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
It has been six months since the implementation of the Goods and Services Tax (GST) and the country is still working on to adapt to the new indirect tax regime, which subsumed over a dozen indirect tax. The government on Friday extended the deadline for filing first of the three comprehensive GST returns — GSTR-1 which is populated with sales details — to January 10 from December 31. Click to read more
The government suspects that its composition scheme meant to ease life for small businesses is being misused with the average quarterly turnover estimated at Rs 2 lakh. For July-September, around 10 lakh entities had opted for the composition scheme for GST — where only the turnover details have to be disclosed and tax is paid at a flat rate. Of these, around 6 lakh filed returns till December 25. Click to read more
The GST Council made a number of course corrections involving the rate structure, making life easier for SMEs, altering the timelines of the e-way Bill and putting in place an anti-profiteering mechanism. However, more correctives are needed
The goods and services tax (GST) is yet to stabilise six months after it was introduced with rules and rates undergoing frequent revisions. Lower than expected revenue collection has prompted the government to tighten enforcement. This could mean deferment of rate rationalisation and advancing the electronic way bill besides bringing back invoice matching and the reverse charge mechanism, to meet budget targets. “Compliance continues to be an issue. Click to read more
The Goods and Services Tax (GST) is going to change India’s economy though initially it might have caused some pain, Vice-President M Venkaiah Naidu today said.
Speaking on the concluding day of the 11th Global Doctors’ Summit here, Naidu said the improvement in India’s tax system with the introduction of GST will ultimately benefit its people.
“As the World Bank report suggests, GST is going to be transformational, revolutionary tax system to change India’s economy. Any improvement in system ultimately helps people,” Naidu said. Click to read more
Notices have been served to Hardcastle Restaurants Pvt Ltd, the master franchisee of fast-food chain McDonald’s in western and southern India, Lifestyle International and Sharma Trading Ltd, a Jaipur-based dealer of Hindustan Unilever’s Vaseline, in relation to anti-profiteering complaints filed by consumers under the new Goods and Services Tax (GST) regime. Directorate General of Safeguards, the Finance Ministry’s arm for safeguard investigations related to indirect taxes, has served the notices, which were sent out on Friday. Click to read more
For the textile industry, the year 2017 was challenging as it faced headwinds in the form of Goods and Services Tax (GST) leading to disruptions in production
“We started the year getting out of demonetisation,” said S.K. Jain, chairman, Confederation of Indian Textile Industry (CITI).
“During November and December last year, production activities were down (on demonetisation). In January, it picked up. However, in April, concerns related to GST set in and no one wanted to hold stocks. Till September, demand was sluggish. From October, the market has picked up,” he said. Click to read more
Non-payment of tax refunds and last-mile procedural glitches have continued to be the biggest bane of exporters in the new tax regime. The issues have shaved off higher growth prospects for outbound trade. A sharp rebound in exports in November, though, might present another picture. But experts attributed this to other factors such as rising commodity prices and a low base effect.
Exporters said a staggering Rs 50,000 crore worth of tax refunds were yet to be released by the Centre and state governments, leading to a severe crunch in working capital for traders. The small- and medium-scale segments have been hit the most. Click to read more
A latte, a foundation cream, a body lotion and a car: Consumers are angry that prices of these items have not come down after tax rates were lowered. That’s landed companies, including the operator of McDonald’s outlets, in the crosshairs of India’s new anti-profiteering law.
The government issued notices to burger chain’s franchisee Hardcastle Restaurants Pvt. Ltd, retailer Lifestyle India Pvt. Ltd. and a Honda car dealer, among others, for not passing on the Goods and Services Tax benefits to consumers, according to information on Director General of Safeguards’ website. The complaints were referred by the standing committee on anti-profiteering for a detailed probe. Click to read more