Kaliedoscope

NPPA GETS GST READY; RELEASES CEILING PRICE OF 761 MEDICINES: Drug price regulator NPPA on Tuesday announced provisional ceiling prices of 761 medicines, including anti-cancer, HIV, diabetes and antibiotic, with a majority being reduced ahead of the GST implementation. The National Pharmaceutical Pricing Authority (NPPA) said however that the actual increase or decrease in prices after the rollout of new indirect tax regime is expected to be in be in the range of 2-3 per cent depending on states.

COCA-COLA HIKES FIZZY DRINKS PRICES, SLASHES KINLEY RATES: Beverages major Coca-Cola India on Tuesday announced that prices of its packaged drinking water brand Kinley will be cut while aerated drinks will get slightly more expensive. The new pricing strategy has been announced with the country's biggest indirect tax reform -- the Goods and Services Tax -- just around the corner. In addition, the company will launch affordable "Value Water" segment priced at significantly lower than the current portfolio of Kinley water, and also an affordable range of aerated beverages to cater to price sensitive consumers, it said in a statement.

NATURAL GAS MAY BE INCLUDED IN GST, TO BENEFIT ONGC: The GST Council may decide to include natural gas in the Goods and Services Tax (GST) regime as a measure to provide some relief to the oil and gas sector. Currently, crude oil, petrol, diesel, jet fuel or aviation turbine fuel (ATF) and natural gas are not included in the new indirect tax structure, which is set to kick in from July 1.This essentially means that various goods and services procured by the oil and gas industry will be subject to GST, but the sale and supply of oil, gas and petroleum products will continue to attract earlier taxes like excise duty and VAT.

'WAR ROOM' SET UP TO DEAL WITH GST CRISES: Equipped with multiple phone lines and computer systems and manned by tech-savvy youngsters, a "mini war room" has been set up in the finance ministry to deal with crises related to the implementation of GST. Central Board of Excise and Customs (CBEC) chief Vanaja N Sarna told that the unit will act as a quick resource centre for central and state government officials to address their queries on the historic tax reform scheduled to be implemented from July 1.