GST Ready India

GST Ready India’s Latest News and Updates

How GST failed India and ended up helping tax evaders

Mar 26, 2018

Business with nil tax liability may get to file GST returns bi-annually

Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to allow such entities to file returns only twice a year gets the GST Council’s nod.

According to recent data, as much as 40 per cent of return filers under the Goods and Services Tax (GST) regime have nil tax liability and will not have to file monthly returns once the new simplified return filing procedure is finalised. Click to read more

GST: Firms fear dispute over input tax credits

Indian companies fear that input tax credit claimed for GST paid on raw materials may be disputed by tax officials later and are considering setting aside funds to cover risks arising from rejection of their claims.

Experts say there is no guarantee that the input tax credit and transitional credit (accrued under the earlier tax system) claimed by the companies will be approved when it is scrutinized by tax authorities at the end of the fiscal year. Click to read more

How GST failed India and ended up helping tax evaders

The first day of February was a special in the history of India. No, it had nothing to do with Modi government’s last Budget, but still everything to do with Modi government. This was the day when India, world’s third-largest economy, took its first step towards turning itself into a common market within its boundaries by liberating interstate trade from all sorts of obstructions. Click to read more

TVS Capital Fund chairman Gopal Srinivasan compares GST with the diamond trade

Diamonds seem to be everywhere — between newspaper pages for scams, in auction houses for staggering amounts and even at an industry event for venture capitalists. The precious stones reared their shiny heads during TVS Capital Fund chairman Gopal Srinivasan’s speech at the forum, when he compared the GST that is slapped on investment funds servicing foreign markets to the diamond trade. Click to read more

Consensus emerging on GST levy on fuels

A consensus is being arrived at among States on the issue of bringing petroleum products under the ambit of the Goods and Services Tax (GST), according to Dharmendra Pradhan, Petroleum Minister.

An early decision on bringing the petroleum products under the GST would be ‘better’ both for consumers and oil companies, Mr. Pradhan told the media here on Sunday. Soon there would be a consensus, he said. Click to read more

CBEC clears some air on refunds under GST, central excise, service tax laws

In an excellent circular (no.37/11/2018-GST dated March 15, 2018), the Central Board of Excise and Customs (CBEC) has clarified many issues relating to refunds under the Goods and Services Tax (GST), central excise and service tax laws.

It says a supplier availing of drawback only with respect to basic customs duty shall be eligible for refund of unutilised input tax credit (ITC) of Central/State/Union Territory/Integrated GST and compensation cess. Click to read more

Congress would bring one GST slab, if voted to power: Rahul Gandhi

Congress president Rahul Gandhi said on Saturday if his party comes to power, it would impose one slab of Goods and Services Tax instead of five and abolish the 28 percent GST slab.

During an interaction with students at Maharani’s College here, Afreen, a student, asked the Congress chief why there was free health care in Singapore though they have one GST slab of seven percent, which India lacks despite having 28 percent GST. Click to read more

Waiving of GST on langar a right step

Akali leader from Punjab Simranjeet Singh Maan has described the decision of Congress-led State Government for waiving the state government’s 50 per cent share in the goods and services tax (GST) on the community kitchen of religious places including Shri Darbar Sahib, Shri Durgiana Temple and Bhagwan Balmiki Tirth Asthaan as a right step. He urged the BJP led NDA Government to follow Punjab Government. Click to read more

Economists take issue with Pakatan’s pledge to abolish GST

Of the many promises made by Pakatan Harapan (PH) in its manifesto for the upcoming general election, the pledge to abolish the goods and services tax (GST) has the most flak.

Apart from critics from the Barisan Nasional, many economists feel that removing the GST is a bad idea. They see it as an efficient system of taxation and a major source of revenue for the government. Click to read more

Warehousing sector to see investment of Rs 43,000 cr, to create 2 lakh jobs by 2020: JLL

The warehousing sector will attract investments of about Rs 43,000 crore and create 2 lakh job opportunities in the next three years, driven by GST implementation and growth of the e-commerce sector, according to property consultant JLL India. In its report, JLL estimated that the amount will be invested in creating warehousing facilities across India from 2018-2020. Warehousing stock is expected to rise to 247 million sq ft by 2020 from 140 million sq ft in 2017. Click to read more

Real estate regulations are much simpler in India than in West Asia: J.C. Sharma of Sobha Developers

After RERA was implemented, Karnataka has the second most populated real estate regulator website, after Maharashtra. J.C. Sharma, vice-chairman and managing director, Sobha Developers Ltd, which is based in Bangalore but has a presence in various parts of India as well as West Asia, shares his views on the regulatory transformation and outlook for the real estate sector. Edited excerpts: Click to read more

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