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  • Impact of GST on Households; increase in domestic cylinders by Rs 32

    Increase Price In Domestic Cylinders

    Since July 1, when the GST has been deployed across the country, many things have been cut in price, so many things have increased. But there is another shock to the middle class; the price of domestic cylinders has increased due to the GST being implemented. Now people will have to spend Rs 32 more for taking LPG cylinders. Actually, these prices will increase with GST implementation and reduction in subsidy.

  • 'India's economic freedom is GST'

    Anil Ambani Reliance

    Anil Ambani, owner of Reliance ADAG Group, has called the goods and services tax (GST) being implemented from July 1 as the economic freedom of the country. He said, "This is not just another improvement and change, but our economic imagination is the liberalization and economic freedom." As Ambani, GST will be the country's most independent and democratic market in history.

  • 20 world class research institutes to be set up in India

    Prakash Javadekar

    New Delhi: The Union Human Resources Development Minister Prakash Javedkar, on Saturday declares about the 20 new world class institutions to be set up across the country in order to promote research and innovation.

  • A shock post GST, before LS by-election

    Arun 2

    Photo Courtesy: Internet

    The first post big reform, GST, and final before the 2019 Lok Sabha elections has given hearts to many for survival and left many in doom.

    Matching many uplifted hopes and a mixed review from the budget, Finance Minister Arun Jaitley promised for the best healthcare insurance that has a new health related scheme which will provide health care insurance of up to Rs 5 lakh per year to every poor family.

    The scheme aims at covering 10 crore families and 50 crore beneficiaries. The scheme would be applicable to all private hospitals as well. The budget also plan to set up 24 new government medical colleges and hospitals by upgrading existing district hospitals in the country.

    Budget gave a relaxation to the salaried people since it dint touch the income tax slabs along with an announcement on reduction in women employees' contribution to EPF to 8 per cent for the 1st three years and extended the fixed-term employment facility to all sectors to give more jobs.

    Government in it post GST and final before the parliament elections has stepped for ‘RISE’ (Revitalising of Infrastructure and Systems in Education) with a total investment of Rs 1 lakh crore in the next 4 years was mentioned. “We propose to increase the digital education and make a steady move from blackboard to digital board,” FM Arun Jaitley during his budget speech.

    FM has also given a major relief to farmers, the government raised the minimum support price (MSP) to 1.5 times the cost of production for all upcoming Kharif crops. It also announced 100% tax deduction for farm producer firms with Rs 100 crore turnovers. Kisan credit card will be extended to fisheries and animal husbandry farmers. The government will spend Rs 14.34 lakh crore in rural areas in terms of providing jobs and infra.

    The budget 2018 has also talked about providing housing facility by 2022, the budget has proposed to set up an affordable housing fund under the National Housing Bank (NHB). The government has set a target to construct a minimum of 2 crore toilets under Swachh Bharat Mission and 51 lakh affordable housing units in rural and 50 lakh in urban areas.

    Finance Minister announced WI-Fi access in trains and in the railway stations also all the railways stations with more than 25,000 footfall will have escalators. This is the second union budget since the Centre merged the Railway budget with the general budget last year. The government announced a capital expenditure of Rs 1.48 lakh crore for the Indian Railways

    The government in the budget has allocated Rs 3 lakh crore for lending under Micro-Units Development & Refinance Agency Ltd (MUDRA), around 20 per cent hike from the last year.

    With turnover of up to Rs 250 crore to 25% from current 30%, budget lowered the corporate tax for small, micro and medium enterprises.

    Government dint want to miss on fiscal consolidation roadmap, which could have been the trouble from the oppositions to stand against the government after the budget presentation. The fiscal deficit for current fiscal will widen to 3.5% of the GDP as against 3.2% previously targeted, and to 3.3% in FY'19 as opposed to 3 per cent previously targeted.

  • Amitabh Bacchan is the brand ambassador for the goods and services tax

    Bacchan

    New Delhi : The BJP government has roped in Amitabh Bacchan to promote the goods and services tax before its role out on the first of July this year. The Finance Ministry on Monday tweeted a video of Bachchan explaining GST with the slogan “one nation, one tax, one market”.

  • Centre launches GST Rates Finder app to verify accurate tax rate under GST regime

    Gst App

    New Delhi: Centre has launched an app - GST Rates Finder to verify the accurate tax rate on commodity and services under the Goods and Services Tax (GST) regime. Finance Minister Arun Jaitley yesterday launched the app in New Delhi which will empower not only the taxpayers, but every citizen of the nation, to ascertain the correct GST rate on goods and services.

  • Deadline for filing of GST Returns for July and August extended

    Pranab Mukherjee Hails GST

    Businesses will have more time to file the final GST returns as the government has extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August.

    Now sales return or GSTR-1 for July will have to be filed by September 10 instead of September 5 earlier and purchase returns or GSTR-2 would be filed by September 25 instead of September 10 earlier.

  • FESTIVE SEASON: Developers offering offers to woo buyers

    Festive Season For Home Buyers

    Festival season begins from Navratras and lasts till Diwali in India. It brings happiness and optimism with it. It is the time when developers offer many offerings and freebies to attract buyers and push their selling. On the other hand buyers consider festival season as an auspicious time to own a property. Like every year, this year also developers are offering many gifts or offers to woo buyers across Delhi- NCR.

  • Financial Survey divulges new facts about Indian economy

    Indian Economy

    Photo Courtesy: Internet

    Featuring the real accomplishments of the current monetary - the effect of GST, India's libertarian send out structure, the inclination of the Indian culture for a male child and lower charge accumulations - the Economic Survey 2017-18 has featured nine new actualities about the Indian economy. 

    (1) There has been a vast increment in registered indirect and direct taxpayers: A 50% for each penny increment in one of a kind circuitous citizen under the GST contrasted and the pre-GST framework. So also, there has been an expansion (far beyond incline development) of around 1.8 million in singular wage impose filers since November 2016.

    (2) The formal non-farming finance is significantly more prominent than trusted: More than 30% for each penny when convention is characterized as far as government managed savings (EPFO/ESIC) arrangements; more than 50% for every penny when characterized as far as being in the GST net.

     (3) The flourishing of the states is associated with their international and inter-state trade: expresses that fare all the more globally, and exchange more with different states, have a tendency to be wealthier. In any case, the relationship is more grounded amongst thriving and worldwide exchange.

     (4) India's firm fare structure is generously more populist than in other huge nations: The main 1% for each penny of Indian firms represent 38% for each penny of fares; in every single other nation, they represent a considerably more prominent offer (72, 68, 67, and 55 percent for each penny of fares in Brazil, Germany, Mexico, and US, individually). Also, this is valid for the top5%, 10% for each penny and so on.

    (5) The apparel incentive package boostedfares of ready-made garments. The alleviation from inserted state charges (ROSL) reported in 2016 supported fares of instant articles of clothing (however not others) by around 16% for each penny.

     (6) Indian culture displays solid son "Meta" preference:  Parents keep on having youngsters until the point that they get the coveted number of children. This sort of fertility-stopping rule leads to skewed sex proportions however in various ways.

     (7) There is considerable avoidable case in the duty field which government activity could diminish: The assessment tax department's petition rate is high, despite the fact that its litigation rate in prosecution is low and declining (admirably beneath 30% for each penny). Just 0.2 for every penny of cases represented 56% for every penny of the incentive in stake; though around 66% for every penny of pending cases (each not as much as Rs.10 lakh) represented just 1.8% for every penny of the incentive in stake.

     (8) To re-ignite development, raising speculation is more vital than raising sparing: cross country encounter demonstrates that development stoppages are gone before by investment slowdowns however not really by reserve funds slowdowns

    (9) Own immediate expense (direct tax) accumulations by Indian states and local governments are fundamentally lower than those of their partners in other federal nations: This offer is low in respect to the immediate taxation powers they really have.

     

    (Views are personal and writer is a student of Mass Communication and Journalism in Delhi)

  • GST launch ready, Parliament rehearsals today

    GST

    On July 1, the Central Government has made full preparations to implement Goods and Services Tax (GST) across the country. For this, on June 30, when the GST launch program is being held at Central Hall of Parliament, the Central Government is going to drill or rehearsal the preparation of the launch on Wednesday.

    According to the information of the Central Government, this rehearsal will be done at Central Hall of Parliament at 10 in the morning. The rehearsal of this rehearsal will be done by Minister of Parliamentary Affairs Anant Kumar, including Mukhtar Abbas Naqvi and SS Ahluwalia.

    According to sources, the concerned officials of GST from the Finance Ministry will also be present during this rehearsal in Parliament. Significantly, all senior leaders of the party and the opposition including President Pranab Mukherjee, Prime Minister Narendra Modi, Finance Minister Arun Jaitley and others will be present at the Central Hall on June 30.

    Significantly, President Mukherjee presented the first constitution amendment bill in 2011 for the finance minister GST. At the same Central Hall of Parliament, on 14th August 1947, the country's independence was also announced. Therefore, the Central Government is now attempting to launch the country's biggest tax reform, where this central hall is being kept in the center, it is trying its rehearsals to not face any problem in the launch of GST on the night of June 30. Fall.

    According to the Central Government sources, the program of GST launch will begin in Parliament at 11 p.m. on June 30 and at 12 noon, Prime Minister Narendra Modi prepares GST

    by ringing For this program, the government has invited all the members of the Lok Sabha and Rajya Sabha as well as the Chief Minister and Finance Minister of all the states.

  • GST Network preparing for the GST roll out

    GST Network Preparing For The GST Roll Out

    As per agency reports, hours before the GST roll out, the GSTN office located on the fourth floor of a glass building named World Mark I right next to Delhi's international airport is full of hustle bustle and activity. The employees have been working overtime to ensure that the transition from a non-GST to GST regime is smooth.

  • GST Roll Out: Entire opposition to skip the ceremony except for Nitish Kumar, Jaitley urges opposition to rethink

    Arun

    On the eve of the GST roll out ceremony on the midnight of 30th June, Congress backed out and declared that it won’t be attending the ceremony calling it a “publicity gimmick” and “tamasha”. Earlier this week, Trinamool Congress was the first one to state its boycott of the ceremony and was followed by Samajwadi party, Rashtriya Janata Dal and other left parties.

  • GST will now be taught in Delhi University

    GST Will Now Be Taught In Delhi University

    DU (Delhi University) is soon planning to include GST in Syllabus for BCom and BA students. It is reported that this proposal has been approved by the DU's Academic Council, but the executive council decision is awaiting for approval.

    According to the Academic Council, the students used to study tax in three streams. B.Com (Hons), BCom and BA Program are Commerce streams. According to the new proposal, GST will replace the materials related to other indirect taxes soon.

  • Impact of GST on Real estate Sector

    Elan Miracle Sector 84 Gurgaon   Copy

    NewsMantra Bureau

    Goods and Services tax is going to be implemented from the 1st of July. GST is being considered as one of India’s most revolutionary tax-related reforms. GST will eliminate conflicting and cascading taxation structures like VAT and service charges in real estate. GST law will increase the margin in the hands of developer by eliminating the above-mentioned taxes.

  • In the beginning of GST people can face some problems: Venkaiya Naidu

    Venkaiya Naidu

    New Delhi:The minister of Modi Government Venkaiya Naidu gave a statement on Monday. In that statement he said that people may face problems in the beginning. GST will be implement from 1st july.

    Modi govt was looking confident regarding this policy. But this is for the first time when any minister  has said this.

  • Jaitley rejects the demand for avoiding the GST implementation, saying- the Constitution does not allow

    Jaitley On GST

    New Delhi: Finance Minister Arun Jaitley has rejected the demand for avoiding the execution of the goods and services tax (GST). He said that our Constitution does not allow us to delay this maximum economic reform of the country by more than six months.

  • Jio offers free data and calling offers for one year

    Jio Offer For One Year

    If you can not take advantage of the free offer of Jio last time, do not be disappointed, because after the GST, Reliance Jio has launched a starter kit offer for retailers. This new offer has been made under the new tax system of GST which came into effect from 1st July. This software is named Jio GST.

    This software is the first mobile GST solution available for Rs 1,999. Its aim is to help small retailers present in the country to adopt GST. Along with the software, subscribers will also get Jio-fi devices. Not only this, it can prove to be great enough for you, because you will get unlimited voice calling and data.

  • MeitY launches Web Portal for smooth GST implementation

    Gst On Portal

    New Delhi: In order to ensure smooth GST implementation from 1st July, the Ministry of Electronics and Information Technology has launched a dedicated Webpage for facilitating taxpayers with regard to addressing issues related to Information Technology Services and Electronics goods. 

  • Midnight GST Launch: -Opposition in Dilemma

    GST

    New Delhi:The Centre’s plan to rollout GST at a special session of Parliament at midnight on June 30 is confronting a barrier from the Opposition. They are probably going to skip the launch however a final call has still not been taken yet.

    The reason they have given is that opposition parties dislike the technique for the welcome. As per the sources from Trinamool Congress, the Left, and the Congress the letter of invitation by parliamentary affairs minister Ananth Kumar was sent to all MPs separately. The norm, they say, is to address it only to the party leaders.

  • Mumbai businessman suicide because of GST

    Mumbai Businessman Suicide Because Of GST

    Manish Pachchand Mehta, a 54-year-old textile businessman from Mumbai, who was hit by recession of GST, got himself upset and did suicide by jumping from 17th floor because of despair and anxiety. The incident belongs to the Octa Crest Society in Lokhandwala Complex under Samata Nagar Police Station.

    According to Samata Nagar police sources, Mehta's wife told the police, "Manish was mentally disturbed. The textile market is cool in the rain anyway. Manish was very upset due to the impact of the textile industry on GST and demonetization imposed by the Modi government and the losses suffered by the cloth traders.