DHL Express, part of the $61-billion Deutsche Post DHL group, has tackled the initial, difficult part of goods and services tax (GST) implementation in India, its Asia Pacific CEO said.
In an interview with ET, Ken Lee also said the company sees potential and a market for its electric vehicles ‘Street-Scooters’ to transport courier in Indian cities. “There has been a lot of debate on GST and demonetisation. These are big steps taken by the government. Click to read more
The GST (goods and services tax) Council chaired by Finance Minister Arun Jaitley has decided to stick to the prescriptions of the group of ministers on the rollout of the e-way bills system. So, starting April 1, all inter-State movement of goods above the value of ₹50,000 will require the generation of an e-way bill to help track their movement. The original rollout plan for February 1 had to be aborted as the IT system couldn’t handle the lakhs of e-way bills being generated by consignors and transporters. As proposed by the ministerial group, the e-way bill system for tracking intra-State movement will be launched in a phased manner, with all States to be on board by June 1. From April 1 onwards, every week a few States will start the system for internal trade. Click to read more
The tax department is gearing for stricter enforcement with the help of technology and big data under the goods and services tax (GST), as the government looks for ways to boost GST revenue collection amidst delayed roll-out of anti-evasion measures. “We would have ideally wanted anti-evasion measures to be in place since GST was rolled out as it would have provided a cleaner way to stop evasion. But even with the current system, its possible to go after evaders,” a tax official said. He added that the exercise to catch and punish evaders won’t be quick but will serve as a reminder that under-reporting tax liability can still be caught. Click to read more
West Bengal finance minister Amit Mitra has written to Union FM Arun Jaitley requesting him to keep extra neutral alcohol (ENA) out of GST ambit. The GST council, which was supposed to take up the matter in its March 10 meeting, did not discuss the issue.
ENA is the main input of alcohol for human consumption. A type of ENA is also used along with rectified spirit for industrial chemicals. Currently, any kind of potable alcohol is a state subject and is not under the purview of GST — along with stamp duty. An argument from the Centre is, since ENA is used for industrial alcohol it can also come under GST. Click to read more
GST refund claims: Even though the GST council has tried it’s best for resolving issues related to Goods and Services Tax (GST), the exporters are facing various problems in claiming refunds under the regime, which is why, the Prime Minister’s Office (PMO) has now decided to call in top officials for discussing the piled up export refunds claim.
GST which is been in effect since July 01, 2017, comes with a refund policies, under which a exporter can file for GST refund when his or her GST paid is more than the GST liability. GST refund is standardized, and the process for claiming can be done electronically and has time limit – which is 2 years. Click to read more
Four lakh new borrowers have entered formal financial fold has risen post demonetisation and GST with small ticket size loans posting the fastest growth, a study by credit bureau Transunion -Cibil and Sidbi showed. Significantly small borrowers registering their businesses post GST too has seen a sharp rise, it said
The number of new MSME- micro small and medium enterprises -borrowers entering the formal credit sector has risen from 2.7 lakhs for the six-month period from of January to June 2016 to 4 lakhs in the period between July to Dec 2017. Click to read more
TCA Anant retired as the chief statistician of India on February 1, 2018. So far, the government has not named a replacement, though it is searching for a suitable successor. KV Eapen, Secretary, Department of Administrative Reforms and Public Grievances, Ministry of Personnel, Public Grievances and Pensions, has been given the additional charge of the post of Secretary, Ministry for Statistics and Programme Implementation (MoSPI), but a search for a full time chief statistician is still on. Click to read more
Panjab University (PU) has put the GST implementation on the hostel mess bills on hold. The varsity has written to the ministry of finance stating that being a government institution, the university hostel mess should be exempted from GST. The students had raised their concerns against the imposition of GST on the hostel mess bills. The university is now waiting for the response of the ministry. Click to read more
State Bank of India (SBI) reduced charges for non-maintenance of average monthly balance (AMB) on savings accounts by up to 75 per cent. This move is aimed at benefiting 25 crore customers, India’s largest bank, said in an official statement. The charges for non-maintenance of AMB for customers in metro and urban centres have been reduced from a maximum of Rs. 50 per month plus goods and services tax (GST), to Rs. 15 per month plus GST, added the public sector lender. Click to read more