As the Goods and Services Tax (GST) crossed the Rubicon on July 1, 2017, businesses across the nation, including developers, are clamouring for clarity on how to conduct their business. Under the new law, every business carrying out a taxable supply of goods or services and whose turnover exceeds the threshold limit of Rs 20 lakh, has to be compulsorily registered under GST. Magicbricks talked to taxation expert Priyajit Ghosh, Partner, Indirect Tax, KPMG India, to ascertain what a builder needs to do to become GST-ready. Click to read more
On 1 July, India ushered in the biggest post-independence tax reform with euphoria coupled with anxiety.
It remains to be seen what impact the Goods and Services Tax (GST) will have on the Indian economy in the long run.
While much has been said and written about its impact on corporate entities, it would be interesting to look at key areas for consideration during the course of business under an employer-employee scenario. Click to read more
The coming into force of the Goods and Services Tax (GST) will unify the nation into a common economic market, obviating the need for goods to be taxed each time they cross a state border. Much of the current discussion about GST has focused on the tax structure and the complexities surrounding the implementation of the new system.
Less appreciated is the fact that GST, by changing all aspects of business, from the location of production and investments to logistical and supply-chain optimisation.. Click to read more
Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on its portal.
The GST returns for July and August will be filed on the Goods and Services Tax Network (GSTN) portal by filling up GSTR 3B form in which the taxpayer needs to provide consolidated details of outward supplies and input credit. Click to read more
Flagging uncertain fiscal outlook for the current fiscal, the second part of Economic Survey released on Friday said achieving higher end of the 6.75-7.5 per cent GDP growth estimated earlier will be difficult and called for more interest rate cuts to boost the economy.
Its list of challenges included appreciation of the rupee, farm loan waivers, rising stress on balance sheets in power as well as telecom and transition issues arising from implementing the Goods and Services Tax (GST). Click to read more
The Economic Survey on Friday said implementation of GST has shown early signs of expansion in tax base and called for inclusion of education, healthcare electricity, real estate and alcohol under the new tax regime. The Economic Survey Volume 2, authored by Chief economic Advisor Arvind Subramanian, however, decried excluding health and education from the purview of GST and lamented a “low” 3 per cent tax on gold and jewellery saying these items are consumed by the “very rich”.
The Survey, tabled in the Lok Sabha, said availability of a common set of data to both the Centre and states post-GST would make direct tax collections more effective. Click to read more
Implementation of GST has seen as a great tax reform that will unify the entire nation, as far as taxation is concerned. This has been beneficial for various sectors, at the same time, implementation of GST will have social consequences on charities and the non-profit organizations. Let us take a look at the impact that GST’s implementation had on NGOs and charitable trusts.
Under GST, charities will come be subject to pay Goods and Services Tax. This means that GST will be applicable on some of the services and goods supplied by a charitable trust or an NGO. Let us explain this in detail. Click to read more
Achieving the high end of the 6.75-7.5% growth projected previously will be difficult due to appreciation of rupee, farm loan waivers and transitionary challenges from implementing GST, the Economic Survey said on Friday.
For the first time on Friday, the government presented a second or a mid-year economic survey for the year 2016-17 highlighting the new factors that the economy faces since the last such exercise in February. Click to read more
The government expects the goods and services tax (GST) and increased surveillance to boost tax revenues over the next two years, taking India’s tax-to-GDP ratio close to 12% by FY20.
The higher revenues are projected to push up capital spend of the government, bring down fiscal deficit to sustainable 3% of GDP and lower the revenue deficit to 1.4% of GDP by FY20. The medium-term expenditure framework released by the government on Thursday shows tax-to-GDP ratio rising 30 basis points each in FY19 and FY20 to 11.6% and 11.9% respectively. Click to read more
Tamil Nadu is looking at restructuring incentives offered to industries, including those for existing memorandum of understandings due to the Goods and Services Tax (GST) regime. Under GST, exemptions given to industries are not allowed and the GST council has left it to the discretion of the States to grant exemptions for industries.
Tax experts point out one of the key challenges to the firms is whether they can avail themselves of the incentives available to them within their investment period, especially in cases where taxes are lower under GST in comparison to the prior period. Click to read more
India’s tax-GDP (gross domestic product) ratio will inch close to 12 percent while expenditure on centrally sponsored schemes will likely rise 23.6 percent to Rs 4.65 lakh crore by 2019-20, as the Narendra Modi-led government gears up for the general election after completing a five-year term.
“Going forward in the years 2018-19 and 2019-20, the gains from expansion of the tax base due to the introduction of GST and the increased surveillance post-demonetisation will ensure that tax-GDP ratio will increase by 30 bps in each of these fiscals,” the Medium Term Expenditure Statement (MTEF) said. Click to read more
In what could be a one-off instance, yet a significant one, sales of utility vehicles grew 35.52% in July as buyers took advantage of reduced prices owing to the implementation of goods and services tax (GST) from 1 July.
Sales of utility vehicles grew to 86,874 units in July from 64,105 units in the year-ago period, data provided by Society of Indian Automobile Manufacturers (Siam) shows. Click to read more