GST Ready India

GST Ready India’s Latest News and Updates

GST Council yet to receive formal cess proposal from flood-hit Kerala

Aug 27, 2018

National Anti-profiteering Authority starts consumer helpline to file GST related complaints

The National Anti-profiteering Authority (NAA) has started a helpline to encourage consumers to file complaints against the companies that are not passing GST rate cut benefits.

The helpline number 011-21400643 will guide the consumers to register their complaints, provide information and resolve queries related to profiteering under the Goods and Services Tax (GST) law.

Consumers can call the helpline number between 9:30 am-1 pm and 1:30pm – 6pm on all working days, as per the latest post on the NAA website. Click to read more

GST Council yet to receive formal cess proposal from flood-hit Kerala

The Goods and Services Tax (GST) Council is yet to get a formal proposal from the government of Kerala for a cess to fund post-flood rehabilitation.

Thomas Isaac, the state’s finance minister, had said he would be doing so, with a request for permission to levy one on the State GST (SGST). The latter, he had argued, was purely an intra-state tax and so, “there is no logic in denying (such a request). We want to have a 10 per cent cess on SGST, which I think will get us some Rs 10 billion”, he had said. Click to read more

Niggles remain

The many niggling problems associated with the hurried deadline for implementing the goods and services tax (GST) are beginning to manifest themselves in ways that could add significantly to the costs of doing business in India.

The glitches caused by the functioning of the e-way bill system and the delays in exporters receiving integrated GST (IGST) refunds are yet to be sorted out, even as several new issues are sending firms into a tizzy. Click to read more

Niti Aayog Suggests Cutting down Import Duty, GST on Gold

The Government think tank Niti Aayog has suggested that the Government to bring down import duty on gold from the existing level of 10 per cent and also slash the Goods and Service Tax rate on the precious metal from the current 3 per cent.

It has also recommended the government to review and revamp the gold monetisation scheme and the sovereign gold bond scheme and introduce new gold savings account in banks, besides setting up a gold board and bullion exchanges across the country to have greater financialisation of the yellow metal. Click to read more

Borrow money to facilitate GST refunds, says Mydin boss

Retail tycoon Datuk Ameer Ali Mydin says the government should not delay refunds amounting to RM36bil to taxpayers, and should even borrow the funds if necessary, reported Free Malaysia Today.

The owner of the Mydin hypermarket chain said it is better if the government borrowed the money, as they could obtain loans it at lower interest rates compared to businesses.

“If everyone gets back their tax refunds, it is likely that the money goes back into the system because most of the taxpayers are Malaysians and would spend the money here,” he told FMT. Click to read more

CICSA BHOPAL ORGANISES SEMINAR ON ‘FINALISATION OF ACCOUNTS’

A seminar on “Finalisation of Accounts” was organised by CICSA Institute of Charted Accountancy of India (ICAI) Bhopal Branch.

The seminar was inaugurated by lighting of the lamp by ICAI Bhopal branch chairman CA Anup Shrivastava. He welcomed the audience and guests during the seminar. He also talked about GST audit and GST publication. He spoke about the benefits of the seminars through his speech and said that such event should be organised regularly.  Click to read more

New axle load norms may offer only short-term benefit to truckers

The Union government’s decision to revise the axle load norms allowing greater loads on commercial vehicles, after a gap of more than three decades, is likely to benefit the road transport sector only in the short term, according to Y.V. Eswara Rao, the general secretary of the A.P. Lorry Owners’ Association.

He was speaking at a panel discussion recently on the ‘Road Ahead’ organised as a part of the third edition of the Transporters’ Meet held here by the Hindu BusinessLine in association with the Indian Oil Corporation and Yes Bank. Click to read more

Series of reforms transformed economy: Arun Jaitley

Finance Minister Arun Jaitley has cited IMF reports to highlight how the Narendra Modi-led government through a series of reforms has transformed the “weak economy” it inherited from the UPA government.

Jaitley, in a Facebook post, said an analysis of what the IMF had to say in 2014 was very clear — high inflation, high fiscal deficit, high current account deficit, a standstill infrastructure, power sector, allocation of natural resources. Click to read more

Congress: Modi govt has pushed the rising economy in dire straits

Congress slammed Modi government for pushing economy in “dire straits” with its “ad hoc and myopic economic policies”

The Congress on Sunday said that the Narendra Modi government had upturned a rising economy and left it in “dire straits” with its “ad hoc and myopic economic policies”.”Dear Arun Jaitley, Congress governments (2004-2104) delivered the highest decadal growth of 8.13 per cent at factor-cost since Independence. Under Modi government, GDP growth in 2017-18 is just 6.7%, which is a four-year low. In July 2018, IMF itself lowered our growth projections,” Congress Spokesman Randeep Singh Surjewala said in a series of tweets. Click to read more

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