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%. Click to read more
Generating an invoice is perhaps the most critical part of the new indirect tax regime, based on which the input tax credit will be decided. According to the draft rules, invoices have to be filled up in a fairly detailed format.
The absence or wrong filing of required information could trigger denial or delay in claiming input tax credit. Click to read more
The Secretary (Revenue) GoI, Hasmukh Adhia has expressed dissatisfaction over the connectivity services being provided and the works being carried out for total connectivity in the state for implementation of Goods and Services Tax (GST).
Attending a meeting with the service providers on Sunday last to take stock of the connectivity status for GST implementation in the state, Adhia further expressed dissatisfaction over the lack of coordination amongst various departments. Click to read more
E-way bills will be required for movement of all goods, whether within the state or across states. The multi-layered process involved will make transport of goods a cumbersome, delayed and costly affair under the GST regime, according to industry watchers. E-way or transit bills will also be required for transport of goods outside the GST ambit, such as petrol or diesel or even exempt goods like agricultural products. Draft rules in this regard were released late on Thursday. Click to read more
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. Click to read more
The proposed electronic way bill under the goods and services tax regime (GST) has evoked a mixed reaction from from logistics players, who expect challenges in operationalising it in its present form in the short run. However, they agree that ultimately this would lead to easier funds flow.
The Central Board of Excise and Customs (CBEC) put out a proposal on e-way bill, as a part of easing inter-State traffic movement under the GST regime. Click to read more
After a decline of 9 percent in 2015-16, the Indian equity market (Nifty) delivered 19 percent returns in the next financial year. Over the last 24 months, the index has come back full circle, crossing 9,000 after first touching that level in March 2015. The Midcap index has delivered 35 percent returns in FY17.
FII flows had a good recovery at USD 7.8 billion in FY17 (outflow of USD 1.5 billion in FY16), while DII flows were healthy at USD 4.5 billion (USD 12.1 billion in FY16). Click to read more