GST Ready India

GST Ready India’s Latest News and Updates

From GST shortfall to MSP hike, Jaitley's fiscal promise faces many hurdles

Sep 19, 2018

IIMs’ executive post-graduate programmes to face GST

Executive post-graduate programmes offered by the Indian Institutes of Management (IIMs) will face the goods and services tax, according to the Authority for Advance Rulings.

The Madhya Pradesh Authority for Advance Rulings said the one year programme is taxable even though the Indian Institutes of Management Act, 2017, provides tax exemptions for courses offered by the IIMs. It said executive programmes are not specifically exempted from tax. Click to read more

Clear GST arrears, says OPS

The Tamil Nadu government on Tuesday flagged several issues such as the pending dues from the Centre related to Goods and Services Tax (TAX) and requirement of coal supply for thermal power stations in the State at the 28th meeting of Southern Zonal Council meeting in Bengaluru.

Speaking at the meeting, Deputy Chief Minister O. Panneerselvam requested that the dues be cleared at the earliest. “There are shortfalls in settlement of amounts due to Tamil Nadu in GST. The government of Tamil Nadu is yet to receive over ₹4,000 crore of revenue to be apportioned out of IGST credit. This may be expedited for the benefit of all the States, as the IGST collected is meant for both the Centre and State under the scheme,” Mr. Panneerselvam said. Click to read more

Radical invoicing proposal could do away with GST returns chore

A ‘Committee on Invoice’ set up by the Goods and Services Tax Council has made two procedural suggestions that, if impemented, could dispense with the need for businesses to file GST returns, and yet improve compliance and collections.

The first suggestion relates to business-to-business (B2B) transactions and could make compliance simple; the second relates to business-to-consumer (B2C) transactions and will ensure that the final seller of goods or of a service actually pays the GST collected from end-consumers. Click to read more

From GST shortfall to MSP hike, Jaitley’s fiscal promise faces many hurdles

Finance Minister Arun Jaitley said on Saturday that the government will meet its fiscal deficit target of 3 per cent of gross domestic product for the year, without cutting capital expenditure. This statement of intent aimed at markets and investors, is being considered bold by policy watchers and analysts, especially given the various challenges on revenue and spending front.

After Prime Minister Narendra Modi chaired a review of the 2018-19, Union Budget and the work done by various departments of the finance ministry this year, Jaitley said that the Centre will end the year without any capex cut and will collect direct taxes in excess of budgeted targets. Click to read more

Post GST rate cuts, Centre & States keen to boost revenue mop-up

Big bang rate cuts in Goods and Services Tax are unlikely to take place for sometime as the Centre and States are now keen to shore up revenue collections and touch, if not exceed, a monthly mop-up of ₹1 lakh crore.

The Centre and States are working on a number of anti-evasion measures aimed at improving compliance as they look to increase revenue mop-up under the new indirect tax regime. Click to read more

Fuel in GST a long shot

The flare-up in the prices of petrol and diesel has raised the demand for bringing the fuels under the goods and services tax to provide relief to consumers. However, analysts said the prices are unlikely to come down as a result of this measure.

Blaming global factors for the spike in crude prices, petroleum minister Dharmendra Pradhan said, “It has now become essential to bring petrol and diesel under GST.”

States such as Maharashtra and Punjab are in favour of bringing the two products within the the indirect tax regime. Click to read more

Alert! TDS, TCS under GST next month; Know what is the difference

Surprising industries, the government has now taken one step ahead in its Goods and Services Tax (GST) drive. It has brought in section 51, which is about tax deducted at source (TDS) and section 52 about tax collection at source (TCS) under the regime. The government has kept October 01, to implement this new provision under the GST law. This new development is expected to make it mandatory for e-commerce companies in collecting taxes at source and also to help in tracking down sellers on platforms like Amazon and Flipkart. Further, it will also give boost to government companies in deducting GST at specified rate. Both TDS and TCS were kept in abeyance as the government wanted their newly GST which was launched on July 01, 2017, to settle down. Click to read more

More agents of foreign companies to approach courts against 18% IGST

Indenting agents of foreign companies in textiles, handicrafts and home furnishing industry would join their counterparts in metal industry to approach courts against 18 per cent Integrated GST (IGST) imposed on them under the place of supply rules.

Indenting agents are the agents of foreign companies, who sell their products in India and overseas by charging a commission. Indenting agents in the metal industry have already approached Gujarat high court against IGST. Click to read more

Streamlining of GST compliance fast becoming a long row to hoe

A slew of contradictory advance rulings by the various tax benches has made the already complicated world of goods and services tax (GST) more complex.

A bunch of varied interpretations of the GST law by different Authorities for Advance Ruling (AAR) on the same subject is the latest addition to compliance challenges for businesses. For instance, recently, the Maharashtra AAR said that the process of installing solar equipment would attract 18% GST, while the Karnataka bench ruled that a 5% rate would apply. Click to read more

ICICI Bank to provide loans to MSMEs based on their GST returns

ICICI Bank, one of India’s largest private sector banks, on Wednesday announced the launch of a new working capital facility that will enable MSMEs (micro, small and medium enterprises) to get an overdraft (OD) based on the turnover reported in their Good and Services Tax (GST) returns. Christened ‘GST Business Loan’, the facility is available to any MSME, including non-customers of ICICI Bank, for up to Rs 1 crore. Click to read more

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

GST exam 2018: Date, syllabus, notification, pattern, fees, form – All details for practitioners

If you want to become a certified GST practitioner, this may be your chance. National Academy of Customs will conduct exams for confirmation of enrollment of Goods and Services Tax Practitioners. It will be a Computer Based Exam. The Registration for this exam can be done by the eligible GSTPs on ‘nacin.onlineregistrationform.org’. The registrations link will also be available on NACIN and CBIC websites. Click to read more

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