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Chandigarh, Jun 29 (PTI) The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council on Wednesday deferred decision on levying a 28 per cent tax on casinos, online gaming, horse racing and lottery pending more consultations with stakeholders, Union Finance Minister Nirmala Sitharaman said. A group of ministers headed by Meghalaya Chief Minister Conrad Sangma has been asked to consider submissions of stakeholders again on the valuation mechanism and submit its report by July 15, she told reporters here. The council will meet again in the first week of August to decide on the issue, she said. A two-day meeting of the panel considered a report of the GoM but deferred a decision as Goa and some others wanted to make more submissions. The GoM had recommended that online gaming should be taxed at the full value of the consideration, including the contest entry fee paid by the player on participating in the game. In cases of race courses, it had suggested that GST be levied on the full value of bets pooled in the totalisators and placed with the bookmakers. It also recommended that no distinction should be made on grounds of game of skill or game of chance for the purpose of the levy of GST and should be taxed at the highest rate of 28 per cent. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/zepto-dunzo-among-the-next-122-unicorns-from-india-heres-the-complete-hurun-list/articleshow/92545281.cms">Zepto, Dunzo among the next 122 unicorns from India — here's the complete Hurun list</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/rupee-could-slide-to-82-as-a-strong-dollar-is-nullifying-rbi-efforts/articleshow/92543254.cms">Rupee could slide to 82 as a strengthening dollar is nullifying RBI efforts</a>

GST on casinos, lotteries, horse races deferred as Nirmala Sitharaman reconsiders

New Delhi, The government's decision on mandatory payment of at least 1% of <keyword id="10497869" type="UNKNOWN" weightage="20" keywordseo="gst-tax-liability">GST tax liability</keyword> in cash will impact only around 40,000 to 45,000 taxpayers but help the entire system curb the menace of fake ITC availment and <keyword id="38388" type="ORGANIZATION" weightage="20" keywordseo="operation">operation</keyword> of fly-by-night operators, sources in <keyword id="1549446" type="COMPANY" weightage="20" keywordseo="The-Finance-Ministry">the finance ministry</keyword> said on Saturday. Based on the recommendations of <keyword id="10283255" type="COMPANY" weightage="20" keywordseo="the-gst-law-committee">the GST Law Committee</keyword>, the government has notified <keyword id="10497871" type="UNKNOWN" weightage="20" keywordseo="new-indirect-tax-rules">new indirect tax rules</keyword> that makes cash payment of 1% of GST tax liability mandatory for businesses whose <keyword id="10497870" type="UNKNOWN" weightage="20" keywordseo="taxable-supply-value">taxable supply value</keyword> exceeds ₹50 lakh. This change will come into effect from January 1, 2021. Sources in department of revenue said data indicated out of the total GST tax base of 1.2 crore taxpayers only around 4 lakh taxpayers have supply value greater than ₹50 lakh, and only around 1.5 lakh out of these 4 lakh taxpayers pay less than 1% tax in cash. So, the changes would include only a <keyword id="4473154" type="PERSON" weightage="20" keywordseo="small-section">small section</keyword> of taxpayers. Moreover, the DoR sources said with exclusions around 1.05 lakh taxpayers get further excluded from these 4 lakh. Thus, the rule would apply only to about 40,000 to 45,000 taxpayers. This would be around 0.37% of the total GST tax base of 1.2 crore taxpayers. "The data clearly indicates that a small fraction of taxpayers would need to pay 1% of GST liability in cash. Moreover, the rule is clearly for businesses whose taxable value of supply exceeds ₹50 lakh, so the measure would not affect small businesses or increase their working capital requirement," sources said. Under the new rule cash payment of 1% is to be calculated on the tax liability in a month and not turnover of the month. For example, if the turnover of taxable supplies of a taxpayer is ₹100 in a month and he is required to pay GST of 12% on his output taxable supplies, then he will be required to pay 1% of ₹12, i.e., ₹0.12 (12 paisa) only in the month through cash under this rule. Therefore, the net requirement of cash payment will be only 0.12% of the turnover in such a case, finmin sources said citing another example, if a dealer has made sale of ₹1 crore of the goods whose tax rate is 12 per cent and if he is discharging his tax liability more than 99% through input tax credit (ITC) then he has to pay only ₹12,000 under this rule. The rule clearly identifies where the risk to revenue is high and imposes very reasonable cost to deter the fraudsters in a multi-layered fraud of ITC, said the sources. The government had notified the cash rule to curb fake ITC availment and passing on of such credit by unscrupulous persons who generally pay no tax in cash, particularly in those risky cases where GST turnover does not match with the income tax returns. Such registered person will not be able to use the amount of ITC available in electronic credit ledger to discharge his liability towards output tax in excess of 99% of such tax liability. At least 1% liability would need to be discharged in cash. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/top-stocks-to-watch-mrs-bectors-ril-bharti-airtel-vodafone-idea-ilfs-interglobe-aviation-future-group-deepak-nitrite-jubilant-foodworks-and-others/articleshow/79933826.cms">Top stocks to watch – Mrs Bectors, RIL, Bharti Airtel, Vodafone Idea, IL&amp;FS, InterGlobe Aviation, Future Group, Deepak Nitrite, Jubilant FoodWorks, and others</a> <a href="https://www.businessinsider.in/stock-market/news/there-are-one-of-only-17-indian-companies-out-of-500-that-aced-the-du-pont-test/articleshow/79911627.cms">There are one of only 17 Indian companies out of 500 that aced the Du Pont test</a> <a href="https://www.businessinsider.in/business/corporates/news/wipro-buyback-offer-details-and-700-million-metro-ag-deal-drives-share-price/articleshow/79911875.cms">Wipro offers 10% more to buy back shares and signs a $700 million deal with Metro AG – everything that’s driving the IT services stock higher today</a>

Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources

Logistics is one tricky sector that is surely going to benefit once the Good and Service Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>) gets rolled out from July 1. However the results won’t be too quick. Right now, Blue Dart Express, Gateway Distriparks and Allcargo Logistics are running negative return in the market. At such a juncture, logistic industry is waiting for July just like the farmers of Maharashtra awaiting the rain. <a href="http://www.businessinsider.in/Heres-why-this-is-the-worst-time-to-be-in-the-business-of-hospitality-in-India/articleshow/58805542.cms" data-type="tilCustomLink">Here’s why this is the worst time to be in the business of hospitality in India</a> The current system of indirect taxation in India is very complex and logistics faces it the most. Each of the 29 states levies different magnitude of taxes when goods are moved across their borders. Both central and state taxes sums up to around 25-27% on goods. Pratish Sanghvi, Co-Founder of Grab a Grub Services Pvt. Ltd said that once GST implementation gets in place, existing taxation structure will dissolve and a new unified structure for all states will come into force. Hence, the effective rate is expected to come down to around 19-21%. This reduction of 6% in taxes will count a lot for the final burden bearing consumers. Grab is India’s first and leading last mile delivery service for businesses and merchants to bridge the gap between them and consumers. GST will lead to a total reduction of 20% in other logistics cost like warehousing, freight forwarding etc. However Sanghvi cautions the major challenge before the government is to arrive at a revenue neutral rate to ascertain no adverse effects on the revenues of central and state governments after the implementation of GST. Furthermore, the government has to protect the interests of all the stakeholders including the ultimate consumers. Structural re-engineering of the logistics network GST will remove process bottlenecks. A recent study revealed that out of the total transit time taken by a truck, it remains idle for 40% of the time due to border checks for octroi and other entry barriers. After removal of this hurdle, quicker movement of goods and increased number of deliveries will ensure operational efficiencies. Also, an estimated cost of 25% can be saved, which is incurred due to stoppages and idleness. “Currently to avoid interstate taxes, businesses build warehouses near their manufacturing facilities, ignoring the geographical disadvantages. After GST implementation, businesses will warehouse their goods at most suitable locations without the fear of multiple taxes,” said Sanghvi. Government has also allowed 100% FDI in warehousing. It will be much easier for foreign players to comply with the single point GST norms than with the previous ones. Trucking business: the major blind spot “Trucking business was always unorganized and fragmented, and it hasn’t changed much in recent time. Local businesses are largely dependent on the nearby transporters which usually rip off the users despite poor quality and inefficiencies,” Singhvi informed. There are many startups such as Rivigo and Blackbuck that are eyeing a complete revolution of the industry. A cost effective mix of higher efficiencies and lower transit time is the product they are going with into the market. India vis-à-vis global benchmarks after the implementation of GST GST has received critical acclaim globally. There are more than 160 countries around the world that have already implemented GST. After a delayed roll out, drastic changes will take place in India’s economic future. Globally, the average rate of GST ranges between 15-20%. We are yet to decide a revenue neutral rate, but the vibes are positive for logistics industry. In India, the operational inefficiency exists in the core and costs are on a higher side than other countries. This bullwhips the inflation on other products as well. So, for a crucial industry like logistics, <a href="http://www.businessinsider.in/Heres-why-this-is-the-worst-time-to-be-in-the-business-of-hospitality-in-India/articleshow/58805542.cms" data-type="tilCustomLink">GST is the need of the hour.</a> Better logistics = Better nation Logistics is considered as most crucial for any nation’s development. Level of economic activity in country and scale of logistics are positively correlated. Ecommerce penetration and schemes like Make in India will push it even further. If taxation regime is simplified through GST, it will prove to be major reboot for the logistics industry. GST will also be a key enabler for businesses to reorganize their supply chain, in accordance with various business considerations.

Here's how GST is going to be ‘legendary’ for logistic industry in India

With the government imposing 12% under the Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>), most of the <keyword id="38260" type="TECHNOLOGY" weightage="20" keywordseo="mobile-phones">mobile phones</keyword> are going to get expensive. Under the new regime, locally manufactured mobile phones will get costlier, while imported phone will get cheaper. As per the new rates under the GST, telephones for cellular networks or for other wireless networks and parts for their manufacture will attract a rate of 12%. "Prices of phones that are imported into India are likely to go down, while those made locally may go up in cases where they are being made from low <keyword id="6370857" type="ORGANIZATION" weightage="20" keywordseo="VAT">VAT</keyword> states like Karnataka," Bipin Sapra, partner looking at indirect taxes at EY told ET. For mobile phones imported and sold in India, duty was from 17% going upto 27%, which now comes down to 12%, giving imports a leg up. For phones that are manufactured and sold within India, the duty varied from 7.5-8% to 17%, including the value added tax (VAT) which varied between 5% to 14.5%. Now that comes to 12% as well, so in some cases prices could go up. Now, the Indian government will have to introduce sops to push its “Make in India” initiative. "The government will now have to find an incentive to keep <keyword id="6354869" type="UNKNOWN" weightage="20" keywordseo="make-in-India">Make in India</keyword> attractive," Sapra added. "GST is a very complex exercise and it's a feat that a consensus has been arrived at, which bodes well for the country and the industry. We still feel a 5% rate would be appropriate, as recommended by the ministry, and the government must maintain the differential duty for mobile phones for some time," Pankaj Mohindroo, president of Indian Cellular Association, told ET.

Mobile phones to get costlier, thanks to GST

The rupee depreciated by 14 paise to 79.70 against the US dollar in opening trade on Friday, weighed down by strength of the American currency in the overseas market. At the interbank foreign exchange market, the rupee opened at 79.63 against the greenback, then fell further to 79.70, registering a decline of 14 paise over its last close. On Thursday, the rupee declined by 4 paise to close at 79.56 against the dollar. Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, fell 0.12 per cent to 109.55. The rupee opened on a weak note as the dollar index advanced to 109.60 with the British pound falling to its lowest in two years while <keyword id="76265" type="General" weightage="80" keywordseo="yen" source="Orion">Yen</keyword> touched the 140-mark, said Anil Kumar Bhansali, Head of <keyword id="6374832" type="General" weightage="80" keywordseo="treasury" source="Orion">Treasury</keyword>, Finrex Treasury Advisors. Forex traders said though oil prices remained subdued, weak Asian and emerging market peers and higher inflation expectation might weigh on the local currency. The global oil benchmark Brent crude futures advanced 1.83 per cent to USD 94.05 per barrel. On the domestic macroeconomic front, the GST tax collection was at Rs 1.44 lakh crore for the 6th consecutive month in August. Moody's Investors Service on Thursday slashed India's economic growth projection for 2022 to 7.7 per cent, citing dampening of economic momentum in coming quarters on rising interest rates, uneven monsoon, and slowing global growth. This is a sharp 1.1 percentage points cut from the growth projection of 8.8 per cent for the current year made in May by Moody's. On the domestic equity market front, the 30-share <keyword id="53232" type="General" weightage="80" keywordseo="bse-sensex" source="Orion">BSE Sensex</keyword> was trading 151.29 points or 0.26 per cent higher at 58,917.88, while the broader <keyword id="372424" type="General" weightage="80" keywordseo="nse-nifty" source="Orion">NSE Nifty</keyword> advanced 57.25 points or 0.33 per cent to 17,600.05. Foreign institutional investors turned net sellers in the capital market on Thursday as they offloaded shares worth Rs 2,290.31 crore, as per exchange data. SEE ALSO : <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/thelife/personalities/news/meet-laxman-narsimhan-the-pune-boy-wholl-soon-be-the-ceo-of-starbucks/slidelist/93941369.cms">Meet Laxman Narsimhan, the Pune boy who’ll soon be the CEO of Starbucks</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/mobile/news/android-14-to-bring-satellite-support-to-phones/articleshow/93942444.cms">Android 14 to bring satellite support to phones – here’s everything you need to know</a>

Rupee falls 14 paise to 79.70 against US dollar in early trade

<ul><li><keyword id="45180" type="General" weightage="20" keywordseo="nhpc" source="Orion">NHPC</keyword> is hiring 133 engineers across various parts of the country and abroad.</li><li>The last date to apply for the opportunity is February 21.</li><li>Candidates can expect their salary to range between ₹29,600 to ₹1,19,500, which is the same for all the posts.</li></ul>National Hydroelectric Power Corporation (NHPC) is inviting applications from eligible candidates to fill up the 133 engineering posts across various parts of the country or abroad. The online application window will remain open until February 21. Candidates can expect their salary to range between ₹29,600 to ₹1,19,500, which is the same for all the posts. These are the vacancies — <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Post </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No. of vacancies </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Junior Civil Engineer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">68 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Junior Electrical Engineer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">34 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Junior Mechanical Engineer </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31 </td></tr></tbody></table> Eligibility criteria required for the posts — <ol><li>For Junior Civil Engineer — Full time regular diploma in civil engineering from recognised institutes/colleges with minimum 60% marks or equivalent grade. Higher technical qualifications like bachelor of technology (B.Tech)/bachelor of engineering (B.E.) without the essential qualification i.e., full time regular diploma is not eligible/ allowed. </li><li>For Junior Electrical Engineer — Full time regular diploma in electrical engineering from recognised institutes/colleges with minimum 60% marks or equivalent grade. Higher technical qualifications like B.Tech/B.E.without the essential qualification i.e., full time regular diploma is not eligible/ allowed. </li><li>For Junior Mechanical Engineer — Full time regular diploma in mechanical engineering from recognised institutes/colleges with minimum 60% marks or equivalent grade. Higher technical qualifications like B.Tech/B.E.without the essential qualification i.e., full time regular diploma is not eligible/ allowed. </li><li>Only Indian Nationals are eligible to apply for the opportunity. </li><li>The candidate should have acquired the qualifying educational qualification on or before February 1 to be eligible for applying. </li></ol>Selection procedure — Candidates will have to sit for an online computer based online test of 200 marks, which will be a multiple choice. The computer based online test will be held in 22 cities — Ahmedabad, Bengaluru, Bhopal, Bhubaneswar, Chandigarh, Chennai, Dehradun, Delhi, Gangtok, Guwahati, Hyderabad, Itanagar, Jaipur, Jammu, Kochi, Kolkata, Lucknow, Mumbai, Panji, Ranchi, Raipur and Shimla. Candidates belonging to general, economically weaker section (EWS) and other backward class (OBC) category are required to pay a non-refundable fee of ₹295 (including 18% goods and services (GST) tax) through online mode. Scheduled castes (SC)/scheduled tribe (ST)/person with benchmark disability (PwBD)/ex-serviceman category candidates are exempted to pay any application fee. Interested candidates can apply online <a href="https://cdn.digialm.com//EForms/configuredHtml/1258/72639/Instruction.html">here</a> and can seek more information <a href="http://www.nhpcindia.com/writereaddata/Images/pdf/NHRectt.052021POST_OF_JUNIOR_ENGINEER_E.pdf">here</a>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/what-to-expect-at-apples-march-8-event-iphone-se-3-ipad-air-5-and-new-mac-mini/articleshow/89398279.cms">iPhone SE 3, iPad Air 5 and everything else you need to know about Apple's March 8 event</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/twitters-new-test-lets-users-dm-straight-from-a-tweet/articleshow/89397489.cms">Twitter's new test lets users DM straight from a tweet</a>

NHPC is hiring 133 engineers with a maximum salary of ₹1,19,500 – Checkout eligibility, last date and other details

New Delhi, June 12 (IANS) What is the difference between a roti and a Paratha? Apart from the taste, it is 18 per cent GST that can be imposed on Parotas (or Parathas) because these need to be heated before consumption. Mahindra Group Chairman Anand Mahindra took to Twitter on Friday after the Karnataka bench of Authority for Advance Rulings (AAR) ruled that Parotas are not rotis and, therefore, can be taxed at higher 18 per cent GST compared to 5 per cent for rotis because they need to be heated before consumption. "With all the other challenges the country is facing, it makes you wonder if we should be worrying about an existential crisis for the 'Parota.' In any case, given Indian jugaad skills, I'm pretty sure there will be a new breed of 'Parotis' that will challenge any categorization," Mahindra tweeted. The Karnataka bench's order comes after a Bengaluru-based ready-to-cook food maker sought the authority for more clarification on GST rates for variants of parotas. As the post went viral, Twitterati flooded the social media with their reactions. One Twitter user said: "According to new GST ruling, Roti &amp; Chapatti : 5 per cent GST Tax, Porotta : 18 per cent GST Tax. Kerala "Parota" is not "Roti" because unlike rotis which are ready to eat, Porotas need to be heated before consumption. Height of Indian Bureaucracy. #HandsOffPorotta". Another Twitter user asked: "You spell it as Parota, Parotha, Parontha, Paratha or Parantha? I grew calling it Parantha. More the letters, higher the tax?" The company called ID Fresh Food contended that its products should be treated in the same way as khakhra, plain chapati or roti under the law. "How about puri or for that mater Amritsar's Chole Kulche? Which has Aloo in it. With this additional ingredient in it, exclusivity of 28 per cent may be fine," tweeted another user. --IANS wh/na

18% GST ruling on 'Parotas' cooks up storm on social media

Coimbatore, Mar 13 () The Tirupur ExportersAssociation (TEA) on Friday thanked the cabinet committee oneconomic affairs for giving approval to remission of dutiesand taxes on exported products (RoDTEP), which, theassociation said, was a great relief to the knitwearexporters. At present, GST taxes and import or customs dutiesfor inputs required to manufacture exported products areeither exempted or refunded.However, certain taxes/duties/levies are outside GST,and are not refunded for exports such as VAT on fuel used intransportation and duty on electricity used duringmanufacturing, TEA president Raja M Shanmugham said in astatement.These would be covered for reimbursement under theRoDTEP scheme and the rebate would be claimed as a percentageof the freight-on-board value of exports, he added. NVMNVG NVG

Remission of tax on exported products welcome, says TEA

New Delhi, Jan 3 () Defence Minister Rajnath Singh will inaugurate the three-day National Traders Convention here on January 6, which will deliberate upon various issues concerning traders, CAIT said on Friday.
Confederation of All India Traders (CAIT) said various critical issues of the trading community will be discussed at the convention, including "onslaught of e-commerce companies on retail trade by their mal-practices and violation of FDI policy and to seek immediate steps by the government to make them obligatory to comply with FDI policy or else leave the country".
"We are demanding to the government to make them (e-commerce companies) comply with the FDI policy," CAIT Secretary General Praveen Khandelwal told .
One of the key issues of concern to be taken up at the Convention is how e-commerce firms are destroying India's domestic retail trade, Khandelwal said, adding that traders are also hit by issues related to GST, Food Safety Standards Act and difficulties in availing bank loans.
He said a Delhi Declaration will be issued at the end of the three-day convention after detailed deliberations on all key issues affecting traders.
Khandelwal informed that CAIT is coming up with an initiative to link 7 crore traders across the country to e-commerce without any fee.
"We ran a pilot of this scheme in Chhattisgarh and Madhya Pradesh which was quite successful. Now we will roll it out across the country," he added. 
According to the traders' body, thousands of traders will participate in the convention to deliberate on several critical issues and release a Delhi Declaration as a mandate for 2020. The convention will also discuss role of trading community in achieving USD 5 trillion economy goal of Prime Minister Narendra Modi.
Khandelwal said Defence Minister Rajnath Singh will inaugurate the convention on January 6, which will also be attended by several Union ministers including Finance Minister Nirmala Sitharaman, Commerce Minister Piyush Goyal, Urban Development Minister Hardeep Puri, Health Minister Harsh Vardhan, Environment Minister Prakash Javadekar, Textile Minister Smriti Irani and Agriculture Minister Narendra Singh Tomar.
Early introduction of a comprehensive e-commerce policy, reforms needed for the e-commerce sector, including formation of a Regulatory Authority or Ombudsman, linkage of 7 crore traders with e-commerce under Digital India programme and ban on cash on delivery will also be discussed.
"Payment system in e-commerce will be elaborately discussed and future action plan will be chalked out. Similarly problems arising out of implementation of GST, simplification and rationalisation of GST tax structure, removal of disparities and anomalies in different GST tax rate slabs, blockage of refund with the government and ways and means for aggregation of 2 crore traders under GST will be discussed at length," Khandelwal said.
Acceptance and faster adoption of digital payments among trading community, abolition of bank charges on digital payments, digitalisation of traders and its road blocks, access to easy finance to traders through Banks &amp; other financial institutions and policies for comprehensive financial inclusion of traders will also be discussed, he added. RSN BAL

Rajnath Singh to inaugurate National Traders Convention on Monday: CAIT

<ul><li>Chinese <keyword id="35621" type="PERSON" weightage="20" keywordseo="e-commerce">e-commerce</keyword> firms have come under the scanner from the Indian government for their sales to Indian customers. </li><li>The companies, which reportedly include the likes of Ali Express, <keyword id="6016374" type="UNKNOWN" weightage="20" keywordseo="Club-Factory">Club Factory</keyword> and <keyword id="5573003" type="PERSON" weightage="20" keywordseo="Shein">Shein</keyword>, have allegedly skirted customs duties and GST tax payments by positing these purchases as “gifts”. </li><li>As a result of allegedly skirting duties and taxes, the goods sold on these platforms are relatively cheaper than the goods sold by Indian e-commerce companies like <keyword id="6354742" type="COMPANY" weightage="20" keywordseo="Flipkart">Flipkart</keyword>.</li></ul>Chinese e-commerce firms like Ali Express, Club Factory and Shein have come under the scanner from the Indian government for their sales to Indian customers, according to a <a href="https://economictimes.indiatimes.com/industry/services/retail/government-tightens-check-against-chinese-e-comm-players-escaping-taxes/articleshow/68731744.cms">report </a>in ET. The companies have allegedly skirted customs duties and GST tax payments by positing these purchases as “gifts.” Any gifts remitted to Indians that cost less than ₹5,000 aren’t eligible for taxes or custom duties. As a result of allegedly skirting duties and taxes, the goods sold on these platforms are relatively cheaper than the goods sold by Indian e-commerce companies like Flipkart. Their prices are also listed in rupees and they don’t send invoices with the deliveries. Furthermore, these e-tailers don’t ask for government-issued identity proof from Indian customers. As part of the clampdown, the Department of Industrial Policy and Promotion (DIPP) has asked post offices and courier to track and monitor the shipment of goods from <keyword id="1334" type="LOCATION" weightage="20" keywordseo="China">China</keyword>. Prior to this, only the customs department was engaged in tracking and assessing physical shipments from China. A source told ET that around 200,000 daily orders on Chinese online retail platforms from Indians escape duties and taxes. Following an initial crackdown, the volume of these illicit fell by 40%. This is expected to come down even further as a result of the latest actions. In addition, Chinese e-commerce companies have also been required <a href="https://economictimes.indiatimes.com/industry/services/retail/government-tightens-check-against-chinese-e-comm-players-escaping-taxes/articleshow/68731744.cms">to register their operations domestically</a> - bringing their <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword> sales more clearly under the government’s jurisdiction. The move is timely. The amount of cross-border e-commerce sales between the two countries <a href="https://www.businesstoday.in/current/economy-politics/govt-mulls-restrictions-on-purchases-from-chinese-ecommerce-players-report/story/299517.html">is expected to double</a> by 2021. SEE ALSO: <a href="https://www.businessinsider.in/indian-online-shoppers-are-going-to-double-their-spend-this-year/articleshow/68699133.cms">Over half of India's 120 million shoppers may double their spend this year</a> <a href="https://www.businessinsider.in/amazon-india-finds-way-around-new-e-commerce-rules-for-cloudtail-and-appario/articleshow/67831376.cms">Amazon may have found a way around India’s new e-commerce rules</a>

India is cracking down on Chinese e-commerce firms like AliExpress, Club Factory and Shein for tax and duty evasion

The Good and Service Tax has been rolled out. Finance Minister Arun Jaitley had stated that those food items which were imposed an average of 12.5% under the VAT laws will subsequently be cut-down to 5% under the new GST regime. As per the GST law, all items falling under its regime will be imposed tax rates at 5%, 8%, 18% and 28%. GST will not have any impact on the list of products and services which come below the term ‘Essential’, and this list will have zero tax rate. A survey by All India ITR shows that personal care products, entertainment activities and household items under GST will become cheaper than its current rate. However, many of the services such as mobile phone services, healthcare services as well as transportation charges are expected to attract a tax rate of 18%, which is 3% more than its current 15% tax rate. Once the new rates will come into action, your monthly household budget will also be impacted. The analysis shows that entertainment tax rate under GST will successively be reduced to a 28% tax rate as against its current 30% tax rate. The effect of GST on the current tax rate To keep a surveillance of the goods manufacturers and service providers, the GST council has also taken the resolution to form an anti-profiteering committee. This committee will be the authority responsible for taking care of the grievances to ensure that the benefit of GST upon the lower tax rates doesn't get tampered. It has been declared that the committee will be formed by officials of the central and state revenue departments. <table> <tbody><tr> <td> Goods and Services </td> <td> The Impact of GST </td> </tr> <tr> <td> GST Tax Rate on Automobiles: </td> <td> The GST rate will be higher for SUVs (55% to 43%) as compared to smaller cars (30% to 29%). </td> </tr> <tr> <td> GST Tax Rate on Beauty and Makeup Products: </td> <td> The current tax rate of 26% on these items will increase to 28% (applicable on items like perfumes, skin care products, shampoos etc.). </td> </tr> <tr> <td> GST Tax Rate on Gold Ornaments: </td> <td> The tax rate on gold metal will be 3% while 5% rate will be imposed on making charges. </td> </tr> <tr> <td> GST Tax Rate on Hotel Stay: </td> <td> GST is not applicable for hotel rooms that cost below Rs. 1,000, any cost above this will be taxed progressively, however, all room charges above Rs. 5000 will be charged a whopping 28% tax rate. </td> </tr> <tr> <td> GST Tax Rate on Refined Cooking Oil: </td> <td> Edible oil will be taxed at 5%, a subsequent decrease from its current tax rate. </td> </tr> <tr> <td> GST Tax Rate on Air Travel </td> <td> An economy-class air ticket which is currently taxed at 5.6% will decrease to 5%. While business class travelers will have to shell out a lot more than which is currently charged since it will increase from 8.4% to 12%. </td> </tr> <tr> <td> GST Tax Rate on Telecom </td> <td> The existing tax rate of 15% on telecom services will increase to 18% as these services will not benefit much input tax credit. </td> </tr> <tr> <td> GST Tax Rate on Eating Out </td> <td> Non-AC eateries will charge 12% against GST on your total bill. But, you will have to pay the price of eating out at a 5-star restaurant as 28% in GST will be the tax rate (an increase from the existing 18%). </td> </tr> </tbody></table> A List of Items Exempted from GST Here are a few commonly utilized goods and services which have been exempted from the GST regime. Unprocessed cereals (rice, wheat etc.) Unprocessed proteins (milk, vegetables, meat, fish etc.) Train travel via local and sleeper class. Education. Healthcare (exclusive of medicines). Hotel stay or lodges with room rented at less than Rs. 1,000. Kid’s Stationery items (color pencils, crayons, drawing books etc.) Bindis, sindoor, bangles etc. All India ITR summarizes that the upcoming GST Law will have its own sets of pros and cons - many necessities will get cheaper but in the meanwhile, the rest of the necessities that falls under the higher GST tax rate bracket will ultimately cause a discomfort in the household budget. <keyword id="6360118" type="UNKNOWN" weightage="20" keywordseo="GST-Rates">GST rates</keyword> will also bring about a bigger tax burden on the use or purchase of goods and services which are deemed as luxurious. (This article has been written by Vikas Dahiya, founder, and CEO of <a href="https://www.allindiaitr.com/">All India ITR</a>)

Here's how GST rates will impact your monthly household budget

<ul><li>For the third straight year, the Indian government’s fiscal deficit is likely to be 3.5% of GDP instead of 3.3%, ratings agency India Ratings &amp; Research has predicted. </li><li>As per the calculations by the research firm, the fiscal deficit may breach the budgeted target of ₹6.24 trillion </li><li>According to India Ratings, the country’s GST tax collection for the first half of <keyword id="4873520" type="PERSON" weightage="20" keywordseo="fy19">FY19</keyword> stood at 4.3% against its budgeted growth of 22.2% for FY19. </li></ul>The Indian government may not be able to meet its fiscal deficit target for FY19 in part due to the shortfall in tax revenues and lower disinvestment revenue, rating agency, India Ratings &amp; Research, has <a href="https://www.indiaratings.co.in/PressRelease?pressReleaseID=34920&amp;reportName=For-Third-Consecutive-Year%2C-Fiscal-Deficit-Likely-to-be-3.5%25-of-GDP">warned.</a> As per the calculations by India Ratings, India’ fiscal deficit is likely to be ₹399 billion more than what was targeted by India’s <keyword id="47209" type="ORGANIZATION" weightage="20" keywordseo="Finance-Ministry">Finance Ministry</keyword> earlier this year, India Ratings said in a recent report. The government had set a fiscal deficit target of ₹6.24 trillion or 3.3% of GDP. But given the current financial trends, the deficit is likely to be ₹6.67 trillion or 3.5% of GDP, said the report. This will be the third consecutive year when India’s fiscal deficit will be 3.5% of GDP, noted the report. The agency anticipates a tax revenue shortfall of ₹224 billion primarily because of the shortfall in proceeds from direct and indirect tax collection. Despite the government’s efforts to prevent revenue leakage in GST, tax collection only rose 4.3% during the first half of FY19, much lower than the budgeted growth of 22.2% for FY19. Additionally, the government is also likely to miss its disinvestment target due to lower receipts. As of October, total disinvestment receipts were nearly ₹152 billion against the budgeted receipt amount of ₹800 billion. Even though the central government may expect a pick up in disinvestment in December but it will not be enough to make up for the shortfall, said India Ratings. Revenue Expenditure growth, which was also slightly lower than the target in the first half of FY19 is now expected to boost mainly because of a surge in the minimum support prices of kharif crops and the implementation of the government’s Ayushman Bharat program for bringing affordable insurance for Indian masses. SEE ALSO: <a href="https://www.businessinsider.in/indias-securities-regulator-wants-to-develop-indias-corporate-bond-market-so-it-has-ordered-large-companies-to-raise-at-least-25-of-their-long-term-debt-from-bond-sales/articleshow/66823456.cms">India’s securities regulator wants to develop India’s corporate bond market — so it has ordered large companies to raise at least 25% of their long-term debt from bond sales</a> <a href="https://www.businessinsider.in/after-weeks-of-tension-the-reserve-bank-of-india-gives-in-to-some-of-the-central-governments-demands-while-retaining-its-independence/articleshow/66705908.cms">After weeks of tension, the Reserve Bank of India gives in to some of the central government's demands while retaining its independence</a> <a href="https://www.businessinsider.in/modi-administration-pushing-full-budget-ahead-of-general-elections-2019/articleshow/66750097.cms">Modi administration is so confident about its re-election chances that it’s reportedly releasing a full budget for the next financial year</a>

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