GST Ready India

GST Ready India’s Latest News and Updates

As formalization lags, logistics firms pin hopes on GST e-way bill, better implementation

Mar 23, 2018

Over 68,000 companies registered in 8 months post GST: Union minister

More than 68,000 companies have been registered in eight months following the implementation of the Goods and Services Tax (GST) regime, Union Minister P P Chaudhary said today.

GST –the biggest tax reform– was rolled out from July 1, 2017.

“The total number of companies registered during the period from July 2017 to February 2018 (post GST) is 68,299,” the minister of state for corporate affairs said in a written reply to the Lok Sabha. Click to read more

As formalization lags, logistics firms pin hopes on GST e-way bill, better implementation

The goods and services tax (GST) that was expected to fast-track the formalization of the logistics sector is proving to be a rather gradual process. Mahindra Logistics Ltd recently told SBICAP Securities Ltd that GST has only led to a gradual shift from the unorganized to organized logistics, unlike the disruptive change that was expected initially. As goods transport agencies largely remained under the reverse charge mechanism (in which they do not have to register under GST and pay lower taxes) the shift towards organized sector was stymied, says Sandeep Mathew, an analyst at SBICAP Securities. Click to read more

GST on Skill Development, Start-Ups and Tourism

All kinds of representations received from the trade and industry (including start-ups) regarding GST rates on services have been deliberated in the Fitment Committee. Government has exempted various kinds of services in relation to skill development.

Decision pertaining to rates of GST and exemption on skill development, start-ups and tourism are taken after due deliberation in GST Council. Click to read more

GST implementation may impact IOC by Rs 4,200 crore

Indian Oil Corporation (IOC), the nation’s largest fuel retailer, may have to bear an impact of Rs 4,200 crore per annum due to non-availability of input tax credit under Good Service Tax (GST) on procurement of services and capital goods, oil minister Dharmendra Pradhan said.

“Pursuant to various amendments notified after introduction of GST, it is estimated that there may be an impact of the order of around Rs 4,200 crore per annum towards non availability of proportionate input tax credit of GST paid on procurement of inputs, input services and capital goods. Click to read more

Over 68,000 cos registered in 8 months post GST

More than 68,000 companies have been registered in eight months following the implementation of the Goods and Services Tax (GST) regime, Union Minister P P Chaudhary said today.

GST –the biggest tax reform– was rolled out from July 1, 2017.

“The total number of companies registered during the period from July 2017 to February 2018 (post GST) is 68,299,” the minister of state for corporate affairs said in a written reply to the Lok Sabha. Click to read more

No GST exemptions for northeast, hill states: Minister

The government on Thursday said that no exemptions from tax refund had been given to the northeastern and hilly states under the Goods and Services Tax (GST) regime till March 2027.

It said the GST Council had in September 2016 decided that all entities exempted from payment of indirect tax under the then-existing tax incentive scheme will have to pay tax in the GST regime. Click to read more

Congress Urges PM Modi To Remove GST On Langar At Golden Temple

Congress MP Pratap Singh Bajwa wrote to Prime Minister Narendra Modi demanding revocation of the GST on purchases made for “langar/prasad” at the Golden Temple, Durgiani Mandir and Ram Tirath temple in Punjab.

His appeal came a day after the Punjab government decided to waive its share of the GST imposed on purchases made for “langar” (community kitchen) at the Golden Temple. Click to read more

GST officer found involved in bribery, MSMEs say ‘unease’ of doing business in new tax regime

With the news report surfacing about the arrest of a GST officer asking bribe in tax matters, the Micro, Small and Medium Enterprises (MSMEs) have expressed that the case exhibits how inspector raj is slowly getting reinstated even under the Goods and Services tax regime.

Earlier this week, Pune State Anti-Corruption Bureau (ACB) arrested a class-I officer of GST department for allegedly asking Rs 30,000 bribe. Click to read more

Top reasons why every business needs complete GST solutions

India’s complex indirect tax structure became simpler and integrated with the new tax reform-GST. Experts believe that the Indian economy will get a boost with the cascading effect of GST in the long run. The successful GST implementation with a unified tax structure across diverse Indian regions is a daunting task, especially when not all Indians are completely yet aware of the benefits and processes related to GST. Click to read more

Banking frauds, muted GST collections to keep risk to growth elevated: D&B

Handling the emerging frauds in the banking sector coupled with likely ripple effects, muted GST collections and the protectionist policy imposed by the US are some of the factors that are likely to keep risk to growth elevated, says a report.

As per D&B economic forecast for March 2018, the government faces a challenging scenario of managing the growth momentum. Click to read more

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