Reporting significant sales growth in the latest quarter, global companies such as Mondelez, Colgate - Palmolive and Unilever are upbeat about opportunities in India and said the country remains a bright spot. Several companies posted a double digit year-on-year volume growth for the December quarter. "India is very strong, we had...
India Finalizes Rates for New GST Regimen
At a two-day meeting of the Goods and Services Tax (GST) Council in Srinagar, the capital of India's northernmost state of Jammu and Kashmir, India finalized tax rates that will apply to different goods and services from July 1. A panel comprising federal and state finance ministers fixed the rates...
India's GST Implementation Enters Homestretch
On Wednesday March 30, the Goods and Services Tax (GST) cleared its last legislative hurdle with the Lok Sabha (lower house of India's parliament) signing off on all the four bills crucial for the implementation of this seminal tax reform. The central GST bill, the integrated GST bill, the union...
India's GST Council Caps Tax at Source at 1% for E-Commerce
The Goods and Services Tax (GST) Council has decided "to provide for up to 1 percent Tax Collected at Source" for e-commerce companies, a senior government official explained. The supplier of goods can set off the tax against its final GST liability, and so theoretically, the levy can be even...
Integrated GST Bills Await Parliament Approval
The Goods and Services Tax (GST) Council, in its meeting chaired by the Federal Minister for Finance & Corporate Affairs, Arun Jaitley has approved both the drafts of the Central GST Bill and the Integrated GST Bill that were vetted by the Federal Law Ministry. India's Federal Government presented the two...