GST Ready India

GST Ready India’s Latest News and Updates

Budget 2018: Mutual Funds seek simplication of GST rules applicable to MFs

Jan 12, 2018

GST may be recast next week to make compliance easier

India is set to unveil another revamp of the goods and services tax (GST) regime next week aimed at making compliance simpler. The GST Council meeting on January 18 is expected to take up changes in the definitions of terms such as supply and handicrafts as part of this effort besides replacing the three forms that need to be submitted with one, said two government officials aware of the development. It may also drop the requirement for upfront invoice matching, they said. “These changes would be taken up by the council at the upcoming meeting,” said one of the officials.

This will be the second significant overhaul of GST after a November rejig that saw the tax rate on 178 household goods being lowered and that on restaurants brought down to 5%. Click to read more

Budget 2018: Mutual Funds seek simplication of GST rules applicable to MFs

The mutual fund industry has written to the Finance Ministry as a part of its proposals for Budget 2018, seeking, among other things, simplification of GST rules to ease implementation of GST for the MF industry.

In the set of Budget proposals that AMFI (Association of Mutual Funds of India) has sent to Finance Ministry, it has suggested 7 specific changes to the GST implementation keeping in mind the nuances of the mutual fund industry. Click to read more

GST officials, GJEPC in crosshairs

GST Mumbai officials are insisting that diamantaires, whose diamond parcels were confiscated on January 4, cough up 3 per cent GST plus 15 per cent penalty if they want the parcels without requisite documentation to be released. However, Gem & Jewellery Export Promotion Council (GJEPC) has said since the diamantaires would have to file the GST returns by February 20, the GST officials should consider releasing their consignments. Click to read more

No extension of due date for filing GST final returns: Finance ministry

The finance ministry on Wednesday said that there is no extension of the due date for filing GST final returns and the deadline ends tonight.

The clarification comes after social media went abuzz with a fake notification which stated that the deadline for filing GSTR-1 has been extended.

“The last date for filing of return in FORM GSTR-1, for different classes of taxpayers for the relevant periods… remains 10 January 2018. There has been no further extension of date for filing return in FORM GSTR-1,” a finance ministry statement said. Click to read more

Karnataka farm sector still reeling under the impact of note ban, GST

Karnataka’s farm sector is still reeling under the impact of demonetisation and GST, according to a price forecast study by the Karnataka Agriculture Prices Commission (KAPC). Prices of agricultural produce may dip further in the coming days, it predicts.

The ‘Perspective Report- December 2017’, submitted by the KAPC to the State government, says the prices of most of the crops are likely to continue to rule below the level of the Minimum Support Price (MSP) prescribed by the Centre. The KAPC has recommended that the government conduct a detailed analysis of the impact of demonetisation and GST, besides commencing procurement of various crops to bail out farmers. Click to read more

GST Council may cut rates on farm equipment, e-vehicles next week

The GST Council, in its meeting scheduled for January 18, is likely to focus on rationalisation of Goods and Services Tax (GST) rates on a handful of items, according to a report by Business Standard.

The report said that the fitment committee of the Council has finalised rate reduction on a few items and the matter would be taken up for discussion by the GST Council in its last meeting before the Union Budget.

The GST Council is headed by Finance Minister Arun Jaitley and also includes state finance ministers as its members. Click to read more

Tax consultants to launch indefinite strike to protest glitches in GST portal

The Gujarat Sales Tax Bar Association (GSTBA) has threatened to launch an indefinite strike to protest against central government’s callous attitude in rectifying the technical glitches of Goods and Service Tax (GST) portal.

GSTBA members from across the state, including Surat, attended a meeting here on Thursday to discuss the next course of action against the Centre.

Tax consultants unanimously decided to launch an indefinite strike against the central government for its failure to resolve the technical glitches of the GST portal. Click to read more

Taxpayers under GST may reach one crore mark

Marking a 25 per cent jump by the end of 2017, taxpayers under goods and services (GST) regime set to reach 1 crore mark.

Government had attracted 99 lakh entities for GST by December last year, of which 16.6 lakh were composition dealers who are entitled to file quarterly returns without detailed invoices, reported ET.

According to report, when GST started, there were around 80 lakh taxpayers, many of whom were registered for payment of multiple taxes. Click to read more

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