18 January 2018
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Indirect Tax GST 002007

  • GST: Compliance falls for invoice returns
    Jan 18, 2018
    Compliance level for GST invoice-level filings continues to be low despite several extensions and, in all probability, are just over 30% right now. In the case of summary returns, however, compliance levels have been higher at around 65-70%. Detailed invoice-level filings are important because it is only after these details are available that GST authorities can check the levels of tax evasion. While the break-even GST collection is likely to be in the range of Rs 95,000-1,00,000 crore per month, in April-November collections have averaged Rs 87,000 — after Rs 92,000 crore for July, collections fell to Rs 81,000 crore for November.
  • Council may cut GST rates for 70 items; 40 on revision list
    Jan 17, 2018
    A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday. With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses.
  • Single GST form likely for service providers
    Jan 16, 2018
    Service providers such as telcos, banks, insurers and airlines may need to file just one centralised form in respect of the goods and services tax (GST), which will substantially ease the compliance burden on service providers with a multi-state footprint. The GST Council is expected to consider on January 18 significant relaxation in the law and procedures, including a centralised registration facility to make compliance easier.
  • GST Council may lower rates for farm gear, electric vehicles next week
    Jan 12, 2018
    The GST Council may take up rationalisation of the goods and services tax (GST) rates for a handful of items at its meeting next week. These items include bio-diesel buses, electric vehicles and irrigation equipment. The GST Council meeting will be its last one before the presentation of the Union Budget on February 1. The relatively small list for rate reduction was finalised by the fitment committee earlier this week and may be taken up by the GST Council, which is headed by Finance Minister Arun Jaitley and comprises state finance ministers.
  • Hostel mess facility to attract 5% GST: Finance ministry
    Jan 11, 2018
    Mess facility provided to students and staff will attract 5% GST irrespective of whether it is provided by educational institution or outside contractor, the finance ministry said on Wednesday. The Central Board of Excise and Customs (CBEC) has issued the clarification in view of queries regarding the tax liability and the rate of goods and services tax (GST) leviable on services provided by a college hostel mess. "Supply of food or drink provided by a mess or canteen is taxable at 5% without Input Tax Credit... It is immaterial whether the service is provided by the educational institution itself or the institution outsources the activity to an outside contractor," the CBEC said.
  • How GST has taken the suspense out of Budget
    Jan 11, 2018
    The Goods and Services Tax (GST), which was imposed on July 1 last year, radically changed many things in Indian economy. One change that has gone unnoticed is its impact on the Budget. The GST has shorn the Budget of its suspense and mystery by taking away half of its work, the indirect taxes. Now GST Council decides tax rates for goods and services. In fact, Finance Minister Arun Jaitley had dropped indirect tax proposals in his previous Budget in anticipation of GST coming in force after a few months.
  • Is handmade butter a handicraft item? GST council to meet soon to fix new anomaly
    Jan 10, 2018
    Is handmade butter a handicraft item? Should wooden furniture qualify as handicrafts? The upcoming Goods and Services Tax Council meeting on January 18 may adopt a new definition of what constitutes a handicraft item as it looks to clear the air on the much-litigated issue even as the country looks to boost export of handicraft products.A committee, set up by the council, has proposed a reduction in GST rate on the jobwork for handicraft items to 5%.
  • Karnataka flags delay in IGST refund
    Jan 10, 2018
    Karnataka Minister for Large, Medium Industries and Infrastructure Development RV Deshpande has said delay in refund of IGST (Integrated GST) has resulted in blockage of capital, especially for MSMEs.Participating at the third meeting of Council for Trade Development and Promotion in New Delhi, he said the delay burdened MSMEs with huge interest payments.“Major textile and apparels exporters from Karnataka like Himmatsingka, Shahi Exports, Gokuldas, Kanvas etc are facing the problem and a mechanism is needed for prompt refund of IGST,” he added.
  • As revenue shortfall likely from GST, here is what Narendra Modi government may well do
    Jan 08, 2018
    With a likely shortfall in GST collections for 2017-18, the government is expected to hold back a big chunk of unallocated Rs 1.2 lakh crore of IGST (integrated goods and services tax) to ensure the fiscal deficit doesn’t slip by more than 20 basis points. Economists point out that the revenues foregone on account of the cut in excise duties on auto fuels, smaller dividends from the Reserve Bank of India (RBI) and lower-than-expected receipts from telecom may result in the fiscal deficit coming in at 3.5% of GDP against the targeted 3.2%.
  • Standard procedure for GST profiteering complaints soon
    Jan 08, 2018
    Faced with increasing number of complaints under the anti-profiteering rules, the Finance Ministry will soon come out with a standard operating procedure (SOP) for handling grievances relating to over-charging after GST roll out. As many as 170 complaints have been filed before the standing committee and screening committee by consumers against businesses for not passing on benefits of tax rate reduction since the roll out of Goods and Services Tax (GST) from July 1. Of this, 50 have been referred to the Directorate General of Safeguards (DGS) for further investigation on profiteering complaint.
  • Government collects Rs 38K cr as compensation cess between July-November
    Jan 06, 2018
    The government today said it has collected over Rs 38,000 crore between July-November by levying cess on luxury and demerit goods under the GST regime. Under the GST regime, a cess is levied on luxury, demerit and sin goods to make good the loss suffered by the states on account of roll out of the new indirect tax regime. This is levied on top of the highest tax rate of 28 per cent on these goods. Goods and Services Tax (GST), which amalgamated over a dozen local taxes, including excise and service tax, was implemented from July 1, 2017.
  • Taxman plans to match GST invoices to plug revenue leakage
    Jan 04, 2018
    The GST Council may move the sales and purchase invoice matching system to the back end. It will do so to keep tabs on missing transactions and check over-claim of input tax credits in the goods and services tax (GST). At present, assessees claim input credits themselves by filing summary input- output returns, and the tax authorities do not have any clue whether the claims are correct or not. The process of invoice matching was supposed to be done by the assessees, though it was deferred till March.
  • Pre-GST credits soar to Rs 90,000 cr
    Jan 02, 2018
    Even after the tax department casting a critical eye on the unexpectedly high claims of transitional credits by businesses paying the goods and services tax (GST), such credits have soared to upwards of Rs 90,000 crore till the December 27 deadline, up nearly 40% from September, sources told FE. The facility to avail these credits — for the taxes like excise, service tax and state VAT paid in the year prior to the GST launch — has been staggered to avoid a big revenue impact in a shorter period.
  • GST six months on: India's new indirect tax regime still a work in progress
    Jan 01, 2018
    The GST Council made a number of course corrections involving the rate structure, making life easier for SMEs, altering the timelines of the e-way Bill and putting in place an anti-profiteering mechanism. However, more correctives are needed. The goods and services tax (GST) is yet to stabilise six months after it was introduced with rules and rates undergoing frequent revisions. Lower than expected revenue collection has prompted the government to tighten enforcement.
  • GST refund woes bite exporters
    Jan 01, 2018
    Non-payment of tax refunds and last-mile procedural glitches have continued to be the biggest bane of exporters in the new tax regime. The issues have shaved off higher growth prospects for outbound trade. A sharp rebound in exports in November, though, might present another picture. But experts attributed this to other factors such as rising commodity prices and a low base effect. Exporters said a staggering Rs 50,000 crore worth of tax refunds were yet to be released by the Centre and state governments, leading to a severe crunch in working capital for traders.
  • Government to implement e-way bill from February as tax mopup slips
    Dec 30, 2017
    Nearly six lakh taxpayers availing the simple composition scheme under the GST have paid a tax of only about Rs 250 crore for July-August, leading the government to suspect large scale evasion. The government fears lack of monitoring of cargo movement could have allowed cash dealing across the entire value chain to evade taxes, which could have been reason for the sharp decline in GST collections in past two months. Nationwide launch of the eway bill from February 1 is expected to check evasion by ensuring goods are tagged and tax paid, a government official said.
  • Anti-profiteering body gets 169 complaints
    Dec 30, 2017
    The anti-profiteering authority set up to look into complaints of profiteering from the goods and services tax has so far received 169 complaints alleging that suppliers of goods/ services have not passed on the GST benefits to customers. Legal metrology department is also separately dealing with violations of its circular related to revision of MRP (maximum retail price) provisions following implementation of GST, the government informed the Lok Sabha in reply to a requisition on Friday.
  • Government extends deadline to file final GST returns till January 10
    Dec 30, 2017
    The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 earlier. For businesses with turnover of more than Rs 1.5 crore GSTR-1 has to be filed for the period July-November by January 10.
  • Lok Sabha passes bill for GST cess hike on luxury cars to 25%
    Dec 28, 2017
    The Lok Sabha on Wednesday approved a bill to raise the maximum cess levied on luxury cars from 15% to 25%, a move aimed at enhancing central funds to compensate states for revenue loss due to the implementation of the goods and services tax (GST). Amid din, the Lower House passed the GST (Compensation to States) Amendment Bill, 2017, that seeks to replace the ordinance issued in September following the GST Council’s recommendation at its 5 August meeting to increase the maximum rate at which compensation cess could be collected on certain automobiles.
  • Streamlining move: GST forms may go from 3 to 1 to ease the procedure
    Dec 28, 2017
    The Goods and Services Tax Council may consider merging triplicate comprehensive tax return forms (GSTR-1, 2 and 3) into one consolidated form as it meets here on January 18 in a bid to reduce hassles for taxpayers while also enabling the crucial invoice-matching process, which it reckons is necessary to check tax evasion. Though compliance with these forms has been deferred to April to accommodate taxpayer’s concerns over it being cumbersome, the government is keen that the system is streamlined without any further delay.
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