GST Ready India

GST Ready India’s Latest News and Updates

Finance Ministry to engage with States to shore up GST revenue

Sep 10, 2018

September last month to fix GST filing errors, claim credit for FY18

September is crucial for taxpayers under the new goods and services tax (GST) regime, as it will be the final month for taxpayers to claim credit for invoices issued in 2017-18 as well as to rectify errors in their tax return forms for the year.

GST was implemented on 1 July 2017, and with taxpayers still getting used to the new return filing system under this indirect tax regime, there have been instances of errors including incorrect or inflated claims of credit or in some cases under-reporting of tax credit claims. There are also instances of omissions in reporting of transactions. All these can be corrected in the September tax return form. Click to read more

Alarmed by falling revenue, FinMin looks at yet more GST tweaks

Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the FinanceNSE -1.90 % Ministry is crafting a strategy to shore up tax revenues and engaging with states to identify issues hindering their collections. Finance Secretary Hasmukh Adhia has started meeting with GST officers, both from central and state tax departments, in the state capitals to understand issues plaguing the GST collections.

There has been a spike in the bi-monthly GST compensation paid to the states by the Centre. Click to read more

Finance Ministry to engage with States to shore up GST revenue

Alarmed by a nearly fourfold rise in GST compensation to States for June-July, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with States to identify issues hindering their collections.

Finance Secretary Hasmukh Adhia has started meeting GST officers, both from Central and State tax departments, in the State capitals to understand issues plaguing GST collections. Click to read more

Govt draws up plan to boost GST revenues

Alarmed by a nearly four-fold rise in GST compensation to states for June-July, the Finance Ministry is crafting a strategy to shore up tax revenues and engaging with states to identify issues hindering their collections.

Finance Secretary Hasmukh Adhia has started meeting with GST officers, both from central and state tax departments, in the state capitals to understand issues plaguing the GST collections. There has been a spike in the bi-monthly GST compensation paid to the states by the Centre. Click to read more

Cost of Compliance under GST goes up by 2X for taxpayers

The erstwhile indirect tax structure always left a broad scope for tax evasion. With the implementation of GST, transparency and ease in tax compliance are expected to rise. However, effective change management needs to be in place to get habituated to the new system. It also involves the tedious task of restructuring accounting records for transactions carried out.

he average time taken in preparing GST returns in GSTR-1 and GSTR-3B from internal systems and then submitting them on the government portal, by any taxpayer processing more than 10,000 transactions a month himself, may involve roughly 12 hours while only half the time was spent on filing VAT and excise returns. Click to read more

Ideas for Profit: GST, auto cos rev up battery manufacturers; industrial/EVs drain

Battery manufacturers are seeing robust demand accruing from the automobile sector. However, demand from telecom, within the industrial segment, continues to be a spot for bother. Higher lead and sulphuric acid prices, , both key raw materials (RM), is eating into the profitability of battery manufacturers.

The upcoming disruption, led by electric vehicles (EV), poses a plethora of challenges to these entities. Battery, being an essential component of an EV, would force manufacturers to invest heavily in technology and R&D. EV, however, is in its nascent stage and would take time to become a reality. Click to read more

Bring petrol, diesel under GST: Karnataka CM

Amid protests over rising fuel prices in the country, Karnataka Chief Minister H. D. Kumaraswamy on Monday said the petroleum products should be brought under Goods and Services Tax (GST), adding his government would think over reducing cess on diesel and petrol.

He said the cess imposed on petrol and diesel in Karnataka was “lowest” in the country yet he would hold discussion with his officials to see if it can be reduced further.

Kumaraswamy’s Janata Dal- Secular has extended its support to the Bharat Bandh called by the Congress to protest against the rising fuel prices. Click to read more

ICICI Bank launches overdraft facility for MSMEs based on GST returns

Micro, small and medium enterprises will now be able to get quick overdraft of up to Rs 1 crore for working capital requirements, based on their goods and services tax (GST) returns.

ICICI Bank announced the facility known as ‘GST Business Loan’ on Monday and said it would be available to any such business, including non-customers of the bank.

“This facility brings in the improved convenience of availing of quick OD facility, as it does away with the need for a paper-intensive assessment of financial documents, including balance sheets of previous years,” the bank said in a release on Monday. Click to read more

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