Nine months after the goods and services tax (GST) was launched in the country, most businesses are still struggling to understand the new indirect tax regime, a survey conducted by the online wholesale marketplace Wydr has revealed. According to the survey, 57% of the respondents representing manufacturers, wholesalers and retailers said they are yet to fully understand the working of GST, while nearly 19% (one in five) said they still do not understand GST at all. A total of 130 businesses across India were surveyed on how the GST regime has impacted their business. Click to read more
Some states have asked their tax departments to step up vigilance on electronic way bills to clamp down on evasion, according to people with knowledge of the matter, raising the prospect of increased roadside inspections of trucks.
The move comes as states such as Maharashtra have seen lower-than-expected generation of e-way bills by transporters, which the authorities fear could be a sign of evasion. Click to read more
In a major boost to Narendra Modi-led government, the Asian Development Bank has estimated that India’s economic growth will rebound to 7.3% in the current fiscal year and grow at 7.6% further in FY20 on the back of structural reforms such as GST and clean banking. In its Asian Development Outlook 2018, the Manila headquartered bank has credited the Modi-government’s GST saying that growth will pick up as the new tax regime improves productivity. Interestingly, in their India notes.. Click to read more
Nine months after the goods and services tax (GST) was launched in the country, most businesses are still struggling to understand the new indirect tax regime, a survey conducted by the online wholesale marketplace Wydr has revealed.
According to the survey, 57% of the respondents representing manufacturers, wholesalers and retailers said they are yet to fully understand the working of GST, while nearly 19% (one in five) said they still do not understand GST at all. Click to read more
India could soon unveil a plan to turn Goods and Services Tax Network (GSTN), the information technology backbone of the indirect tax regime, into a fully or majority state-owned agency by buying out the stakes of private entities that currently hold a 51% stake.
Finance minister Arun Jaitley has asked finance secretary Hasmukh Adhia to examine the possibility, said a senior government official. Click to read more
As per the observation, close to 57 percent of the respondents who are representing manufacturers, wholesalers and retailers admitted that they are yet to fully understand the working of GST, while nearly 19 percent of all respondents (or one in five) said they still do not understand GST at all.
A total of 130 respondents participated in the Wydr survey, where questions were posed on how the GST regime has impacted their business. Click to read more
In an order by the Authority for Advance Ruling ( AAR ), Kerala, has ruled that recovery of food expenses from the employees for the canteen services provided by company would come under the definition of ‘outward supply’ as defined in Section 2 (83) of the Goods and Services Tax Act, 2017 and hence are taxable under the Goods and Services Tax () lawsGST. Click to read more
While several other states have witnessed dip in tax revenue after the GST regime introduced in July last year, Haryana has succeeded in increasing its revenue by 24.1 per cent in 2017-18 from the preceding year from the VAT, CST and SGST.
Also, Haryana witnessed a hike of 8 per cent in collection of revenue from excise on liquor during the same period though several other states witnessed a downward trend due to the Supreme Court’s order banning grant of licences near the national highways. Click to read more
The Bombay High Court has upheld the validity of Goods and Services Tax ( GST ) on Long-term lease premium. The petitioners has challenged an order levying/collecting the Goods and Service Tax (GST) on the one-time lease premium charged by City Industrial and Development Corporation ( CIDCO ) while letting plots of land on the lease basis. The petitioners have obtained plots in the above areas, but what they are questioning is that when the allotment letter was issued, the allottee was called upon to pay, on the one-time lease premium amount, the GST separately by a Demand Draft drawn in the name of the fourth respondent payable at Mumbai/Navi Mumbai. Click to read more
Every year the government comes up with changes in income tax return forms (ITRs) which is a personal disclosure of one’s income and assets. By notifying the new ITR forms just before the commencement of the tax filing season, the CBDT has provide sufficient time to taxpayers for filing tax returns.
It is important to understand the changes in ITR forms for assessment year 2018-19 and their impact. Click to read more
Fast moving consumer goods (FMCG) companies are expected to report an improving trend of volume growth, in addition to GST-led savings and recovery in functioning of trade channels to pre-GST levels.
While brokerage houses differ when it comes to estimating top line growth of these companies, a key aspect market would be volume growth in rural counters picking up to levels similar to those of urban areas. Click to read more