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Online Games Could Soon Levy Higher GST; Government Planning to Classify Them as Games of Skills, Chance
The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Currently, online gaming attracts 18 percent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.
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Big Change In Tax On SUVs In GST Council's Latest Meeting
The Goods and Services Tax (GST) Council on Saturday decided to have a single definition across all states in the country for sports utility vehicles, attracting a higher tax rate.
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18% GST On Frozen Parottas: Government Sources Explain Why
The ordinary or any parotta served by restaurant for eating there or for takeaway would be taxed at a GST rate of 5 per cent just like the plain roti, government sources said a day after social media users debated the government's move to put frozen parotta on a higher bracket than roti under the goods and services tax or GST.
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TVS, Hero And Bajaj Seek GST Rate Cut On Two-Wheelers
Indian two-wheeler manufacturers seek reduction in Goods and Service Tax (GST) rate on motorcycles and scooters.
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In Budget 2018, Health Care For 10 Crore Families, Farmers Gain Too: 10 Facts
As Finance Minister Arun Jaitley rolled out a Budget focused on farmers and the rural poor today, while boosting jobs and private investment, he has pegged the fiscal deficit target for next year at 3.3 per cent, higher than the earlier 3 per cent goal. Presenting the government's last full-year budget before the 2019 general elections and ahead of...
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Booked A Flat Before July 1? Builders Can't Charge More For GST
Earlier flat buyers used to pay a service tax rate of 4.5 per cent and a VAT rate of 1-2 per cent for purchase of flats.
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Toyota Says No change In Plans For Hybrid Vehicles Post GST
Toyota Kirloskar Motor (TKM) today said it will not change its plans for hybrid vehicles in India despite increase in tax rates on the category of vehicles under GST resulting in higher prices. Under the new tax regime, prices of the company's popular hybrid sedan Camry have gone up by an average of Rs. 3 lakh.
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GST Prices: Two-Wheeler Industry Welcomes New Taxation System
The Goods and Services Tax, or GST impact on prices of two-wheelers have certainly affected prices, but only marginally. A few two-wheeler manufacturers have already announced prices with GST benefits before the announcement of the new taxation system on 1 July 2017. Here's what the industry has to say about the new taxation norm.
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Hyundai India Sees Drop In Sales For June 2017
Hyundai India has seen a drop in sales for cars sold in June 2017 as compared to the same month last year. Sales numbers for the June 2017 vs Sales for May 2017 are also substantially lower. As compared to June 2016 (39,807 units), Hyundai India only sold 37,562 units, which is a drop of 5.6 per cent. Compared to May 2017 though, which registered a...
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Dealers Offer Big Discounts To Clear Stock Ahead Of GST
Discounts come despite the GST Council increasing input tax credit to 60 per cent from 40 per cent on stocks lying unsold up to June 30.
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Goods and Services Tax (GST) To Have Positive Impact On Gold Industry: World Gold Council
Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive, World Gold Council today said.
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Hotels, Food Joints Shut In Bengaluru Against GST Rates
About 2,100 hotels, restaurants and food joints across the city shut down on Tuesday to protest against the higher rate proposed under the new Goods and Services Tax (GST) regime from July 1.
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Honda Cars Expects Higher Growth Than Automotive Sector This Fiscal
Honda Car India, the fourth largest manufacturer of passengers cars in the country, registered 38.1 per cent growth in April - the highest ever for the month.
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Arun Jaitley Favours Lower GST Rates For Essential Products, Higher Bracket For Luxury Goods
Finance Minister Arun Jaitley today favoured levy of cess on tobacco and luxury products to compensate states for loss of revenue on GST saying the cost of funding that through an additional tax would be "exorbitantly high and almost unbearable".
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GST May Make Oil, Chicken Dearer; TV, Air Conditioner Cheaper
The proposed 4-tier GST structure may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as edible oils, spices and chicken.
-
Online Games Could Soon Levy Higher GST; Government Planning to Classify Them as Games of Skills, Chance
The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Currently, online gaming attracts 18 percent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals.
-
Big Change In Tax On SUVs In GST Council's Latest Meeting
The Goods and Services Tax (GST) Council on Saturday decided to have a single definition across all states in the country for sports utility vehicles, attracting a higher tax rate.
-
18% GST On Frozen Parottas: Government Sources Explain Why
The ordinary or any parotta served by restaurant for eating there or for takeaway would be taxed at a GST rate of 5 per cent just like the plain roti, government sources said a day after social media users debated the government's move to put frozen parotta on a higher bracket than roti under the goods and services tax or GST.
-
TVS, Hero And Bajaj Seek GST Rate Cut On Two-Wheelers
Indian two-wheeler manufacturers seek reduction in Goods and Service Tax (GST) rate on motorcycles and scooters.
-
In Budget 2018, Health Care For 10 Crore Families, Farmers Gain Too: 10 Facts
As Finance Minister Arun Jaitley rolled out a Budget focused on farmers and the rural poor today, while boosting jobs and private investment, he has pegged the fiscal deficit target for next year at 3.3 per cent, higher than the earlier 3 per cent goal. Presenting the government's last full-year budget before the 2019 general elections and ahead of...
-
Booked A Flat Before July 1? Builders Can't Charge More For GST
Earlier flat buyers used to pay a service tax rate of 4.5 per cent and a VAT rate of 1-2 per cent for purchase of flats.
-
Toyota Says No change In Plans For Hybrid Vehicles Post GST
Toyota Kirloskar Motor (TKM) today said it will not change its plans for hybrid vehicles in India despite increase in tax rates on the category of vehicles under GST resulting in higher prices. Under the new tax regime, prices of the company's popular hybrid sedan Camry have gone up by an average of Rs. 3 lakh.
-
GST Prices: Two-Wheeler Industry Welcomes New Taxation System
The Goods and Services Tax, or GST impact on prices of two-wheelers have certainly affected prices, but only marginally. A few two-wheeler manufacturers have already announced prices with GST benefits before the announcement of the new taxation system on 1 July 2017. Here's what the industry has to say about the new taxation norm.
-
Hyundai India Sees Drop In Sales For June 2017
Hyundai India has seen a drop in sales for cars sold in June 2017 as compared to the same month last year. Sales numbers for the June 2017 vs Sales for May 2017 are also substantially lower. As compared to June 2016 (39,807 units), Hyundai India only sold 37,562 units, which is a drop of 5.6 per cent. Compared to May 2017 though, which registered a...
-
Dealers Offer Big Discounts To Clear Stock Ahead Of GST
Discounts come despite the GST Council increasing input tax credit to 60 per cent from 40 per cent on stocks lying unsold up to June 30.
-
Goods and Services Tax (GST) To Have Positive Impact On Gold Industry: World Gold Council
Even as consumers will face a slightly higher tax rate in gold after the Goods and Services Tax (GST) is rolled out this July, the overall impact on the gold industry will be positive, World Gold Council today said.
-
Hotels, Food Joints Shut In Bengaluru Against GST Rates
About 2,100 hotels, restaurants and food joints across the city shut down on Tuesday to protest against the higher rate proposed under the new Goods and Services Tax (GST) regime from July 1.
-
Honda Cars Expects Higher Growth Than Automotive Sector This Fiscal
Honda Car India, the fourth largest manufacturer of passengers cars in the country, registered 38.1 per cent growth in April - the highest ever for the month.
-
Arun Jaitley Favours Lower GST Rates For Essential Products, Higher Bracket For Luxury Goods
Finance Minister Arun Jaitley today favoured levy of cess on tobacco and luxury products to compensate states for loss of revenue on GST saying the cost of funding that through an additional tax would be "exorbitantly high and almost unbearable".
-
GST May Make Oil, Chicken Dearer; TV, Air Conditioner Cheaper
The proposed 4-tier GST structure may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as edible oils, spices and chicken.
