Five lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today.
Nearly 71 lakh excise, service tax and VAT assessees have migrated to the GST Network (GSTN) till July 25. Besides, another 12 lakh new registrations came about under the Goods and Services Tax (GST) regime.
“The figure of dealers opting for composition in GST is 5.12 lakh up to 30th (July). The last date for opting is August 16,” Revenue Secretary Hasmukh Adhia tweeted. Click to read more
With just about one lakh of 70 lakh businesses opting for GST Composition Scheme, tax authorities are reviewing why the scheme that allowed such
entities to pay a fixed 1-5 per cent tax, has not clicked.
A senior government official said the Central Board of Excise and Customs (CBEC) is trying to ascertain the reasons for businesses not opting for the Composition Scheme that was specially designed to ease compliance burden of small traders. Click to read more
The government estimates that total registrations, old and new, under the goods and services tax (GST) will add up to between 90 lakh and one crore by the end of the financial year, substantially increasing the tax base and ushering in greater compliance.
Official sources said multiple registrations under VAT, excise and service tax are expected to be eliminated once GST is fully implemented, and this will mean that the total number of old registrations will drop from 86 lakh to around 70 lakh. Click to read more
The government still relies on the appeal of actor Amitabh Bachchan for marketing and selling the goods and services tax (GST) to the masses.
However, when it comes to the nitty-gritty of clarifying the tax structure or evolving a consensus on emerging issues, Union Finance Minister Arun Jaitley, Revenue Secretary Hasmukh Adhia, Central Board of Excise and Customs (CBEC) Chairperson Vanaja N Sarna, and GST Network Chairperson Navin Kumar take centre stage. Click to read more
How will the Goods and Services Tax change matters for the 5-crore plus informal and small enterprises? Will they grow and join the formal sector? Or will the businesses shrink as tax exemptions come down? Many small businesspersons feel that expanding the scope of concessions offered is necessary for survival and growth.
The GST package for small firms has two options. Those with annual turnover of up to ₹20 lakh (10 lakh for north-eastern States, Himachal Pradesh, J&K, and the UK) may remain outside the tax net. Click to read more
The Rs 50,000 threshold for e-way bills under the goods and services tax (GST) regime may be raised in order to reduce the scope for harassment and return of the so-called inspector raj.
The GST Council may also simplify procedures to improve ease of doing business, said officials aware of the matter. “There is a thinking that it should be raised,” said one official. A proposal to this effect could be taken up when the council, the apex decision-making body for GST, Click to read more
In spite of India generating 1.85 million tonne of electronic waste annually and being ranked among the top five countries of e-waste generation, e-waste has not been categorised separately under the new GST regime.
Today, India has 1 billion mobile subscribers, around 57 million computers along with other gadgets and consumer electronics users. But only 1.5 % of the e-waste generated here gets recycled, according to Assocham and KPMG’s study of 2016. Click to read more
It is too early to understand the impact of GST on the tourism sector, though an early assessment has shown that the single tax regime has brought down the level of taxation, government said today.
Responding to supplementaries in the Lok Sabha, Tourism minister Mahesh Sharma also said he will talk to the GST Council on the possible difficulties houseboat owners in Kerala may face due to GST.
He said while it is too early to understand the impact of GST on the tourism sector, an internal assessment shows that the level of taxation has gone down in the sector. Click to read more
The GST Council in likely to consider this week lowering of tax rates for job works for making garments to 5 per cent from 18 per cent, a source in the finance ministry has said.
The panel, headed by Finance Minister Arun Jaitley and comprising of representatives of all the 29 states, is also likely to consider removing anomaly in taxation in cases where the intermediate goods are taxed at the highest bracket than the tax on final output, the source said. Click to read more
The Goods and Services Tax was not an “easy reform to implement” but it has evoked “great” public support with the government deciding not to blink in the face of opposition to the new taxation measure, Union Finance Minister Arun Jaitley said today.
“We have today reached a stage of history where there is a great amount of popular support behind reforms because people have become restless. They are not willing to be satisfied with a situation wherein India cannot reach up to its potential,” he said here. Click to read more
Flats of Lucknow Development Authority (LDA) will cost more with goods and services tax (GST). Now, instead of the 4.5% tax, homebuyers will have to pay 12% tax.
However, the development authority has offered a relief window for its customers. Allottees whose instalments were due on June 30 or earlier can deposit these at the old tax rate of 4.5% till August 10.
After the expiry of this window, homebuyers will have to deposit instalments at the enhanced tax rate of 12%. Click to read more