GST continues to be a bone of contention for exporters in India as even after seven months of filing for GST refund, there has been little or no movement in getting their money back. This has led to severe shortage of working capital and the familiar story of debt piling up.
For India’s export community, there has been a delay in grant of refunds pertaining to Integrated Goods and Services Tax (IGST) paid on goods exported out of India and Input Tax credit (ITC) on exports. In November 2017, the Government claimed that the quantum of IGST refund claims as filed through shipping bills during the period July to October 2017, is approximately Rs 6500 crore and the quantum of refund of unutilized credit on inputs or input services is to the tune of Rs 30 crore. Click to read more
Paint companies are yet to beat the goods and services tax (GST) blues.
“We still maintain that the demand is not as good as we would like it to be. It has not reached the levels of the pre-GST period”, K.B.S. Anand, managing director and chief executive of Asian Paints Ltd, said in his latest post-earnings conference call with analysts.
In the December quarter, Asian Paints Ltd’s decorative paints segment saw single digit volume growth. This business contributes more than 70% to its overall revenue. Also, intensifying competition and an extended monsoon kept demand subdued in its key market of south India. Click to read more
The Goods and Services Tax (GST) Council is likely to discuss the proposals on simplification of GST returns filing in its meeting scheduled early next month.
The government is keen on a single stage returns filing to replace the current three-stage filing process. Instead of having GSTR 1, 2 and 3, taxpayers may only be required to file GSTR 1 for good and services. The Council is likely to take up the proposals in its meeting on March 10. The meeting will take up the Group of Ministers’ (GoM) recommendation on rolling out the e-way bill on tracking the movement of goods worth over Rs 50,000 from April 1. The meeting will be held through video conferencing. Click to read more
Congress MP Shashi Tharoor today said the “botched” implementation of the Goods and Services Tax has created a “Frankenstein monster” in the bureaucracy where every small firm has to fill in several forms. “We had one nation, one tax model. We did not have any idea that BJP will come with six different rates,” he told reporters here.
“We also did not expect that they would create a Frankenstein monster in the bureaucracy where every small enterprise has to fill in 37 forms a year, three forms a month under GST,” Tharoor said. The MP was here to release a report “Unmade in India” prepared by the All India Professionals Congress (AIPC), a newly formed department of the Congress. The report revealed that due to GST and demonetisation, several jobs were lost and firms shut in Tiruppur district in Tamil Nadu, a knitwear hub. Click to read more
As about 70 percent of GST refunds stuck due to flawed information, the CBEC has asked exporters to amend the details in the final returns of subsequent month to enable the department to process the refund claims by March.
The Central Board of Excise and Customs (CBEC) has sanctioned Rs 4,000 crore worth refunds to exporters in 4 months since October. Still about Rs 10,000 crore worth claims are stuck due to discrepancies in the information furnished by exporters to GST Network (GSTN) in filing GSTR 1 or Table 6A or GSTR 3B and shipping bill filed with Customs. Click to read more
India’s favourite biscuits Parle G is the latest to bear the brunt of Goods and Services Tax (GST).
To cope with a revised 18% tax on the product, Parle Products Private Ltd is planning tyo shrink the packet as well as raise price, reported the Mint.
Other pocket-friendly products including Marie’s pricing could be affected by the decision. Parle-G and Marie comes under the “lower-end brand” category that costs less than Rs 100 per kg.
Parle G, the glucose biscuit brand, has been a household name for almost 8 decades now. According to a Nielsen study published in 2011, it was crowned as largest selling biscuit brand in not just India, but the entire world. Click to read more
In an attempt to firm up the simplified “single-stage” return filing process, a ministerial panel under Bihar Deputy Chief Minister Sushil Modi will meet before the GST council meeting.
Nandan Nilekani and CBEC Excise Commissioner Manish Kumar Sinha and GSTN Chairman Ajay Bhushan Pandey are to be a part of the meeting.
The officials also met Finance Secretary Hasmukh Adhia on Wednesday.
After the meeting Pandey said from past 2 months series of meetings have been held by return simplification committee with state governments and trade associations.
He further mentioned that the GoM will meet on Saturday and discuss on various available options on GST return simplification and under Sushil, GoM will look into the matter of finalizing the simplified retun filing system on Feb 24 which will be taken up by the GST council. Click to read more
GST is implemented in India and people are still confused with this new tax regime. Critics are wearing their opinion for an ideal GST by differentiating between its Indian and global versions. Generally, when GST is implemented in any country, a single rate of interest is levied all over that specific country to develop a perfectly unified indirect tax system. But in the case of India there are five GST tax slabs levied to all goods and there is especially service tax as well. This article will discuss the roadmap towards an ideal GST. Click to read more