The tax base or those registered for GST has gone up in August but the number of filings so far is lower than the previous month as businesses grapple with technology issues and take advantage of the government’s decision to waive penalty for late filing.
So far in August, the second month of GST, around 35 lakh tax payers of the 67.73 lakh required to file returns have managed to pay tax and file returns, which is a little over half the population. Click to read more
The Confederation of Indian Industry (CII) has sought extension of deadline by one to two months for filing Goods and Services Tax returns.
The appeal follows persistent issues with transition credit and GSTR-3B forms.
“The Ministry of Finance has taken cognisance of the initial glitches being faced in online filing of invoices and extended dates for GST returns,” CII said in a statement.
“CII appreciates such support to the industry. CII has now requested for further extension [of the deadline] to resolve certain system issues.” Click to read more
Industry chamber CII today sought extension of time by two months for filing of GST returns in view of difficulties being faced by businesses.
The GST Council has already extended the last date for filing final returns to October 10. CII has now requested for further extension to resolve certain system issues.
In view of difficulties of online filing, the industry body suggested that “the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should be deferred for another month or two”. Click to read more
GST Network (GSTN) has tweaked some of the features on its portal over the past month to make the system more robust and allow glitch-free tax payment facility to nearly 35 lakh assessees, its CEO Prakash Kumar said today.
Of the total 87.33 lakh registered businesses on the GSTN, which manages the IT infrastructure of the new tax regime, 68 lakh were eligible to pay taxes in August.
Of the total registered taxpayers, 24.56 lakh are new registrations, while 62.77 lakh have migrated from the earlier excise, service tax and VAT regime. Click to read more
In the wake of the Goods and Service Tax (GST) rollout, the market for safety matches has shrunk, say industry stakeholders.
The GST payers can hardly afford the increased tax burden, and the sale of matches has come down by 25%, J. Devadoss, secretary, South India Match Manufacturers Association, told The Hindu on Sunday.
Bundles of match boxes are piling up in many factories. And the 18% GST levy on production of safety matches by semi-mechanised and fully mechanised units has affected the prospects of the stakeholders relying on the traditional industry. The higher GST rate will cast a long shadow on the industry in the long run if the GST is not lowered. Click to read more
After the masterstroke that was last year’s Demonetization, the passing of the GST bill in April this year can be considered as being one of the biggest landmark achievements of the Modi Government so far. The Prime Minister and the Finance Minister have been working hard to ensure the smooth implementation of this landmark economic reform and in the two and a half months since its official implementation, we are already seeing many of GST’s economic benefits come to fruition. And while these benefits of GST have been seen across the board, Small and Medium Enterprises is one sector where its positive impact hasn’t been accorded the attention it warrants. Click to read more
The transition to the Goods and Services Tax (GST) regime was sold as a reform that would transform Indian industry for the better. Two months later, the plight of craftspeople across India tells a different story.
Yograj lives and works in Kaziwala village in the district Bijnor of Uttar Pradesh. He makes small hand-made wooden items like juda pins which sell for about Rs 25 each. I live in Delhi and work with rural and semi-urban artisans like Yograj, providing them with design and marketing support. I connect them to urban markets directly, and also sell via a network of retail spaces I am a part of. His average bill with me each time is for about Rs 8,000. Click to read more
The GST did not have any major impact on Kolkatans, who eat out more in the run-up to the Durga Puja days, officials of prominent fine dining restaurants and hotels in the city said.
“To be very honest, there has been no effect as such due to GST and it reflects in the numbers. Prior to GST, diners used to be charged 18.5 per cent tax but now it has come down to 18 per cent.
So those coming to savour the Durga Puja special cuisine at our speciality restaurant are coming here just like previous years,” the general manager of Park Plaza Kolkata, Balbeer Singh told PTI today. Click to read more
The Goods and Services Tax (GST) hasn’t affected diners in Kolkata in the run-up to the Durga Puja, officials of fine dining restaurants and hotels said. “To be very honest, there has been no effect as such due to GST and it reflects in the numbers. Prior to GST, diners used to be charged 18.5 per cent tax, but now it has come down to 18 per cent. So those coming to savour the Durga Puja special cuisine are coming here just like previous years,” general manager of Park Plaza Kolkata, Balbeer Singh told PTI today. Click to read more
Indian airlines are seeking relief under the goods and services tax (GST) regime, which they say has added significantly to costs in an industry struggling with lower yields and could lead to higher fares.
“New levies under GST are set to cause a burden of Rs 4,750 crore for us, thus increasing our cost of operations, which has the potential to make the airline industry sick,” said a senior airline executive. “The new levies can potentially wipe off the profits earned by airlines.” Click to read more
The Goods and Services Tax (GST) is all set to enhance the competitiveness of the almost five crore Micro, Small and Medium Enterprises (MSMEs) that account for 25% of employment, 40% of industrial output and 45% of exports of the country. This, by making them a part of organised commerce and offering them a level-playing field.
A simplified tax structure and a unified market are the two great promises of GST but the key benefits for MSMEs, a majority of whom are getting into the indirect tax net for the first time, include lower freight costs, which is estimated to come down by 1.5-2%. Click to read more
Since the beginning of this month (September), businesses began with the busy filing season with the GST filing but has the transition been smooth?
Saket Aggarwal, Global CEO, Spice Digital told BW Businessworld, “It is true that the chaos with GST filing is mirroring the chaos that occurred on the 1st of July. The reasons are quite simple here. First and foremost, the GST system is still new for everyone involved. Another big challenge is the data prep which is taking a little longer for the tax payers to accomplish. Teething troubles happen with the launch of every new system and GST is no different. The chaos will subside with time and it will turn into a seamless system that it is designed to be.” Click to read more