Traders to protest against online filing of GST on 26 November
Small traders are not computer savvy and, in small towns, they face poor internet connectivity and long power outages every day. Therefore, Uttar Pradesh Udyog Vyapar Pratinidhi Mandal (UP-UVPM), a traders' association in the state, has decided to protest at all district headquarters within the state on 26 November against the mandatory online provision of registration and depositing tax.
Source: The Times of India dated 2 November 2015
GST will result in logistics cost cut
With the implementation of GST, the Revenue Neutral Rate will be much lower than the present tax rates on goods. This will lead to a lower tax burden for consumers, thereby facilitating consumption-led growth. GST is anticipated to result in consolidation of warehousing and facilitating seamless inter-state flow of goods. GST is also expected to provide an opportunity to dismantle various check posts, thus bringing about a substantial reduction in logistics costs.
Source: The Economic Times dated 30 October 2015
Fiscal sops to continue during GST regime in Punjab: Punjab Deputy CM
Punjab Deputy Chief Minister Sukhbir Singh Badal said that fiscal sops to investors in Punjab will continue even after GST is implemented. He also stated that tax incentives offered by the state government to new investors who come to set up projects in Punjab, when GST is implemented, would be based on Punjab’s share in GST.
Source: The Economic times dated 29 October 2015
GST key reform for creating single market in India: World Bank
The proposed GST law is the most important reform towards creating a single market in India and if it is implemented by April 2016 then its impact will be visible by 2018, said Onno Ruhl, Country Director of India, World Bank. He also said that GST is very important for the economy and it is a long-term measure to improve the country’s business ranking.
Source: The Economic Times dated 28 October 2015
Did you know?
As per the draft report on GST Returns available in the public domain, an assessee might have to have to file at least 37 GST returns per state annually. This number will increase to 61 returns if the assessee has to file ISD and TDS returns under GST.
Source: GST Committee Report on GST Returns