GST implementation News

He said that in the budget he tried to take care of every section and has given relief to middle class as well as senior citizens.

TRAN-1 is to be filed by those businesses that are keen to claim credit for taxes paid before the launch of GST on 1 July.

TRAN-1 is to be filed by those businesses that are keen to claim credit for taxes paid before the launch of GST on 1 July.

Karnataka got maximum compensation from the Centre at Rs 3,271 crore.

Interestingly, these firms believe that the demand should be evenly distributed between urban and rural markets.

To cater to greater output requirements, service providers hired more for the second month in succession, but the rate of job creation slowed from September.

The truckers' move is likely to disrupt the supplies of commodities and it could lead to a spike in prices of essential goods.

These included lowering rates on man-made yarn to 12 per cent from 18 per cent as well as zari job work to 5 per cent from the 12 per cent earlier.

An official of another major FMCG firm said the problem of destocking has been almost over and the channel partners have gone back to normal.

According to them, confusions arose with the existence of Reverse Charge Mechanism (RCM) and Forward Charge (FCM) in GST system.

The state government expects the GST to stabilise from January 2018 onwards.

In a statement, the chamber said India Inc is looking up to the government to take the 'out of ordinary' measures, citing "concerns over slowdown in growth due to the transient disruptions in the economy following GST implementation and the remaining over-hang of demonetisation".

The remaining exporters used the refund mechanism, but the waiting period may initially be longer under GST, hurting near-term exports due to working capital issues.

Classification of goods is a key element, which is set to decide incidence of GST. There are four slabs for both goods and services -- 5 per cent, 12 per cent, 18 per cent and 28 per cent.

GSTR-3, which is the match of GSTR-1 and GSTR-2, will have to be filed by September 30, in place of September 15.

The first month collection under the new Goods and Services Tax (GST) regime has been encouraging and if the rising trend continues till December, it would make a case for reduction of tax rate, he said.

On US FDA inspection, Shanghvi said on completion of re- inspection, the USFDA issued nine observations for the Halol facility and the company is currently in the process of implementing the requisite remediation steps.

Under the Goods and Services Tax (GST), which was rolled out from July 1, in order to claim benefit of input credit, businesses have to disclose the volume of transaction in the form of invoice.

While petrol prices have increased by Rs 6.08 to reach Rs 69.12 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 3.65 to Rs 57.01.

The Cabinet on Wednesday approved promulgation of an ordinance to amend the GST compensation law to pave the way for increasing cess on mid and large cars to 25 per cent, from 15 per cent.