GST news and archive

Delhi Airport’s duty free shops now have to pay GST

Retailers at the Delhi International Airport is not 'free from duties' under the Goods and Services Tax regime. Therefore, international passengers buying goods at airport 'Duty-Free' shops will have to pay GST as per with the Authority for Advance Ruling (AAR). Duty free shops were exempt from the levy of central sales tax (CST) and value added...

Business

Indian textiles, garment industry facing challenging times

The next year also may turn out to be a challenging time for India's textile and garment industry, as exporters are still bleedingfollowing the impact of GST and exports are probably going to miss the USD 45 billion target for 2017-18. Garment exporters have been repeatedly asking that the duty reimbursement should be retained at the pre-GST...

Retail

FM says no to lowering GST rates for textiles sector

Amid protests in Gujarat, Tirupur et al by textile traders who are demanding a rollback of 5 per cent GST on fabrics, Finance Minister Arun Jaitley has negated the idea that the textiles sector was never taxed in independent India. The entire textiles sector was subjected to central excise duty, he says. GST on fabrics will break the input tax...

Retail

Garment prices may fall by three per cent post GST

While retailers and customers are still getting used to the GST regime experts say maximum retail price on garments is likely to dip by two to three per cent now. The GST has lower levies on various products in the garment value chain and this should impact final prices. Many textile players have adopted the ‘go slow’ method in manufacturing in...

Retail

GST to impact apparel prices, traders protest in Telangana

Some 40,000 textile traders in Telangana are protesting against GST as they feel, with GST tax on textile sector will be at four –levels. Manufacturer to all-India wholesaler, all-India wholesaler to state wholesaler, state wholesaler to retailer and finally retailer to consumer. Each of the three stages, will have to make a provision for GST....

Retail

Ecom players helping sellers tide over GST

Amazon, Flipkart and ShopClues are partnering with taxation experts ahead of the GST roll-out on July 1 to make sellers GST-compliant. E-commerce vendors will have to pay the one percent TCS (tax collected at source) upfront but smaller vendors could be impacted negatively, as it may hold up their working capital against input tax credit....

Retail

Mumbai cloth shops to be shut

Cloth merchants in Mumbai have decided to keep their shops shut for a day on June 16 to oppose the Centre’s move of bringing the textile industry under the Goods and Service Tax. Sixteen associations of cloth merchants from the city and outskirts have formed a Joint Action Committee of Textile Traders Association and decided not to seek GST...

Business

Bag makers fear tax evasion

The decision to impose a 28 per cent GST on handbags and luggage will increase the price of the products by 10 to 15 per cent. Products like school bags and sports bags also fall under this tax slab. Last month, the GST Council finalised a four-tier structure for taxation of both goods and services at 5, 12, 18 and 28 per cent. Luggage and...

Retail

Etailers rush to clear stocks

Vendors on e-commerce platforms are trying to liquidate stocks before July 1. They fear losses resulting from GST. Many are expected to offer attractive discounts to tempt buyers. They feel clearing the stock would allow them to lower the tax burden, thus bringing down losses. Since they would not get any input credit on stock which is more than...

BusinessFeatured

GST Parliament clearance, to be in rolled out by July 1

With the Lok Sabha passing the last batch of bills on the Goods and Services Tax (GST), India is just a step away from rolling out an indirect tax regime that will for the first time economically unify the country. This game-changing tax reform initiative also puts in place a template for cooperative federalism because the states, thanks to the...

Business

Ecom biggies unsure how GST clauses will affect their business

E-commerce companies like Amazon, Flipkart, Snapdeal and the likes are not sure how GST will affect them. In particular they are worried about the clause tax at source, which would impact small scale sellers and increase the compliance burden, and filing tax forms before buying goods more than Rs 5000 in select states. Consumers buying goods...

Retail

GST could inflate garment prices

Branded apparels may get costlier due to the Goods and Services Tax (GST), expected by April 2017. The tax incidence on branded apparels and other finished textile products could rise at least three to four per cent, assuming textiles come under the merit list of GST. Branded garments may be put under the luxury tax slab, which could be higher...