Has fear, uncertainty around GST contributed to fall in crop prices?
7 years, 9 months ago

Has fear, uncertainty around GST contributed to fall in crop prices?

Live Mint  

New Delhi: Fear and uncertainty around the rollout of goods and services tax, in addition to a bumper harvest and demonetisation, has contributed to a sharp drop in farm commodity prices in the past few months, according to traders, analysts and an NCDEX commodity exchange report. The fall in farm gate prices in the past few months fuelled farmers protests across several states with demands for remunerative crop prices and farm loan waivers. “Significant trading volume in physical markets takes place in cash and find the way to escape from the prevailing taxation system,” the NCDEX report said, adding, “with the commencement of the GST regime, it would be difficult to show such transactions which were not usually disclosed in the inventory or mandi stock disclosures. The NCDEX report also said that the fear and panic among traders have led to a sharp reduction of speculative money flow in the form of investment demand in the past few months.

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History of this topic

Opposition leaders press for simplification, reduction of GST
1 week, 2 days ago

Opposition leaders press for simplification, reduction of GST

Live Mint  

New Delhi, Mar 24 Opposition members on Monday demanded the government to simplify and reduce the Goods and Services Tax as it is putting the burden on the poor. Participating in the debate on the Finance Bill 2025, Supriya Sule said GST needs lots of reform, and there is a need to bring down rates. The Finance Minister should answer …

At pre-budget meet with FM, farmers demand scrapping of GST on agri inputs
3 months, 3 weeks ago

At pre-budget meet with FM, farmers demand scrapping of GST on agri inputs

Hindustan Times  

A delegation of farmers, which met Union finance minister Nirmala Sitharaman last week, has sought scrapping of the Goods and Services Tax on farm inputs, two people who attended the meeting said on Monday. Union finance minister Nirmala Sitharaman Sitharaman held a pre-budget consultation with the farmers and farm economists on Saturday where she sought suggestions, and took note of …

Explained | What is the controversy over GST levies on food?
2 years, 8 months ago

Explained | What is the controversy over GST levies on food?

The Hindu  

The story so far: From July 18, a 5% Goods and Services Tax has been levied on several food items and grains that are sold in a pre-packed, labelled form even if they are not branded. The 5% tax on unbranded packed food items was approved by the GST Council in late June and was part of a broader set …

These items are exempted from GST when sold loose. Check full list
2 years, 8 months ago

These items are exempted from GST when sold loose. Check full list

Hindustan Times  

The Goods and Services Tax Council on Tuesday exempted all items when sold loose and not pre-packed or pre-labelled, finance minister Nirmala Sitharaman said. “The @GST_Council has exempt from GST, all items specified below in the list, when sold loose, and not pre-packed or pre-labeled. The Goods and Services Tax Council on Tuesday exempted all items when sold loose and …

Wholesale food grain trade exempted from GST levy
2 years, 8 months ago

Wholesale food grain trade exempted from GST levy

Deccan Chronicle  

Chennai: The transactions of unbranded food grains and other products dealt by wholesalers will be kept out of GST rates, the government told a traders body. The Cait, meanwhile, said it will launch a nationwide movement from July 26 to demand a new GST law and review of rules afresh for radical changes in the GST. It said both the …

Union Budget 2020-21: Farm experts pitch for scrapping GST on agri-inputs in wish list
5 years, 3 months ago

Union Budget 2020-21: Farm experts pitch for scrapping GST on agri-inputs in wish list

Firstpost  

Removing of GST on agri-inputs, revamping crop insurance scheme, considering land lease rental for fixing MSP and banning futures trade in agri-commodities are among the suggestions made by farm experts during their pre-Budget meeting with Finance Minister Nirmala Sitharaman New Delhi: Removing of GST on agri-inputs, revamping crop insurance scheme, considering land lease rental for fixing MSP and banning futures …

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous
5 years, 9 months ago

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous

Firstpost  

The Narendra Modi government’s obsession with foiling profiteering under the Goods and Services Tax law is going on unabated. In its first meeting after the swearing-in of Modi government 2.0 on 21 June 2019, the GST Council read the riot act to the profiteers—if manufacturers do not pass on input tax credit and other rate cuts to the consumers, there …

GST led to ‘household savings’ as tax rates came down: Report
6 years, 3 months ago

GST led to ‘household savings’ as tax rates came down: Report

Live Mint  

New Delhi: An average Indian household is saving up to ₹ 320 every month on purchase of commonly used goods including cereals, edible oil and cosmetics post GST implementation, a finance ministry source said citing an analysis of consumer expenditure data. An analysis of household expenditure pre and post GST rollout shows tax rates have come down on as many …

GST made doing business easier, reduced tax compliance burden for traders, says Arun Jaitley
7 years, 4 months ago

GST made doing business easier, reduced tax compliance burden for traders, says Arun Jaitley

Firstpost  

Tax rates under GST too are being rationalised and a trader will no more be required to confront inspectors, says Arun Jaitley New Delhi: Finance Minister Arun Jaitley on Friday said the Goods and Services Tax has made doing business easier for traders by expanding the market place and reducing tax compliance burden. Now whole country is his market,” Jaitley …

Withered hopes
7 years, 4 months ago

Withered hopes

The Hindu  

TWO SUCCESSIVE bad years in terms of earnings on account of demonetisation and its persisting ripple effects, compounded by widespread apprehensions on how the Goods and Services Tax regime will play out on the ground, have left farmers of Uttar Pradesh with an overwhelming sense of despair on the eve of the anniversary of demonetisation and amid the spluttering start …

Fiscal outlook uncertain; GST, farm loan waivers to slow GDP: Eco Survey
7 years, 7 months ago

Fiscal outlook uncertain; GST, farm loan waivers to slow GDP: Eco Survey

Deccan Chronicle  

New Delhi: Flagging uncertain fiscal outlook for the current fiscal, the second part of Economic Survey released on Friday said achieving higher end of the 6.75-7.5 per cent GDP growth estimated earlier will be difficult and called for more interest rate cuts to boost the economy. Its list of challenges included appreciation of the rupee, farm loan waivers, rising stress …

GST will not lead to rise in inflation, will benefit small businesses, says Hasmukh Adhia
7 years, 9 months ago

GST will not lead to rise in inflation, will benefit small businesses, says Hasmukh Adhia

India TV News  

The government on Saturday swayed concerns that the Goods and Services Tax would lead to higher inflation if businesses do not pass on the benefits to consumers saying that the competition itself will take care of any disparity in prices. Speaking at ‘GST Doosri Azadi’, India TV’s conclave on GST, Revenue Secretary Hasmukh Adhia said, "Competition will take care that …

GST rollout: Revenue Secretary Hasmukh Adhia says regime will bring transparency, benefit honest taxpayers
7 years, 9 months ago

GST rollout: Revenue Secretary Hasmukh Adhia says regime will bring transparency, benefit honest taxpayers

Firstpost  

GST will not alter the prices of essentials and daily use items like salt and soaps as they have either been exempt or tax on them has been kept at the current level New Delhi: The landmark Goods and Services Tax will not alter the prices of essentials and daily use items like salt and soaps as they have either …

GST explainer Part-III: Will it be win-win for all or will some states, businesses lose out?
7 years, 9 months ago

GST explainer Part-III: Will it be win-win for all or will some states, businesses lose out?

Firstpost  

The transition to a new tax regime will involve some disruption and this will be more keenly felt by small businesses which have only just started recovering from demonetisation The Narendra Modi government will at midnight today launch the much-discussed biggest tax reform of independent India – Goods and Services Tax in the presence of President Pranab Mukherjee and other …

It's time to smile: GST to usher in a new era
7 years, 9 months ago

It's time to smile: GST to usher in a new era

Deccan Chronicle  

Hasmukh Adhia, India’s revenue secretary, is finance minister Arun Jaitley’s chief aide for rolling out the Goods and Services Tax. Demonetisation; tax raids; getting back overseas black money caches — all pale in significance, compared to the institutional impact of GST. Third, the agreed-upon somewhat clunky architecture for GST reflects compromises made to achieve the twin overriding concerns — protecting …

GST to have negative impact on oil and gas industry: report
7 years, 9 months ago

GST to have negative impact on oil and gas industry: report

Live Mint  

New Delhi: The goods and services tax will adversely affect the oil and gas industry as the sector will have to comply with both the current tax regime and the GST framework, according to a report. “The oil and gas industry would have to comply with both the current tax regime as well as the GST regime leading to double …

GST rollout will make foodgrains, milk, veggies up to 5% cheaper, says finance ministry
7 years, 9 months ago

GST rollout will make foodgrains, milk, veggies up to 5% cheaper, says finance ministry

Firstpost  

The government has exempted cereals, pulses, atta, maida and besan from the GST, which will be implemented from 1 July. New Delhi: The government today said foodgrains, flour, milk, vegetables and fruits will get cheaper by up to 5 percent once the Goods and Services Tax is rolled out. “Due to no GST on these items, most of them are …

GST: Hasmukh Adhia says not ruling out rationalisation of tax rates
7 years, 10 months ago

GST: Hasmukh Adhia says not ruling out rationalisation of tax rates

Firstpost  

Adhia said a decision on the rates of foodgrains, especially wheat and rice, would be taken at the 3 June meeting Bengaluru: Revenue Secretary Hasmukh Adhia today did not rule out the scope for rationalisation of tax rates fixed on various goods and services under the GST regime to be implemented from 1 July. “One thing we would agree is …

GST to have short term inflationary impact: Nomura
8 years, 7 months ago

GST to have short term inflationary impact: Nomura

The Hindu  

The implementation of the Goods and Services Tax would have an inflationary effect on the economy in the near-term. “We estimate that the GST would drive up headline CPI inflation by 20-70 bps in the first year due to i) higher prices of electricity, clothing & footwear, health/medicine, and education after accounting for input taxes; and ii) potential asymmetric pricing …

New demand by States could hit GST rollout
9 years, 9 months ago

New demand by States could hit GST rollout

The Hindu  

In a setback to the government’s plan of rolling out the Goods and Services Tax by April 1, 2016, the States demanded on Thursday that the Centre compensate them fully for any loss of revenue during the first five years of transition to the new tax regime. In the Constitution Amendment Bill for the introduction of the GST, pending before …

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