Over the past 50 days, the transformative goods & services tax (GST) has evolved at a very fast pace. Once the rollout became a certainty, the government and stakeholders have moved in fast to tweak rules, revise taxes and introduce new features in a bid to progress on the stated motto of making India a unified market.
Successive GST Council meetings, interactions with taxpayers and on-ground feedback have enabled smooth functioning of this new tax system that is young and still learning. Click to read more
The government on Saturday extended till August 25 the last date for filing returns and payment of taxes under the GST regime after the GSTN portal faced technical issues because of a huge rush.
Earlier, the cut-off for filing maiden GST returns for July was scheduled to end on Sunday, August 20, which explained the heavy traffic at ‘www.gst.gov.in’. Click to read more
Traders will be filling in August their first Goods and Services Tax return for the month of July by filling and submitting GSTR-3B, GSTR-1 and Trans-1 forms, a complete proforma designed for all traders who fall under the GST net. GST was implemented on the revised date of July 1, as earlier, the government wanted to put into effect the indirect tax regime form April 1.
Faced with uncertainty and confusion, the traders community had appealed to the government to postpone GST rollout to September, a demand that the government rejected citing legislative compulsions. Click to read more
About a million taxpayers have opted for a scheme that will benefit small businesses in the goods and services tax (GST) regime by allowing easier compliance and a flat rate of tax.
After a muted response initially, interest in the composition scheme has increased. As of August 16, the last date to apply for the scheme, 938,165 entities had registered, against about 100,000 as of July 21, the earlier deadline. In other words, about 11 per cent of GST taxpayers have opted for the composition scheme. Click to read more
Even as the GST Network, the IT support for the goods and services tax (GST), is blamed for the extension of the last date for payment of the GST for the month of July 2017 to from 20 August to 25 August, 2017, GSTN chairman Navin Kumar has said that the government collected Rs 16,000 crore revenue on 19 August alone, the same day when taxpayers reported a technical glitch in the system. Click to read more
The government is set to promulgate an ordinance within weeks, allowing an increase in goods and services tax (GST) cess on luxury cars and SUVs, as it seeks to restore tax revenue from the automobile industry that unintentionally got affected in the transition to the new indirect tax regime.
A person aware of the discussions in the finance ministry said on condition of anonymity that a cabinet note is being moved proposing changes to the schedule of cess levied under the GST (Compensation to States) Act, 2017, to correct the reduction in tax burden on cars due to GST rollout. Click to read more
The introduction of Goods and Services Tax (GST) is a landmark in India’s taxation regime. GST is hyped to simplify doing business in India, allowing supply chains to be integrated and aligned, as well as allowing for greater transparency. Here’s understanding in a little more detail, how life will change for a trader post GST. Click to read more
June quarter earnings season was marked by repeated disappointments. Yet, 24 companies from the BSE500 pack went against the wind to report 100-1,761 per cent profit growth. Thirty others posted 50-100 per cent surge in bottom lines.
Lower expenses helped Century TextilesBSE 2.77 % & Industries post multi-fold 1,761 per cent profit growth at Rs 120 crore for the quarter ended on June 30. The figure compares with Rs 6.46 crore profit posted for the same period of last financial year. Net sales for the quarter under review swelled 1.20 per cent year-on-year to Rs 2,049 crore. Click to read more
On a rainy July evening in the busy and sprawling Surat Textile Market, Rangnath Sarda received a call from a client, a distributor in Tamil Nadu, to discuss billing details under the new GST regime. Since Sarda did not have a Goods and Services Tax (GST) number, his client would have to figure out how to bill him, transport the goods and pay agents’ commissions.
Business owners across thousands of Surat’s small-scale trading, weaving and dyeing units, which together churn out around 40 million metres of fabric each day, were asking and answering similar questions up and down their supply chains. Click to read more
Another quarterly results season has ended with lacklustre numbers from India Inc. The aggregate net profit of 2,418 companies fell 8.63% in the first quarter of 2017-18, compared to the same period last year. Destocking prior to the implementation of the goods and services tax (GST) is the main reason behind the poor numbers. This was also reflected in the Index of Industrial Production (IIP) which fell 0.1% compared to June 2016—contracting for the first time in 48 months. Click to read more
It began in June with a stream of panic calls from small-business owners who had just heard that the goods and services tax (GST) was actually kicking in. All they had were a few weeks to become GST-compliant, which meant moving to a new online tax-filing system, leaving them desperate for help.
Vakilsearch, an online legal services platform that serves over 300,000 entrepreneurs and small businesses, had received a few odd requests earlier. This spurt in GST-Mayday calls, though was different. Click to read more