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India’s First Ikea Store Opens Up In The Outskirts Of Hyderabad

New Delhi: To bring inexpensive Nordic-inspired furnishings and food to the world’s fastest-growing middle class, India’s first Ikea store will open on Thursday. This seems to be a milestone that’s been in the making more than a decade.

Ikea expects to welcome as many as 6 million visitors a year to its 13-acre complex in Hitec City, on the outskirts of Hyderabad, India’s fourth-biggest city. The 400,000-square-foot showroom contains some 7,500 products, of which about 1,000 will sell for less than 200 rupees ($2.91) apiece. It’s the first of 25 stores Ikea plans to open across the nation by 2025.

143

IMF Wants Simplified Structure Of GST As Multiple Rate Structure To Cost Administrative Costs

New Delhi: The International Monetary Fund(IMF) has described Goods and Services Tax (GST) as a “milestone reform” in India’s tax policy. However, it pushed for a simplified structure saying that the multiple rate structure and other features could give rise to high compliance and administrative costs.

In its annual country report, the International Monetary Fund also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality.

The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017.The IMF said that GST is a milestone reform in India’s tax policy, taking the important step of unifying and harmonising numerous indirect taxes across all states of the federation and the central government.

124

India Doubles Import Duty On Textile Products To 20% To Curb Rising Imports From China

New Delhi: India doubled the import tax on more than 300 textile products to 20 percent as the world’s biggest producer of cotton tries to curb rising imports from China. It was the second tax hike on textiles in as many months after an increase on other products including fibre and apparels last month.

The moves are expected to provide relief to the domestic textile industry, which has been hit by cheaper imports. India’s total textile imports jumped by 16 percent to a record $7 billion in the fiscal year to March 2018. Of this, about $3 billion were from China.

The government did not disclose details of the 328 textile products that will be subject to the duty increase announced on Tuesday. Rising imports sent India’s trade deficit with China in textile products to a record high $1.54 billion in 2017/18, alarming industry officials as India had been until recently a net exporter of textile products to China.

105

Fin Min Says, Foreigners Coming To India May Not Get GST Refunds On Goods Purchased

New Delhi: Union finance ministry was asked to provide details on procedures for foreigners to get GST refunds on goods purchased by them in India in an RTI query.Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not invoked relevant provisions of the Integrated Goods and Services Tax Act yet, the Finance Ministry has said in reply to an RTI query.

It was asked to provide details on procedures for foreigners to get GST refunds on goods purchased by them in India.Some western nations provide refunds of certain taxes on goods purchased by foreigners there.

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Customers Making Payments Through Digital Mode Will Get A Cash Back Of 20%: Piyush Goyal

New Delhi: Union finance minister Piyush Goyal said that customers making payments through digital mode of transactions like RuPay cards or BHIM app will get a cashback of 20 per cent of the GST component, not exceeding ₹100.

The Goods and Services Tax (GST) Council on Saturday announced that consumers would soon be incentivised to use digital payments in the form of cashback and a panel would be set up to look into the concerns of the small and medium enterprises.

 “We have decided to undertake a pilot project. A broad framework has been worked out so that users of Rupay debit card, BHIM, Aadhaar, UPI, USSD transactions can be given the incentives because these are mostly used by poor people…The Council has decided to prepare the software and back-end for this and whichever state volunteers for it, the pilot can be run in that state,” said Goyal at the end of the 29th GST Council meeting.