GST Ready India

GST Ready India’s Latest News and Updates

3.5 billion invoices to be processed monthly by GST

May 02, 2017

GST council’s sub-panel to fix tax rates of goods, services by weekend

The goods and services tax (GST) council’s rate fitment committee will deliberate in the capital for three days starting 4 May to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net.

A member of the committee, which comprises central and state tax officials, said on the condition of anonymity that the tax rate alignment will be more or less final at the end of the meeting. Click to read more

GST not to increase compliance burden, says Hasmukh Adhia

The GST would not increase compliance burden on assessees and all apprehensions in this regard are misplaced, Revenue Secretary Hasmukh Adhia said today.

“Many people think that implementation of GST would result in increase in compliance cost. This is completely misplaced,” he said while addressing netizens on Facebook. Click to read more

Textile industry is batting for a 5% GST

The textile industry has urged the union government to make a uniform levy of 5% (lowest slab) on all textile and clothing products under the GST (Goods and Services Tax). They also want the government to continue the duty drawback benefits for garment and made-up exports.

The entire cotton textile value chain is currently enjoying zero per cent central excise benefit under optional Cenvat route from 2004. Click to read more

KEA flays CT dept for registering traders with GST

Kashmir Economic Alliance (KEA) Monday flayed state government for forcing the traders to register for General Sales Tax region at Commercial Taxes (CT) department.

KEA Co-Chairman Farooq Dar, while addressing media persons, here said the CT department is registering the traders for GST regime which can’t be applicable in the state without its passage from State assembly. Click to read more

Challenge for GST: How to process 3.5 billion invoices every month

India is scrambling to finalize technology to process as many as 3.5 billion invoices each month as it moves to roll out a landmark nationwide sales tax from July 1.

The success of one of the world’s largest and most complex tax reforms depends on the glitch-free performance of the goods and services tax network (GSTN) — the IT backbone of the new system that will eliminate a complex web of state and federal taxes and make India a unified market. Click to read more

Businessman or professional? Here’s what you need to do to be GST-compliant

The Goods and Services Tax (GST), the country’s biggest tax reform, is scheduled to be rolled out from July 1 but India might be running against time to finalise the technology needed to implement it.

The success of this complex tax reform will depend on the glitch-free running of the GST-network or GSTN, the technology backbone for the new tax. The flawless GSTN, will capture every sale, purchase, stock pile of every registered business in India, once set in motion, this network will end any possibility of evasion or multiple taxation. Click to read more

CAs have important role in implementation of GST

Chartered accountants have important role to play in the implementation of Goods and Services Tax (GST), said Chitra Kulkarni, additional commissioner of sales tax, while inaugurating the conference on new tax regime.

The two-day day event, concluded on Saturday, was organised by the Aurangabad Branch of Western India Regional Council (WIRC) of the Institute of Chartered Accountants of India (ICAI). Click to read more

Jewellers ask for 1.25% GST levy on gold jewellery

Akshaya Tritiya sales did not live up to the expectations of jewellers. The business was modest, partly because of the cap on cash transactions at Rs 2 lakh.

Coming so soon after the near collapse of the business during the demonetization months, the environment is now beginning to seriously worry jewellers. Traders are now seeking a special slab for gold jewellery in the goods and services tax (GST) regime, that is expected to kick in on July 1. Click to read more

Open letter to Finance Minister: Retailers seek two-month extension for GST compliance citing ‘unforeseen implications’

In an open letter to finance minister Arun Jaitley, retailers, including Max Standard Retail, SRS Group, V-Mart Retail and Ginesys, have asked for a two-month extension to September 1 for compliance under the impending Goods and Services Tax (GST).  “… there are various implications, which were unforeseen and are going to impact the retailers in a big way. Many uncertainties and queries are arising in the minds of retailers and there is no answer to them, so far,” the retailers said. Click to read more

Uncertainty over GST may damage sales: Dabur India

Fast Moving Consumer Goods (FMCG) major Dabur India is concerned about its sale volumes amid lack of clarity over Goods and Services Tax (GST) rules. Uncertainty over GST may affect its sales this year, Dabur India told CNBC-TV18, adding that the ‘lingering effect of demonetization still continues’ and the ‘pain in international business may last for next two quarters’. Click to read more

Textiles likely to have uniform rate under GST

The textile sector is likely to see a uniform rate under Goods and Services Tax (GST), according to Union Textile Minister Smriti Zubin Irani.

Industry sources said that when asked about the GST, the Minister urged the industry associations to give suggestions and views during meetings that will be held in different cities shortly. She also indicated that there might be a uniform rate across the value chain. Click to read more

GST implementation: Top-level vacancies in CBEC

The Central Board of Excise and Customs (CBEC), the apex policy-making body on indirect taxes, has only two members against the sanctioned strength of six.

At present, senior Indian Revenue Service (IRS) officer, Vanaja N Sarna, is CBEC chairperson. There are only two members in the board—Ananya Ray and S Ramesh— leaving four vacancies, a senior finance ministry official said. Click to read more

Tags: Benefits of GST, GST, GST 2017, GST Bill, GST Council, GST Impact, GST Implementation, GST India, GST Law, GST News, GST Rates, GST Reform, GST Tax Structure, GST Updates, Impact of GST

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