Finance Minister Arun Jaitley-chaired GST Council will meet on May 4 to discuss a simpler return form and the amendments required in the indirect tax regime rules.
The 27th meeting of the Council, comprising state finance ministers, will meet through video conferencing and will also mull over the proposal of converting GSTN into a government company.
A decision on return simplification could be on the cards with the Sushil Modi-led Group of Ministers putting before the Council. Click to read more
The roll-out of the countrywide goods and services tax (GST) from July 2017 was expected to favour the consuming states more than those with heavy concentration of manufacturing and mining enterprises.
The premise of such thinking was that since the GST was a destination-based tax, states that consume more would have a larger share in the collection of the state goods and services tax (SGST), compared to the predominantly manufacturing or mining states. Click to read more
In a bid to bridge the lag in actual revenue accrual, the finance ministry will from this fiscal shift to cash basis accounting for the Goods and Services Tax where monthly collections will be reported on the first working day of the following month.
So far, monthly tax returns under GST, which has amalgamated 17 central and state taxes into one, were allowed to be filed by the 20th of the following month and revenues collected were reported on 26th – almost a month-long lag between collections and their reporting. This had led to a situation wherein the government was able to collect tax revenue for only 11 months in the first year of GST rollout. Click to read more
To bridge the lag in actual revenue accrual, the finance ministry will shift to cash basis accounting for the goods and services tax (GST) this fiscal. Monthly collections will be reported on the first working day of the following month.
Till now, monthly tax returns under GST, which has combined 17 central and state taxes into one, were allowed to be filed by the 20th of the following month and revenues collected were reported on 26th, almost a month-long lag between collections and their reporting. Click to read more
Government has made 376 changes in the Goods and Services Tax (GST) since its inception in July last year by amending rules, issuing clarifications and circulars related to refund, exemption and rates, Export Promotion Council for EOUs & SEZs (EPCES) has said.
The government has made 376 changes to the tax system by issuing circulars and coming out with clarifications about change in rates or exemptions,” said Vinay Sharma, chairman, EPCES at an open house meeting with exporters to discuss issues related to GST. Click to read more
Businesses set up in Export oriented Units (EOUs) and Special Economic Zone (SEZ) continue to grapple with an array of rules and regulations related to GST even 10 months after the indirect tax system kicked in.
Amongst the various suggestions provided by the industry, Vinay Sharma, Chairman of the Export Promotion Council for EOUs & SEZs (EPCES) today said that one of them was to link the IT backbone GST Network (GSTN) with the National Securities Depository Ltd (NSDL) portal for smooth facilitation of the tax refunds. Click to read more
The implementation of the Goods and Services Tax (GST) regime has helped Apollo LogiSolutions, the ₹1,000-crore logistics subsidiary of Apollo Group, bag bigger and longer term contracts from its existing customers like Hero, JSW, Honda and ITC in its third party logistics segment.
This is because of the “value added” advantages that the company offers to its customers, meeting corporate governance and compliance norms of customers. The company that has focussed on providing value added services and had been interacting with them for the past few years has also helped. Click to read more
The Goods and Services Tax (GST) Council, headed by finance minister Arun Jaitley, will likely take up as early as in its next meeting, a proposal for the imposition of a cess on sugar to create a fund that will help mills clear cane dues owed to farmers, a senior government official told FE. The fund is proposed to finance the gap between the cane price mills can pay to farmers in accordance with a revenue-sharing formula recommended by the Rangarajan Committee and the benchmark rate — fair and remunerative price (FRP) — fixed by the central government. Click to read more
Opposing the imposition of 18% Goods and Services Tax on the Haj pilgrimage the State Haj Committee passed a resolution seeking the Centre to immediately withdraw the tax.
In the State committee meeting held here on Tuesday, members felt that the imposition of GST would become a burden for all the pilgrims, according to a release. Click to read more
Fragmented procedures & compliance have greatly distorted the inherent beauty of GST. The experience of about 9 months of GST implementation in the Country requires an overall review of not only the tax rates but even the prescribed procedures as well. Weaknesses, leakages, loopholes of GST needs to be plugged. Correction of error in classification of goods in different tax slabs particularly under tax slab of 28% beside removing anomalies and disparities to make it a simple and good taxation system which may comply with two basic fundamentals of GST i.e widening of tax base & encouragement to voluntary compliance”- said the Confederation of All India Traders (CAIT). Click to read more