The GST Council is expected to revise rates of 70 to 80 items and services in a meeting scheduled for Thursday. The GST Council, headed by Finance Minister Arun Jaitley and having state finance ministers as members, is also expected to simplify the process of registration, returns filing and claiming input tax credit (ITC) under the new indirect tax regime.
“In this meeting the Council is expected to revise rates of about 25 goods and another 45-55 services. Total 70-80 items’ rates could be revised downward,” an official, who is part of the rate fitment committee, told NDTV. Click to read more
The goods and services tax (GST) saw manufacturers slow down production in the preceding months, pulling down economic growth in the first quarter of this fiscal to a three-year low of 5.7%. Growth picked up in the second quarter as firms restocked their supply chain. Businesses struggled to file returns on time in August, prompting deadline extensions. GST Council raised taxes on cars and tobacco, lowered rates on many mass use items and gave relief to small companies and exporters. Click to read more
The goods and services tax (GST) appears headed for its biggest procedural overhaul with a panel considering a single-stage return filing process, instead of a three-stage mechanism. The move is aimed at reducing the compliance burden for businesses.
“The committee is looking at 12 filings a year instead of many more at present,” a source told TOI, adding staggered filing dates with bigger businesses having to adhere to earlier deadlines were also being examined. While basic principles such as invoice matching—to plug revenue leakage—will be retained, the move will ensure taxpayers are not hobbled by the filing mechanism. Click to read more
The Finance Ministry has rolled out the nationwide e-way Bill System for inter-state movement of goods on trial basis from Tuesday.
The GST provision requiring transporters to carry an electronic waybill will be implemented from February 1 for inter-state movements.
The e-way bill system eliminates the need for transit passes for inter-State movements of goods and works on the self-declaration model, according to a commercial taxes department release. Click to read more
Filing of returns under Goods and Services Tax (GST) may get much simpler, as a panel is considering a single-stage return filing process, instead of the current three-stage mechanism. According to a report in the Times Of India, the move is aimed at reducing the compliance burden for businesses.
“The committee is looking at 12 filings a year instead of many more at present,” a source told the newspaper, adding that staggered filing dates with bigger businesses having to adhere to earlier deadlines were also being examined. While basic principles such as invoice matching—to plug revenue leakage—will be retained, the move will ensure taxpayers are not hobbled by the filing mechanism. Click to read more
The country’s six-month old revamped indirect tax system is set to undergo significant changes, which will include simplification of return filing process, amendment in laws and rules to simplify procedures, along with rate cuts of around 70 goods and services.
The Goods and Services Tax (GST) Council—the apex body for decision making headed by finance minister Arun Jaitley—is likely to consider the big bang recommendations from states and various officers’ panel in its next meeting on Thursday. Click to read more
Biscuit manufacturers today demanded a lower GST rate on biscuit and related products than the current 18 per cent, saying it is a mass consumption food product and similar products are subject to lower tax rate.
Stating that about 15 per cent sales have gone down post GST implementation, Indian Biscuits Manufacturers Association (IBMA) said consumers of biscuit belong predominantly to the poorer segment and will hurt the 2.5 crore employment created by the industry. Click to read more
Service providers such as telcos, banks, insurers and airlines may need to file just one centralised form in respect of the goods and services tax (GST), which will substantially ease the compliance burden on service providers with a multi-state footprint.
The GST Council is expected to consider on January 18 significant relaxation in the law and procedures, including a centralised registration facility to make compliance easier. It will also consider changes to input tax credit regime to allow credit for tax paid on rent a cab services, benefiting IT and ITES companies such as Infosys, Wipro and Genpact. Click to read more
The six-month goods and services tax (GST) journey so far has seen technology, procedural compliance and policy withdrawals as speed breakers, but no serious roadblocks are in sight. The rate reductions, and alignments that were done by the GST Council have aided acceptance by various stakeholders. At the moment, the small businesses within the composition scheme are at the traffic light, which continues to be amber for them. Click to read more