The goods and services tax in India will benefit the lower and lower-middle income class as it is likely to reduce the tax rate on goods, a blog posted on Asian Development Bank’s website said.
It will mitigate significantly the negative impact of goods and services tax (GST) on the “bottom half” of the population, said the blogpost written by Mukul Asher, Professorial Fellow, Lew Kuan Yew School of Public Policy. Click to read more
In the first monthly filing of taxes under GST regime, the government has collected about Rs 42,000 crore and is expected to accumulate more as the deadline for the filing closes in this week, reported a leading business daily.
Under the GST regime, which was implemented from July 1, 2017, businesses are expected to file the monthly tax return. Tax for the first month is to be filed by an extended deadline of August 25. Click to read more
The introduction of Goods and Services Tax aka GST has created some perplexity among restaurateurs, not to mention diners. Although the slabs are clearly stated in the GST portal and have been floated everywhere, many restaurants still are confused and end up applying rates and taxes according to what they interpret, whereas there are few of the others take undue advantage of the ignorance of people and charge the taxes according to their own wish. Click to read more
Businesses will shortly have a new regulator taking a penetrating gaze over their affairs. The proposed anti-profiteering authority that will monitor pricing behaviour of businesses will be up and running in a fortnight, said Central Board of Excise and Customs (CBEC) chairperson Vanaja N. Sarna.
A selection panel led by Cabinet secretary P.K. Sinha has asked states to suggest candidates for the five-member authority, including the chairperson, while the Union government has sent a list of its nominees to states for state-level screening panels that are part of the authority’s ecosystem, said the CBEC chairperson. Click to read more
The government has collected a gross goods and service tax (GST) amount of Rs 40,000 crore so far with 13 lakh assessees having filed an interim tax return on the GST Network as of Monday evening. In addition, 22 lakh assessees have filled in the relevant details on the portal but are yet to file return, senior government officials said. Of the total amount of Rs 40,000 crore, Rs 15,000 crore has come in as integrated-GST, which is levied on interstate movement of goods. Click to read more
The Goods and Services Tax is still a big mystery for people around the country. Implemented on July 1, 2017, almost two months down the line people are still confused how GST is applied on different items.
One of the biggest concerns that consumers have in India is the application of GST when eating out. Many restaurants seem to charge tax according to their own whims and fancies. Click to read more
Upstream oil and gas companies can avail an input tax credit (ITC) on Goods and Services Tax paid only on the value added products that are manufactured and covered under GST. This clarification was given by the government in response to a query asking whether ONGC would be eligible to avail credit of five per cent GST paid on specified goods procured by it for petroleum operations.
In an official statement, the Ministry of Petroleum and Natural Gas said, “…In few cases in Gujarat and Mumbai where some value added products (VAP) are being manufactured which are covered under GST, credit on common inputs would be available on proportionate basis. Click to read more
The Micro, Small and Medium Enterprises (MSME) sector is yet to solve the issues related to the Goods and Services Tax (GST) even after 50 days since it was implemented, All India Manufacturers’ Organisation (Aimo) said.
The sector faced problems on basic issues like filling GSTR-3 B form. The GST portal became inaccessible last week due to heavy traffic.
“Has the government failed to expect this traffic and address them beforehand? We are facing difficulty in accessing the portal,” said the organisation in a letter to Finance Minister Arun Jaitley. Click to read more
Although healthcare is exempt under the goods and services tax (GST) regime, increased rates of taxes on inputs such as medical equipment, diagnostics, reagents, labour and maintenance of medical equipment have started pinching healthcare providers, who warn that the higher costs may soon trickle down to patients.
Top hospitals have approached the GST Council and have urged it to lower the tax rates for inputs while also recommending that input tax credit be made available to them. Click to read more
The GST Network that controls and monitors GST returns filings has further simplified the registration process for filings under the new indirect tax regime. Earlier, traders had complained that they were still facing some issues related to GST and returns sunder it.
So, the authorities took it upon themselves and started educating the trader community. Knowing GST rules and methods of filing returns under it are very important. This write-up explains in detail GST registration for new dealers. Click to read more