Page 78 - Gst

Resetting the GST paradigm

The GST Council should consider moving goods and services to lower and fewer rates, to make the GST simpler and easier

Finance ministry to shift to cash basis accounting for GST this fiscal

Only the Integrated-GST, levied on inter-state movement of goods as well as imports, will be shown in March tax collection

GST forms: Delinking of provisional credit with tax payment suggested

In the effort to evolve a consensus over provisional input tax credit for the goods and services tax (GST), stakeholders have asked the group of ministers (GoM) on the subject to de-link this from payment. The panel will make a draft of all suggestions and give it to the GST Council, for the ultimate purpose of having a simpler, single form. The Confederation of Indian Industry (CII) has suggested provisional credit be given on the basis of acceptance of invoices by buyers, not linked to payment by suppliers.Saloni Roy, senior director at consultants Deloitte India, said: "The worry in pursuing the matching concept is, where a purchaser has paid his supplier and the supplier has either not reported his supply or deposited tax, the purchaser is penalised with denial of credit." Prakash Maheshwari, manager, Marg ERP, said the trade wants grant of provisional credit even if tax is not paid by the supplier.CII suggests an option be given to the recipient, in a case of default in payment .

Provisional credit issue a hurdle to simplifying GST; Council to take call

Council to take a call now; six more states to roll out intra-state e-way bill

GoM to meet businesses, experts on GST return simplification today

As per the structure being worked out, businesses having zero tax liability for six consecutive months may get to file returns only twice a year

Gobbledygook and GST rules

The AAR decision stands, even if the said Section 10 is brought into play

5% GST on Railway catering services in trains, stations: Finance Ministry

This would bring about uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations

Legacy of exemptions: Court issues notices to Centre, GSTC

Under the erstwhile tax regime, capital goods that went into production of goods in the states which used to give area-based exemptions were not given input tax credit

GST e-way bill must for moving goods from one state to another from April 1

The platform has been made more robust and as many as 7.5 million inter-state e-way bills could be generated daily without any glitch

Letter to BS: Centre's GST collections have improved in February

The corrective action would not have been possible if the states had not co-operated

Five web portals that can make it easier for SMEs to file GST returns

Six months into the Goods and Services Tax regime, and still the teething problems persist

PwC urges govt to pare 28% GST bracket to 20-22%, merge middle slabs

In its new report, the audit firm urges policymakers to rework definition of 'luxury items' in sync with current standards of living

Unrealistic to expect GST to settle down in less than 10 yrs: Bibek Debroy

On direct taxes front, the NITI Aayog member made a case for removal with exemptions which he said was on government agenda

Too many clamps still in Goods and Services tax rules

The finance ministry says the GST Council reviewed the progress in grant of refunds to exports of both IGST and Input Tax Credit

E-wallet will address GST refund issue of exporters: Suresh Prabhu

As per exporters, about Rs 200 billion is stuck on account of delay in refund of duty claims under the new indirect tax regime

84% of initial GST returns filed for Jul-Dec don't match with final returns

The revenue department has analysed the Goods and Services Tax (GST) returns data filed by over 51.96 lakh businesses during July-December, 2017

32-yr-old jeweller commits suicide, was hit by losses due to GST, note ban

Karad-resident Rahul Rajaram Phalke died instantly after he jumped in front of a Miraj-bound freight train near Shirvade station in Satara district in western Maharashtra

GST: Indian system among the most complex globally, says World Bank report

India has the highest standard GST rate in Asia, and second highest in the world after Chile

Govt not to extend March 31 deadline for selling pre-GST packaged goods

The deadline will not be extended further unless the GST Council decides

Over 10 mn businesses registered under GST; January collection at Rs 880 bn

GST has subsumed over a dozen local taxes, including excise duty, service tax and VAT