GST Ready India

GST Ready India’s Latest News and Updates

GST collection may put Modi govt's fiscal math at risk; check out revenue challenge

Oct 08, 2018

GST policy on e-commerce may make life difficult for cab startups: Experts

A Bengaluru-based startup has filed an appeal questioning a July 27 ruling by GST authorities in Karnataka which said app-based cab aggregators must pay GST on trip fares collected by private cab drivers/owners tied to their e-commerce platforms.

Opta Cabs, a startup that plans to offer app-based cab hailing services, has preferred an appeal to the ruling by the GST Authority on Advance Ruling in Karnataka. Its founder Chandrakaladhar Reddy (44) said: “This kind of regulations impose huge legal costs, and create an entry barrier for startups like us. The policy needs to change.” Click to read more

GST collection may put Modi govt’s fiscal math at risk; check out revenue challenge

The below-par goods and services tax (GST) revenue collection reported by the government for the first six months of the current fiscal may put its carefully calculated fiscal math at risk. The total gross GST revenue collected in September was Rs 94,442 crore and the total during the April to September period was Rs 577,970 crore. When compared with the target of Rs one lakh crore in GST revenue each month, it becomes clear that the shortfall in the first six months in gross revenue is over Rs 22,000 crore. Of course, the government expects some of the shortfall to be made up through higher purchases during the festive season which commences this month. And it has also reiterated that the fiscal deficit target and other milestones for this fiscal (FY19) would be adhered to. But analysts continue to be concerned over the country’s fiscal health. Click to read more

Congress dubs fuel price cut electoral lollipop, demands oil products under GST

The Congress Sunday dismissed the Rs 2.5 a litre cut in petrol and diesel prices as “electoral lollipop” aimed at the five poll-bound states, and asked the Narendra Modi government to bring petroleum products under the GST regime. Congress spokesperson Pawan Khera told reporters that oil prices have begun rising again since the cut was effected on Thursday, adding that it showed the government’s duplicity and hypocrisy.

He questioned the government’s claim of oil prices being deregulated, saying they depend upon the electoral calendar as they remained unchanged for 17 days during the Karnataka assembly polls, and a similar pattern was seen during the Gujarat polls. Click to read more

Cong vows to bring petroleum products, alcohol under GST

Petroleum products and alcohol will be brought under the Goods and Services Tax (GST) regime if the Congress party is voted to power in the 2019 general elections, Congress Working Committee member and former Commerce Minister Anand Sharma said here on Sunday.

Such a step would widen the unified tax net in the country, he said at an interactive session in Kochi held as part of gathering suggestions for the party’s election manifesto. Fuel, alcohol, real estate and power will be brought under the GST regime. The party will also lower taxes and simplify them, Mr. Sharma added. Click to read more

Indian economy has recovered from disruptions of demonetization and GST, growth rate to accelerate: World Bank

Growth in India is firming up and projected to accelerate to 7.3% in the 2018-19 fiscal and 7.5% in the next two years, the World Bank said Sunday. The global lender said that the Indian economy appears to have recovered from the temporary disruptions caused by demonetization and the introduction of the Goods and Services Tax (GST). However, domestic risks and a less benign external environment impact the macro-economic outlook, it said.

Growth reached 6.7% in fiscal year 2017/18, with a significant acceleration in recent months, it said. “Prompted by the adoption of the ‘Goods and Services Tax’ (GST) and the recapitalisation of banks, growth in India is firming up and it is projected to accelerate further. Click to read more

Fuel price cut ‘electoral lollipop’, bring oil products under GST: Cong to Govt

Congress on Sunday dismissed the Rs 2.5 a litre cut in petrol and diesel prices as “electoral lollipop” aimed at the five poll-bound States, and asked the Narendra Modi Government to bring petroleum products under the GST regime.

Congress spokesperson Pawan Khera said that oil prices have begun rising again since the cut was effected on Thursday, adding that it showed the Government’s duplicity and hypocrisy. He questioned the Government’s claim of oil prices being deregulated, saying they depend upon the electoral calendar as they remained unchanged for 17 days during the Karnataka Assembly polls, and a similar pattern was seen during the Gujarat polls. Click to read more

RaGa promises new GST if voted to power

All India Congress Committee, President, Rahul Gandhi assured that the new GST would protect rights of common men, especially protection of micro and small business owners from economic slowdown, employment for youths, adequate pricing for agro produce and an honest Government if Congress voted to power in Madhya Pradesh in coming elections. The Bharatiya Janata Party Government, in its four and half year regime, had wasted valuable time of the country. The unplanned and unforeseen decisions like demonetisation and GST taken by BJP led Union Government have derailed the country’s economy.

AICC President, Rahul Gandhi was addressing a huge public gathering during ‘Sankalp Yatra’ at Shaheed Abdul Hamid Square, Raddi Chowki, on Saturday. Click to read more

ITR filing deadline for companies extended again

The Central Board of Direct Taxes (CBDT) has extended the due date for businesses to file their income tax returns (ITRs) and audit reports for 2017-18 to 31 October. The move to give companies extra time through a second extension of the due date was taken based on representations from various stakeholders, the CBDT said in a statement. Earlier, the board had extended the ITR filing deadline of 30 September to 15 October.

However, the fresh extension applies only for ITR filing, not for remitting taxes, for which the deadline remains 30 September. Businesses filing any tax dues after the original due date, but during the period of the extended due date, would be liable to pay interest, the CBDT statement clarified. Click to read more

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