Latest news with #GoodsandServiceTax
The Star
14 hours ago
- Business
- The Star
CTIM: Revision and expansion of SST a pragmatic approach to fiscal sustainability
Chartered Tax Institute of Malaysia president Soh Lian Seng KUALA LUMPUR: The government's effort to broaden the tax base by incorporating more sectors into the Sales and Service Tax (SST) regime aligns with global trends and reflects a pragmatic approach to fiscal sustainability, according to the Chartered Tax Institute of Malaysia (CTIM). President Soh Lian Seng noted that the rationale for the revision and expansion of SST includes strengthening the country's fiscal position to better support the well-being of the people and making SST a more progressive and targeted tax. "CTIM views this move as a timely and strategic use of indirect taxation to enhance government revenue without resorting to further direct taxes or reintroducing the Goods and Service Tax (GST) at this juncture,' he said in a statement today. Earlier, Finance Minister II Datuk Seri Amir Hamzah Azizan announced that the government will implement a targeted revision of Sales Tax rates and an expansion of the Service Tax's scope effective from July 1, 2025. According to Soh, the institute will continue to analyse the gazette orders in detail and provide feedback should any inconsistencies with current legislation or practices arise. He said CTIM is committed to assisting the business community in understanding the government's initiatives. "At the same time, we will bring forward suggestions for enhancements where appropriate, in the spirit of collaboration and shared national interest. "The clarity through gazette orders and the targeted approach are commendable. We encourage continued engagement and practical support to help businesses adapt,' he added. To ensure a smooth transition, CTIM proposed that the government establish dedicated support channels such as hotlines, email, or live chat, manned by knowledgeable personnel, to provide timely responses and minimise compliance risks. "CTIM welcomes the issuance of transitional rules and guidance to support the implementation process. While these are helpful, we anticipate that further engagement with the authorities will be necessary to address practical issues that may emerge,' he said. - Bernama
Hans India
23-05-2025
- Business
- Hans India
Crop planning should align with mkt demand: CM
Vijayawada: Chief Minister N Chandrababu Naidu on Thursday directed the officials of the Agriculture department to go for crop-specific planning aligned with national and global market trends. Naidu emphasised the need to inform farmers in advance about suitable crops based on market dynamics to ensure a balance between supply and demand and prevent losses. "Farmers must cultivate only high-demand crops to avoid losses," said Naidu. He instructed the officials to adopt scientific planning and monitor global agricultural developments regularly. During an official review on key crops such as tobacco, cocoa, mango, and paddy, he discussed immediate and long-term farmers' issues. He stated that both short-term and long-term challenges in agriculture must be addressed through the Cabinet Sub-Committee. The CM instructed officials that cocoa stocks with farmers should be purchased at Rs 500 per kg, and if the companies fail to do that, he said the government should step in for direct procurement. He also ordered accurate registration of HD Burley tobacco stocks through an app and approved a crop holiday for that variety due to lack of market demand. He is pursuing the inclusion of HD and White Burley varieties under the Tobacco Board and will discuss farmer concerns with union ministers. The Chief Minister also reviewed challenges faced by tomato farmers and instructed officials to encourage more tomato processing units in the state to ensure fair prices. On paddy, officials informed him that procurement is progressing smoothly, with even rain-damaged stock being purchased. To boost mango pulp consumption, he suggested a Goods and Service Tax (GST) reduction on pure juices and proposed its use in mid-day meals and Tirumala-Tirupati Devasthanams (TTD) temple offerings to increase demand. This initiative is aimed at boosting mango juice consumption and alleviating the financial strain on mango farmers, who are currently grappling with declining prices. It has been observed that a lack of orders has led to a slowdown in mango procurement, causing considerable distress among mango growers. Naidu directed officials to ensure that pulp processing companies immediately resume procurement. However, officials highlighted that existing stockpiles and a shortage of bank loans for pulp companies are limiting their capacity to purchase fresh stock. To address this, the CM instructed officials to facilitate bank loans for these processing units. Ministers Ayyanna Patrudu, Nadendla Manohar, Gottipati Ravikumar, Nimmala Ramanaidu, and Payyavula Keshav participated in the review meeting.
Mint
06-05-2025
- Business
- Mint
India's economy looks strong. What could go wrong?
Next Story N Madhavan The rise in GST collections indicates that revival in domestic consumption, especially rural demand, is gathering pace. Gross GST collections in April at ₹ 2.37 trillion was a record, 12.6% more than the same month last year. (istockphoto) Gift this article Key indicators including Goods and Service Tax (GST) collection, Purchasing Managers Index, export orders and monsoon forecast bode well for India. Is this trend sustainable? Can it push growth? What policy measures are needed? And what can come in the way? Key indicators including Goods and Service Tax (GST) collection, Purchasing Managers Index, export orders and monsoon forecast bode well for India. Is this trend sustainable? Can it push growth? What policy measures are needed? And what can come in the way? Does data suggest a robust economy? Yes. A bunch of data released last week indicates an economy that is robust despite global headwinds. Gross GST collections in April at ₹ 2.37 trillion was a record, 12.6% more than the same month last year. This indicates that revival in domestic consumption, especially rural demand, is gathering pace. The HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 58.2, the highest in 10 months. While confirming strong domestic demand, it also revealed that export orders grew at the fastest pace in 14 years. In FY25, non-petroleum merchandise exports reached an all-time high of $352.9 billion. Also Read | Here's how NRIs can save up to 18% GST on insurance premiums What is the monsoon rain forecast? The India Meteorological Department (IMD) forecasts above normal Southwest monsoon. That is good news on two fronts. One, this will mean higher agricultural output and consequently lower food prices. Lower inflation will allow the Reserve Bank of India (RBI) to cut interest rates faster. Secondly, prospects of a good monsoon will accelerate the revival in rural consumption. And urban consumption could improve due to a mix of income tax breaks, lower inflation and cheaper borrowing costs. An appreciating rupee and falling oil prices will reduce India's import bill and ease inflation further. Also Read | Mint Quick Edit | India's GST peak is reassuring Is there an export revival too? There is a sharp increase in export orders, linked to the improvement in the PMI. This is due to businesses scrambling to get their orders to the US before its 90-day pause on tariff hikes ends on 9 July. And companies like Apple are re-aligning their supply chains to source more from India on a long-term basis as the US-China trade relationship worsens. How can our policy makers help? India has been in talks to conclude trade deals with many countries such as the US, UK and European Union. Talks with the US are at an advanced stages. Successful conclusion of these talks will offer India a significant competitive advantage to tap large export markets. Continued focus on fiscal consolidation will also help. A narrower fiscal deficit will free funds for India Inc. to borrow at a lower cost when it seeks to expand capacity. These measures will eventually boost private investment and accelerate growth. And what can get in the way? Tension has risen between India and Pakistan after the Pahalgam terror attack. As India weighs its options to retaliate, a sustained and full-fledged response could scare away investors and hurt economic growth. Also, it is not clear how US President Donald Trump will act when the tariff pause ends. The US economy has shrunk by 0.3% in the first quarter. The International Monetary Fund has not predicted a recession in the US, but the threat of one is real. India cannot escape a slowing US and global economy. Topics You May Be Interested In Catch all the Business News , Economy news , Breaking News Events andLatest News Updates on Live Mint. Download TheMint News App to get Daily Market Updates.
Mint
06-05-2025
- Business
- Mint
Promises and pitfalls: The fast growth scenario
Key indicators including Goods and Service Tax (GST) collection, Purchasing Managers Index, export orders and monsoon forecast bode well for India. Is this trend sustainable? Can it push growth? What policy measures are needed? And what can come in the way? Yes. A bunch of data released last week indicates an economy that is robust despite global headwinds. Gross GST collections in April at ₹ 2.37 trillion was a record, 12.6% more than the same month last year. This indicates that revival in domestic consumption, especially rural demand, is gathering pace. The HSBC India Manufacturing Purchasing Managers' Index (PMI) rose to 58.2, the highest in 10 months. While confirming strong domestic demand, it also revealed that export orders grew at the fastest pace in 14 years. In FY25, non-petroleum merchandise exports reached an all-time high of $352.9 billion. Also Read | Here's how NRIs can save up to 18% GST on insurance premiums The India Meteorological Department (IMD) forecasts above normal Southwest monsoon. That is good news on two fronts. One, this will mean higher agricultural output and consequently lower food prices. Lower inflation will allow the Reserve Bank of India (RBI) to cut interest rates faster. Secondly, prospects of a good monsoon will accelerate the revival in rural consumption. And urban consumption could improve due to a mix of income tax breaks, lower inflation and cheaper borrowing costs. An appreciating rupee and falling oil prices will reduce India's import bill and ease inflation further. Also Read | Mint Quick Edit | India's GST peak is reassuring There is a sharp increase in export orders, linked to the improvement in the PMI. This is due to businesses scrambling to get their orders to the US before its 90-day pause on tariff hikes ends on 9 July. And companies like Apple are re-aligning their supply chains to source more from India on a long-term basis as the US-China trade relationship worsens. Also Read | Chartering the troubled waters of accommodation services under GST India has been in talks to conclude trade deals with many countries such as the US, UK and European Union. Talks with the US are at an advanced stages. Successful conclusion of these talks will offer India a significant competitive advantage to tap large export markets. Continued focus on fiscal consolidation will also help. A narrower fiscal deficit will free funds for India Inc. to borrow at a lower cost when it seeks to expand capacity. These measures will eventually boost private investment and accelerate growth. Tension has risen between India and Pakistan after the Pahalgam terror attack. As India weighs its options to retaliate, a sustained and full-fledged response could scare away investors and hurt economic growth. Also, it is not clear how US President Donald Trump will act when the tariff pause ends. The US economy has shrunk by 0.3% in the first quarter. The International Monetary Fund has not predicted a recession in the US, but the threat of one is real. India cannot escape a slowing US and global economy.
The Hindu
21-04-2025
- Politics
- The Hindu
CM credits govt. employees for Karnataka being progressive State, ranking second in GST collection
Chief Minister Siddaramaiah on Monday said Karnataka has become a progressive State and ranked second in Goods and Service Tax (GST) collection in the country, largely owing to the government employees' commitment to discharge their duties efficiently. Follow Constitutional principles Speaking at a function organised to present the Sarvothama Awards for 2023 to 30 State government officers/employees here, the Chief Minister told employees to follow the Constitution and discharge their duties to ensure removal of caste inequalities and ensure a secular society. The government's function was aimed at fulfilling the aspirations of the people as per the Constitution, he said. Mr Siddaramaiah told employees to emulate the ideals preached by Buddha, Basavanna, Mahatma Gandhi, and B.R. Ambedkar. The ideals followed by these leaders have been enshrined in the Constitution, he said. The Chief Minister said the responsibilities of the recipients of the award have increased and they should become models for other employees. All government employees discharge their responsibilities for the benefit of society, he said. Don't make them run around Speaking at the same function, Deputy Chief Minister D.K. Shivakumar urged the government employees to ensure that ordinary citizens who come to them to get their work done are not made to run from pillar to post, asking them to fetch one after another document. 'Lakhs of people apply for just 50 to 100 jobs. Remember that it is a rare opportunity to get a job in the government and use it to serve people,' Mr. Shivakumar said. Office-bearers of the Karnataka State Government Employees Association and senior officials attended the programme.
