The Goods and Services Tax Network has asked Infosys to develop new forms to simplify the process of return filing for traders. The new GST returns forms will be rolled out within a period of four to six months. Along with the new GSTR forms, Infosys, the software vendor for GSTN, and other companies are also working on some other tools to help with GST compliance, informed ministerial group’s Chairman Sushil Modi during its recent meeting. Click to read more
Federation of Karnataka Chambers of Commerce and Industry (FKCCI) in its memorandum to Sushil Kumar Modi, Chairman, Group of Ministers, GSTN and Bihar’s deputy Chief Minister and Finance Minister, has requested the change in deadline to file the reconciled returns for the financial year 2017-18 from September 2018 to December 31.
The memorandum, presented by FKCCI President Sudhakar Shetty to Sushil Modi recently, mentioned, “We understand that almost 93 per cent of GST registrants have turnover below ₹5 crore and are classified as small dealers. Click to read more
The Director General of Audit will check for the application of “place of supply rules” in Railways, airlines, telecom and banks to ensure compliance of Goods and Services Tax (GST), Sushil Kumar Modi, a GST Council Member and Deputy Chief Minister of Bihar, said.
“The DG of Audit will check for compliance,” Mr. Modi told the media here. Click to read more
The revenue mopup from goods and services tax (GST) for August is likely to be lower than the previous months.
This is mainly due to the rate cuts effected in the last GST Council meeting and the lack of social events during the monsoon season.
In a review meeting held in Bengaluru on Saturday, senior member of the GST Council Sushil Modi said despite the shortfall, the council is confident of meeting the revenue target as it expects a jump in collections in the coming months. Click to read more
Putting an end to the confusion over the cost of new solar power projects under the goods and services tax (GST) regime, the Central Electricity Regulatory Commission (CERC) has allowed it to be covered under the ‘Change in Law’ clause of power contracts. The GST paid by the project developers can be recovered as a separate element on “one-time basis in a time-bound manner”.
The order comes in response to the applications filed by Azure Power and Prayatna Developers, a subsidiary of Adani Power. Adani had petitioned CERC to declare GST as a change in law so that future bids could consider this in their cost structure. Till now, the companies were not sure as there was no legal approval from the sector regulator. Click to read more
The shortfall in state revenues from the goods and services tax (GST) is declining, shows the data shared with states at the GST Council meetings. The average monthly shortfall in state revenues from the state GST (SGST) and settlement on account of the Integrated GST (IGST) declined from 28.3 per cent of the monthly target in August 2017 to 23.7 in per cent in February 2018.
The decline continued thereafter. As a result, by June 2018, the average monthly shortfall over the entire period from August 2017 to June 2018 was estimated to be 13 per cent of the average monthly. Click to read more
The rising gap between goods and services tax (GST) targets and actual revenue collections may limit the scope for large-scale rate cuts, with states favouring stabilization in revenues before any further rate reduction. As a result, the next meeting of the GST Council on 28-29 September is unlikely to feature major rate cuts to accommodate demands from the micro, small and medium enterprises (MSMEs).
The central government, concerned about the revenue shortfall, is also reaching out to states to understand the reasons behind it. Click to read more
The government is examining the tax refund mechanism for exporters under goods and services tax (GST) and may announce some measures over the next few days to streamline the process and speed up repayments. “Some measures are being looked at…,” a senior official told ET, adding that these could be unveiled by the weekend.
Exporters say delay in refund under GST impacts business and raises working capital cost. Last week, Finance Minister Arun Jaitley had said the government would take steps to boost exports. Click to read more
Midsized private sector lender Yes BankNSE -0.04 % has paid Rs 38 crore in fines to the GST department for alleged violations in domestic remittances, officials said Friday.
A bank official, however, said the money has been paid “in protest” and the lender believes that it has not violated any norms.
The bank, which saw Friday its stocks bleed as much as over 35 per cent intra-day and close with a loss of 29 per cent after news came out that the RBI has asked incumbent CEO Rana Kapoor to step aside by end of next January, has paid the fine earlier this week. Click to read more