24 October 2017
Registered Users : 154260
Current Active Users : 94819

Opportunities

  • Department Of Posts
    Request For Qualification For User Acceptance Testing And Performance Testing Audit And Is Audit.
    Last Date: Nov 07, 2017
  • NHPC Ltd.
    Notice for inviting EOI for Empanelment of Physical Verification Auditors for conducting Physical verification Audit of NHPC Ltd. for F.Y. 2017-18.
    Last Date: Oct 30, 2017
  • Gujarat State Disaster Management Authority
    Tender Document for hiring the services of a Chartered Accountant Firm for Internal Audit of Gujarat State Disaster Management Authority.
    Last Date: Oct 27, 2017
View More »
Home News

Indirect Tax GST 002007

  • IGST refunds for exporters start, but at a slow pace
    Oct 23, 2017
    In some relief to exporters, tax officials have begun clearing pending refunds of Integrated Goods and Services Tax (IGST), albeit at a slow pace.According to official data, of the total IGST claim of Rs753 crore in July, only Rs 132 crore were sanctioned for refund in the first 10 days.The slow pace of IGST refunds is significant given that the GST Council, in its last meeting, had announced that all pending refunds for July and August would be cleared at the earliest — those for July would start by October 10 and for August by October 18. The issue has now been raised by the Finance Ministry as well as exporters, who have urged tax officials to expedite refunds.
  • Valuation rules under GST could lead to transfer pricing disputes
    Oct 23, 2017
    As companies focus on the country’s biggest indirect tax reform — Goods and Services Tax (GST) — an old ghost of transfer pricing (TP) may come to haunt them in the coming years, warn tax experts. Transfer price is basically a price charged by a subsidiary or a division of a company to another. The rules suggest that there has to be an ‘arm’s length’ while fixing this price so that it’s not too low or too high than the existing open market prices. Tax officers can question and demand tax in case they suspect that companies are escaping taxes.
  • Exporters can claim refund this week for GST paid in August, September
    Oct 23, 2017
    Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said today.GST Network (GSTN), the company handling IT infrastructure for the indirect tax regime, has from October 10 started issuing refunds to exporters for Integrated GST (IGST) they paid for the month of July, after matching GSTR-3B and GSTR-1.For August and September, while the initial return GSTR- 3B has already been filed, the final return GSTR-1 has not yet been filed.
  • GST hits excise-free zones; pharma, FMCG companies worried
    Oct 18, 2017
    A new GST reimbursement scheme has left Dabur, Godrej and many other FMCG and pharmaceutical companies worried about their manufacturing operations in Himachal Pradesh, Uttarakhand and some northeastern states where they used to enjoy excise duty exemptions. Apprehension has set in after the department of industrial policy and promotion (DIPP) last week unveiled guidelines of a scheme that replaces the erstwhile excise-free zones, offering 58% central GST reimbursement. Companies that outsource manufacturing to job workers in these states have petitioned the government saying the new restrictions may render their businesses unviable. They are also exploring legal options.
  • GST revenue loss: Centre pays Rs 8,698 crore to states, UTs
    Oct 18, 2017
    The government has provisionally released Rs 8,698 crore to all states and Union territories with legislatures, barring Rajasthan and Arunachal Pradesh, as compensation for revenue losses incurred during July-August on account of implementation of Goods and Services Tax (GST), two officials aware about the development said.Though the compensation payout stands at about 58 per cent of the total amount of Rs 15,060 crore raised from cess during the first two months of the GST rollout, it is expected to rise going ahead as the revenue losses to states were subdued due to higher-than-expected VAT collections in June, officials said.
  • Dining in AC restaurants might get cheaper from next month
    Oct 17, 2017
    Eating out at may become cheaper once again as government is reportedly planning to slash Goods and Services Tax on air-conditioned restaurants in November. The Finance Ministry is favouring a decline in GST charged on AC restaurants, according to a report by ET Now, on the back of consumer complaints about rising restaurants bills since GST rollout in July earlier this year.According to the report, the group of ministers (GoM), led by Assam Finance Minister Himanata Biswas, took up the issue of GST on AC restaurants in its first meeting yesterday.
  • Goods and Services Tax: E-way bill roll-out in abeyance on IT infrastructure concerns
    Oct 17, 2017
    As the Goods and Services Tax (GST) Council deferred the roll-out of the e-way bill in its last meeting on October 6, at the core of the deferment were concerns related to the functioning of the GST Network portal. It is learnt that the Council was of the view that loading the portal with the additional burden of generation of the e-way bill at this juncture might have been counterproductive, an official said.“The working of the portal has been under scrutiny and at present it appears that the focus of the portal and GSTN should be to smoothen the glitches in the return filing process along with enabling the availability of various forms that are required for the smooth implementation of GST.
  • Petrol, liquor, electricity and real estate set to come under GST ambit in J&K
    Oct 17, 2017
    Jammu and Kashmir is set to bring petrol, electricity, liquor and real estate under the ambit of the Goods and Services Tax (GST), making it the first Indian state to take this step, reports Mint.A decision in this regard is likely be part of the state's budget for 2017-18, which is planned for the first week of January.The items - petrol, electricity, liquor and real estate - are currently not a part of the tax regime, and hence, J&K is not compelled to share the revenues.
  • GST on real estate likely to be a lengthy journey
    Oct 16, 2017
    Bringing real estate under the goods and services tax (GST) could take much longer than expected, even as finance ministers are slated to discuss the issue in Guwahati next month. Deliberations will have to be held at the meeting (due November 10) of the GST Council on whether only land will come under the new indirect tax or if stamp duty will also be included, a senior source in the Council told Business Standard. The other important issue is whether bringing in these two will require Constitutional amendments or only legislative changes in the respective
  • GST on AC restaurants may be brought down to 12%
    Oct 16, 2017
    Himanta Biswa Sarma-led five member GoM on GST composition scheme held its first meeting yesterday, during which they reportedly discussed GST rates for restaurants. ET Now learns from top sources that rates for air-conditioned restaurants are likely to come down from 18 per cent to 12 per cent.
  • Banks begin to accept GST input claims to grant working capital
    Oct 16, 2017
    More than 90 days after the roll-out of the goods and services tax (GST), lenders are gravitating to sanctioning working capital loans, especially to micro and small units, against documents used in the new tax regime. They are no longer looking at just sales of the units concerned to decide on loan sanctions. Banks are looking at input credit in deciding how much working capital loans they should advance. The country’s largest lender, State Bank of India, and Union Bank of India, also a public sector bank, have started giving loans, especially to micro,
  • Exporters to get GST refund in bank a/c filed with customs
    Oct 14, 2017
    The government has decided to give GST refund to exporters in the bank accounts they have filed with the customs department and not in those they have mentioned in the GST registration forms. The Central Board of Excise and Customs (CBEC) said it has asked exporters to align their bank account details declared to the customs with that of GST regime. Under the GST rules, refund is to be credited in the bank account mentioned in the registration particulars. Besides, exporters have been declaring details of bank account to customs authorities for the purpose of drawback etc.The CBEC said that there is a possibility that bank account details available with the customs department do not match with those declared in the GST registration form.
  • 3 months into GST, exports grow over 25%
    Oct 14, 2017
    Exports grew at a six-month-high rate of 25.7 per cent in September year-on-year, maintaining the momentum of 13 months of interrupted rise and despite the problems of getting refunds under the goods and services tax (GST) regime.This was the second month of exports expanding in double digits after outbound shipments were up 10.29 per cent in August.The pace of export growth comes after they contracted for more than a year. The country exported goods worth $28.61 billion in September against $22.76 billion in the same month last year.
  • GST: Tax department seeks details of transitional credit data
    Oct 14, 2017
    The tax department has sought explanations from banks and financial institutions, including multinationals, on transitional credit claimed by them in July under the goods and services tax (GST) regime, two people with direct knowledge of the matter said. Deputy commissioners and assistant commissioners (central tax) have issued ‘information summons’ in the last seven days seeking data in five specific areas “by e-mail/hard copy". These include past sales tax records; summary of closing balance of tax (as of June); description of the nature of credits; details of vendor invoices prior to July 1; and details of payments made to vendors and service providers after July 1.
  • GST on petrol, diesel to take time, might cut rates on furniture: Revenue Secretary
    Oct 13, 2017
    Revenue Secretary Hasmukh Adhia on Friday said that the bringing petrol and diesel under the GST regime will take time, while saying that the government is mulling to cut GST rates on mass consumption items. TV reports citing agencies said that the government is looking to cut GST rates on mass consumption goods like furniture, plastic pipes, electric switches, while clearly ruling out bringing fuel under the GST.In the GST Council Meeting on Oct 6, the rate of diesel engine parts and pumps were reduced from 28% to 18%. The council also lowered tax rates on 27 products and a few services, while offering relief to exporters and small and medium enterprises (SMEs).
  • GST rates relaxed for petroleum sector
    Oct 12, 2017
    Two days after Prime Minister Narendra Modi held a meeting with heads in the petroleum industry, the government said it would soon issue notifications lowering the goods and services tax (GST) rates. According to the revised rates, transportation of natural gas through a pipeline would attract 5 per cent GST without input tax credit and 12 per cent with it.About 70 per cent of the assessees under the goods and services tax (GST) had filed detailed sales returns for July as on Tuesday, the official deadline. Low compliance, said officials.No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of the eligible 6.5 mn filed the GSTR-1 return, for the first month of GST.
  • GST Council to discuss bringing real estate under its ambit: Arun Jaitley
    Oct 12, 2017
    The issue of bringing real estate under the GST's ambit will be discussed next month, Finance Minister Arun Jaitley said today, as he acknowledged that it is the one sector where maximum amount of tax evasion and cash generation takes place. The matter will be discussed in the next meeting of the GST Council to be held on November 9 in Guwahati, Jaitley said while delivering the 'Annual Mahindra Lecture' on India's tax reforms at the prestigious Harvard University. "The one sector in India where maximum amount of tax evasion and cash generation takes place and which is still outside the GST is real estate.
  • India reduces GST on bunker fuels; sets tax for offshore exploration, gas sales
    Oct 11, 2017
    Import of oil drilling rigs has been exempted from the Goods and Services Tax (GST) levy to give a boost to domestic exploration and production, the government said today.Nearly all deepsea drilling rigs are imported while a bulk of ones used in shallow waters to drill wells to probe and produce oil and gas are also of foreign origin. Petrol, diesel, jet fuel (ATF), natural gas and crude oil have been kept out of the GST regime, resulting in continuation of cascading effect of tax-on-tax. The issue figured during the meeting Prime Minister Narendra Modi had with CEOs of top international and Indian energy firms on Monday.
  • GST refund rules: Some good news comes for units in excise free zones
    Oct 10, 2017
    The department of industrial promotion and policy (DIPP) has notified the guidelines for manufacturing units in excise-free zones to claim budgetary support in the goods and services tax (GST) regime. According to the notification, these units can claim refund on 58% of the Central tax (CGST) and 29% of the integrated GST paid after using CGST and IGST input tax credit (ITC). The scheme is available for existing eligible manufacturing units operating in Jammu & Kashmir, Uttarakhand, Himachal Pradesh and North-Eastern states including Sikkim, under different industrial promotion schemes. In August, the Union Cabinet had approved budgetary support of `27, 413 crore for an estimated 4,284 eligible units in these states.
  • Government asks taxpayers to file final July GST returns by tomorrow
    Oct 10, 2017
    The government today asked businesses to file final GST returns for the month of July by tomorrow as it ruled out any extension to the due date. "An extension of two months has already been given. There will be no further extension given to taxpayers for filing their GSTR-1 return for July. "Taxpayers who have not yet filed their GSTR-1 for July are advised to do so immediately," the finance ministry said in a statement. Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto-populated. The buyer shall finalise his GSTR-2 after making modifications, if required, in GSTR-2A and avail the Input Tax Credit (ITC).
  • 1 2 3 4 Next Last
Login
Sign Up!  |  Forgot Password?