GST Ready India

GST Ready India’s Latest News and Updates

GST Council decides to exempt 24 insurance schemes for reinsurance

Mar 29, 2018

Govt notifies series of changes in GST compliance requirements

The government on Wednesday notified a series of changes in the timelines of the compliance requirements under the goods and services tax (GST).

It gave traders more time to file the tax return form to claim transitional credit known as Tran-2. The new deadline for filing the return disclosing the transitional credits claimed by traders to 30 June from 31 March.

Abhishek Jain, partner, EY said that this extension is expected to bring substantial relief to traders who were struggling with system issues for filing the form. Click to read more

GST, demo done, India can clock higher growth: CEA

Having overcome the short term consequences of GST and demonetisation, India can now propel itself into a higher growth trajectory, Chief Economic Adviser Arvind Subramanian said today.

He further said the policymakers have to reevaluate whether more has to be done to deal with banking sector woes.

“After we put behind some of the major structural reform, growth has started to revive… In some way there are two or three big reform actions that don’t necessarily involve new stuff that we have to do,” he said while referring to the Goods and Services Tax (GST) implementation and Air India privatisation. Click to read more

Successful roll-out: Centre’s GST collections have improved in Feb

As the fiscal year draws to a close, it is worth examining how the government’s indirect tax collections have panned out this year, given that it was the year of the introduction of the goods and services tax (GST). What emerges from the data on GST collection, released on Tuesday, is that the well-known disruptions that accompanied the roll-out of the GST were taken into account by the government in the Budget-making exercise. Click to read more

Need clear protocol for sharing GST data: CEA Arvind Subramanian

Chief Economic Advisor Arvind Subramanian on Wednesday made a case for developing a clear protocol for sharing of GST data with government departments, saying it is a reflection on state’s capacity and can also be used to estimate GDP in a better manner.

He further said that the introduction of e-way bill and matching of invoices will enormously help in increasing tax buoyancy and revenue collection. Click to read more

Fix GST at 5 percent and rationalize stamp duty, land rates for affordable housing: PHD Chamber

PHD Chamber of Commerce and Industry on Wednesday urged the GST Council to consider further reduction of GST at a slab of 5 percent from prevailing 8 percent for affordable housing, arguing that conformant of infrastructure status on affordable housing would only serve the intended cause.

With GST slab staying onto 8 percent for affordable housing would partly defeat the efforts to provide for housing for all by 2022 in this category, therefore, it has become imperative to curtail it at 5 percent slab, contended the Chamber. Click to read more

GST Council decides to exempt 24 insurance schemes for reinsurance

The Insurance Regulatory and Development Authority of India (IRDAI) in a circular on Wednesday has informed all insurers that the Goods and Services Tax (GST) Council in its 25th meeting, has chosen to exempt reinsurance schemes from the purview of the tax network.

The proposal to exempt reinsurance schemes was recommended by the Fitment Committee and was approved by the GST Council on January 18. The Council has prescribed that any benefit from the reduction in premium on such insurance schemes, must be passed on to the beneficiaries, as well as State and Central exchequers. Click to read more

Indore: GST; Last chance to opt for composition scheme is March 31

The traders who wish to opt for composition scheme under Goods and Service Tax (GST) regime from April 1 will be required to apply for it before March 31. It is necessary for traders that their total turnover in last financial year is below Rs 1 crore. The scheme holders have to pay 1% GST.

This was stated by senior GST consultant and chartered accountant Sunil Jain while addressing a workshop jointly organised by Commercial Tax Practitioners’ Association and MP Tax Law Bar Association here on Wednesday. Click to read more

NEED CLEAR PROTOCOL FOR SHARING GST DATA: CEA

Chief Economic Advisor Arvind Subramanian on Wednesday made a case for developing a clear protocol for sharing of GST data with government departments, saying it is a reflection on state’s capacity and can also be used to estimate GDP in a better manner.

He further said that the introduction of e-way bill and matching of invoices will enormously help in increasing tax buoyancy and revenue collection. Click to read more

Economy: GST collections: wait for the pudding – Kotak

Combining the monthly press releases until February (from PIB) and cash accounting based data for the center for April-December 2017 (from CGA), we conclude that the monthly run-rate for FY2018 (Jul 2017-Feb 2018) is likely around Rs917 bn. A finer estimate will be available with the February and March releases of the CGA but it is unlikely that the run-rate will significantly deviate. Our FY2018 estimates assume that the central government maintains its FY2018RE targets of Rs2.2 tn of CGST and Rs1.6 tn of unallocated IGST (as indicated in the FY2019 union budget) by shifting part of the unallocated IGST pool into CGST and SGST. Click to read more

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