The next GST Council meet is expected to take place on March 1 through video-conferencing, but with a limited agenda of simplifying the return process.
At the 25th meeting of the GST Council held on January 18, Finance Minster Arun Jaitley said there was a general consensus on simplifying the return filing process where GSTR 3B will continue, but a final decision would be taken in the next Council meet. Click to read more
Exporters are continuing to struggle to get their refunds for the Integrated Goods & Services Tax (IGST) paid on exports, with officials raising various issues over the required documentation in the absence of a checklist.
With just about 30 per cent of the claims for refunds met so far by the government, Commerce Secretary Rita Teaotia expressed her concern on the delayed payments at a recent meeting of the National Committee on Trade Facilitation, which was chaired by the Cabinet Secretary. Click to read more
The Goods and Services Tax or GST Council is scheduled to huddle for its next meeting on March 1 via video-conferencing. In this meeting, it is expected that the council may focus on simplification of the GST return process to strengthen the “honest tax payers” base.
At its 25th meeting in January, the council had reduced tax rate on 29 items and 54 categories of services.
Initially, when the GST was launched on July 1 last year, the businesses were mandated to file a simplified sales return 3B and also final sales returns (GSTR-1), purchase return (GSTR- 2) and finally the two returns were required to be auto-populated to generate GSTR-3. Click to read more
Reckitt Benckiser, the British consumer goods major, said its Dettol hygiene brand saw a sales slowdown in India during calendar year 2017, due to a new tax regime and a cyber attack that crippled operations.
Last week, peer GlaxoSmithKline Consumer had also indicated the Goods & Services Tax (GST) which was introduced on July 1 had impacted growth in India. And, that it would continue to do so in 2018. Both multinational companies follow a January to December accounting year. Click to read more
The Goods and Services Tax (GST) is a uniform tax system, making the nation one market. Materialising the concept of ‘One Tax One Nation’, the GST has been incepted in the country. In order to understand the differences between direct and indirect taxes being levied upon citizens, the GST Commissioner, Pramod Agrawal apprised about the difference of both the taxes and benefits of GST.
Being the new system of taxation and its calculation are different, the need of skilled workforce having knowledge about the fundamentals of GST, its calculation, mode of application on different products as per its category and level of taxes. Click to read more
The next meeting of the body that looks into the implementation of the new taxation – Goods and Services Tax (GST) Council is set to meet on March 1 via video conferencing.
Of the changes the different stakeholders are looking at, simplification in the filing of forms have been a consistent demands.
Also easier compliance for the Micro, Small and Medium Enterprises (MSMEs) and small traders could be another factor under consideration by the council.
Earlier, Talking to KNN, Animesh Saxena, an MSME garment exporter informed that the complications under the new taxation continue to haunt their sector. Click to read more
The Indian Express on Monday reported that the restaurant industry in Mumbai and Bengaluru feels the impact of Goods and Services Tax (GST) has been largely positive, but lack of clarity on regulations remains a major hurdle, according to a survey.
More than 70% of the restaurant owners in the two cities believed GST is a positive decision for the industry, while 68% businesses felt it will ease compliance since it is backed by technology, said the survey by Grant Thornton India, a leading assurance, tax and advisory firm.
High rentals and difficulty in retaining experienced staff are key challenges faced by the restaurant industry in Mumbai and Bengaluru, said the survey titled ‘Bon Appetit – Emerging trends, opportunities and challenges in Indian restaurant industry’. Click to read more
The goods and services tax (GST) has had a positive impact on the logistics of businesses, says a Federation of Indian Chambers of Commerce and Industry (FICCI) survey. More than three-fifths of the respondents reported better inter-state transportation of goods and over half of them said goods vehicles are no longer stopped and checked at state borders.
Around three-fifths of the respondents cited reduction in transportation time after GST was implemented. The survey was done between November 2017 to January this year covering micro, small and medium enterprises and large companies, according to a FICCI press release. Click to read more
The E-way bill, an accompaniment to the nationwide Goods and Services Tax (GST), has got almost as much media attention as the term input tax credit in the last few months. But after being rolled out on February 1, 2018 with much fanfare, the E-way bill has met with the same fate as some of return filings on the GST. It been deferred indefinitely after taxpayers complained of technical glitches that stymied all their attempts to generate it online. Click to read more