In the run up to the budget, retailers have asked the government to simplify GST system and grant industry status to the sector for easier access to finance and attract more investments.
Besides, the industry is also seeking relaxed FDI regime for multi-brand retail trade (MBRT) as also incentives to be provided for setting up warehousing and cold-chain storage facilities.
In a pre-budget wish list, the Retailers Association of India (RAI) said invoices issued to BTC (bank transfer compliant) consumers must be simplified and the need for manual signature and multiple copies to get GST refund must be removed. Click to read more
A day-long 25th GST Council meet has begun in the National Capital. The Council is expected to decide on various key issues such as single form for tax filing, inclusion of petroleum and real estate under the GST net. Finance Minister Arun Jaitley recently told Rajya Sabha that the Centre was ready to include petroleum products under the new tax regime but it would want a consensus with the state governments. While the state governments are yet to clear their stand on the issue, industry body Assocham said that the consensus on inclusion of petroleum would never emerge as the state and the Centre were over-dependent on the sector for revenue collection. The Council may take up this issue for consideration. Click to read more
The future is here, but it is much inspired by the past, a case in point being the e-way bill.
The nationwide e-way bill system, rolled out on 16 January on a trial basis, will help businesses and transporters to get a hang of the new mechanism that becomes mandatory in a fortnight.
From 1 February 2018, all interstate movement of goods worth more than Rs50,000 will require securing an e-way bill through prior online registration of the consignment. The e-way bills system for intra-state movement of goods will be implemented from 1 June 2018. Click to read more
The Congress called for bringing petroleum products and real estate under the ambit of the Goods and Services Tax (GST) and said it would make a strong pitch for this at tomorrow’s GST Council meeting.
Punjab Finance Minister and Congress leader Manpreet Singh Badal said GST was projected as a regime that would usher in growth, but its “flawed” implementation had resulted in a fall in GDP and created an “economic mess”. Click to read more
Total collection of the Goods and Services Tax (GST) in November added up to Rs 80,808 crore, down from a provisional Rs 83,346 crore in October and a peak of over Rs 94,000 crore in July—the lowest since the tax regime was put in place.
Though the decline is partly due to sharp cuts in the tax on close to 200 items from November 15, there could be another reason: tax evasion.
Multiple tax rates have become an easy way for many traders to evade taxes. According to a TOI report, tax officials admit that in case of garments, for instance, a number of smaller players are billing one shirt that costs upwards of Rs 1,000 and attracts 12% levy as two pieces of around Rs 600 each to pay only 5% levy. Click to read more
A GST Network (GSTN) meeting held in Bangalore on Wednesday confirmed that revenue shortfall after the GST has reached “alarming levels” because of tax evasion but promised effective solutions to plug the leaks.
Karnataka state minister for agriculture Krishna Byre Gowda, who is part of the five-member group of ministers that forms the GSTN, confirmed the decline in revenues.
Gowda said the monthly GST collections have dropped to about Rs 80,000 crore from around Rs 92,000 per month. He attributed the shortfall to suppression, evasion and leakages. Click to read more
SH Kelkar & Company reported a good quarter with strong revenue and EBITDA growth. In an interview with CNBC-TV18, Kedar Vaze, Group CEO of the company discussed more on the company’s Q3 numbers.
We see normal momentum in this quarter and business restoring to normalcy after the events of demonetisation and goods and services tax (GST), he said.
We are happy that the momentum is restored in the business and the difficult quarters are behind us, he added. Click to read more
The goods and services tax (GST) appears headed for its biggest procedural overhaul with a panel considering a single-stage return filing process, instead of a three-stage mechanism. The move is aimed at reducing the compliance burden for businesses.
“The committee is looking at 12 filings a year instead of many more at present,” a source told TOI, adding staggered filing dates with bigger businesses having to adhere to earlier deadlines were also being examined. While basic principles such as invoice matching—to plug revenue leakage—will be retained, the move will ensure taxpayers are not hobbled by the filing mechanism. Click to read more