26 June 2017
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Indirect Tax GST 002007

  • GST impact on key sectors
    Jun 26, 2017
    Consumer durables: Margins may expand White goods, including refrigerators, air-conditioners and washing machines, will be taxed at 28 per cent under GST. Currently, the rate is about 27 per cent (could be higher for States that charge VAT of over 13.5 per cent). So, post July 1, prices of consumer durables may not rise sharply. Manufacturers may only see benefit, as input tax credit will.
  • GST Network reopens for registration
    Jun 26, 2017
    With barely five days left for the roll-out of the goods and services tax (GST), the GST Network (GSTN), a company that provides information technology systems for the GST, reopened registration for assessees on Sunday.That was for new assessees not enrolled in the existing tax system — central excise duty, service tax and state-level value added tax — and for tax practitioners such as chartered accountants.
  • GST can help households save nearly Rs 5,000 in a year
    Jun 26, 2017
    The month of July, when the Goods and Services Tax (GST) comes into force, will not be much different for Sumitra, 34, a resident of Delhi.When she goes out to buy monthly grocery after July 1, she will not find the GST hitting her budget, though the new prices might help her save a few hundred rupees every month.
  • Understanding GST registrations: For non-residents and importers
    Jun 26, 2017
    Any person doing business or providing services with a taxable turnover of over Rs.20 lakhs is required to mandatory register for GST in India. Besides this, concept of Casual Registration, Voluntary registrations also been introduced.Further registrations by Non Residents, Registration by agent supplying goods, Input Service Distributor, E-Commerce operators & those selling through E-commerce operators and those providing online information and database access or retrieval services from a place outside India to a person in India have also been made mandatory.
  • Expert view: GST's impact on inflation - 50% prices untouched, 30% lowered, 20% increased
    Jun 26, 2017
    One of the fears about the Goods and Services Tax (GST), globally, is that consumer prices can stay higher for longer because tax increases are passed on faster than tax cuts. Thus, Australia and Malaysia had to take steps to curb inflationary pressures after introducing GST.GST Council in India has assured that the effective tax on all businesses put together would be lower under GST than now.
  • Big relief for e-commerce firms: Tax collected at source provision deferred to a later date
    Jun 26, 2017
    The government has said provision relating to tax deducted at source and tax collected at source will kick in only from a date that will be notified later, giving relief to Ecommerce players who will not have to collect tax on payments to vendors from July one post goods and services tax roll out. The provisions of Tax Deduction at Source (Section 51 of the CGST / SGST Act 2017) and Tax Collection at Source (Section 52 of the CGST/SGST Act, 2017) will be brought into force from a date which will be communicated later," an official statement said on Monday.
  • With just 4 days left, government defers TDS, TCS under GST to ensure smooth rollout
    Jun 26, 2017
    With just 4-days left for GST rollout, the government has deferred implementation of TDS and TCS provisions as well as exempted from registration small businesses selling on ecommerce platform. E-commerce companies will not be required to collect 1 per cent TCS (Tax Collection at Source) while making payment to suppliers under the Goods and Services Tax (GST) which will be rolled out from July 1. As per the Central GST (CGST) Act, the notified entities are required to collect TDS (Tax Deducted at Source) at 1 per cent on payments to suppliers to goods or services in excess of Rs 2.5 lakh. This provision has been kept in abeyance.
  • Railways get GST relief, exempted from IGST on rolling stock
    Jun 24, 2017
    In further relief to Indian Railways, the goods and services tax (GST) Council has exempted the carrier’s inter-state movement of rolling stock such as coaches and locomotives. This is in addition to tax exemption that the railways got earlier for inter-state movement for repair and maintenance. The latest move will save the carrier from paying IGST when its rolling stock moves across state or from manufacturing units to zones.
  • GST registrations for e-commerce, new cos to begin on June 25
    Jun 24, 2017
    Ecommerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sunday next and will remain open for three months.The GSTN portal will now start accepting fresh registrations from June 25. The registration will also start for GST practitioners, Tax Deductors at Source (TDS) and e-commerce operators, which are required to collect tax at source, GSTN said in a statement.
  • Incentive Schemes For Exporters Will Continue Post GST
    Jun 24, 2017
    The incentive schemes designed for promotion of exports will continue even after the Goods and Services Tax roll out from July 1, while deemed export benefits may be withdrawn. The government is committed to continuing incentive schemes for export promotion, Commerce Secretary Rita Teaotia said while addressing exporters at an event. However, she clarified that deemed export benefits may be discontinued, as GST will bring about a level playing field, Federation of Indian Exports Organisation said in a statement. Deemed exports refer to the transactions in which the goods supplied do not leave the country and the payment for such supplies is received either in Indian currency or free foreign exchange.
  • SEZ Law to be Amended Before Jul 1
    Jun 24, 2017
    Days before the goods and services tax (GST) is rolled out, the government will rush an ordinance to amend the law for special economic zones (SEZ) to align it with the incoming tax regime. The government is also working on a scheme that will directly transfer some taxes paid by exporters to their accounts to ensure a smooth ride for them when this tax reform is rolled out, reports Deepshikha Sikarwar.
  • Penalty upto Rs 10,000 to 5 year jail term under GST; here is what you need to avoid
    Jun 24, 2017
    Prime Minister Narendra Modi-led government had decided to roll outthe Goods and Service Tax (GST) from July 1. Which means from the first day of the next month, the country will be under the new game-changer tax policy. According to a report by Bhaskar, if anyone who gets involved in tax evasion or fraud under GST, will have to face certain consequences, which can even mean going behind the bars. The government is going to implement laws in relation to GST and even though Centre says the intention is not to harass anyone, laws have to be obeyed.
  • Telecom to banking, most services to be costlier with GST
    Jun 23, 2017
    For some days now, several service providers — from insurance and banking to telecom and hotels — have been sending emailers to customers warning of a GST-driven increase in prices starting July 1.Alarmed and unconvinced, the revenue department in the finance ministry has roped in other ministries to impress upon industry to adjust input tax credit against possible increase in tax liability.
  • Consumer-facing firms selling cars, electronics will be GST-ready only by mid-July
    Jun 23, 2017
    Consumer-facing companies selling groceries, medicines, cars and electronics could be ready for the new goods and services tax regime only by mid-July as a significant part of their ecosystem — dealers, wholesalers and retail stores — still lack basic IT infrastructure and licences for the transition.Larger companies are well on their way in putting systems in place. From the compliance perspective, they have got leeway to put it in place till August,” said Hitesh Sharma, partner.
  • FMCG companies may not make higher profits on lower GST rates
    Jun 23, 2017
    Lower rates of GST may not necessarily mean higher profits for Indian consumer firms, while the converse is equally true for those selling in limited pockets. The reason is a simple averaging of tax rates across all states instead of weighted averages, which would have mapped sales volumes to levies in the relevant states.On the surface, tax rates of certain products would have seemingly come down compared to existing rates under GST. But some companies may still have to increase.
  • Railways fears jump from 4 percent to 18 percent in tax rate under GST
    Jun 23, 2017
    The Indian Railways is worried that the tax treatment of work contracts in the goods and services tax (GST) regime would inflate its cost of expansion, as the contractors threaten the additional tax liability on them will reflect in contract values. With the transporter’s output tax liability limited — it pays service tax on passenger fares of about Rs5,000 crore annually —, it hasn’t got sufficient avenues for set-off of input taxes. The tax rate for work contracts in the GST regime will be 18%, compared with an effective rate of 4% (state VAT) now.
  • All states sans J&K pass SGST Bill to keep date with July 1
    Jun 22, 2017
    All states and Union Territories, barring Jammu and Kashmir, have passed their State GST Act, paving the way for rollout of the Goods and Services Tax from the mid-night of June 30-July 1. While Kerala and West Bengal have issued an ordinance to approve the SGST Act, all other states and UTs have passed it in their respective legislative assemblies.As of today, all the states and Union Territories (having assemblies), except the State of Jammu and Kashmir, have passed the State Goods and Services Tax (SGST) Act," a finance ministry statement said.
  • Retailers need to file single GST return every month: Hasmukh Adhia
    Jun 22, 2017
    Days before the rollout of the landmark GST, the government today sought to dispel the notion that the new tax regime will be cumbersome and compliance- heavy, saying taxpayers need to file only one return every month, similar to what they presently do.In an interview to PTI, Revenue Secretary Hasmukh Adhia said the notion that assessees will have to file three returns every month is unfounded and retailers or B2C dealers need not give invoice wise details every month.
  • Ministry of Electronics and Information Technology launches GST portal
    Jun 22, 2017
    The Ministry of Electronics and Information Technology has launched a dedicated webpage to address issues related to Information Technology Services and Electronics goods ahead of the roll out of the Goods and Services Tax on July 1.The ministry said in a statement that the webpage can be accessed through Ministry’s Web Portal at http://meity.gov.in/.
  • GST plays killjoy as clubs, NGOs face higher taxes on fundraisers
    Jun 21, 2017
    Come July and goods and services tax (GST) will play party-pooper to many fundraisers or charity events organised by non-government organisations (NGOs) and non-profit clubs. There is likely to be a steep decline in events as the total landed cost of holding them would increase by at least 20%.Many clubs and NGOs that hold meetings or fundraising events would not be able to get an input credit of the food expenses unlike in current tax regime where they would get sales tax credit.Not just that, many clubs and NGOs are complaining that under GST they won’t even get input credit on GST paid on the fees paid by their members.“Fundraisers may just become an expensive affair.
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