18 March 2018
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Indirect Tax GST 002007

  • Centre, states sanction Rs 10,000 cr refunds due to exporters: FinMin
    Mar 17, 2018
    The Centre and states have sanctioned more than Rs 10,000 crore as GST refunds to exporters, the finance ministry said today. In a statement the ministry said many of the errors plaguing the claims for refunds are on account of inadequate familiarisation of the exporters with the GST laws and data entry errors in the various GSTRs / forms.
  • Enabling provision: Govt to get Rs 12,000 cr a year if ENA in GST
    Mar 17, 2018
    The imminent inclusion of extra neutral alcohol (ENA) used for liquor production within the ambit of the goods and services tax (GST) will give a considerable boost to government revenue, besides assimilating a largely cash-based (and corruption-prone) sector into the formal economy, analysts said. Officials reckon that an 18% tax on ENA for potable alcohol could yield a revenue of Rs 1,000 crore a month, shareable between the Centre and state governments.
  • Monthly GST revenue close to Rs 90,000 crore, says Finance Ministry
    Mar 14, 2018
    The finance ministry on Tuesday said in the Rajya Sabha that the average monthly goods and services tax (GST) collection in the July-January period stood at Rs 89,767 crore, higher than Rs 87,468 crore reported earlier. The government provides the collection figures a few days after the deadline for filing returns for a particular month expires. However, many taxpayers continue to file returns and pay taxes much after the deadline, thus leading to an increase in the collection at a later date.
  • E-way relief, for now, to e-commerce, courier firms sending small orders
    Mar 12, 2018
    Small orders that are part of a large consignment of multiple deliveries will not require generation of an electronic-way bill from April 1. A relief to e-commerce, courier companies and the like. Only, this relaxation might be temporary. At its meeting on Saturday, the Goods and Services Tax (GST) Council decided to make it mandatory for inter-state movement of goods worth over Rs 50,000 to have e-way bills from April 1. The requirement for such bills in intra-state movement would be implemented in a phased manner.
  • Government eases norms for e-way bill generation
    Mar 09, 2018
    The government has made some changes to the e-way bill rules to further simplify the procedure for movement of goods under the Goods and Services Tax regime, giving more relief to smaller businesses, FMCG, courier and e-commerce companies. Under the new rules, in the case of intra-state movement of goods, there will be no need for eway bill if the consignment’s total value is over Rs 50,000 but the individual consignment is valued at less than Rs 50,000, giving relief to e-commerce and courier companies that move packages for delivery.
  • Simplifying GST returns: How the removal of ITC payment linkage will benefit SMEs
    Mar 09, 2018
    The Goods and Services Tax (GST) was introduced with effect from July 1, 2017. GST replaces different taxes and also aims at simplifying indirect taxation. The GST Council has been working continuously for making many improvements for better implementation. While the efforts of the GST Council are laudable, there is one important and vexatious problem that needs to be addressed to ensure GST roll out is smooth for all taxpayers, more so for those in the SME sector.
  • GST Council to weigh proposal to further delay rollout of e-way bill
    Mar 08, 2018
    The GST Council meeting will on Saturday consider proposals to further delay rolling out the e-way bill system by about 5-6 months and levy GST on a concentrated form of alcohol. The 26th GST Council meeting will also try to reach a consensus on simplifying tax returns. The GST Council meeting, earlier planned as a video conference, will now be held in New Delhi as this is expected to make it easier to explore consensus on technical issues relating to tax rebates that are proving to be a stumbling block in simplifying tax returns, a person privy to the development said on condition of anonymity.
  • GSTR-3B may be extended till June, simplified return forms on cards
    Mar 08, 2018
    The GST Council in its meeting on Saturday is likely to extend the deadline for filing of simplified sales return GSTR-3B by three months till June. The Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is also expected to finalise a simplified return filing procedure for businesses registered under Goods and Services Tax (GST) regime. "The new return filing system, if agreed upon by the Council, would take about 3 months to be implemented. Till then GSTR-3B could continue," an official told PTI.
  • E-way bill may not be needed for small orders
    Mar 07, 2018
    Small orders that are part of a large consignment out for multiple deliveries within a state may not require an electronic-way (e-way) bill in the goods and services tax (GST) regime. This will come as relief for e-commerce and consumer goods suppliers. The e-way bill requirement will be limited to items priced over Rs 50,000 for intrastate supply. This is among changes expected in the GST e-way bill to ease the compliance burden and will likely be taken up by the GST Council during its meeting on Saturday. The exemption, however, will not apply to interstate movement of consignments.
  • GST revenue growth in 2018-19 to match last 10 years’ indirect tax growth, says SBI report
    Mar 06, 2018
    The goods and services tax collection would grow at a rate of 14 percent to 16 percent for FY18-19, IANS said citing SBI Ecowrap report. The report described the GST collection targets estimated for the ongoing fiscal and the next fiscal as ‘overtly aggressive’. The report also says that at a growth rate of 14 percent to 16 percent, the GST collection growth would be closer to the decadal growth rate in indirect taxes of under 14 percent.
  • Priority lending certificates come under 18 per cent GST: Government
    Mar 03, 2018
    The government has clarified that priority lending certificates of banks are in the nature of goods and liable to tax at the rate of 18% under GST. Experts say by extension things like bitcoins, carbon credits, etc. could become taxable under the GST. “It has also been clarified that priority sector lending certificates are subject to GST as 'goods' which could have ramifications on things like bitcoins, carbon credits etc,” said Pratik Jain, partner and leader-indirect tax, PwC.
  • GST collection in January dips marginally to Rs86,318 crore
    Feb 28, 2018
    The finance ministry on Tuesday said GST collection in January slipped marginally to Rs86,318 crore in January, from Rs86,703 crore in December.“The total revenue received under GST for the month of January 2018 (received in January/February up to 25 February 2018) has been Rs86,318 crore,” the finance ministry said in a statement. GST collections had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
  • Offline mechanism too for delayed GST refunds to exporters
    Feb 27, 2018
    The government has created an alternative offline mechanism to address the issue of delayed goods and services tax (GST) refunds to exporters, which gives them an opportunity to approach a customs officer to correct errors that may have caused the delay. “Recognising that invoice mismatch has been the major reason why the refunds have been held, it has been decided to provide an alternative mechanism to give exporters an opportunity to rectify such errors committed in the initial stages,” the Central Board of Excise & Customs (CBEC) said in a circular.
  • 50,000 housing societies in Mumbai Metropolitan Region to fall under GST net
    Feb 27, 2018
    Around 70,000 co-operative Housing Societies (CHS) in Maharashtra will have to register under the Goods and Services Tax (GST) regime as their annual turnover (collections) is likely to exceed the Rs 20-lakh mark, according to a report by The Times of India. Out of the 70,000 such societies, as many as 50,000 are in the Mumbai Metropolitan Region (MMR), senior co-operative officials have confirmed.
  • E-way bill may be relaxed for e-commerce players if orders are small
    Feb 26, 2018
    E-commerce players such as Amazon and Flipkart may get exemption from having to generate an electronic-way bill (e-way bill) under the goods and services tax (GST) if there are multiple deliveries on the same trip.The e-way bill is set to be introduced on April 1 for interstate movements of goods worth at least Rs 50,000, and in a phased manner for intrastate movements subsequently.This is one of the proposals to be tabled before the GST Council on March 10. The Council will also take up other measures to simplify the e-way.“A slew of changes in the e-way bill are being deliberated in line with the industry demand. The idea is to remove difficulties faced by companies.
  • Govt refunds Rs 4,000 crore to exporters; asks them to clear mismatch issues
    Feb 24, 2018
    Even as the government grapples with incomplete details and mismatch errors in refund claims by exporters, it has refunded Rs 4,000 crore out of verified claims of Rs 5,000-6,000 crore on account of payment of Integrated GST (IGST) on exports under the goods and services tax (GST) regime.
  • One week to go! GST mop-up in January blows past Rs 90,000 crore
    Feb 16, 2018
    The pace of goods and services tax (GST) revenue, which gathered momentum in December after hitting a nadir in November, has accelerated further in January in what could validate the Centre’s optimistic estimates of revenue from this comprehensive indirect tax in the recent Budget. According to official sources, January GST mop-up was over well over Rs 90,000 crore on Wednesday, even as close to a week remained for taxpayers to file the month’s tax returns.
  • No GST on food served by hospitals to in-patients
    Feb 15, 2018
    The GST will not be charged on the cost of food served to patients by hospitals as advised by doctors, the government has said. However, patients who are not admitted will have to pay tax on the total value of food served by the hospital. In a set of FAQs, the Revenue Department also clarified that no Goods and Services Tax (GST) would be levied on services provided by senior doctors/consultants/ technicians hired by the hospitals as these are covered under healthcare services.
  • GST mop up could top Rs 1 trillion a month post anti-evasion steps
    Feb 14, 2018
    Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said on Tuesday. Once the GST return filing+ process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and matching the database of people filing GST with Income Tax returns filed, they said.
  • GST tweak brings relief to soft drink makers
    Feb 12, 2018
    A differential tax under the GST regime for various beverages has come as a boon for some soft drink players, which are reeling from heavy taxes on aerated drinks. Coca-Cola India, which last November launched Thums Up Charged, after the government announced the GST rates, falls in the 18 per cent slab. But its mother brand Thums Up and other cola drinks pay a stiff 40 per cent. A differential tax under the new goods and services( G ST) regime for various beverages has come as a bo on for some soft drink players, which are reeling from heavy taxes on aerated or carbonated drinks.Coca-Cola India, which last November launched Thu ms Up Charged, the first variant of its iconic brand, after the government announced the G ST rates, falls in the 18 percent GSTs lab.
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