Trinamool Congress leader Derek O’Brien says that Gujarat assembly elections should not be seen as a referendum on the implementation of Goods and Services Tax (GST).
O’Brien, the national spokesperson of Trinamool Congress and its leader in the Rajya Sabha, also said Prime Minister Narendra Modi was playing to “Gujarati pride” in next month’s Gujarat assembly poll and not focusing on development. Click to read more
Exporters have claimed refunds of Rs6,500 crore in the first four months of GST rollout, the government said on Wednesday, while asking them to file claims in proper form with matching shipping bills to facilitate early settlements.
The government also said that businesses can upload the final sales return for August in GSTR-1 on GST Network (GSTN) portal from 4 December.
In a statement, the finance ministry said: “It is clarified that the quantum of IGST (Integrated GST) refund claims as filed through shipping bills during the period July to October, is approximately Rs6,500 crore and the quantum of refund of unutilized credit on inputs or input services, as per the RFD-01A applications filed on GSTN portal, is to the tune of Rs30 crore.” Click to read more
Amid all the political battling over the new tax reform in India, the consumer is left scratching her head about why a good and simple tax has raised prices for her.
With election season, often comes the campaign-trail affliction — claims, counterclaims, shows of one-upmanship and whataboutery (or is it whataboutism?). Say what you want about other topics, but that the issue of Goods and Services Tax (GST) has dominated the airwaves recently is hard to refute. Click to read more
The revenue department and the exporters are sparring over unpaid refunds and tax credits that have accrued to businesses since Goods and Services Tax (GST) was implemented in July. The finance ministry put out a release saying that exporters have claimed integrated GST refunds of Rs 6,500 crore during the first four months of the rollout, while input credit claims added up to Rs 30 crore.
But exporters contested the numbers. Citing discussions during an official meeting, exporters claimed that the finance ministry had said that Rs 6,500 crore was around 15% of the overall dues to exporters. Click to read more
Lawmakers have pitched for fresh concessions to labour-intensive exporting sectors such as textiles, leather, gems and jewellery to mitigate the compliance burden incurred in transitioning to the goods and services tax (GST) regime that was rolled out on 1 July.
Accordingly, a parliamentary panel has asked the finance ministry to allow exporters to use the old system of refunds through the so-called duty drawback scheme.
The parliamentary standing committee on commerce sought the intervention, claiming that the GST compliance burden was causing job losses in labour-intensive export sectors. Click to read more
Finance Minister Arun Jaitley on Thursday indicated that the number of slabs of Goods and Services Tax (GST) could be pruned to just three.
The finance minister further added that the GST Council could consider merging the current slabs of 12% and 18% into one rate apart from reducing the number of items that are taxed at 28%.
“We started the rationalization (of GST rates) ahead of schedule. Future rationalization will depend on how the revenue moves. We have thinned down the 28% slab. Moving ahead, we will rationalize it further to probably keep only luxury items in the highest bracket,” Jaitley said. Click to read more
Industry body Assocham has urged the Centre to fix Goods and Services Tax (GST)rate for hydropower at par with wind and solar so that value added cost and tax commensurate for all renewable power projects.
“Hydro projects attract 18 per cent GST for equipment and 28 per cent for cement while the same for solar is made five per cent Engineering, Procurement and Construction (EPC) which has a glaring additional cost impact on power produced from hydro projects,” noted an Assocham paper titled ‘Need for Hydropower in India – Industry Submission.’ It also said EPC contracts for hydro should be categorised under five per cent GST. Click to read more