Despite all earlier claims of the government that the Goods and Services Tax (GST) would force taxpayers to be more compliant, the number of returns filed in the first seven months since its launch belies this claim.
The number of returns filed each month has not crossed 70 lakh though the number of tax payers registered with the GSTN has crossed one crore (64 lakh earlier indirect taxpayers who migrated to GST and 38 lakh new registrants). Click to read more
The Centre today said that the total revenue collection under GST for the month of January, till February 25, stood at Rs 86,318 crore. Rs 86,703 crore was collected in December 2017.
“1.03 crore taxpayers have been registered under GST so far till 25th Feb, 2018. So far,17.65 lakh dealers got registered as Composition Dealers,” according to Ministry of Finance. Click to read more
A delayed implementation of the e-way bill will allow more preparation time to businesses already fed up with the government’s ad hoc decisions on the subject. On the other hand, it leaves one wondering how long it will take for GST (goods and services tax) revenue collections to finally stabilize.
Wary of declining GST revenue collections, the GST Council in December last year advanced e-way bill implementation from its originally scheduled date of 1 April to 1 February 2018. Click to read more
Finance minister Arun Jaitley on Tuesday said it is not possible to have one goods and service tax (GST) rate as the country has vast disparities, but assured investors that government will undertake further reforms after improvement in tax compliance standards.
A single rate of GST in India “can’t work at the moment” due to vast disparities in the country’s society, he said while replying to queries from the audience at the India-Korea Summit in New Delhi. Click to read more
Finance secretary Hasmukh Adhia today said government is making all efforts to make the GST regime “fullproof” with the help of technology to check all possibilities of tax evasion.
Addressing a state-level seminar on GST, the top finance ministry official said, “GST is an end-to-end IT-based tax system. We are making all efforts to make it full proof with the help of technology.
“A technology-based tax system will prevent tax evasion. We are also making efforts in the direction of making it more simple,” Adhia said. Click to read more
Around 70,000 co-operative Housing Societies (CHS) in Maharashtra will have to register under the Goods and Services Tax (GST) regime as their annual turnover (collections) is likely to exceed the Rs 20-lakh mark, according to a report by The Times of India.
Out of the 70,000 such societies, as many as 50,000 are in the Mumbai Metropolitan Region (MMR), senior co-operative officials have confirmed.
Transfer fee, which is paid by incoming and outgoing members to the society, contributes to the society’s annual turnover. Click to read more
Of the many things that make this central government far from “minimum” in its pursuit of governance, the “anti-profiteering” mechanism contemplated under Section 171 of the Central Goods and Services Tax Act (CGST Act, 2017) has got to be the most statist. It is the first law in our constitutional history that allows the government to keep a tab on a businessman’s pricing decision irrespective of his intentions, the nature of the produce and market circumstances. There have been laws to regulate under-invoicing, pricing during emergencies, pricing of essential or special commodities, unfair and manipulative trade practices, etc. Click to read more
The Tiruchi District Tiny and Small Scale Industries’ Association (TIDITSSIA) has been enabling manufacturing and service organisations in the region to carry out GST (Goods and Services Tax) registration by conducting a series of awareness programmes in recent months.
The fourth programme titled ‘GST Updates’ conducted by TIDITSSIA last week focussed on e-way billing.
“The compliance for GST registration from trade and industry enterprises in Tiruchi district is encouraging,” said J.M. Kennedy, Commissioner, GST and Central Excise, Tiruchi, after an interface with the participants. Click to read more