The Group of Ministers (GoM) appointed to oversee the implementation of GST will be taking up issues relating to technical glitches faced by GST Network – the IT backbone of the new indirect tax system. It is also likely to meet Infosys officials at Bengaluru later this month.
According to Sushil Kumar Modi, Deputy Chief Minister of Bihar and a member of the GST Council, work is on towards resolving technical issues faced by the GSTN. Modi is also the Convenor of the Group of State Finance Ministers appointed to oversee the implementation of GST in the country. In November, this group of ministers had met Nandan Nilekani, the non-executive Chairman of Infosys. Click to read more
The launch of the Goods and Services Tax (GST) on 1st of July 2017, is the first step towards a new India that is working along with the uniform taxation for a more stable economy tomorrow.
The new integrated and consumption-based tax levied on manufacture, sale and consumption of goods and services has removed the cascading effect of tax-on-tax and has completely replaced the old and complex tax structure. It not only makes the tax system less complicated, but also helps in increasing compliance, boosting revenue and in reducing the tax outflow for consumers.
GST implementation has impacted almost all sectors with a mix of both positive and negative impact. The concern most business across all industries have is in and around GST filing and they are looking for a complete GST solution to help them with get through the initial GST hiccups. Click to read more
The deadline for filing some of the GST returns is just 22 days away. Before we tell you the deadlines, here is some clarity on all the returns that are required to be filed under the Goods and Services Tax (GST) regime and the recommendations that were made last month to ease compliance.
There are basically six types of returns: GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-6. Except for GSTR-2, GSTR-3 and GSTR-3B, the clock is ticking for all other. First of all filing of return is mandatory under the GST, even if there is nil return, it should be filed as nil. Click to read more
To ensure that companies are passing on the benefits of Goods and Services Tax (GST) to consumers, the government has introduced a format for filing complaints.
The GST council’s 23rd meeting slashed tax rate of nearly 178 items from the higher slab of 28%, but the exercise is yet to benefit common people.
Anti-profiteering clause has reportedly been added to prevent companies from making excessive profits due to GST. The government also instructed authorities to order the supplier/business concerned to reduce prices or return undue benefit availed along with interest to the recipient of the goods or services. Click to read more
The Chief Statistician of India on the economy, the meaning of the new series of GDP data, and the need to wait for the impact of demonetisation to unfold
T.C.A. Anant is the Chief Statistician of India, and Secretary, Ministry of Statistics and Programme Implementation. He has been in charge of several notable changes in the way economic data has been recently presented, including the new GDP and Gross Value Added data series, and the rebased Wholesale Price Index, updated to incorporate more recent items and methods. In this interview, he speaks of capturing data and the effects of demonetisation. Excerpts: Click to read more
The first phase of Gujarat polls, in which 89 seats of Saurashtra, Kutch and South Gujarat will go to polls, is significant for BJP as it faces an unprecedented challenge after the PatidarBSE -4.95 % quota agitation and the adverse impact of GST.
BJP had won majority of Saurashtra seats in 2012, but its prospects this time will depend on how much damage the agitation launched by Hardik Patel-led Patidar Anaamat Andolan Samiti (PAAS) could cause. The region has a sizeable Patel population who were staunch BJP supporters till 2015. The PAAS protest in Morbi, which spread to Bhavnagar, Amreli, Rajkot and Junagadh, could be a deciding factor in the first phase. Click to read more
The Central government may not be able to tweak the newly introduced Goods and Services Tax (GST) rules on its own, but issues related to the pan-India indirect tax system remains a key talking point in all the pre-Budget recommendations that are reaching Finance Minister Arun Jaitley from stakeholders across industry and business segments.
Apex industry bodies such as Confederation of Indian Industry (CII), Federation of Indian Chambers of Commerce and Industry (FICCI), Federation of Indian Exports Organisation (FIEO), Federation of Indian Micro and Small & Medium Enterprises (FISME), and others have all flagged their GST concerns in the pre-Budget consultations Jaitley has had with them in the past few days. Click to read more