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Showing posts from April 24, 2017

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GST boost for brick-and-mortar retail expansion

Execution challenges for physical stores are expected to reduce after the implementation The Goods and Services Tax (GST) regime will be a shot in the arm for the brick-andmortar retail industry, which has faced major competition from online e-commerce players in the past few years.

Besides the uniform tax, the execution challenges for physical stores are expected to reduce significantly after the implementation of the GST, which has brought optimism for retailers to expand aggressively.

“Today e-commerce companies get an advantage in terms of taxation,” said Kishore Biyani, chief executive officer (CEO), Future Group, which is present across all retail formats from supermarkets to fashion retail business. “The GST will create a great level-playing field and is definitely helping our new expansion plan,” he added.

There have been some changes in the dynamics for brick-and-mortar stores in the past six months. The drying up of funds for some of the e-commerce players was a positive for t…

CBEC gears up for GST roll-out

In the run-up to the goods and services tax (GST) roll-out, the Central Board of Excise and Customs is set for a major revamp with resect to tax intelligence, information technology, risk assessment, post-clearance audit, taxpayer services, among others.

The Board, which is being renamed as the Central Board of Indirect Taxes and Customs (CBIC), will fortify and expand its intelligence wing - directorate general of GST intelligence -- to fight against tax evasion and clamp down on black money.

“There are a lot of areas where maturity of the administration needs to go up. We are not able to perform in those (areas) due to lack of workforce and resources. The GST is one opportunity as it will free up manpower to concentrate on important areas like data analysis, intellectual property, risk assessment, etc,” said a senior government official.

On the fear of redundancy, the official said the growth and promotions of officers would not be affected by the new tax regime. “New work will be car…

PM asks states to speed

Views sought on changing financial year to JanDec, simultaneous polls Prime Minister Narendra Modi on Sunday asked states to work with the Centre as “TeamIndia” to introduce the goods and services tax (GST) in time. He also sought their  views on changing the financial year to January December (from April to March), as well as simultaneous general and Assembly polls. Chairing the NITI Aayog´s Governing Council meeting, which also comprises chief ministers, he sought their views on the threeyear agenda prepared by the body. This lays emphasis on reforms in governance and taxes, with higher spending on health and education. Its 15 year vision document envisages tripling the country´s real (adjusted for inflation) gross domestic product (GDP) and per capita income by 2031- 32. If GDP grows at this rate, every one should ideally have access to at least a two wheeler and an air conditioner in 15 years, the document says. The PM was also in favour of putting in place the same start and closing da…