Snehal khanna Blog

Ambiguous rules, multi-rate sales tax have left firms confused on how to price their products LATEST NEWS  : Nationwide goods and services tax (GST) was meant to unify the $2-trillion economy and make it easier for companies to transact across state borders. Nearly a month on, many are finding that doing business is more complicated than ever. Ambiguous rules under the new, multi-rate sales tax that went into effect on July 1 have left firms confused on how to price their products. The tax's complex structure — four main rates ranging from 5 to 28 per cent — has hurt sales and risks denting economic growth and government revenues in the months ahead. Airlines, for example, are uncertain whether to tax premium economy seats as an economy or business class — at rates of 5 percent or 12 per cent, respectively. Auto repair shops face a similar quandary as GST rates vary for different jobs. "People are either overcharging or undercharging for their work,...

The stock slipped 15% to Rs 277 on BSE, its sharpest intra-day fall since October 27, 2008 LATEST NEWS : ITC has slipped 15% to Rs 277, its sharpest intra-day fall in past one decade on BSE, after the Goods and Services Tax (GST) Council increases cess on cigarettes. The stock has fallen nearly 18% in past two trading sessions. Earlier, on October 27, 2008, the stock tanked 17% in intra-day trade. “The GST Council meeting on Monday raised the cess on cigarettes, in a bid to reduce profiteering by companies and harm to public health. The exact amount of the cess would depend on the length of the cigarettes,” the Business Standard report suggests. Cess on cigarettes of up to 65 mm was raised by Rs 485 per 1,000 sticks in the case of both filter and non-filter ones. Those longer than 65 mm had different cess rates — it increased by Rs 792 per 1,000 sticks for non-filter ones; for filtered ones, between 65 mm and 70 mm, the cess was raised by Rs 621 per 1,000 sticks and ...

Pharma stocks were the biggest losers with Nifty Pharma posting sixth consecutive session of loss Benchmark indices settled lower with Sensex shedding 200 points and Nifty ending below 9,400-level as investors booked profit in recent outperformers. The sentiment was also dragged by geopolitical tensions as Indian army strikes Pakistan military posts. The street also took cues from the global markets which were mostly trading lower post the explosion, at a concert by US singer Ariana Grande shook Manchester. The S&P BSE Sensex ended at 30,365, down 205 points, while the broader Nifty50 settled at 9,386, down 52 points. Read this: How taxmen nabbed black money hoarders who tried to beat the note ban The broader market underperformed the benchmark indices with S&P BSE Midcap and the S&P BSE Smallcap indices dipped over 1% each. "Investors became cautious after sudden hike in Indo-Pak tension. Additionally, higher than expected GST rate especiall...