstanding, ITC Ltd reported a decent performance for the September quarter. Net sales (net of excise duty) rose 9.6% from a year ago, broadly in line with Street estimates. Operating profit—or earnings before interest, taxes, depreciation and amortization (Ebitda)—and net profi...

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Goods and Services Tax: There should not be more than three grades of rates, says Chidambaram

Former finance minister P Chidambaram on Monday said that the proposed multiple rate of Goods and Services Tax (GST) would be ‘disastrous’ and similar to the existing VAT. “A well-designed GST is expected to have a standard rate, plus and minus standard rate. That latitude interpreted to me as multiple rate, zero to 100. That ...