The Goods and Services Tax (GST) Council is set to further amend tax rules to fix glitches in the new indirect tax system and make it easier for businesses and traders to settle into it.
The move comes as a tacit admission by the authorities of the flaws in the system that have made it hard for businesses and traders to make a smooth transition, and that the system started off with high compliance requirements. Click to read more
Say billed amounts have gone up and patrons have reduced in number
More than last November’s demonetisation move, restaurants, eateries and other food services have been affected by the Goods and Services Tax (GST), which was introduced on July 1 this year. Though these businesses initially faced hiccups due to demonetisation and the resultant shortage of cash, margins were normalised once people figured ways to subvert the cash crunch. Click to read more
Assam Chief Minister Sarbananda Sonowal on Tuesday took up the issue of revised scheme for budgetary support to industrial units under the Goods and Services Tax (GST) regime with Union Industry and Commerce Minister Suresh Prabhu.
Sonowal met Prabhu in New Delhi and informed him about the concern expressed by industry stakeholders in the north-eastern region about the revised schemes. He requested Prabhu to re-examine the matter by holding discussions with the states and industry stakeholders in order to simplify the procedure of reimbursement. Industrial units in the region are concerned about the lack of clarity on the issue. Click to read more
At an elevation of 3,000 feet above sea level, Hosur has a temperate climate that is the envy of the rest of Tamil Nadu. Right now, even on winter eve, temperatures are running high in this industrial town, and climate change is not at fault. Blame it on the goods and services tax (GST).
Since the Tamil Nadu finance minister is too busy with the survival of the state’s sickly government to meet representatives of the Hosur Small and Tiny Industries Association, which comprises some 2,500 small units that together employ 85,000 men and women, its office-bearers had to come to Delhi to represent their case. Click to read more
A committee of government officials has started a review of the laws governing goods and services tax (GST), signalling there is no reluctance to make the regime smoother for businesses, especially the smaller players who have been complaining of a significant increase in compliance burden.
The committee headed by M Vinod Kumar, GST chief commissioner for Karnataka, is looking at the entire gamut of issues, said sources. The government is keen that the recommendations are received at the earliest and it can quickly move the amendments. Click to read more
The Advisory Group to the Law Review Committee of GST Council will meet here tomorrow to discuss the proposed amendments in rules and make the new tax regime easy to adopt by traders.
In a statement, the Confederation of All India Traders (CAIT) said the Group “will specifically discuss the proposed amendments in GST Law and Rules to make it more simplified and rationalised and easy to adopt by the traders”.
The Group shall discuss possible changes in GST Law and its Rules and will submit its recommendations to the Law Review Committee by November 30. Click to read more
Tax rates on 150-200 items are likely to be cut from 28 percent, with the GST Council set to approve sweeping changes including simpler procedures and a single return filing form for small firms in its next meeting on Friday.
Top sources in the finance ministry told Moneycontrol that the Prime Minister’s Office (PMO) is steering the proposed changes aimed at reducing tax and compliance burden for millions of small traders, ease rules and cut rates on many goods and services that currently fall under the 28 percent slab.
The GST Council—the apex body for decision making headed by finance minister Arun Jaitley—will review the return filing process in its next meeting that will be held in Guwahati. Click to read more