GST Ready India

GST Ready India’s Latest News and Updates

Commerce Ministry to resolve GST related issues of exporters in FTP

Aug 24, 2017

GST – Last Date to File GSTR Tomorrow, 60 Lakh Businesses Expected to file 1st ever GSTR for July 2017

The deadline for filing the first GST Return for the month of July 2017 was last week i.e. August 20th 2017; however, the GSTN portal crashed owing to the last minute rush and a few features were not working properly due to which the Government had extended the deadline to August 25th i.e. tomorrow. However, this time the officials are confident to handle the surged visitor’s traffic on GST Network. Click to read more

GSTN urges businesses to avoid last minute return filings

Goods and Service Tax (GST) Network, the company that processes GST returns has urged registered tax payers to file returns and invoices before deadline to avoid last-minute rush.

For July, the first month of rolling out the new indirect tax system, the extended deadline for filing returns and for making tax payments is 25 August. The return filing deadline for those claiming credit for taxes paid in the previous indirect tax regime is 28 August. Click to read more

Taxpayers’ data does not pose risk of violation of privacy: GSTN

The taxpayers` GST information does not pose any risk towards violation of people`s privacy as the data is not shared with anybody and even the Goods and Services Tax Network or its Board members cannot view it, GSTN said on Thursday.

GSTN is the information-technology backbone of the Goods and Services Tax (GST).

The statement comes against the backdrop of Supreme Court ruling on Thursday which declared the Right to Privacy as a fundamental right and must be protected as an intrinsic part of life and personal liberty and freedoms guaranteed by the Constitution. Click to read more

Government reduces GST on work contracts for affordable homes

The government has reduced GST rate on work contracts for affordable housing to 12% from 18% fixed earlier. But it is unlikely to have any impact on prices of affordable housing for buyers, industry experts said as GST rate for buyers to purchase a finished house remains at 12%.

In a notification issued on Tuesday, the government said GST on composite supply of work contracts for affordable housing up to carpet area of 60 sq metre in a project approved by a competent authority will be 12%, including the state GST. Click to read more

Commerce Ministry to resolve GST related issues of exporters in FTP

The commerce ministry is reviewing the foreign trade policy (FTP) with a view to effectively address the concerns of exporters post-GST, a senior official said today.

Exporters have raised certain concerns after the implementation of the Goods and Services Tax (GST).

“We cannot let them suffer…We want to build in something in the FTP which addresses those issues of exporters,” the official added. Click to read more

Over 1.9 million file GST returns

As many as 19,42,354 taxpayers have till Wednesday filed returns for July under the new goods and services tax (GST) regime. Officers of the GST Network (GSTN), responsible for the information technology (IT) backbone of the GST, said they hoped 2.8 million more would do so by the deadline in the next two days.

Those who have filed returns constitute over 22 per cent of total assessees (8.7 million) under the GST regime. However, of the 8.7 million assessees, 2.2 million are yet to complete the migration process to the new indirect tax regime. Click to read more

Advertising space in print media to attract 5% GST

The government on Wednesday specified that the Goods and Services Tax rate for selling space for advertisements in the print media would be 5%.

If an advertising agency sells that space to a client, then it too pays 5% GST, but if it sells the space on behalf of the newspaper, it would have to pay 18% GST on the commission charged by the paper.

“Query has been raised regarding GST applicable on selling of space for advertisement in print media,” the government said in a statement. “Selling of space for advertisement in print media is leviable to GST at the rate of 5%. Click to read more

GST could increase cost benefits by 5% in 3 years: Retailers

The implementation of goods and service tax (GST) could possibly increase overall benefits for retailers by up to 5 per cent over the next three years, according to the Retailers Association of India (RAI).

“GST could increase the overall cost benefit of retailers by up to 5 per cent over three years,” Kumar Rajagopalan, chief executive officer of RAI, told PTI here.

“The single window tax will increase the ability to grow sales. Besides, any item can be shipped to any part of the country without the cascading impact of tax. This will in turn ensure availability of items to customers,” he explained. Click to read more

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