GST Ready India

GST Ready India’s Latest News and Updates

GST, note ban to keep India's GDP growth below 7% this fiscal, experts believe

Jan 04, 2018

Government notifies 1 per cent GST for manufacturers under composition scheme

The government has notified lower 1 per cent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.

The finance ministry has notified the changes decided by the GST Council, chaired by Union Finance Minister Arun Jaitley and comprising state counterparts, in November 2017.

The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. Click to read more

GoI notifies 1% GST on manufacturers under composition scheme

The government of India (GoI) has notified lower 1 per cent GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it.

The finance ministry has notified the changes decided by the GST Council, chaired by India’s Finance Minister Arun Jaitley and comprising state counterparts, in November 2017. The notification stipulates that manufacturers who have opted for composition scheme will now have to pay 1 per cent Goods and Services Tax (GST) as against 2 per cent earlier. Click to read more

Arun Jaitley rules out one GST rate for all items

The government on Tuesday ruled out having a single rate for all commodities under the goods and services tax (GST), saying items like food products have been placed at minimum taxation levels while luxury goods were in the higher categories.

During the question hour in Rajya Sabha, finance minister Arun Jaitley said there were countries which had applied a uniform tax rate on all commodities but these were nations where the entire population was above the poverty line. In India, food items have been placed in zero or the minimum slab while luxury items get taxed more, he said. Click to read more

Stating common mistakes, GST wing issues guidelines on resolving errors

The Goods and Services Tax (GST) policy wing in a recent notification that allowed rectifying the information on filing, issued a set of guidelines stating the common errors incurred by the businesses and steps to resolve them.

The tax office informed that all persons registered are required to file in their form GSTR-3B on a monthly basis as notified earlier.

Registered persons opting for Composition scheme are required to file their returns quarterly in FORM GSTR. The due date for filing of FORM GSTR – 4 for the quarter  ending September 2017 has been extended  to 24th December 2017 vide Notification No.  59/2017. Click to read more

Diminishing GST woes spur corporate performance

The second quarter results of the Indian Corporate sector have started showing some signs of stability, attributable to declining negative impact of the Goods and Services Tax (GST) and the festive season, according to credit-rating body ICRA.

As per the agency’s research, the aggregate revenues of 485 companies grew by 4.2 percent in Q2 FY 2018, compared to 6.7 percent in the first quarter of the year, despite many sectors reporting sequential improvement. However, even as revenue growth remained muted, the aggregate EBITDA margins of corporate sector reverted to 17.7 percent, aided primarily by benefits of operating leverage (i.e. higher volume growth) across sectors. Click to read more

Government relaxes norms for rectification of returns under GST

The Finance Ministry has permitted businesses to rectify mistakes in their monthly returns – GSTR-3B – and adjust tax liability, a move that will help them file correct returns without fear of penalty.

This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while computing GST liability.

Businesses have been finding it difficult to assess tax liability correctly after India moved to Goods and Services Tax (GST) regime with effect from July 1. Click to read more

GST, note ban to keep India’s GDP growth below 7% this fiscal, experts believe

Disruptive effects of Goods and Service Tax (GST) and lingering influences of 2016 demonetisation are likely to limit India’s economic growth below 7 per cent during this fiscal, according to experts. The prediction comes one day before release of advance estimates of national income.

“It is difficult for GDP to cross 7 per cent this fiscal unless the base is revised downwards. The economy is expected to do well in the third and fourth quarter,” said SBI Research Chief Economist Soumya Kanti Ghosh. Click to read more

Chaotic tax overhaul in India is becoming bad news for truckers

Trucking firms like Caravan Roadways Ltd., which has more than 500 brightly-painted vehicles crisscrossing India, were meant to see immediate benefits from the biggest tax reform in India’s modern history.

But the chaotically-implemented goods and services tax is derailing the government’s revenue target and hasn’t much improved trade within Asia’s No. 3 economy. “Suspicious states” — anxious to retain pre-GST earnings — are stepping up vigilance at their borders, according to Crisil Ltd., and there’s little in the legislation to deter officials seeking bribes. Click to read more

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