The promise of the Goods and Services Tax (GST) to bring clarity has finally started showing. As GST officers unleash the force of data analytics, no discrepancy or mismatch will escape their scrutiny.
Even if it’s less than one rupee. GST officers can go as far as 17 decimal points to square their accounts. The intolerance for gaps is so extreme that a proprietor of an Ahmedabad-based engineering company received a notice from the state tax department stating there was a discrepancy of Rs 0.77999999999883585 in his tax payment. Click to read more
Supply of food and beverages in trains will face goods and services tax as applicable on such items and not the concessional rate of 5% as specified by the government through a circular, Authority for Advance Rulings (AAR) said on Tuesday.
A train is a medium of transport and cannot be termed restaurant, eating joint, mess or canteen, Delhi AAR said in a decision that would impact those supplying food on trains. The ruling comes even as the industry has represented to the government. Click to read more
Traders and businessmen are struggling to deal with the newly implemented Goods and Service Tax (GST) with even the government finding it difficult to handle large number of transactions. But an query has revealed that there are nearly 2,000 vacancies of top officers in the of Excise and Customs (Central Excise) for dealing with matters.
The query was asked by social worker Sanjay Thul, who sought information on various posts in the Central Excise offices till March 31. It included those from assistant to additional and principal commissioners of GST. Click to read more
Imposition of the Goods & Service Tax has changed the way gold was traded in India. Prima facie, it has helped large gold chains to grow, the industry is consolidating and small jewellers have opted several other ways to retain customers and business.
However, challenges still exist for jewellery industry as demand will be impacted due to high price, under pressure jewellers finances and rising cost. Hallmarking will lead to the churning of inventory. Click to read more
The goods and services tax (GST) and the twin balance-sheet problem pushed India’s growth rate down to 6.6% in 2017 from 7.1% in the previous year, a United Nations (UN) report said.
However, the country is expected to grow at 7.2% this year on the back of a gradual recovery, said the report by the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP). Click to read more
The government has estimated that the Centre and the states may have to forgo up to Rs 15,000 crore in offering discounts of up to Rs 100 on GST for every digital transaction, including those done using credit or debit cards or mobile wallets and mobile and net banking.
Sources said the estimate is based on the average ticket size of the transaction being Rs 1,400 and a 2% relief being proposed on it. Click to read more
In a ruling that could spike the cost of setting up solar power plants, the Authority for Advance Ruling (AAR) for GST in Maharashtra said that engineering, procurement and construction (EPC) activities will be considered as ‘work contract’ and liable to be taxed at 18%.
The petitioner had argued that these should be considered as ‘composite supply’, which would attract a concessional GST of 5% for solar power generation stations. Click to read more
In its second order on anti-profiteering under goods and services tax, the National Anti-Profiteering Authority (NAA) has dismissed the complaint against KRBL Ltd, the owner of India Gate Basmati rice brand, by concluding that it did not violate the provisions of the Central GST (CGST) Act.
The order, dated May 4 and issued by NAA’s chairman B N Sharma and other members, states that due to the imposition of GST on India Gate basmati rice and rise in the purchase price of the paddy, there “does not appear to be denial of benefit of ITC (input tax credit)” as alleged by the complainant Kumar Gandharv. Click to read more
Haj Committee of India on Tuesday said the Centre’s decision to do away with Haj subsidy had hit the poor and middle classes hard, culminating in 1,500 less pilgrims from Bihar going on Haj in 2018 against last year.
Interacting with journalists on Tuesday, Lok Sabha MP from Khagaria and Haj Committee chairman Choudhary Mehboob Ali Kaiser said owing to withdrawal of Haj subsidy and imposition of GST on air travel, the Haj fee for a pilgrim had gone up by Rs 15,000-60,000 over last year. Click to read more