The Goods and Services Tax (GST) Council will meet today to consider making several important changes in the tax. Since the new tax was imposed on July 1 last year, the GST Council has made 376 changes by amending rules, issuing clarifications and circulars related to refund, exemption and rates, according to experts.
As an evolving system, GST will see further changes. Below are the prominent ones that are expected to figure before the council in its 27th meeting today. Finance Minister Arun Jaitley will preside over the meeting of the council which comprises state finance ministers. Click to read more
The GST Council headed by Finance Minister Arun Jaitley today finalised a single, monthly return filing system and gave approval for 100 percent government stake in Goods and Services Tax Network (GSTN).
The new return filing system will come in place in a year’s time, finance and revenue secretary Hasmukh Adhia said.
GSTN will be given six months to make necessary changes in the software towards to shift to the new return filing format. As a result, companies will have to file the summary form GSTR 3B, and GSTR1 (outward supplies form) for the next months. Click to read more
Finance Minister Arun Jaitley-led GST Council will meet today to discuss a simpler return form and the amendments required in the indirect tax regime rules.
The 27th meeting of the Council, which is likely to have finance ministers of all states, will meet through video conferencing and also mull over the proposal of converting GSTN into a government company. Click to read more
Finance Minister Arun Jaitley-led GST Council will meet today to discuss a number of issues ranging from simplification of GST Returns forms to digital payments discount and sugar cess. The council will meet through video conferencing. The 27th GST Council meet is likely to have the finance ministers of all the states.
Here are some of the issues that are likely to be on the agenda today:
Simpler GST Returns forms: This has been under discussion for a while now. However, revenue officers and Infosys Chairman Nandan Nilekani, who is being consulted regarding the issue, have not agreed upon a simplified form yet. Bihar Deputy CM Sushil Modi with a Group of Ministers (GoM) under him is going to put three models of the new simplified form in front of the Council. Click to read more
Revenue from Goods and Services Tax (GST) for the month of May might not match the over Rs 1 lakh crore mop-up in April, as the first quarter of the fiscal year is generally a weak one, according to officials Moneycontrol spoke to.
April-June or the first quarter is a subdued period when manufacturing activity also slackens a bit, order inflows slow amidst setting of targets for the new financial year.
In a first since its rollout from July 1, 2017, GST collection hit a record high of Rs 1.03 lakh crore in the month of April (for domestic sales in March), a sharp jump from the average monthly mop-up of close to Rs 90,000 crore. Click to read more
The GST Council is likely to consider a long-pending proposal of merging the three GSTR return forms (GSTR 1, 2 and 3) into one which would reduce rejections due to mismatch of entries, bring down the load on the GST network by one-third and expedite refund for exporters.
“The proposal, made by the advisory group to the law review committee of the GST Council, is likely to be weighed at the Council’s meeting on Friday,” a government official told BusinessLine. Click to read more
In attempt to increase compliance and simplify the process, the Goods and Services Tax (GST) Council today decided to introduce a single monthly return for businesses, but it will take as much as six months to get fully operationalised, informed Finance Secretary Hasmukh Adhia. Speaking to reporters, the finance secretary said that until the new returns system comes into force, the existing system of GSTR-3B and GSTR-1 will continue. Click to read more
Weavers in Surat want the formation of an Anti-Profiteering Authority under Goods and Services Tax (GST). They claimed that their businesses are not passing the benefits of a reduced tax on them in absence of such an authority, thereby making their units unviable.
As the GST regime got rolled out on July 1, 2017, polyester yarn was subjected to 18% GST. Later, after a series of representations, the tax was reduced to 12%. Spinners manufacture yarns and sell them to weavers. Click to read more
There is no cross empowerment of officials of State GST (SGST) and Central GST (CGST) to inspect, search, detain or seize of goods, said city-based indirect taxes expert Monish Bhalla. These raids were conducted over the past 2-3 months.
He claimed that empowerment is only for the purpose of granting of refunds, and there is no notification for cross empowerment for inspection, detention, seizure and search operations. Click to read more