Incessant changes to the goods and services tax (GST) rules, also affecting refunds, and procedural issues affect export from special economic zones (SEZs). The Export Promotion Council for Export Oriented Units & Special Economic Zones (EPCES) has listed a number of persisting procedural and regulatory obstacles.
“There have been a staggering 367 changes to the GST rules till April 15, since the new tax structure came into being last year,” EPCES Chairman Vinay Sharma said. Click to read more
With a plethora of GST rules baffling exporters, export-oriented units (EOUs) and firms operating out of special economic zones (SEZs) have asked the government to simplify the process of refunds and ensure unrestricted flow of working capital.
The demand comes days ahead of all-powerful GST Council meeting which would take up issues being faced by businesses in filing returns. Apart from simplification of returns, the Council would also discuss converting of GSTN (GST Network) into a government company.
Amongst various suggestions, the Export Promotion Council for EOUs & SEZs (EPCES) on Wednesday urged the government to link the IT backbone GSTN with the National Securities Depository (NSDL) portal for smooth facilitation of the tax refunds. Click to read more
Businesses in post-GST India are learning that an elementary typographical error while punching in their 15-digit GST identification number (GSTIN) can prove taxing.
The GSTIN is used as an ID for all companies registered under the GST, and has to be furnished for various transactions.
But keying in the alphabet ‘O’ in place of the numerical ‘0’, for instance, can delay and create confusion in claiming input tax credits. Click to read more
Assam’s experience with the ambitious GST has not been good as collections have dropped by 15-20 percent on month-on-month basis, Chief Minister Sarbananda Sonowal said today.
Making his inaugural speech before the visiting 15th Finance Commission, Sonowal said: “The experience of GST till now has not been encouraging. There is an estimated 15-20 percent loss when collections are compared with expected revenue on month to month basis.” Click to read more
Amid a growing demand to bring petrol and diesel prices under the GST net, state finance minister Shashi Bhusan Behera on Wednesday said the GST Council is yet to initiate any discussion on the issue.
The GST Council, comprising the finance ministers of all states and Union finance minister Arun Jaitley as its chairman, is the body that will decide if petrol and diesel would be included within GST. “When the GST Council brings up the issue for discussion, the state government will take a decision,” Behera said in reply to an adjournment debate on fuel price hike in the state assembly. Click to read more
The Export Promotion Council for EOUs & SEZs, has sought a linkage between the Goods and Services Tax Network (GSTN) portal and the NSDL portal, for smooth facilitation of the GST refunds.
One of the major complaints of the exporters has been the delay in refunds, which is affecting their working capital requirements.
The suggestion was made during an open house, which saw over 250 exporters from EOUs and SEZs all over the country converge in Delhi on April 25 to interact with officials of commerce, finance ministries and GSTN officials to resolve the operational issues and concerns of exporters with reference to the GST. Click to read more
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. Click to read more
There is some good news for the Rs 8.5 lakh crore transport industry – the Electronic-way (E-way) bill operations could see further simplification.
The E-way bill is a document that is required for movement of goods that are valued above Rs 50,000, from one place to another under the goods and services tax (GST) regime. The process has been facing practical difficulties including time taken for bill verification during transit and the number of times it is verified. Click to read more
It appears that GST has not spared even the village temples in Tamil Nadu, especially when it comes to utilising funds for renovation. Many village temples saw bright prospects in taking up renovation work when the fund was doubled from the earlier sum of Rs 50,000. But they are in a quandary now as they have to pay State GST of 6 per cent and a CGST of 6 per cent from out of Rs 1 lakh renovation fund they receive from the government. Click to read more
The rural development department of the state government has come up with a solution to help small businesses, including MSMEs and traders, comply with GST requirements, and also to generate employment up to block level. Mona Khandhar, commissioner and secretary rural development department said, “The Gujarat Livelihood Promotion Company (GLPC) under the state rural development department has developed its own platform, GST Suvidha Provider (GSP), to bring GST compliance within the reach of small businesses, especially micro, small and medium enterprises (MSMEs).” Click to read more