GST Ready India

GST Ready India’s Latest News and Updates

Indian multiplex owners still struggling with GST, hope for tax respite

Jan 24, 2018

GDP may grow to 7% in FY19 as GST impact wanes: HSBC

British lender HSBC today said waning effects from the GST impact will help push the Indian GDP growth to 7 per cent in FY19.

It can be noted that International Monetary Fund has come out with an estimate of 7.4 per cent growth two days ago.

“For India, we are expecting the economy to grow in the next three years (FY18-20) by 6.5 per cent, 7 per cent and 7.6 per cent,” the bank’s chief economist Pranjul Bhandari told reporters on a conference call. Click to read more

Pre-budget cheer for home buyers: 8% GST on houses under PMAY to be effective from tomorrow

A lot of people are hoping for a populist budget from Arun Jaitley next week. And after its recently concluded meeting on January 18, the Goods and Services Tax (GST) council have given a certain section of home buyers something to cheer about.

As per the recommendations of the council, for the housing sector, there will be less incidence of GST for homes purchased under the Credit Linked Subsidy Scheme (CLSS). For under-construction homes that form a part of CLSS will now be charged GST at 8 percent instead of 12 percent, a cut of 4 percent. However, people who are not eligible for CLSS will continue to pay higher GST. Click to read more

Indian multiplex owners still struggling with GST, hope for tax respite

A little over six months after the implementation of the goods and services tax (GST), multiplex owners in the country are hoping for some respite from the exorbitant tax rates currently in place. The Indian film industry that produces close to 2,000 movies a year across multiple languages is working with the 28% rate levied under the GST since last July.

Especially for states that previously worked with rates as low as zero, this has meant not just an increase in ticket prices but a boost to movie piracy as well. Click to read more

A simpler GST filing regime: Here are the proposed changes

In its last meeting, the GST Council deliberated changes in the filing regime for the new tax. The simplified system is expected to be approved by the Council in its next meeting. ET explains the likely scenario:

CURRENT SCENARIO

  1. Seller to upload invoice level details in GSTR 1 within prescribed due dates
  2. Buyer to download invoice details uploaded by seller (in Form GSTR 2A)
  3. Buyer to reconcile the GSTR 2A details with ERP purchase register Click to read more

Tax Laws Should Ensure Payment Of GST Under Reverse Charge

India has witnessed the historic indirect tax reform by implementation of GST on July 1, 2017. The GST Act is a reprised and improved version of its predecessor service tax which also incorporates several new provisions to address shortcomings of erstwhile provisions of VAT and excise laws. The GST Act requires the supplier to make payment of GST while supplying goods or services to recipients. However, in special situations, GST is payable by the recipient of the goods or services instead of the supplier. This mechanism is called “reverse charge”. Click to read more

GST: E-commerce firms Flipkart, Amazon likely to get 6-month tax breather

The provision of tax collected at source (TCS) imposed on suppliers selling products on e-commerce websites like Flipkart and Amazon in the goods and services tax (GST) regime is likely to be deferred by six months.

The recommendation by the law review committee may come as a breather for e-commerce players, which have been strongly opposing the additional levy.

The TCS of 1 per cent to be charged collectively by the Centre and states was kept in abeyance till April 1, 2018, by the GST Council in October along with the reverse charge mechanism and the e-way bill. Click to read more

50% dip in sales: GST blues hit sports goods makers in Jalandhar

Traders and businessmen from the sports equipment manufacturing industry in Jalandhar have demanded rollback of the Goods and Services Tax (GST) rates, stating that their business has declined by 50% after the GST was rolled out in July last year.

Traders said their businesses were hit hard because of the confusion over the new tax regime. Apart from this, they said the spike in prices also contributed to the loss. They added that sports goods are being taxed between 12% to 18%, whereas earlier most sports equipment invited only 6% value-added tax (VAT). Click to read more

Textile industry assured of amicable solution to GST issues

Commercial tax commissioner, Gujarat, P D Vaghela has assured the stakeholders in the country’s largest man-made fabric (MMF) sector in the city of strongly representing the issues and demands related to Goods and Service Tax (GST) before the central government and the GST Council.

Vaghela was on a day’s visit to the Diamond City on Tuesday. Vaghela visited power loom units, knitting units, handwork and embroidery units and textile shops in Pandesara, Bamroli, Sachin, Limbayat and Ring Road. Click to read more

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