The GST Council in its meeting on March 10 decided to continue with relief for exporters, defer reverse charge mechanism as well as defer applicability of TDS and TCS provisions. These measures will reduce hardships to exporters who are already reeling under delay in processing of their refund applications; and also buy time for unregistered dealers before reverse charge mechanism comes into play. E-way bill is now in focus with several changes made to the rules for easy and smooth implementation. Click to read more
The NDA-led Narendra Modi government may have got the country’s One Nation, One Tax policy up and running, but the Goods and Service Tax (GST) revenue collection is not so encouraging. After generating over ₹90,000 crore from GST revenue in the first three months, the collection slipped to ₹83,346 in October and further dipped to ₹80,808 crore in November 2017. Since then it has hovered around ₹86,000 in the recent months. Click to read more
Worried about tax evasion under the Goods and Services Tax (GST), officials are keen that the new returns filing system should ensure that the tax is first paid before the credit is given.
Sources said inclusion of such a provision is one of the key differences between the alternate monthly GST return that was proposed by the committee of officers to the GST Council on Saturday. Click to read more
As the Goods and Services Tax (GST) marks 250 days after its rollout, a survey has found that consumers are upset over the new tax regime.
Consumers through the survey highlighted that not enough benefits were flowing their way.
Furthermore, a majority of the respondents claimed that they were not receiving GST invoices for many of their purchases, and brands were not passing the benefits of input tax credit to consumers, as per a survey conducted by citizen engagement platform, LocalCircles. Click to read more
Tax authorities are grappling with a Rs 34,000-crore goods and services tax (GST) puzzle amid fresh fears in the government of businessmen evading taxes.
Preliminary analysis of returns filed between July and December with the GST Network has indicated that the scale of under-reporting of tax liabilities could be as much as Rs 34,000 crore. Click to read more
The Goods and Services Tax (GST) Council in its 26th meeting on Saturday gave nod for the rollout of e-way bill system for inter-state movement of goods valued over Rs 50,000 from April 1, while approving a staggered implementation at the intra-state level. The Council, however, did not reach a consensus on the proposed simplification of returns filing process as the tax bureaucracy emphasised on removing any scope for evasion while moving towards an easier returns filing process. Click to read more
The Prime Minister’s Office will meet top officials of Commerce and Finance Ministries on Monday to discuss the issue of GST refunds as exporters claimed that 70% of their refunds were stuck even after eight months of the roll-out of the new tax regime.
The meeting would assess the impact of delay in refund process on exports and manufacturing, sources said. Exporters had been complaining that the delay had blocked their working capital. The revenue department argued that there were discrepancies between forms submitted by exporters to the customs department and those to the GST Network. Click to read more
Even as the Prime Minister’s office now steps into the export refund mess, traders continue to complain about procedural bottlenecks in filing the Goods and Services Tax (GST), which have been persisting the past 6 months.
The PMO is expected to meet with Commerce and Finance officials on Monday to look at the issue of piling up of export refunds claims. However, the industry claims basic problems in electronic filing have persisted, as the tax authorities are insisting upon some declarations that are legally difficult to provide. Click to read more
Less than nine months into the GST regime, revenue authorities have detected rampant tax evasion through black market and under-valuing of imports.
Big data analytics by the authorities has revealed that although importers are paying GST, they are supplying the goods without bill, sources said.
Importers typically pay integrated goods and services tax or IGST on goods they bring into the country. This tax is supposed to be set-off against the actual GST paid by the final consumer, or claimed as refund. Click to read more
In a bid to facilitate relief among the exporters, the GST Council in its 26thmeeting announced extending available tax exemptions on imported goods for further 6 months.
Earlier the exemption period was to expire on 31st March.
“The exporters presently availing various export promotion schemes can now continue to avail such exemptions on their imports upto 01.10.2018, by which time an e-Wallet scheme is expected to be in place to continue the benefits in future”, an official release said. Click to read more