27 April 2017
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Indirect Tax GST 002007

  • Only 34% service taxpayers move to GST Network, CBEC ups outreach
    Apr 27, 2017
    The revenue department is stepping up its outreach programme, asking taxpayers to register with the GST Network by this month-end as only 34 per cent of the existing service tax assessees have so far migrated to the new payment portal. There are a total of 80 lakh VAT, excise and service tax assessees. While over 75 per cent of VAT and 73 per cent of the central excise assessees have switched to the GST Network (GSTN), the figure for service tax is a meagre 34 per cent of the existing assessees.
  • GST will not push up prices, says Adhia
    Apr 26, 2017
    Revenue Secretary Hasmukh Adhia on Tuesday held out the assurance that prices of goods and services will not see an increase under the Goods and Services Tax (GST) regime.For instance, goods that currently have a tax incidence of 32 per cent will be taxed at about 28 per cent under GST, he told reporters at a GST Conclave organised by the Finance Ministry.“Almost 60 per cent of the income of the Centre and the States comes from items that attract 14 per cent value added tax and 12.5 per cent excise duty. There will be a likely decrease on the tax on each of these items under GST,” he said, adding that GST will reduce the cascading of taxes and help ease inflation.In the case of services, which will see a higher tax of 18 per cent under GST (as against the 15 per cent service tax rate now), Adhia said the tax incidence will be the same. This is because a majority of the services will get input tax credit on purchases and the overall tax incidence will remain the same. This will be especially so in the case of banks and insurance companies.“There could be a marginal increase of tax for some services,” he said.
  • They are big financiers of the India story, but GST is making them nervous.
    Apr 26, 2017
    Indian venture capitalists and private equity firms that pumped $15 billion into companies in 2016 are wary that come July, when the goods and services tax (GST) rolls out, their representatives/directors could be vulnerable to tax dues of investee companies even retrospectively. The new law gives tax authorities the right to extract the full claim with interest and penalties from these directors exposing their personal assets and property to the risk of confiscation. This can happen only if it is proven that the non-recovery is attributed to gross neglect, misfeasance or breach of duty by the directors.
  • Taxpayers 'virtually' have to file only one return under GST: Revenue Secy
    Apr 26, 2017
    The fear that three returns in a month and one annual return under the proposed Goods and Services Tax (GST) would make the whole process very cumbersome and compliance-heavy is unfounded and exaggerated, said Revenue Secretary Hasmukh Adhia in an interaction with media here today. Explaining how filing returns would not be as cumbersome as it is made out to be, Adhia said that when a supplier uploads details of the sales invoices generated in the GST system, and files GST Return-I, the details from the suppliers GSTR-I automatically gets updated in the GST Return II (GSTR-II) of the purchaser. All the recipient needs to do is amend or modify and file the GSTR-II by 15th of every month.
  • Low GST rate could hit small jewellers
    Apr 25, 2017
    There's a bit of a paradox in the lobbying by various trade and industry bodies of bullion dealers and jewellers for fixing the coming Goods and Services Tax (GST) rate not higher than what they pay on Monday.For, say experts, a lower GST rate could be detrimental to the small jewellers, the ones who get their saleable items done by job workers.This is the GST on job work charges would be 18 per cent. Whereas, to stay at the same level as the present levy, the GST on jewellery would be two per cent. Which is all that small jewellers may charge from customers, while they'd be paying much more to get the job work done.
  • Professionals may face GST as 'casual taxable persons'
    Apr 25, 2017
    If you are an interior decorator based in Mumbai and are providing services on-site to a client in Bengaluru (where you don't have a fixed place of business), then irrespective of your turnover, you will have to register under Goods and Services Tax (GST) in the state of Karnataka.Small businessmen or professionals (such as architects, fashion designers, make-up artists, trainers, musicians, stand-up comedians — et al) providing taxable goods or services may find that they have to register under GST if the term 'casual taxable person' applies to them. This registration will be required even if they fall below the threshold limit for GST levy. Currently, the exemption limit for GST is a turnover of Rs 20 lakh (Rs 10 lakh in NE states).
  • GST to boost growth by 4.2%: Federal Reserve
    Apr 24, 2017
    The goods and services tax (GST) can boost India’s GDP growth by up to 4.2% — double the previous estimate — as lower taxes on manufactured goods will bump up output and make products cheaper, a U.S. Federal Reserve paper said.GST, it said, could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levies.Dubbed as the biggest tax reform since Independence, GST will unify at least 10 indirect taxes into one to be collected at State and central levels.
  • GST boost for brick-and-mortar retail expansion
    Apr 24, 2017
    The Goods and Services Tax (GST) regime will be a shot in the arm for the brick-and-mortar retail industry, which has faced major competition from online e-commerce players in the past few years. Besides the uniform tax, the execution challenges for physical stores are expected to reduce significantly after the implementation of the GST, which has brought optimism for retailers to expand aggressively. “Today e-commerce companies get an advantage in terms of taxation,” said Kishore Biyani, chief executive officer (CEO), Future Group,
  • CBEC gears up for GST roll-out
    Apr 24, 2017
    In the run-up to the goods and services tax (GST) roll-out, the Central Board of Excise and Customs is set for a major revamp with resect to tax intelligence, information technology, risk assessment, post-clearance audit, taxpayer services, among others.The Board, which is being renamed as the Central Board of Indirect Taxes and Customs (CBIC), will fortify and expand its intelligence wing — directorate general of GST intelligence — to fight against tax evasion and clamp down on black money.“There are a lot of areas where maturity of the administration needs to go up. We are not able to perform in those (areas) due to lack of workforce and resources.
  • Govt open to September roll-out of GST
    Apr 22, 2017
    The Narendra Modi government is open to the idea of delaying the roll-out date for the goods and services tax (GST) to September this year, if the situation so demands. A senior government official told Business Standard that while the July 1 deadline was still the target date, it could be reviewed if the consensus was that the Centre, states, GST network (GSTN) and the private sector were still not ready for it. “In any case, why should we announce a new date for the GST roll-out at this point in time?” he asked, while rejecting suggestions made by some quarters,
  • ‘Keep truck owners, drivers out of GST purview’
    Apr 22, 2017
    To prevent the derailment of the proposed rollout of GST from July 1, the Indian Foundation of Transport Research and Training (IFTRT), an independent transport research body, has called for keeping truck owners and drivers out of the GST ambit.“They should not be asked to register under the Goods and Services Tax (GST) network as they only carry the electronic way bills numbers (EBN) of goods booked by the common carriers,” SP Singh, Senior Fellow, IFTRT, said.
  • Friendly advance ruling mechanism to smoothen ride under GST regime
    Apr 21, 2017
    India is planning a significant shift toward a litigation-free environment under the GST regime, creating a liberal mechanism that would allow all taxpayers to ascertain liabilities beforehand. The draft rules for advance ruling mechanism will allow all categories of taxpayers to approach the authority, unlike the existing system that restricts the facility to proposed transactions before the start of a business. The advance ruling infrastructure will also ensure that every commissionerate has an authority, with a joint commissioner level officer as a member. This is modelled after global best practices in which advance ruling is treated as a revenue function, and carried out directly by revenue authorities without being passed on to any quasi-judicial entity.
  • Record of goods lost, stolen, gifts to be maintained in GST
    Apr 21, 2017
    A record of goods lost, stolen or destroyed as well as those given as free sample and gifts will have to be maintained under the new goods and services tax regime, which kicks in from July 1. Also, each volume of books of account will have to be maintained with serial numbers and any entry in registers, accounts and documents will not be erased, effaced or overwritten, say draft rules for maintaining record under the GST.The rules, released by the CBEC, provide for maintaining separate account or records for each activity, including manufacturing, trading and provision of services.
  • Govt releases further draft rules on GST
    Apr 20, 2017
    Every entity registered under the proposed goods and services tax (GST) might have to maintain separate accounts relating to each activity. This is a part of the draft GST rules on accounts and records released by the Centre on Wednesday. It also released draft norms on advance ruling and appeals and revision. “Tax payers need to maintain invoices, supply bills, challans, credit & debit notes, etc for each activity,” said Rakesh Nangia, managing partner Nangia & Co.
  • Relief to consumers, under GST, tax rates for most goods to fall
    Apr 18, 2017
    The Goods and Services Tax (GST) Council’s resolve to minimise rate shocks will result in reduction in the nominal tax rates for a vast majority of goods. Half of the items in the Consumer Price Index (CPI) basket will be exempt from GST and another tenth will be taxed at the lowest rate of 5%. The balance CPI goods would come under either of the two standard rates of 12% or 18%, rather than the highest rate of 28%.Though the current nominal tax rates for some CPI goods and many other mass-consumption and everyday use items like mobile phones, refrigerators, cosmetics and baked food are close to the highest GST rate of 28%, these too will likely fall under 18% GST, sources privy to the discussions in the council’s technical committee on fitment of rates told FE.
  • GST: Government looking to keep single rate for each product group to avoid complexity
    Apr 17, 2017
    After having opted for multiple rates under the upcoming goods and services tax (GST) regime, India is now looking to keep variations in rates on the same types of products at a minimum to ensure that the tax structure does not get any more complicated. For example, all types of footwear or mobile phones could attract the same rate. “Single rate for one product group will bring simplicity in the structure and make implementation easier,” said a government official, adding that differing rate structures within one segment could lead to unnecessary disputes and litigation. GST is expected to be rolled out on July 1.
  • GST: CBEC proposes e-way bill for goods worth Rs 50,000 in transit
    Apr 15, 2017
    The rules authorise the tax commissioner or an officer empowered by him on his behalf to intercept any conveyance to verify the e-way bill or the number in physical form for all inter-state and intra-state movement of goods. (Reuters)Moving goods worth more than Rs 50,000 under GST will require prior online registration of the consignment and securing an ‘e-way bill’ that tax officials can inspect anytime during the transit to check tax evasion. The Central Board of Excise and Customs (CBEC) has issued draft rules on Electronic Way (e-way) bill that require registered entities to furnish, in a prescribed format, GST-Network (GSTN) website information relating to any goods worth more than Rs 50,000 they intend to move within a state or outside.
  • CBEC sanctions Rs 1 crore to each zone for GST outreach
    Apr 15, 2017
    Racing against time for GST rollout, Central Board of Excise and Customs (CBEC) chief Vanaja N Sarna has sanctioned Rs 1 crore to each of 23 zones to conduct an outreach programme about the new tax regime. Sarna asked officials of each zone to carry out the outreach at the local level to explain the new structure as also its benefits, registration and compliance. “To implement this, zonal chief commissioners have now been requested to utilise an amount of Rs 1 crore out of the funds under the ‘O.E. General’ head for this purpose,” she wrote in her weekly newsletter. The funds, she said, should be used for extensive outreach for educating taxpayers on legal and procedural aspects and the compliance expected under GST. “At this point, I urge you to take this opportunity to project our department as the prime facilitator for taxpayers in their migration to GST.
  • President Mukherjee signs four GST Bills into law
    Apr 14, 2017
    President Pranab Mukherjee on Thursday signed four enabling Bills related to the goods and services tax (GST) into law, taking the country a step closer to its biggest indirect tax reform.The President has given his assent to the Central GST Act, 2017, the Union Territory GST Act, 2017, the Integrated GST Act, 2017 and the GST (Compensation to States) Act, 2017.“These Bills have been enacted on April 12,” said the Central Board of Excise and Customs. The tax now has legal backing.The four pieces of legislation were passed by Parliament in the second half of the Budget Session, which concluded on Wednesday.State governments are now expected to call a special session of their respective Assemblies to pass the State GST Bill.The Centre is hoping to implement GST across the country from July 1, 2017.The GST Council will meet on May 18 and 19 to finalise the fitment of commodities in the four-tier rate structure and draft rules.
  • Service tax may move up from 15% to 18% under GST: Revenue Secretary Hasmukh Adhia
    Apr 13, 2017
    Services sector is likely to attract a higher tax rate of 18 per cent from the current 15 per cent under the Goods and Services Tax (GST) regime, thus making services "slightly" more expensive, Revenue Secretary Hasmukh Adhia has said."Yes, for the services sector the standard rate may move to 18 per cent," Adhia told IANS in an interview here.
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