GST Ready India

GST Ready India’s Latest News and Updates

Modi government collects Rs7.41 trillion GST in FY18

Apr 27, 2018

GST compliance gets better but far from desired level; FY18 collections at Rs 7.41 lakh cr

Compliance level has got better since the implementation of the new indirect tax system from July 1, it is far from its desired level.

For instance, only 27. 2 lakh or close to 37 percent of assessees filed return in August 2017, out of 73.7 lakh eligible taxpayers, data released by the finance ministry showed. Compliance rate under Goods and Services Tax (GST) was around 50.29 percent and 56.58 percent in September and October, respectively. Click to read more

Rs 20,000 crore surplus in GST compensation cess fund as of end-March

The Centre has a surplus of Rs 20,000 crore in the GST cess fund as of March 31 which will be used to compensate the states for revenue shortfall suffered due to the roll out of the Goods and Services Tax.

In the last fiscal, the government collected Rs 62,021 crore as cess on sin and luxury goods. This amount will make up for the compensation kitty used to make good for any revenue shortfall faced by states on implementation of GST. Click to read more

Modi government collects Rs7.41 trillion GST in FY18

India collected Rs7.41 trillion in taxes in the first year of the goods and services tax (GST) with revenues for a good part of four months not being accounted for because of the mid-year rollout and an accounting lag.

The government had last reported a GST collection of Rs7.17 trillion for the first eight months since the new tax regime that subsumed 17 central and state taxes on sale of goods and rendering of services was rolled out in July. For the period ending 31 March, 2018, the GST collection has been put at Rs7.41 trillion, a finance ministry statement said. Click to read more

GST, demonetisation brought 1.8 million more people into I-T net

India has informed the United Nations (UN) that the Goods and Services Tax (GST) reform implemented by it, coupled with the demonetisation of high-value currency notes, has brought 1.8 million more people into the income-tax net.

Additional Secretary in the Ministry of External Affairs A. Gitesh Sarma, addressing the ECOSOC Forum on Financing for Development Follow Up, said India is currently implementing a wave of reforms. Click to read more

GST, demonetisation brought 1.8 mn more people into IT net: India

India has informed the UN that the Goods and Services Tax reform implemented by it, coupled with the demonetisation of high-value currency notes, has brought 1.8 million more people into the income-tax net.

Additional Secretary in the Ministry of External Affairs A Gitesh Sarma, addressing the ECOSOC Forum on Financing for Development Follow Up, said India is currently implementing a wave of reforms. Click to read more

Caterers, canteens seek clarity on GST

Does your employer have a mess or a canteen and is it operated through ‘outdoor catering’? The catering industry, food coupon providers and companies providing food and beverages to employees are struggling with this question under the goods and services tax (GST) as the levy ranges from 5% to 18% depending on the answer.

Outdoor catering attracts 18% GST, while canteen services face 5%. The levy on supply of food or beverages by facilities such as a mess or canteen was reduced to 5% in.. Click to read more

AAR judgments under GST regime in but no appeal mechanism set up

From taxing products sold at duty-free shops to taxing of canteen services, Authorities of Advance Ruling (AARs) set up under the goods and services tax (GST) regime have given many important judgments.

The problem is that businesses are unable to appeal against those verdicts if they wish to. For, the appellate bodies for this purpose are yet to be set up. As a result, some are contemplating an appeal to the high courts. Click to read more

GST dept asks tax payers to file returns regularly

The state’s Goods and Services Tax (GST) department, during a seminar held by the Times Group on Thursday, requested the tax payers to file their returns regularly.

During the event, traders and businessmen spoke about the issues regarding e-way bills and non-refunds. State GST deputy commissioner Sanjay Pokharkar answered various queries of the tax payers and also advised them to write to the GST council if they have any suggestion related to the policy. Click to read more

Industry awaits GST return simplification

The GST Council will meet on May 4 to discuss, among other things, simplifying GST returns. The meeting, to be chaired by Finance Minister Arun Jaitley, is also expected to discuss “other anti-evasion measures”, informed sources said.

The meeting will be conducted through video conference mode.

For GST return simplification, there are three models before the GST Council. Stakeholders and trade bodies were asked to directly write to the GST Council expressing their views on the most appropriate model. Click to read more

Fitch keeps India rating at BBB- for 12th year; says GST to drive mid-term growth, but there’s a caveat

Rating agency Fitch on Friday kept India’s sovereign rating unchanged at BBB-, the lowest investment grade for the 12th year with stable outlook even as it praised the implementation of the Goods and Services Tax (GST). It said that the GST will drive the mid-term growth once the teething troubles are resolved. Click to read more

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