In its attempt to bring more companies under the goods and services tax (GST) umbrella, the tax department is planning to conduct searches and surveys across the country, a senior tax official told ET.
The searches could start as early as next week and would focus on checking if any company was deliberately avoiding to come under GST umbrella or if there is a genuine problem, said the official. Tax officers would conduct physical verification of premises in several areas and check the GST certificates in cases where they have been issued. Click to read more
Festivals are near and like always you all must be planning for it with empty shopping carts to ‘bag’ the discounts. But in the era of Goods and Services Tax (GST), festivities may not appear as lucrative as they did before. Hefty discounts and big-banner sales may be low-scale in the new tax regime. With the introduction of GST, manufacturers and retailers grapple to work out the best deals to ensure their customer base and profit-margins match the previous years. Click to read more
The launch of the Goods and Services Tax (GST) on 1st of July 2017, is the first step towards a new India that is working along with the uniform taxation for a more stable economy tomorrow.
The new integrated and consumption-based tax levied on manufacture, sale and consumption of goods and services has removed the cascading effect of tax-on-tax and has completely replaced the old and complex tax structure. It not only makes the tax system less complicated, but also helps in increasing compliance, boosting revenue and in reducing the tax outflow for consumers. Click to read more
National VAT/GST systems dominate world economies and are common, the elimination of multiple cascading indirect tax regimes into a single Goods and Services Tax (GST) regime overnight in India on 1 July 2017 is attracting the attention of policy makers across the world.
India could see 25 lakh more taxpayers in the tax net adding to approximately 76 lakh taxpayers that existed earlier. Businesses will be filing total of 37 returns annually. The return cycle occurs over a 10-day window with three returns being filed -GSTR-1 the sales data, GSTR-2 the purchase data, and GSTR-3 the summary data in addition to an annual return. Click to read more
The State Government’s fear of losing revenue post Goods and Services Tax appears to have come true with the tax revenue for August, the second month of implementation of the GST regime, showing a decline.
The State registered tax revenue of ₹ 2,661.28 crore during August. This is around ₹ 160 crore less than the ₹ 2,822.14 crore registered during the corresponding month of the previous financial year. Of the total revenue, the tax netted through sale of liquor is estimated at ₹ 565.5 crore and that on sale of petroleum products is ₹ 682.69 crore. Tax revenue from other sources is ₹ 154.2 crore. Click to read more
The petroleum ministry’s push for including crude oil, natural gas, petrol, diesel and aviation turbine fuel in the goods and services tax (GST) may bring benefits to the industry as well as customers at a time of rising retail prices. However, much of the benefits will depend on the GST rates applicable on fuel.
The GST Council is yet to decide on bringing fuel under the GST’s ambit. Finance Minister Arun Jaitley has asked states to lower their value-added taxes on fuel used for manufacturing. Click to read more
Minister for Petroleum and Natural Gas Dharmendra Pradhan today batted for the inclusion of petroleum products under newly-introduced Goods and Services Tax or GST. In a tweet, Pradhan said: “Petroleum products inclusion in GST only way for rational fuel prices.” The Minister’s statement has come in the backdrop of recent price hike in petrol and diesel products in the country. Click to read more
The group of ministers set up to look into the technical issues faced by GST Network, headed by Bihar Deputy Chief Minister Sushil Kumar Modi, will hold its first meeting tomorrow.
The GST Council, the highest decision-making body of the new Goods and Services Tax (GST) regime, had on Saturday decided to form a five-member panel to look into the technical glitches facing GST Network (GSTN).
The GoM was constituted on September 12 and its first meeting is convened within a week as the government looks at fast ironing out the issues faced by businesses. Click to read more
Introduction of GST on July 1st, 2017 was the biggest tax reform in India. By now everyone knows that Goods and Services Tax is a unified tax which incorporated all the taxes into one and further a certain percentage of the total tax goes to the Central exchequer and the rest to the State exchequer. GST is applicable on almost all goods and services that one can think of however so far petroleum products i.e. petrol, diesel, jet fuel and natural gas have not been brought under the ambit of GST so as to maintain the revenue that the States earn from these petroleum products. Click to read more
India’s informal sector got badly affected by demonetisation and may take further hit due to GST, a UN report today said, lowering country’s growth projection to 6.7 per cent for 2017 from 7 per cent in 2016.
UNCTAD’s Trade and Development 2017 report notes that the world economy in 2017 is picking up but not lifting off. The growth is expected to reach 2.6 per cent, slightly higher than in 2016 but well below the pre-financial crisis average of 3.2 per cent. Click to read more