Skip to main content

MRP should include GST Sushil Modi

By
MRP should include GST Sushil Modi
Bihar deputy chief Minister Sushil Kumar Modi, who also heads a five member panel on Goods and Services Tax Network, on Thursday suggested that the maximum retail price (MRP) ofaproduct should always be inclusive of tax for the convenience of the consumers.

The deputy CM was interacting with businessmen at a function organised by Bihar Chamber of Commerce and Industries in association with a leading Hindi daily ´Hindustan´. "We (GoM) have suggested the inclusion of GST in maximum retail price.It has been seen across the globe that consumers react when they have to pay tax in addition toaproduct´s price but they usually do not mind paying the MRP when it is inclusive of tax," he said.

Sharing his experiences abroad, he said the situation was no different in Canada, Australia and Singapore."Even in Canada, Australia and Singapore, consumers´ perception changed when they had to pay tax in addition toaproduct´s price.

The same consumers react differently when they were asked to payaparticular percentage of tax that had already been included in the price tag," he said.Sharing his experience abroad, he said the situation was no different in Canada Australia and Singapore."Even in Canda,Australia and Singapore, consumers' perception changed when they had to pay tax in addition to a product's price. The same consumers react differently when they were asked to pay a particular percentage  of tax that had already been included in the price tag,"he siad.
GST is a gigantic reform and people may face teething problems for the first five to six months but things will get smoother in due course of  time, he said Stating that a firm having turnover of Rs 1.5 crore would noew have to file quarterly returns instead  of monthly,he said. "We are making efforts to implement this process of quarterly returns for the businessmen.They will have to deposits tax every month but returns can be filled quarterly."He said that he also wanted the form for fillingh returns to be.
The Business Stanard, New Delhi, 03rd November 2017

Comments

Post a Comment

Popular posts from this blog

New income tax slab and rates for new tax regime FY 2023-24 (AY 2024-25) announced in Budget 2023

By
  Basic exemption limit has been hiked to Rs.3 lakh from Rs 2.5 currently under the new income tax regime in Budget 2023. Further, the income tax slabs in the new tax regime has been changed. According to the announcement, 5 income tax slabs will be there in FY 2023-24, from 6 income tax slabs currently. A rebate under Section 87A has been enhanced under the new tax regime; from the current income level of Rs.5 lakh to Rs.7 lakh. Thus, individuals opting for the new income tax regime and having an income up to Rs.7 lakh will not pay any taxes   The income tax slabs under the new income tax regime will now be as follows: Rs 0 to Rs 3 lakh - 0% tax rate Rs 3 lakh to 6 lakh - 5% Rs 6 lakh to 9 lakh - 10% Rs 9 lakh to Rs 12 lakh - 15% Rs 12 lakh to Rs 15 lakh - 20% Above Rs 15 lakh - 30%   The revised Income tax slabs under new tax regime for FY 2023-24 (AY 2024-25)   Income tax slabs under new tax regime Income tax rates under new tax regime O to Rs 3 lakh 0 Rs 3 lakh to Rs 6 lakh 5% Rs 6
Post a Comment
Read more

Jaitley plans to cut MSME tax rate to 25%

By
Income tax for companies with annual turnover up to ?50 crore has been reduced to 25% from 30% in order to make Micro, Small and Medium Enterprises (MSME) companies more viable and also to encourage firms to migrate to a company format. This move will benefit 96% or 6.67 lakh of the 6.94 lakh companies filing returns of lower taxation and make MSME sector more competitive as compared with large companies. However, bigger firms have shown their disappointment since the proposal for reducing tax rates was to make Indian firms competitive globally and it is the large firms that are competing globally. The Finance Minister foregone revenue estimate of Rs 7,200 crore per annum for this for this measure. Besides, the Finance Minister refrained from removing or reducing Minimum Alternate Tax (MAT), a popular demand from India Inc., but provided a higher period of 15 years for carry forward of future credit claims, instead of the existing 10-year period. “It is not practical to rem
1 comment
Read more

Don't forget to verify your income tax return in August: Here's the process

By
  An ITR return needs to be verified within 120 days of filing of tax return. Now that you have filed your income tax return, remember to verify it because your return filing process is not complete unless you do so. The CBDT has reduced the time limit of ITR verification to 30 days (from 120 days) from the date of return submission. The new rule is applicable for the returns filed online on or after 1st August 2022. E-verification is the most convenient and instant method for verifying your ITR. However, if you prefer not to e-verify, you have the option to verify it by sending a physical copy of the ITR-V. Taxpayers who filed returns by July 31, 2023 but forget to verify their tax returns, will get the following email from the tax department, as per ClearTax. If your ITR is not verified within 30 days of e-filing, it will be considered invalid, and may be liable to pay a Late Fee. Aadhaar OTP | EVC through bank account | EVC through Demat account | Sending duly signed ITR-V through s
Post a Comment
Read more