Advertising space in print media to attract 5% GST

GST is certainly a game changing in the Industry with a concept of ‘one nation, one market, one tax’ arrangement. Revenue Collection from Imports Increase by 11% in First 15 Days of GST Implementation. With this the total revenue flow from imports stands at Rs 12,673 crore from July 1-15 as compared to Rs 11,405 crore in the corresponding period in June. GDP will increase by 1.5-2 per cent.

The government on Wednesday notified that the Goods and Services Tax rate for selling space for advertisements in the print media would be 5%. If an advertising agency sells that space to a client, then it too pays 5% GST, but if it sells the space on behalf of the newspaper, it would have to pay 18% GST on the commission charged by the paper….Read More

Dell EMC, SAP enable MSMEs become GST-ready with GST-in-a-box solution

Dell EMC has announced that it will deliver comprehensive on-premise digital Enterprise Resource Planning (ERP) solutions to enable Micro, Small & Medium Enterprises (MSMEs) across India to become Goods and Services Tax (GST) ready. SAP’s pre-packaged “GST-in-a- Box’” solution will be available to MSMEs through joint go-to-market initiatives across 30 SAP GST solution centres across 15 cities in India. Through the new solutions, customers can make their businesses GST-ready in 100 days, thereby ensuring minimal disruption when it comes to transitioning to the new tax model while focussing on what they do best.

The Goods and Services Tax (GST), a single-window taxation system, is expected to be a catalyst in the digital transformation of Indian businesses of all sizes, including MSMEs. As per a CII report, this sector contributes up to seven per cent of the manufacturing GDP, 31-per cent of the GDP from service activities and 37 per cent of manufacturing output to the Indian economy. There has also been a growing focus of the Indian government on MSMEs across industries. A five per cent reduction in income tax declared in the Union Budget 2017 will prove beneficial for the sector, thereby encouraging their growth prospects….Read More