The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money.
According to him, the e-way invoice could be relaunched by end of this month or early next.
The GST Council, the apex decision-making body on issues related to the new unified indirect tax, had made e-way-bill mandatory for movement of goods over Rs 50,000 between states from February 1. However, due to troubles encountered by businessmen while generating the e-way invoice, the decision was rolled back on the first day itself. Click to read more
The basic composition of GST stands on the foundation of the registration system, for it is a registered person who is liable to pay tax and who is eligible to avail the benefits of the input tax credit mechanism. A registered person can also collect GST from his recipients. An unregistered person is not taxed and is also kept outside the input tax credit mechanism. The GST law gives a limited option to certain categories of persons to avoid registration and thus avoid the tax liability lawfully. However, if one falls within the reach of an extensive list of statutorily prescribed criteria requiring compulsory registration, the supplier must get registered. Click to read more
India’s commercial vehicle industry may get a tax respite if the Centre’s proposal seeking zero percent Goods and Services Tax (GST) on sale of old goods’ carrier under scrappage policy gets the green signal.
Union Road Transport and Highways Minister Nitin Gadkari told Moneycontrol in an interaction that the road ministry was pitching for zero percent GST for vehicles being sold under voluntary vehicle modernisation programme (VVMP) or vehicle scrappage policy. Click to read more
No GST will be levied on goods and services provided by senior doctors/consultants, and technicians hired by the hospitals, as these are under healthcare services.
Food supplied to in-patients as advised by the doctor/nutritionists, is also a part of healthcare, and cannot be taxed separately. However, this does not apply to food supplied to attendants, visitors, or patients who have not been admitted. Click to read more
Local and State level levies on real estate and petroleum products could continue even after these sectors are included in the Goods and Services Tax.
Under the proposal being discussed, property tax is likely to continue although other cesses may be subsumed under GST, once the sector is brought within the ambit of the new levy.
At present, local bodies are allowed to levy an additional entertainment tax, despite the sector being under GST. Sources said property tax is a significant source of revenue to States and subsuming it under GST would impact their fiscal math. Click to read more
Revenues from the Goods and Services Tax (GST) could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said today.
Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and match the database of people filing GST with Income Tax returns filed, they said.
The government has budgeted about Rs 7.44 lakh crore from GST in the 2018-19 fiscal beginning April 1. The estimated collection for 8 months (July-February) of the current fiscal is Rs 4.44 lakh crore. Click to read more
How was the day 1 for these eight special officers? Faking news found the eight officers were busy in clarifying each other’s doubt on the social media forums. Looking at this, Finance ministry has appointed a moderator whose job will be keep a close tab on these eight officers.
“GST is evolving process. Though I have gone through all the materials available, what’s wrong in clarifying them with my colleagues out there. End of the day it’s a teamwork and the clarification we give should be consensus one”, said one of the official who did not want to be named. Click to read more
Bombay High Court on Monday said that the Goods and Service Tax (GST) was ‘not tax-friendly’. “A tax like GST was highly publicised and termed as popular. These celebrations mean nothing. The special sessions of Parliament or special or extraordinary meetings of the council would mean nothing to the assessees unless they obtain easy access to the website and portals. The regime is not tax friendly,” said a bench comprised by Justice SC Dharmadhikari and Bharti Dangre. Click to read more
BMW’s attack on the Federal Government’s lack of electric vehicle policy has ramped up.
The German company’s local chief executive officer has launched a fresh broadside at Prime Minister Malcolm Turnbull and his government for sitting idle.
BMW Australia boss Marc Werner wants the government to abolish stamp duty and deliver GST relief on electric cars to bolster sales.
Chief beneficiary of such relief would be the brand’s i3 electric hatch — an updated version was released this week priced from just under $69,000. The stablemate i8 sports coupe is $300,000-plus. Click to read more
Maximum Retail Price (MRP) is inclusive of GST and no extra money should be charged on any product in the name of GST, asserted Finance Minister and Deputy Chief Minister Y Joykumar.
Taking due note of the general perception that prices of goods have escalated since GST has been introduced, the Finance Minister today assured in the Manipur Legislative Assembly that he would check whether GST is responsible for the price escalation or cost prices have escalated. Click to read more