GST in India from 1 July

The official launch of Goods and Services Tax (GST) will be on June 30th midnight. The GST will reduce tax burden on goods by replacing the indirect taxes like VAT, Service tax, Excise etc levied by the central and state governments. GST seeks to bundle state and central levies into one and create a seamless national market throughout the country.

The GST Council (GSTC), the apex decision body for the new tax, also approved the creation of an anti-profiteering authority that will exist for two years. According to the source, the norms for filing returns have been relaxed for the first two months until September 2017. This will help Small business and traders who may not be ready for migration to GST.

The idea of moving towards the GST was first mooted by the then Union Finance Minister in his Budget for 2007-08. There would be four tax rates namely 5%, 12%, 18% and 28%. The Council has asked the Committee of officers to fit various goods and services in these four slabs keeping in view the present incidence of tax. GST would be applicable on “supply” of goods or services as against the present concept of tax on the manufacture of goods or on sale of goods or on provision of services.

According to the source, the GST returns would be applicable for business where turnover is more than Rs 20 lakh. Hence the small business and traders with turnover less than Rs 20 lakh will not have to file any return. Under GST, you need not give any details of invoices but disclose the total turnover.

A mega rehearsal has been planned tomorrow in the Central Hall of Parliament ahead of the historic GST launch on the midnight of 30 June. Tomorrow’s rehearsal has been organized to ensure that everything is well-organized and there is smooth conduct of the launch event, the sources said. The final event is likely to start at 11 PM on 30 June and will be on till half past midnight the sources said.

  • Businesses having a turnover of more than Rs 20 Lakhs have to get registered mandatorily under GST.
  • The norms for filing returns have been relaxed for the first two months until September 2017.
  • There would be four tax rates namely 5%, 12%, 18% and 28%.
  • Under GST, you need not give any details of invoices but disclose only the total turnover.
  • GST allow sellers to claim the tax already paid, so that the final liability on the end consumer is decreased.
  • From the consumer point of view, the biggest advantage would be in terms of a reduction in the overall tax burden on goods.

Reference:
http://www.cbec.gov.in/resources//htdocs-cbec/gst/gst-concept-status-ason05Apr2017.pdf
http://economictimes.indiatimes.com/news/economy/policy/guide-to-filing-gst-returns-revenue-secretary-hasmukh-adhia-makes-it-easy-for-you/articleshow/59337150.cms
http://economictimes.indiatimes.com/small-biz/policy-trends/gst-council-gives-relaxation-of-2-months-for-filing-of-gst-returns/articleshow/59213188.cms
http://www.firstpost.com/business/gst-from-1-july-govt-to-rehearse-launch-ceremony-in-parliament-tomorrow-3751263.html
https://cleartax.in/s/gst-law-goods-and-services-tax

Home loans to get cheaper

Home loans for affordable housing to get cheaper as SBI, HDFC, ICICI Bank and Axis Bank slash rates. Axis Bank on Thursday announced 30 basis points (bps) reduction in its home loan interest rates to promote affordable housing finance. The revised rates will be available with effect from May 16.

Private sector lender ICICI Bank on May 15 reduced its interest rates by up to 30 bps for home loans of up to Rs 30 lakh. HDFC reduced its rates for women borrowers to 8.35 per cent and others to 8.40 per cent for home loans of up to Rs 30 lakh.

State Bank of India (SBI) had announced a reduction in the home loan rates by 25 bps from 8.60 per cent to 8.35 per cent per annum. SBI, was the first to reduce interest rates on home loans earlier this month, followed by ICICI and HDFC.

Source:
http://www.hindustantimes.com/business-news/after-sbi-hdfc-icici-bank-cut-home-loan-rates/story-41nKZpomc7PPzDa5qCMGNO.html
http://www.business-standard.com/article/economy-policy/home-loans-to-get-cheaper-sbi-hdfc-icici-bank-axis-bank-slash-rates-117051900203_1.html

Indian women’s cricket team sets world record

The Indian women’s cricket team partnership score is the first 300 plus stand in Women’s ODIs. The base for this record score was setup by openers Deepti Sharma and Punam Raut who combined for a women’s world record of 320-run stand for the opening wicket with Sharma scoring 188 and Raut scoring 109.

Indian women’s cricket team posted their highest ever team total, surpassing their previous best of 298 for two against West Indies women made in 2004. India scored 358 for three in match eight of the Women’s Quadrangular series at Senwes Park, Potchefstroom against Ireland women.

Sharma’s score of 188, that came in 160 deliveries with the help of 27 fours and two sixes, is now the highest individual score by an Indian women’s cricketer. India’s previous highest individual score was 138 not out made by Jaya Sharma against Pakistan women at Karachi in 2005.

India women went on to beat Ireland women by 249 – the six largest victory (runs) in Women’s ODIs – bundling out their opposition for 109 runs.

Read more at: http://timesofindia.indiatimes.com/sports/cricket/news/womens-cricket-india-openers-put-on-a-world-record-320-run-stand/articleshow/58684729.cms

Happy 2017- Happy New Year to all our readers!

May the year 2017 bring you Happiness and prosperity.

Thanks to one and all for visiting and supporting the blog to complete one more year. Hope this year too you will visit this blog and support by sharing your valuable opinion and comments so we can make this blog better.

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Wishing you all a safe, prosperous and Happy New Year.

NGT gives Green Signal to NHAI for Delhi-Meerut Expressway

Delhi: To ease the traffic between Delhi and Meerut (NH-58), NHAI proposed Delhi-Meerut Expressway which starts from National Highway-2 at Ring Road in Delhi and ends at Meerut in Uttar Pradesh. The National Green Tribunal (NGT) granted permission to NHAI to build a bridge and approach roads over the Yamuna river for the project. The Delhi-Meerut Expressway will be built through public- private-partnership mode and slated to be operational by March 2018.

The green panel cleared the decks for the project after taking into account the recommendation of Principal Committee, constituted by the NGT for Yamuna Revitalisation which said that “project may be allowed” subject to fulfilling of certain conditions including increasing the cost of monitoring during construction phase of bridge by nearly Rs 2.5 crore. NGT granted permission to carrying out necessary construction for expansion of existing Nizamuddin bridge, Ring road in terms of the proposed project.

News Source: NGT clears decks for Delhi-Meerut Expressway | financialexpress.com

Agra-Lucknow Expressway is all set to open on December

expresswayThe much awaited Agra-Lucknow Expressway is all set to open to the public on December 23, 2016. It has been built in a record time and inaugurated last week amidst much fanfare. The 302 km six-lane expressway passes through 4 National Highways, 2 state highways and has an 8-lane bridge across the river Ganga. It connects Agra and Lucknow and expected to reduce the commuting time between Delhi and Lucknow to anywhere between 5 to 6 hours.

The expressway is designed to support speeds up to 120Km per hour. But, the maximum speed allowed is 100 km per hour. The expressway will have automatic traffic management systems and ambulances would be stationed on the expressway. This expressway will connect Kanpur-Unnao, Yamuna Expressway via Agra Ring Road and 236 villages. The expressway is spread across 3500 hectares of land.

News Source: Agra-Lucknow Expressway: Now, drive from Agra to Lucknow in just 3.5 hours from December 23 | Financial Express

India bans Rs 500 and Rs 1000 notes

ban-money

On November 8, Prime Minister Narendra Modi announced demonetisation policy to invalidate Rs 500 and Rs 1,000 notes. The move was to eliminate the rising incidence of fake notes and black money. This will also curb financing of terrorism. According to the news source, old 500 and 1000 rupees notes can be exchanged at any offices of the Reserve Bank of India or at any bank branches or at any Post Office. The move comes soon after the Income Declaration Scheme of the government ended.

According to experts, most of the black money is held in big currency notes. The New Series bank notes of Rs.500/- and Rs.2,000/- denominations will be introduced for circulation from this November 2016.

News source: Full text of govt’s statement on banning Rs 500 & Rs 1,000 notes | Moneycontrol.com