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Integrated GST collection on imports in line with expectation, crosses 4,000 cr in first 10 days The first set of numbers after the rollout of the goods and services tax should calm any jitters about its prospects. Integrated goods and services tax (IGST) collections on imports in the first 10 days of the new regime crossed .? 4,000 crore, in line with expectation and suggests that the rollout has been largely smooth. “Collections would have crossed ? 4,000 crore... Data is pouring in and final tabulations will be available in some time,” a senior government official told ET. These collections exclude levies on petroleum and natural gas products, which aren’t covered by GST in any case. Besides, the final numbers will include collections from manual filings. GST came into effect July 1. In July 2016, total customs collections amounted to .? 16,625 crore, which on average yields ? 5,360 crore for the 10 days, but that includes basic customs duty. The go up when manual filings are al...

The Securities and Exchange Board of India (Sebi) has expressed concern over high equity derivatives turnover visàvis cash turnover.For every one rupee of cash turnover, Rs 15.6(notional value) of derivatives is traded. The derivatives to cash turnover in India is the world´s second highest, after South Korea, where it is 24 times.Australia, Japan and Spain have a derivatives to cash ratio of less than five. The markets regulator has also raised concern overalot of individual investors dealing in the derivatives space without understanding the risks.Sebi on Wednesday issued a discussion paper on ´Growth and development of the equity derivatives market in India´. “Orderly growth, development and alignment of both cash and derivatives markets is important,” it has said. “The discussion paper has been prepared to undertake an assessment of the derivatives market in India, to evaluate whether there isaneed to further strengthen the regulatory framework.” Sebi has given market participa...

So, if old jewellery worth Rs 1 lakh is sold, a GST of Rs 3,000 will be deducted Selling of old jewellery or bullion will attract a 3 per cent GST on the value realised, Revenue Secretary Hasmukh Adhia said on Wednesday. But, if the jewellery is sold and new one bought through the proceeds, the 3 per cent tax paid will be deducted from the goods and services tax (GST) payable on buying new jewellery. “Supposing I am a jeweller. Somebody comes to me with old jewellery, it is as good as buying gold. You can later claim input tax credit,” he said at the GST Master Class. Explaining further Adhia said a jeweller buying old jewellery from someone will charge 3 per cent GST under reverse charge. So, if old jewellery worth Rs 1 lakh is sold, a GST of Rs 3,000 will be deducted. If the proceeds from the old jewellery is used for buying new jewellery, the tax paid on sale will be adjusted against GST on the purchase, he said. However, if an old jewellery is given to the jeweller for some mod...

The prospect of a tougher September quarter looms large for fast-moving consumer goods (FMCG) companies, as the full impact of the transition to the goods and services tax (GST) is likely to be felt during this period. While the June quarter saw trade destocking in the last 10 to 15 days of the period, companies and analysts Business Standard spoke to said the problem would persist for a longer duration in the three months to September 30. “GST is a huge reform and transition will take time. While our internal systems are ready, transition (within wholesale) will take another 30 days (to be completed),” Sunil Kataria, business head, India and South Asian Association for Regional Cooperation, Godrej Consumer Products, said. "GST is a huge reform and transition will take time. While our internal systems are ready transition (within wholesale) will take another 30 days (to be completed)," Sunil Kataria, business head, India and South Asian Association for Regional Cooperatio...