IT back end won’t crash, says Kumar
Millions of companies in India are still not ready to file their first returns under the new Goods and Services Tax (GST) ahead of an Aug. 20 deadline, a top official told Reuters, urging them not to leave things to the eleventh hour.
Navin Kumar, chairman of the GST Network, also said barely half of the 34 service providers accredited to help firms bulk-file invoices online had received approval to go live. Click to read more
Bhutan has raised with the Indian government serious concerns about the impact the implementation of the goods and services tax will have on its industry and economy, according to industry representatives and government officials of that country. The trade between two the countries has shifted to slow lane after India introduced its biggest tax on 1 July.
Bhutan’s worries arise from the fact that India is the key transit route for its goods and an important trading partner. The country’s economy has strong links with India. Click to read more
GST aims to consolidate taxes levied on goods and services across India and bring them under one single umbrella. We put together the impact the tax has had on various sectors.
The bustling narrow streets of Chickpet, in Bengaluru, remind passers-by of a bygone colonial era. The smell of freshly ironed cotton cloth permeates the air in an otherwise unkempt surrounding. Yet trade at the market flourishes as people from across Karnataka come for trademarked cloth. However, the mood has been dampened ever since a 5 percent GST was slapped on trademarked cloth. The traders complain, but have devised a way out — they remove the trademark and continue their business in cash without recording any transaction. This defeats the power of GST on traditional trading businesses. Click to read more
India is unlikely to allow the total tax incidence on midsized cars, large cars and SUVs to exceed 50%, which means imposing a cess of less than 25%.
That should partially alleviate the fears of car makers, some of which have complained about an increase in the cess forcing them to raise prices after having just dropped them following the rollout of the goods and services tax (GST) on July 1.
The finance ministry is likely to move a cabinet note over the next two days for amending the GST compensation act to raise the cess on such vehicles to 25% from 15%. The actual increase, which has to be decided by the GST Council, is likely to be less to keep the overall tax incidence below 50%.. Click to read more
Filing of monthly returns, GSTR 1 and GSTR 2, has been deferred till September, but in the month of August you will have to file a simpler return in the form of GSTR-3B.
The deadline to file GSTR-3B for the month of July is August 20 and it is important for every business to get this done in the next 10 days.
“With the objective of ensuring smooth rollout of GST and taking into account the concerns expressed by the trade and industry regarding filing of the returns in GST regime.. Click to read more
In line with the recommendations of Goods and Services Tax (GST) Council, the government has notified the date of filing the first GST returns for the month of July and August.
The date of filing returns was extended earlier by the Council by a month to give more time to the taxpayers to come into the system.
Under the GST, three forms — GSTR 1, GSTR 2 and GSTR 3 — need to be filed every month. Accordingly, for the month of July, the three forms will have to be filed between September 1 and 5, September 6 and 10 and September 11 and 15, respectively, according to the notification issued on Tuesday.
Form GSTR 1 would reflect sales of a business, GSTR 2 would reflect purchases and GSTR 3 is a combination of sales and purchases. Click to read more
The implementation of GST and increased surveillance post demonetisation will help increase the tax-GDP ratio to 11.9% by 2019-20, government said on Thursday.
The gross tax-GDP ratio in 2017-18 is estimated to be around 11.3%.
In the Medium Term Expenditure Framework Statement, tabled in the Lok Sabha, the finance ministry has projected that in the medium term tax revenues will show the growth anticipated during the presentation of the Budget. Click to read more