GST Ready India

GST Ready India’s Latest News and Updates

GST is Now Payable On These 5 Banking, Financial Transactions: Things to Know!

Jun 11, 2018

GST, infrastructure status drive PE investments in warehousing

Government initiatives such as Make in India, implementation of the Goods & Services Tax and infrastructure status for the logistics sector have been pushing both demand for and investment in warehousing and industrial real estate across the country.

The infrastructure status to the logistics sector that includes industrial parks, cold chains and warehousing facilities has been helping in attracting private investments in these sectors.

While investors eyed opportunities in this sector in anticipation of the reforms to be implemented by the government, the flow of investment has gained further momentum now. Click to read more

Solar Companies Still Waiting for GST Clarity and Refunds

India introduced its Goods and Services Tax (GST) on July 1, 2017, hailing the new tax mechanism as the most efficient way to curb rising tax evasion in the country. But so far, implementation challenges have bogged down the solar sector. Even after almost one year of coming into force, the ambiguities surrounding GST haven’t yet subsided. GST payments have been delayed for many importers and exporters, and engineering procurement construction (EPC) companies across the country. Other than the delay, uncertainty revolving around the applicable rates of GST on various goods and services required in a project continue to irk industry stakeholders. Click to read more

GST refund campaign till June 14

All business establishments and industries have been asked to utilise the opportunity during the GST ‘Refund Fortnight’ that ends on June 14 and get their refund claims processed.

Coordination

A press release from V. Deepa, Deputy Commissioner (Sales Tax), Erode, said that the campaign is being organised by the GST Council Secretariat in coordination with the State Tax authorities between May 31 and June 14. Click to read more

GST 2.0: Why two-rate structure is needed

As the Goods and Services Tax (GST) completes one year of existence, the time is opportune to refresh and introduce sweeping changes in the existing structure, procedures and processes to make it more flawless and simple. While the efforts put in by the Centre and state governments, from its conception till its successful rollout, are quite commendable, decisions to simplify the GST further need to be taken quickly. Click to read more

GST is Now Payable On These 5 Banking, Financial Transactions: Things to Know!

The Goods and Services Tax (GST), has generated a fair bit of confusion, like, for example, what really comes under its umbrella?

Banks and other financial institutions provide us with many services. These services will not attract GST, and neither will services like ATM withdrawals or chequebook issuance. However, certain transactions like the late payment charges on outstanding credit card bills, or insurance policy purchases by NRIs, will attract GST, reports the Financial Express. Click to read more

Fuel price hike – Petrol, diesel prices will drop instantly if brought under GST: Chidambaram

In the wake of the recent petrol and diesel price hike across India, former Finance Minister P. Chidambaram on Monday claimed that fuel prices would immediately come down if brought under the ambit of the Goods and Services Tax (GST).

Addressing a press conference here, Chidambaram said the onus for bringing petrol and diesel under the GST should not be on state finance ministers. “The Bharatiya Janata Party (BJP) boasts of having power in 19 states, then why are they passing on the buck to state governments? Click to read more

QBiz: PNB Eyes Profit; Monsoon Session Aims for Simpler GST

Fraud-hit Punjab National Bank (PNB), which recently reported the highest-ever loss by any domestic bank in history, is aiming to clock its largest-ever quarterly profit of Rs 55 billion in the July-August period this financial year.

However, the road to profitability has already hit some hurdles for the Delhi-based bank as the Union government has rejected its demand for an additional capital infusion of around Rs 80 billion in 2018-19, sources said. Click to read more

GST on langar items: SGPC a divided house over refund plan

While some sections of the Sikh community are expressing resentment against the Centre’s ‘Sewa Bhoj Yojana’, under which the Goods and Service Tax (GST) charged on the purchase of langar (community kitchen) items will be refunded, the Akal Takht and the Shiromani Gurdwara Parbandhak Committee (SGPC) continue to hail the move.

Many are of the view that the Centre should have given direct waiver as getting reimbursements through the scheme will be cumbersome for the gurdwara management. Click to read more

Oil minister optimistic about petrol, diesel being brought under GST net

Union oil minister Dharmendra Pradhan on Thursday voiced optimism that petroleum products will be brought under the GST purview that will help in checking volatility in fuel prices.

“In the long run, petroleum products are bound to be included within the ambit of the GST regime … It is only a matter of time. It will immensely help in containing prices of petrol and diesel,” Pradhan told reporters here.

He, however, declined to specify any timeline on bringing petroleum products under the Goods and Services Tax (GST). Click to read more

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