GST

India exceeds expectations for first month of GST collection

NEW DELHI - AFP

India collected nearly $14.5 billion from a new goods and services tax in its first month of operation, well beyond government estimates, according to official data. The government promised that the national tax, which replaced more than a dozen separate levies, would transform India's $2 trillion economy into a single market for the first time. In the first month ofRead more

Australian malls turn to village life as retailers feel pinch

Sydney - Muslimchronicle

As Australia’s local merchants struggle with an influx of global names, leading malls are considering returning to their village center roots to woo new tenants by moving away from shops and offering medical facilities, more restaurants and even amusement parks. Several top retailers have recently succumbed to pressure from foreign giants such as Japan’s Uniqlo and Sephora of France andRead more

India launches tax revolution amid business doubts

New Delhi - Muslimchronicle

India on Saturday launched its biggest ever fiscal reform with the government promising that a new nationwide tax would make the economy stronger and less corrupt, but businesses are nervous about the revolution. The new goods and services tax (GST) replaces more than a dozen levies imposed nationally and by the 29 states. It aims to transform the nation ofRead more

Plane catches fire, suffers tyre burst in India

Patna - Muslimchronicle

Passengers on board a Delhi bound IndiGo flight from the Bihar capital on Friday evening had a narrow escape after the plane's "engine caught fire" while taxiing for take off and the aircraft suffered a tyre burst when the pilot applied the emergency brakes, officials said. The flight, IndiGo 6E 415 had 174 passengers and nearly a dozen crew membersRead more

GST rollout from July 1 to make goods cheaper: Jaitley

New Delhi - Arab today

Hopeful of the GST rollout from July 1, Finance Minister Arun Jaitley on Wednesday said it will create one of the world's biggest single markets and make commodities cheaper and tax evasion difficult. Speaking at the 23rd Conference of the Commonwealth Auditor General, Jaitley said India has "hugely" a non-tax compliant society and the government banned higher denomination notes toRead more

Union Cabinet clears GST supplementary legislations

New Delhi - Arab today

The Union Cabinet on Monday approved four legislations to implement the Goods and Services Tax (GST), ahead of their introduction in Parliament this week to enable roll out of the tax reform from July 1. Approval of the bills by Parliament and a separate one by all state assemblies will complete the legislative process for roll out of one-nation-one-tax regimeRead more

India finalizes bills to launch GST in July

New Delhi - Arab Today

India moved a step closer on Saturday toward launching a new national sales tax from July after a panel of federal and state finance officials finalized two key bills to be put before the Parliament. The Goods and Services Tax (GST) has missed several launch dates. On Saturday, Finance Minister Arun Jaitley said the measure is on track for aRead more

Finance chiefs fail to break GST deadlock

New Delhi - Arab Today

Indian federal and state finance officials have failed to resolve a deadlock on who would administer a new national sales tax that Prime Narendra Modi wants to launch in April. The long-awaited Goods and Services Tax (GST) would transform Asia’s No.3 economy into a single market, could boost revenues through better compliance and make life simpler for businesses that nowRead more

Indian Parliament Backs Key Tax Bill

New Delhi - QNA

India's parliament has passed the much-awaited Goods and Services Tax (GST) bill. The tax reform has been labelled a landmark and India's biggest tax reform since independence, according to the (BBC). The changes aim to streamline India's fragmented tax system with a single levy. Indian businesses have been lobbying for the single tax rate as it would reduce costs, particularlyRead more