GST Ready India

GST Ready India’s Latest News and Updates

GST will push India's growth above 8% says International Monetary Fund

Apr 28, 2017

Telcos begin state-wise GST registration

As the government is all set to roll-out Goods and Services tax (GST), which is touted as the most transformative tax reform in decades, telecom companies have started to register themselves in every state as proposed in the one nation, one tax regime, reports Business Standard.

What does state-wise registration mean?

Telcos are present in multiple states and they provide their services in geo-mapped circles which are not necessarily mapped 1:1 with states. This means that one circle would represent one or more states. Click to read more

Only 34% service taxpayers move to GST Network, CBEC ups outreach

The revenue department is stepping up its outreach programme, asking taxpayers to register with the GST Network by this month-end as only 34 per cent of the existing service tax assessees have so far migrated to the new payment portal.

There are a total of 80 lakh VAT, excise and service tax assessees.

While over 75 per cent of VAT and 73 per cent of the central excise assessees have switched to the GST Network (GSTN), the figure for service tax is a meagre 34 per cent of the existing assessees. Click to read more

GST to push Indian growth to over 8%: IMF

The ambitious Goods and Services Tax (GST) to be implemented from July 1 would help raise India’s medium-term growth to above eight per cent, the International Monetary Fund has said adding that the reforms being done is expected to pay off in terms of higher growth in the future.

“The government has made significant progress on important economic reforms that will support strong and sustainable growth going forward,” Tao Zhang, Deputy Managing Director of the International Monetary Fund, told PTI in an exclusive interview. Click to read more

IMF backs GST and Aadhaar push, pegs India’s growth at 8%

As the nation nears the start of a new tax regime from July 1 under the historic Goods and Services Tax (GST), the International Monetary Fund (IMF) has backed the reforms, adding that it would help raise India’s mid-term growth to about 8 per cent.

Tao Zhang, Deputy Managing Director of the IMF, said the Indian government has succeeded in making significant progress in implementing economic reforms, which will support strong and sustainable growth in future. Click to read more

GST Adoption To Push India’s GDP Growth Rate To Over Eight Per Cent: IMF

The Goods and Services Tax (GST), that the centre plans to implement from 1 July, will push India’s India’s medium-term growth to above eight per cent, the International Monetary Fund (IMF) has said.

“We expect that the goods and services tax (GST), which is targeted to be applied starting in July, will help raise India’s medium-term growth to above 8 per cent, as it will enhance production and the movement of goods and services across Indian states,” the IMF official added. Click to read more

Government encouraging self-registration for GST

The government is encouraging business for online self-registration for GST instead of going through external agencies even after the deadline expires on April 30.

“Better register online for GST yourself instead of taking agencies’ or other companies’ help,” Service Tax-I Commissionerate North Division official Ashutosh Sharma said during a GST migration camp organised by CII.  Click to read more

Modi to meet revenue dept on May 2; black money, GST on agenda

Prime Minister Narendra Modi will next week hold a review meeting with the revenue department to take stock of the anti-black money drive post note ban and tax collected thereof, as also steps taken for the GST rollout.

The May 2 meeting has been convened to review the work of revenue department under the finance ministry, with specific focus on taxation matters and initiatives against black money, official sources said. Click to read more

Call for GST trade consultative panel

Constitution of a ‘GST Trade Consultative Committee’ with representatives from various trade and industry bodies across states for lobbying with the GST Council is the need of the hour, said S Rethinavelu, Senior President, Tamil Nadu Chamber of Commerce and Industry.

Stressing that it would be vital to secure the views and suggestions of the trade and industry before finalising the tax rate under the GST regime, Rethinavelu has in a memorandum to the Union Minister of State for Finance Santosh Kumar Gangwar pointed out that it would go a long way in achieving the avowed purpose of GST and obviate tax evasion, harassment and corruption. Click to read more

Telecom firms begin state-wise GST registration

Telecom companies have started state-wise registration needed under the goods and services tax (GST).

Telecom companies have a single pan-India service tax registration but the GST, which is expected to come into force on July 1, requires them to be registered individually in states. Most telecom companies have enrolled in all the states for registration. Click to read more

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