Page 62 - Gst

Top events today: New train timings, GST anniversary, RTGS charges, & more

From new Indian Railways train timings to GST anniversary, here are some of the most important news events scheduled for today

GST rates distortionary, procedures complicated: Bengal FM Amit Mitra

Mitra said the peak rate of 28% should be completely abolished

GST collection falls below Rs 1-trillion mark, first time in four months

Govt might push data intelligence, crackdown on evasion to boost collections

GST benefits will start accuring to economy in the coming yrs, say experts

The goods and service tax (GST), which was launched two years ago, has stabilised quicker than expected and its benefits will accrue to the economy in the years to come, say experts on Monday. Experts further said the way the GST Council has functioned by taking every decision on the basis of consensus suggests that the Centre and the states are on the same page when it comes to GST, which augurs well for its further movement. The indirect tax reform was rolled out two years ago on the midnight of June 30 and since then, the government has decided to celebrate July 1 as the GST Day. "The GST has stabilised quicker than expected and its benefits will accrue to the economy in the years to come," V Lakshmikumaran, founder and managing partner of Lakshmikumaran & Sridharan, said. "Software and IT (information technology) glitches are getting remedied quickly", he said while commenting on the two years of the GST roll-out. He further said benefits of the GST such as higher economic ...

GST Council cracks the whip on profiteering, okays Aadhaar for registration

Date for filing annual returns extended by two months to August 30

Two years of GST: New tax return system, refund mechanism from today

Kicking off celebration to mark two years of the GST implementation, the finance ministry will on Monday come up with further reforms in the indirect tax system with introduction of new return system, rationalisation of cash ledger system and a single refund-disbursing mechanism, among others. Minister of State for Finance and Corporate Affairs Anurag Thakur will preside over the event alongside key secretaries and officials of various departments, the finance ministry said in a release on Sunday. The introduction of GST was a game changer for the Indian economy as it has replaced multi-layered, complex indirect tax structure with a simple, transparent and technology-driven tax regime, it said. The ministry said it will introduce the new return system on a trial basis from July 1 and on mandatory basis from October 1. "Sahaj & Sugam returns for small taxpayers are proposed," it said. With regards to single cash ledger, the government will rationalise the ledger in such a manner ..

2 years of GST: India Inc seeks less slabs, more items under its ambit

As the GST completes two years in operation, India Inc Sunday said it is time for the tax reform to leapfrog to its second phase by bringing electricity, oil & gas, real estate and alcohol under its ambit and converging the rate structure into 2-3 slabs. "GST 2.0 will take the Indian economy to the next growth level," CII President Vikram Kirloskar said. Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0. "While we acknowledge that the teething troubles related to GST implementation may have been resolved, we now need to move forward to achieve the underlying objective of GST framework of creating a simplified indirect taxation system," Ficci President Sandip Somany said. The industry body claimed it is generally observed that when members of the Advance Ruling Authority are officers of state tax and central tax departments, they tend to be a revenue-bias while interpreting the provisions .

New GST return filing system will simplify process, says Sushil Modi

Dubbing the new system as GST-2, Modi said the GST council has decided that the new filing system would be launched from October 1 this year.

Dealers to get input tax credit on GST for the post-sale discounts

The dealer would be eligible to get input tax credit on entire amount of GST paid if the discount is given after the sale of product

GST evasion: Authorities arrest two foreign nationals in Chennai

Authorities did not reveal the name of the company and that of the arrested persons

Importers do not need state-wise registration under GST regime

The AAR, Maharashtra, in two recent rulings, said that these companies do not need a separate registration in each state and that a registration where their headquarters are located would be enough

Auto industry united in seeking GST rate cut on vehicles, says SIAM

A media report on Thursday quoted Maruti Suzuki India Chairman RC Bhargava, who opposed the demand for GST cut stating the government cannot afford to reduce taxes

GST council allows Aadhaar for registration, defers decision on EVs

Businesses will be allowed to use Aadhaar for registering themselves on the GST portal.

Govt will take steps for further simplification of GST: President Kovind

The taxation regime, he noted, plays an important role in accelerating economic development

Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds

It said that in the last two days -- June 17 and 18 -- only 1,436 shipping bills filed by total 925 exporters have been interdicted

Volume of litigation under GST regime to grow in a big way: Experts

A spate of show cause notices, statutory appeals and review petitions is likely to grow the volume of litigation substantially over the next two-three years, say experts

Tough tasks ahead

GST Council must focus on rationalising the tax system

New monthly GST return filing system to be rolled out from October: FinMin

Large taxpayers would upload their monthly Form GST ANX-1 from October 2019 onwards

GST Council to consider e-invoicing for firms with over Rs 500-cr turnover

Its introduction, on a voluntary basis for large firms, to be discussed at GST Council meet on June 20

Eight common mistakes to avoid while filing your GSTR-9 return

While the Government is going to be extra vigilant to flag defaulting filers, taxpayers need to be cautious to avoid making any errors, as there is no way to amend the GSTR-9 return once filed.