Even after nine months of unveiling the GST, the system continues to be unsettled, and there is a palpable sense of uneasiness among the governments as well as businesses. The “good and simple tax” has ceased to be so, and the “one nation, one tax” is yet to materialise in proper shape. The revenue collections have not been according to expectations and the governments are worried on that front. The central government is seriously concerned with the issue not only because it poses serious difficulties in conforming to even the revised estimate of fiscal deficit, but also because it has to give generous compensation to the states for a shortfall in revenues. Click to read more
India’s automobile industry just had its best fiscal year with data from manufacturers showing all-time high sales across segments. Analysts expect the momentum to continue in the new financial year, as economic activity is improving as well.
Cumulative domestic vehicle sales growth in the past year was 13-15%, according to estimates based on data shared by industry players, hitting the double-digit mark for the first time since fiscal 2012. The two-wheeler, three-wheeler and commercial. Click to read more
The last two days of the e-way bill implementation under the Goods and Services Tax (GST) regime, has been uneventful, with over 11.18 lakh tax payers known to have registered on the online e-way bill portal till date. Gone are the days when one would see long queues of trucks outside of state borders to pay local taxes. Now there is a portal-driven payment system, which promises to not only make lives of the transporters easier, but will also help the tax authorities to efficiently track movement of goods both inter-state as well as intra-state. Click to read more
After rationalization of rates in the first phase, the new phase of goods and services tax (GST) is focussing on anti-tax evasion.
From taxmen cracking down on tax evaders last week to rolling out the e-way bill from 1 April, the government has signalled that it will no longer go easy on evaders after nine months of introduction of this tax. It has also sought to hasten the process of engaging fraud analytics providers to crunch GST data to look for known and unknown patterns of tax evasion. Click to read more
The e-way (electronic way) bill system under GST (Goods and Services Tax) for inter-state movement of goods came into effect on April 1. GST e-way bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding Rs. 50,000, as mentioned by Central Board of Indirect Taxes and Customs (CBIC). E-way bill can be generated from GST common portal for e-way bill system – ewaybillgst.gov.in by the registered persons or transporters who cause movement of goods of consignment before commencement of such movement, informed CBIC. Click to read more
Revenue collection under the Goods and Services Tax (GST) increased by Rs 1,217 crore in February to Rs 89,264 crore as per the month-end figures, Finance Secretary Hasmukh Adhia said on Monday. Last week, the Finance Ministry released initial figures of the GST collection for February which showed a decline in revenue by Rs 1,144 crore compared to January. The data then showed that February collection was Rs 85,174 crore. Click to read more
E-Way (Electronic Way) bill is a document required to be carried by a person in charge of the conveyance carrying any consignment of goods of value exceeding Rs. 50,000. This has been mandated by the government in terms of Section 68 of the Goods and Services Tax (GST) Act. An E-Way bill is generated through the GST Common Portal for e-Way bill system – ewaybill.nic.in – by registered users or transporters who cause movement of goods of consignment. The e-way bill came into effect on April 1, 2018. Click to read more
GST e-way bill was off to a successful start with more than five lakh e-way bills generated till 7 pm on the first working day of its implementation.
The roll-out of e-way bill without any glitches came as a relief to businesses who were fearing disruption to trade.
With the successful rollout of e-way bill—an electronic documentation of movement of goods—a key anti-evasion measure under goods and services tax is now in place. The government is hoping that this will help in improving tax revenues under GST. Click to read more
Restaurant chains are either dialling down expansion plans or putting them on hold as they grapple with the removal of input tax credit under the revised goods and services tax (GST) norms.
Specialty Restaurants Ltd, which runs the Mainland China and Oh! Calcutta chains, has cut capital expenditure plans to about Rs40 crore in 3-4 years from earlier plans of Rs100 crore. Click to read more
Bangalore Chamber of Industry and Commerce has sought the intervention of GST Council to arrest the rising prices of petroleum products by bringing petroleum products under the GST. In the two-month span, petroleum prices have increased by Rs.15 per litre of petrol in Bangalore while it is much higher in other parts of the country, the Chamber said.
“Since it is well within the executive powers, the GST Council in its forthcoming meeting scheduled for second week of April, Click to read more