The Goods and Services Tax (GST) Council, in its 27th meeting on May 4, decided on a move to a single monthly return to be furnished by the seller. And, to make GST Network (GSTN), the levy’s information technology backbone, fully government-owned.
It sent the issue of levying a cess on sugar and incentivising digital transactions to a group of ministers. The problems of exporters were not even on the agenda. The return simplification process envisages one monthly return for all taxpayers, barring exceptions such as composition dealers. Click to read more
The GST Council has veered around to giving up to Rs 100 incentive for digital payments for purchases by consumers, approved a new model for single monthly return and decided to turn the GSTN into a government-owned entity.
The panel, the highest decision-making body for Goods and Services Tax (GST) regime, however, deferred a decision on levying a cess on sugar after opposition from some states.
Announcing the decision taken at the 27th meeting of the council, Finance Minister Arun Jaitley said all taxpayers excluding a few exceptions like composition dealers shall file one monthly GST return in place of multiple filings currently required in a month. Click to read more
Odisha’s tax administrators are under tremendous pressure as the tax collection in the State is showing a downward trend in the Goods & Services Tax (GST) regime. The GST collection has reported a shortfall of 31 per cent since August 2017.
“Following the switch over to the GST regime from Value Added Tax (VAT) administration from July 1, 2017, the tax collection in the State has come down,” said a senior officer of the State Government who is keeping a watch on the GST trends.
With the introduction of GST, five State taxes, VAT, Central Sales Tax (CST), Entry Tax, Luxury Tax and Entertainment Tax, had been subsumed in one tax. Click to read more
The Indian pharma industry is still analysing the opportunities and challenges that Goods and Services Tax (GST) regime has brought since its introduction in the country almost a year ago. The sector is facing challenges like increase in effective rate of new tax mechanism provided for refund of inverted tax structure, place of supply issues in relation to Research and Development and other similar changes. Since the GST implementation from July 1, 2017, various sectors are coming to terms with the impact of the new tax regime, said L Badri Narayanan, Partner, Lakshmikumaran & Sridharan. Click to read more
At the time of writing, petrol was retailing at Rs.82.48/litre in Mumbai, roughly 62% more than the Rs.50.8/litre Pakistanis shell out for a tank of gas. This is despite the fact that crude oil prices are now way lower than the $100 per barrel rate around which it was hovering in 2014.
Extraneous factors like the production cuts enforced by the Organization of the Petroleum Exporting Countries (OPEC), and supply disruption owing to turmoil in West Asia have influenced the spike in fuel prices in India, but tax levies still constitute the biggest chunk of the retail price. Click to read more
E-rickshaw tyres will attract GST at the highest slab of 28 per cent as they are registered as ‘motor vehicles’ under the Motor Vehicle Act, according to the order of the Authority for Advance Rulings (AAR).
The Maharastra-bench of the AAR passed the order on an application filed by tyre-maker Ceat LtdNSE -0.74 %, seeking to clarify whether e-rickshaw can be classified under the head “three-wheeled powered cycle rickshaw”, which attracts a 5 per cent GST. Click to read more
Fast food may not be great for health but its booming sales could indicate that consumer spending is back on track. After a lull that spanned more than a year, quick service restaurants (QSRs) are reporting record-breaking numbers.
Westlife Development, master franchisee of McDonald’s in west and south India, on Friday said it has achieved its highest ever annual revenues of Rs 1,100 crore – 22 per cent growth year on year. The company, which operates 277 outlets. Click to read more
A ministerial panel on imposing cess on sugar today decided to seek law ministry opinion on the legality of such a levy.
The panel, chaired by Assam Finance Minister Himanta Biswa Sarma, will also seek a report from the food ministry on the final utilisation of the proceeds from levy of sugar cess.
“The GoM has met today. First question is whether council at all has the power to impose cess, we have decided to refer that to the Law ministry,” Sarma told reporters here after the first meeting of the panel. Click to read more
Four years is too short a time for even the most zealous reformer. This is particularly true for India where responsibilities are distributed between the states and the Centre and where the federal nature of the democracy makes it harder to push through legislative changes. Not surprisingly then those that had believed the Modi Multiplier would catalyse the economy to new heights are disappointed. Indeed, thanks to the demonetisation exercise the economy has lost out on a few percentage points of growth significant at a time when the GDP is barely clocking 6.5%. Click to read more