GST | Pixr8 News

4Sep By AnkitaNo Comments

INDIA

There Should be One Policy For Retail Business and E-commerce, Says Amitabh Kant

(Pic Source: Gaurav Munjal, Unacademy co-founder Facebook profile) India is the only country where there are different policies for different segments of the retail business and e-commerce. Logically, there should be one policy, said Amitabh Kant, CEO, NITI Aayog, while interacting with CEOs at the Valedictory Session of the sixth edition of Massmerize 2016, FICCI’s annual flagship Retail, FMCG and E-Commerce Convention. He said that in today’s globalized world, it has become essential for India to become a part of the global supply chain. For this, India has opened up its economy and liberalized the FDI regime. Now India features as the number one nation in attracting FDI, which has given the country access to latest technology, global best practices and global innovations. Kant ...

Indian E-commerce Companies Demand Exemption From GST

30Aug By Press Trust of IndiaNo Comments

INDIA, News

Indian E-commerce Companies Demand Exemption From GST

The rapidly expanding e-commerce companies today made a strong case for keeping them out of the proposed GST net but the state finance ministers appeared in no mood to oblige. At the first meeting of the Empowered Committee of State Finance Ministers held after the Parliament approved the GST Bill, online retailers said they only provide a platform to vendors and customers and do not make money out of sales made. According to representation made at the meeting, companies like Flipkart, Amazon India and Snapdeal are only service providers to the vendors and as such are liable to pay GST only on service income. When panel chairman and West Bengal Finance Minister Amit Mitra questioned the billion dollar valuations some of the so-called online platforms command, the e-retailers s...

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

4Aug By NitishNo Comments

News

GST is Challenge For IT Industry Because of Multiple Taxes : Nasscom

The GST regime would streamline the taxation system and make it much more transparent, but would also create multiple taxation points, which will be a "challenge" for the IT industry, Nasscom said today. Nasscom President R Chandrasekhar said the concerns regarding multiple taxation points have been brought to the notice of the government and it expects a positive response while framing the GST law. "IT services are intangible. The way things are looked at in the GST law, not the Constitution amendment, there we have a number of concerns which have been shared with the government. "We feel that today for IT services, it is a simple regime. One single point of taxation which is central service tax, one single point of registration, one single invoice, one single place where you hav...

4Aug By Press Trust of IndiaNo Comments

INDIA

GST Bill a Game-Changer For Indias Economic Growth

The US India Business Council has termed the passage of GST bill by the Indian Parliament as a "game-changer", saying it is a significant milestone in efforts to improve the countrys ranking in World Banks ease of doing business index. The council congratulates Indian Government and members of Parliament for approving the Constitution (122nd Amendment) Goods and Services Tax (GST) Bill, 2014, an official statement by the US India Business Council (USIBC) said. This is a significant milestone in Indias ongoing efforts to improve its ranking in the World Banks ease of doing business index, it said. USIBC believes that the GST is a game-changer that will boost economic growth by streamlining domestic supply chains and removing the compliance burden of contradictory state tax regimes,...

30Apr By AnkitaNo Comments

INDIA

India Can Save USD 50 Bn if Logistics Costs are Brought Down to 9 Pct of GDP: Study

India can save up to USD 50 billion if logistics costs are brought down from 14 percent to nine percent of country's gross domestic product (GDP) thereby making domestic goods more competitive in global markets, an ASSOCHAM-Resurgent India joint study said today. "With expected inflow of new investments owing to government's thrust on promoting domestic manufacturing sector, India's cargo and logistics industry is likely to clock a compounded annual growth rate of about 16 percent during the course of next few years," noted the study on 'Cargo and logistics industry in India,' conducted by ASSOCHAM jointly with knowledge firm Resurgent India. "The Make in India campaign will see investments connect India to global production networks that would generate new business for logistics in ...

30Mar By AnkitaNo Comments

INDIA

Gujarat, Maharashtra Together Contribute 46 Percent To India’s Exports: Report

According to an ASSOCHAM study on 'Export Performance of States', the analyzed data between 2007-08 and 2014-15 reports that Gujarat and Maharashtra account for more than 46 percent of the merchandise consignments from the country and with the addition of three next best performing sources of shipments, the top five states claim over 69 per cent of India's entire export earnings. While Gujarat and Maharashtra have been vying for the top spot, the latter became the best performing states shipping goods worth USD 72.83 billion in 2014-15. Gujarat had export shipments of USD 59.58 billion in the same period while Tamil Nadu emerged as the third largest sourcing state with USD 27.47 billion of the consignments, noted the study prepared by ASSOCHAM Economic Research Bureau. Though Gujarat...