Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said today.
Once the GST return filing process stabilises completely, the Directorate General of Analytics and Risk Management (DGARM) will be put to action for 360 degree profiling and match the database of people filing GST with Income Tax returns filed, they said. Click to read more
Congress president Rahul Gandhi today said that if his party is voted to power at the Centre, it would reform the current GST and simplify it by trying to make it a single-slab tax and cap it at a “decent” level.
Gandhi, who has been highly critical of the manner in which the tax was implemented and had termed it “Gabbar Singh Tax”, said that a “huge amount” of confusion related to the Goods and Services Tax (GST) would also be removed.
Our position is very clear. When we come to power, we will reform the current GST and simplify it. We will attempt to make it a one tax and cap it at a decent level. We will also try to remove the huge amount of confusion that you all are facing,” he told professionals and entrepreneurs at an interaction here. Click to read more
The GST Council in its 22nd meeting held in October last year, had decided that the e-way bill under GST will shall be rolled out nationwide from the April 1, 2018. This was surely good news for businesses across the nation, as they got more time to get acclimatized to the various changes brought in by the GST era.
However, a couple of months later, at the 24th GST Council meeting held in December 2017, the powers that be, sprung a surprise at the business and transporter community by advancing the e-way bill by a full two months – to February 1, 2018. Click to read more
First, consider the Reserve Bank of India’s (RBI’s) Consumer Confidence Index, which should give an idea of the strength of consumer demand. Chart 1 shows the index fell sharply after demonetisation, but clawed its way back to the neutral 100 mark by May 2017. A reading above 100 denotes optimism, while one below 100 indicates pessimism. The index started falling again after the introduction of the goods and services tax (GST). It has improved in December, the latest RBI survey date, but is still below 100 and well below the level of May 2017. What the survey shows is that consumer confidence is off its lows, but hasn’t fully recovered from the twin blows. Click to read more
The implementation and refund delays under the new indirect tax regime of Goods and Services Tax (GST) seem to have led to working capital constraints for firms, which in turn might have hurt their exports in October 2017, a study as part of the Reserve Bank of India’s (RBI’s) Mint Street Memos series stated. However, the subsequent initiatives taken by the government since then appear to have significantly alleviated exporters’ concerns which got reflected in the exports growth pick up in November and December 2017, it added. Click to read more
The Gujarat High Court has agreed to hear a petition praying that provisions concerning the Authority of Advance Ruling (AAR) and the Appellate Authority of Advance Ruling (AAAR) under the Central Goods and Services Tax be declared ultra for being coram non judice as it has no judicial member on it.
Admitting the petition for hearing, the high court has issued notice to the Centre, the GST Council and the Government of Gujarat on a petition moved by Nipun Praveen Singhvi wherein he said before the pre-GST regime, the Authority of Advance Ruling was headed by a judicial member, but after GST, the government has “eliminated” judicial member from AAR and AAAR. Click to read more
India Inc’s third quarter ended December 2017 (Q3FY18) financial performance is half way through, and both bottom-line and top-line have recorded positive growth.
A performance survey of somewhat 1,572 companies, excluding banks during Q3FY18, was carried out by CARE Ratings.
As per the agency, India Inc in Q3FY18 over Q2FY18 reveals positive picture with net profit growth showing improvement and reaching Q3-FY17 levels, while growth in net sales have recovered but would take time to reach earlier level. Click to read more
Union minister of state for civil aviation and senior BJP leader Jayant Sinha on Monday said the Centre stood for bringing petroleum products under the ambit of goods and services tax (GST) and efforts will be made at arriving at a consensus on this in the GST council.
“Our government supports the idea of bringing petrol and diesel into the ambit of the GST and efforts will be made to arrive at a consensus on this in the GST council,” Sinha told journalists after a meeting with office-bearers of the BJP state unit here during which he briefed them about the major points of the Union budget that should be brought to the notice of the people. Click to read more
After drawing flak from several quarters on the poor infrastructure and problems being faced while filing Goods and Services Tax returns (GST), the Government of India (GOI) has finally appointed a committee of eight technical persons to answer various queries related to the new tax regime on Twitter/email.
Member of the Taxation Bar here have appreciated the move of the Centre government and hope that it will serve the purpose to an extent. Click to read more
Blaming it on GST and demonetization for his poor income and inability to pay off loans, a middle-aged businessman committed suicide by jumping in front of a train in Chhattisgarh’s Rajnandgaon district on Sunday. In a whatsapp audio that went viral, the man has mentioned names of loan sharks “because of whom he felt instigated to end his life.” His mutilated body was found from tracks on Sunday.
Fifty-year-old Mahaveer Chauradiya recorded a whatsapp audio, clicked picture of his suicide note and sent them to whatsapp groups of businessmen and traders. Click to read more