The seventieth year of India’s independence will go down in Indian history as the year the country switched over to one of its most ambitious tax regimes, Goods and Services Tax (GST). After several rounds of deadlock in the Parliament, GST was finally rolled out on July 1, 2017, replacing a thicket of indirect central and state levies that have been blamed for tarnishing India’s tax-friendly image.
GST got a thumbs up from nearly all sectors of the economy, barring few exceptions, and helped India reach a pedestal on the world stage for its ‘ease of doing business’ initiatives. Click to read more
Since the launch of the goods and services tax (GST), the three customs zones in Mumbai have disbursed integrated GST — or IGST — refunds of Rs 6,467 crore so far. The chief commissioners of customs and GST, Mumbai zone, on Monday said 6,063 input tax credit (ITC) applications involving Rs 1,615 crore were filed with central GST offices till date. Of this, 5,224 claims involving a refund of Rs 1,425 crore have already been disbursed. Click to read more
Chennai Customs urged exporters to resolve any errors so that their legitimate pending refunds can be processed within a fortnight. The major error is mainly due to mismatch in numbers provided in the invoice and GST returns, said a senior department official
Exporters can walk in with relevant documents or can also mail on igstcusChennai@gmail.com (for sea Customs), firstname.lastname@example.org (for air Customs) so that officers can resolve the errors on the spot for immediate credit of pending refunds, said M Ajit Kumar, Chief Commissioner of Customs, Chennai. Click to read more
Singapore, Australia, Canada – these are just some of the countries that have implemented Goods and Services Tax (GST) and offer overseas visitors tax refunds at their international airports as they head back home. India, too, may soon follow suit. The revenue department is working on a mechanism to refund GST paid by foreign tourists on local purchases, which will allow them to claim the refunds at airports when they are leaving the country. According to an official, in order to do that, the field offices will have to be sensitized first. So, initially, only purchases from big retailers would be eligible for GST refunds. “It has to be ensured that refunds are not claimed on the basis of fake invoices. The refund mechanism could start on the basis of invoices issued by big retailers,” the official explained, as mentioned in agency reports. Click to read more
Having come under criticism for the poor refund under the Goods and Services Tax (GST), the Central Board of Indirect Taxes and Customs, Bengaluru zone today said Rs 1,183 crore has been refunded since the roll out of GST.
The Principal Chief Commissioner of Central Tax A K Jyotishi told reporters here that the GST revenue from Karnataka per month is Rs 6,000 crore excluding indirect central tax of Rs 1,000 crore as duty and taxes on petroleum products. In view of pendency of refunds, the Central Board of Indirect Taxes and Customs launched a special refund drive starting from May 31 to June 14. Click to read more
Telangana Finance Minister Etela Rajender today said the state would suffer huge financial losses if the Centre brings petrol and diesel under the ambit of Goods and Services Tax (GST). Speaking to reporters on the sidelines of a programme, the minister said Telangana differs with some of the terms of reference issued by the 15th Finance Commission.
“This (bringing petrol and diesel under GST) is not a correct decision. It would hurt the federal spirit of our country. If these products are brought under GST, state finances will be further reduced,” he said. Click to read more
Allaying industry’s apprehensions, all three orders passed by the National Anti-Profiteering Authority under the goods and services tax (GST) regime have so far gone in favour of companies.
In its latest order, the five member NAA has dismissed complaint against elevator manufacturer Schindler India for charges of profiteering filed by a Delhi business. The complaint pertained to charging of service tax on the payment made to Schindler India before GST implementation on July 1, 2017 and GST for the payment installments made in July when the installation took place. Click to read more
An RTI applicant was surprised on being charged the Goods and Services tax (GST) and portal fee when he filed an RTI application. The application and appeal were made to the state government’s portal. Bhaskar Prabhu, the applicant was charged Rs 5 portal fee each time he made an appeal or application and 18 per cent GST.
“It is not credit or debit card charges. They are taking GST. RTI is a right and we pay Rs 10 as application fee besides other charges, against information provided by authorities. RTI is a right and not a service,” said Prabhu. Click to read more
There was no work today, just like yesterday, and the day before, and the day before, stretching back nine days in a row.
Murli Banjara, who wore a greying mustache and a fading red gamcha, squinted up at the sun, which was now almost overhead. It was now close to noon. After waiting for five hours, Banjara appeared resigned to another day of unemployment.
“The worker is paying for the GST,” he remarked, claiming work had dried up as an effect of the Goods and Services Taxes, that was introduced almost a year ago in July 2017. Click to read more