Saturday, Aug 15 2020 | Time 22:13 Hrs(IST)
image
  • Covid toll in Bengal stands at 2377; Tally 1,13,432
  • Pakistan vs England: Day 3 play washed out due to rain and bad light
  • Tribals demand for resolving their issues by Freedom Jubilee
  • VP, PM, LS Speaker attend 'At home' hosted by Prez
  • 618 fresh cases of Covid in Marathwada
  • COVID: J&K reports 532 new +ve cases, seven deaths
  • 74th I-Day: COVID shadow dims celebrations; PM talks about heath, self-reliance, security
  • Mamata and her officials' action not in sync with sanctity of occasion : Dhankhar
  • Nagaland detects 18 new COVID-19 in last 24 hrs
  • Meghalaya has clear protocols to contain spread of COVID-19 : Sangma
  • Delhi records 1276 fresh COVID cases, recovery rate at 89 68 pc
  • After Dhoni, Suresh Raina too says goodbye to international cricket
Business Economy


India Inc hails GST Council decisions; says, it will have positive impact

India Inc hails GST Council decisions; says, it will have positive impact

New Delhi, Oct 7 (UNI) Various chambers and traders bodies have applauded the decisions taken by the Goods and Services Tax Council, saying that it will have positive impact on the economy and system. GST Council has increased the limit of composition scheme and had announced various measures to allow exporters to get their block capitals in the tax net. The Council had also allowed the quarterly filing of taxes for those who had a turnover of up to Rs 1.5 crore. The decisions came out late in the evening on Friday. In his comment, Chandrajit Banerjee, Director General, CII said the SME sector compliance will greatly improve as limit for composition scheme has been increased to Rs 1 crore. Now for SMEs with annual turnover of Rs 1.5 crore will be allowed to file quarterly returns, this will be a big relief to the small-scale players. Mr Banerjee further commented that deferment of Reverse Charge Mechanism (RCM) is welcome as it encourages registered taxpayers to continue sourcing from small and unregistered taxpayers. The decision to bring down rate for AC restaurants to 12% and reduction of tax slabs for around 60 items to 5 per cent from 12 per cent will help boost household spending and further economic growth, said Mr Banerjee. He also stated that raising of turnover for composition scheme from Rs 75 lakh to Rs 1 crore and deferment of E-way bill provisions till April 2018 are indeed a big relief which will help trade and industry in getting adjusted to the GST compliances. Regarding the e-wallet scheme for exporters and move to reimburse them within the next week, CII said this was a much needed step and would help exporters save costs of working capital. The traders body, Confederation of All India Traders (CAIT) said that various relief granted by the GST Council will be a major breakthrough in simplifying GST and encouraging fast adoption & access of GST among the trading community of the Country and will clear the air of uncertainty and chaos. While reacting on the outcome of GST Council meeting, CAIT said in a statement that in the wake of current situation where traders are a depressed lot, such relief were much awaited​ and will change the code and color of GST on a positive note. PKD Nambiar, president of National Foundation of Justice and Development & MD of Bsquare Group and marketing expert said that GST Council has given great relief to a large number of people which will allow less burden on administrative institutions too. He said, 'Its good that Central and State Governments are understanding the problems of common people and acting accordingly to make the system easy. Allowing quarterly filing is a right step in right direction. But it should allowed to all without any cap.' Archit Gupta, Founder & CEO ClearTax said that small businesses stand to benefit from reduced return filing compliance and this decision will be widely welcomed. Abeyance of RCM, no GST on advances for those with turnover of less than Rs 1.5 cr is a major relief too. He added that the limits for composition scheme has been increased but the services sector is still devoid of this scheme and we hope they will be considered in the near future so the scheme can see wider acceptance. UNI ADP AE 1521

More News

CEAT announces its association with Mahindra for the launch of THE ALL-NEW THAR

15 Aug 2020 | 6:20 PM

Mumbai, Aug 15 (UNI) CEAT Tyres, India’s leading tyre manufacturer, has announced its association with Mahindra for THE ALL-NEW Mahindra Thar.

see more..
TITA Start-up Community to launch Alap App, alternative for TikTok

TITA Start-up Community to launch Alap App, alternative for TikTok

15 Aug 2020 | 5:56 PM

Hyderabad, Aug 15 (UNI) Telangana Information and Technology Association (TITA) Start-up Community has developed Alap app, a video sharing platform that will be available for netizens by the end of this month.

see more..

Sai Life Sciences opens new, state-of-the-art Research & Technology Centre in Hyderabad

15 Aug 2020 | 5:51 PM

- Completes first phase in committed investment of US$ 150M ( > INR 1000 Cr)
- Sri KT Rama Rao, Hon'ble Minister for Industry & Commerce and IT, Government of Telangana inaugurates the facility
HYDERABAD, India, Aug. 15, 2020 /PRNewswire/ -- Sai Life Sciences, one of India's fastest growing Contract Development & Manufacturing Organizations (CDMOs), today announced the inauguration of its new Research and Technology (R&T) Centre in Hyderabad, India. Sri K T Rama Rao, Hon'ble Minister for Industry & Commerce and IT, Government of Telangana formally inaugurated the facility in the presence of other dignitaries.

see more..
CEAT partners with Mahindra for tyre supply of  'Thar'

CEAT partners with Mahindra for tyre supply of 'Thar'

15 Aug 2020 | 5:05 PM

Mumbai, Aug 15 (UNI)Tyre major, CEAT Tyres, announced its association with Mahindra for the all-new Mahindra Thar.

see more..
Lupin presents phase 3 data for solosec demonstrating significant response rate in female patients with trichomoniasis

Lupin presents phase 3 data for solosec demonstrating significant response rate in female patients with trichomoniasis

15 Aug 2020 | 3:00 PM

Mumbai, Aug 14 (UNI) Pharma major Lupin Pharmaceuticals Inc the US based wholly owned subsidiary of Lupin Limited on Saturday announced results from its pivotal Phase 3 clinical trial to assess efficacy and safety of single-dose Solosec® (secnidazole) 2g oral granules in female patients with trichomoniasis, the most common non-viral, curable sexually transmitted infection (STI) in the US.

see more..
image