GST Ready India

GST Ready India’s Latest News and Updates

Life, business insurance policies dip by 20 per cent after demonetisation, GST

Sep 08, 2017

GST Council may fix tax anomalies, cess hike on cars tomorrow

Hyderabad, Sep 8 () The GST council, meeting here tomorrow, is likely to take up fixing of tax anomalies on a number of common use items as well as the quantum of cess to be hiked on luxury and mid-size cars, officials said today.

It will also take up IT related issues in the GST network which has faced glitches.

The all powerful GST Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is likely to consider lowering tax rates on over two dozen products, including idli/dosa batter, dried tamarind, custard powder and kitchen gas lighter after anomalies in their fixations were pointed out, officials said. Click to read more

‘Less tax, no input credit’ plan for small businesses may return soon

The composition scheme, which is applicable to specific categories of small businesses whose turnover is Rs 75 lakh and below and had been closed on August 16, may return soon.

With just about a million taxpayers opting for the scheme, the goods and services tax (GST) Council will consider reopening the window in its meeting on Saturday in Hyderabad, giving another opportunity to small players to avail of it. Click to read more

GST impact slows down government contracts

No clarity on how much tax to collect and who will pay

Various government departments have not passed contractors’ bills for over a month now stating Goods and Services Tax (GST) as the reason. Contractors and government sources alike say that there is no clarity on how much tax to collect and who is to pay the tax.

Though contractors have been submitting memorandums and meeting the respective department officials, payments even for bills submitted before the roll out of GST on July 1 have not been sanctioned, said sources. Click to read more

Do not wait till last day to file GST returns: Adhia

The government today exhorted businesses not to wait till the last day to file GST returns, saying just over half of registered taxpayers have so far paid taxes and 11 lakh have not yet completed even registration.

Revenue Secretary Hasmukh Adhia said the government has been flexible to demands of the industry and it is now the turn of the businesses to do their bit.

Speaking at the Business Standard roundtable on GST, he said 72.5 lakh people have migrated to the GST regime, but only 44 lakh have so far filed returns. Click to read more

After implementing GST, government moves to rework direct taxes

After indirect taxes, the government has now set its sights on overhauling the 56-year-old direct taxes law covering income and corporation tax as it seeks to make the Indian regime more contemporary and tailor it to current requirements.

Senior government officials told TOI that the finance ministry was in the process of setting up a task force to write the new tax law, an attempt which was last made in 2009 when Pranab Mukherjee released the Direct Taxes Code (DTC) prepared by P Chidambaram and his team, only to significantly dilute it a few years later. Click to read more

Calls on GST flood consumer helpline

Between July 31 to August 31, 4,426 calls were received on GST alone.

New Delhi: Notwithstanding the Government’s mega awareness campaign on Goods and Services Tax, the National Consumer Helpline, run by Ministry of Consumer Affairs, got almost 4500 calls in first month of the new tax regime.

A review of the National Consumer Helpline, chaired by minister Ram Vilas Paswan, on Thursday revealed that between July 31 to August 31, 4,426 calls were received on GST alone. Out of these 2,546 were general queries about how the new tax will impact prices and how it will be implemented. Click to read more

Cong cries economic ‘chaos’ post GST implementation

The Congress today alleged that “chaos” has gripped the country after a hasty implementation of the Goods and Services Tax (GST), which led to a dip in states’ revenues.

Congress media in-charge Randeep Surjewala, along with Punjab Finance Minister Manpreet Badal and Karnataka Minister Krishna Byre Gowda, said the party would raise concerns of the textile sector and the revenue shortfall of states at the meeting of the GST Council tomorrow. Click to read more

Maharashtra tops in registrations under GST, Uttar Pradesh follows: Data

Good and Services Tax (GST) in its third month, the fresh data suggests that the state of Maharashtra ranked top in the list of states in the country with regard to the migration of existing traders and fresh registrations.

Subhash Varshney, Principal Chief Commissioner, GST and central excise, in a press interview informed that the data obtained by August end suggests that Out of the total 9.16 lakh existing taxpaying traders in Maharashtra who had registered themselves under central excise, service tax and value added tax (VAT), over 8 lakh taxpayers have transitioned into the new tax regime. Click to read more

Life, business insurance policies dip by 20 per cent after demonetisation, GST

Number of customers seeking life insurance policies and other business insurances has reduced by over 20 per cent due to demonetisation and implementation of GST.

“For a corporate company or individuals paying insurance premium of Rs 5 lakh, 18 per cent GST is now computed. This means Rs 90,000 has to be paid extra without any new value addition or new services. This has reduced footfall and people now opt for low premiums,” disclosed a senior manager of National Insurance Company. Click to read more

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