I don’t envy finance minister Arun Jaitley. The fiscal situation is looking rather grim, with the fiscal deficit target amount for the entire year having already been exceeded by 12 percentage points, with a full quarter of the fiscal year still to go. Goods and Services Tax (GST) revenues, in particular, have been disappointing, with monthly collections down to the Rs 80,000 crore mark from about Rs 95,000 crore in the initial few months. Click to read more
Industry body Assocham has cautioned the government against resorting to a “knee-jerk” reaction to deal with slippage in GST collections, and said those revenues would pick up once the glitches in the system are addressed.
The Goods and Services Tax (GST) collections slipped for the second straight month to Rs 80,808 crore in November, down from over Rs 83,000 crore in the previous month.
Asscoham president Sandeep Jajodia said there is a need for an increased vigil on the implementation of the GST and related problems. Click to read more
Apprehensions over the impact of the Goods and Services Tax regime on the State’s economy notwithstanding, the State government is confident that the economy is set to register sizeable growth by the end of the current financial year. The confidence stems from the fact that the revenue after the introduction of GST remained “more or less equal to the estimates”. “Growth rate could come down marginally, but growth is certain,” a senior Finance Department official said asserting that the department was “not too worried” about the issue. Click to read more
Months after the 1 July launch of the goods and services tax (GST), some big businesses are not filing their returns under the new indirect tax regime and haven’t even registered themselves on GST Network (GSTN), tax officials in the state have found.
The anomalies were discovered about a month ago when the commercial tax department compiled a list of the biggest taxpaying businesses to compare revenue collections in the value-added services (VAT) era and after the switch to GST. Click to read more
POLL-BOUND KARNATAKA, the only major state ruled by the Congress, is emerging as a showcase model for the NDA government for having effectively piloted a crucial Goods and Services Tax (GST) billing project that is to be replicated nationwide to plug revenue leakages in the new indirect tax regime.
As the monthly revenue from GST has slipped way below the targeted level of Rs 91,000 crore since October, a worried central government and many BJP-ruled states have turned to Karnataka for dispelling concerns raised by traders regarding the electronic way bill or e-way bill system. Click to read more
In a bid to provide relief to companies, the government is likely to extend deadline for the Goods and Services Tax (GST) transition tax. The upcoming Budget may provide relief to India Inc.
Sources told Zee Business that government may provide six months relaxation to companies by extending the GST transition tax credit deadline up to June 30, 2018.
The crucial move is on the expected lines as the Modi government, preparing for next year’s general elections, may provide some reliefs to India Inc in regards to GST transition. Click to read more
The Central government might give a massive relief to companies as it may announce an extension in its transitional tax credit scheme. Sources said that the government will announce this when Finance Minister Arun Jaitley presents the Union Budget on February 1.
Sources said that the transitional tax credit scheme may run till June 30 2018. The government had announced that traders will get the tax credit for 180 days from the implementation of the Goods And Services Tax (GST). On December 27, 2017, the scheme had ended. However, new announcement is expected when Jaitley presents Budget 2018-19. Click to read more
GST has certainly brought paradigm shifts in the functioning of the Indian logistics sector and ensured seamless movement of goods and services across the country. Removal of inter-state trucking points has resulted in lower transit durations for truckers and fast-paced freight movement across states. With companies opting for centralized warehousing locations on the basis of the hub and spoke model rather than tax compliance requirements, GST has the potential to create mega warehousing hubs in the country. Click to read more