Tag: RETAILERS

GST- Late Filing Allowed for the 1st 2 months.

Under The GST, the biggest tax reform in India’s history will require firms to file three online returns each month. Some business lobby groups have urged a delay to the rollout to allow more time to get ready.

The government relaxed the filing dates it will allow companies to file late returns for the first two months so that they can adapt to a new online filing system.

GST- Reduction of tax on Hotel/ Luxurious Rooms.

The GST Council considered the revision of tax on hotel rooms and decided that while those in the range of Rs 2,000-Rs 7,500 a day tariff would face 18 per cent tax, rooms with daily tariff above Rs 7,500 would be taxed at 28 per cent. Restaurant service in 5-star hotels would attract 18 per cent tax.

RETAILERS ARE OFFERING HUGE DISCOUNTS TO THE EXTENT OF 40% ON ELECTRONIC GOODS

Prices of consumer electronics are likely to go up by 3-5 per cent once GST is implemented as most of them fall under the 28 per cent tax slab, which is the highest bracket and a jump from the current 23 per cent tax rate.

Most retailers have announced these discounts in a bid to clear inventories ahead of the GST rollout. As per the GST the Input Credit to be utilised within one year of purchase.