GST Ready India

GST Ready India’s Latest News and Updates

One week to go! GST mop-up in January blows past Rs 90,000 crore

Feb 16, 2018

Want to buy a property? know GST rates here

Most of us aspire to own a house and to achieve that goal we strive hard through our savings and investments. We face several hurdles and come across many official formalities to accomplish our dream.

In accomplishing this dream, we need to understand many things and one such aspect is related to the recent introduction of Goods and Service Tax (GST), which has created a lot of confusion in regards to tax rate. Click to read more

India market is coming back post GST: Indra Nooyi

Global beverage major PepsiCo is seeing demand coming back in the Indian market post GST and the company has registered “very solid mid-single-digit growth” in the October-December quarter, its Chairman and CEO Indra Nooyi said.

The beverages major would also continue to franchise its bottling operation to its local partners in countries including India, as per its strategy, Nooyi said in a post-earnings concall. Click to read more

GST Network crash: Will e-way bills system bring back border check posts and Inspector Raj in new form?

It has been fifteen days since the e-way bill system under the goods and services tax (GST) regime was deferred as the GST Network portal had crashed on its debut day, but there is no word as yet when it will restart. GSTN chairman Ajay Bhushan Pandey said they will try to ensure all stakeholders are completely comfortable with the technology before it is resumed.

But few are asking a far more basic question – should it come back at all? And will this not mean a return to the old days of border check-posts with trucks lined up in queues? Click to read more

Mayor blames it on holding up of bills, GST

Mayor Soumini Jain has blamed the “holding up of bills” at the State treasury, introduction of Goods and Services Tax (GST), and the strike by contractors of the civic body for the poor performance of the corporation in terms of Plan fund spending.

A ₹10-crore bill, which was submitted to the treasury a few days ago, was not cleared citing technical reasons.

After personally following it up, the treasury officer assured that the bill would be cleared on Thursday, said Ms. Jain. The cleared bills will be reflected on the total spending the next day, she added. Click to read more

E-way bill generation for bulk transactions

The GST E-way bill is an electronic documentation meant for tracking all the inter-state movement of goods. This bill can be generated on the E-way bill portal  by visiting and registering themselves.  This can be done on the go through mobile App, SMS/text messages as well as offline tools. Post registration a unique E-way bill number (EBN) is allocated to the supplier, recipient, and the transporter.This e-receipt captures all the details of the goods being transported right from point of origin of the consignment, its destination and route, to the name of the consignor as well as the consignee. Click to read more

One week to go! GST mop-up in January blows past Rs 90,000 crore

The pace of goods and services tax (GST) revenue, which gathered momentum in December after hitting a nadir in November, has accelerated further in January in what could validate the Centre’s optimistic estimates of revenue from this comprehensive indirect tax in the recent Budget. According to official sources, January GST mop-up was over well over Rs 90,000 crore on Wednesday, even as close to a week remained for taxpayers to file the month’s tax returns. The sources said the impressive rise in collections was primarily attributable to the end of the government’s liability with respect to transitional credit claims. With the revenue improving, they added, the refund claims of exporters could now be expedited, addressing the cash-flow problems of these businesses. Click to read more

Only history will tell whether demonetisation and GST were good or bad

Views on the budget used to be unbiased and impartial in the olden days, said chief executive of the JSS Law College KS Suresh here on Thursday.

Suresh, who was at a seminar on ‘Impact of Goods and Services Tax (GST) on real estate industry and overview of Union Budget 2018’, said that people were increasingly tending towards looking at the budget from their own perspective and not studying what it meant for the nation. Click to read more

Lessons from GST for eliminating the Rs1 trillion lying around as float

The government of India today spends around Rs3 trillion each year on centrally sponsored schemes. Though many explanations such as lack of political will, poor implementation capacity, etc. have been offered as reasons for poor outcomes, there is a larger structural issue: the government fund flow and payments architecture have got very little attention.

The government’s current fund management system pushes funds down a hierarchical chain from the centre to the panchayat. Each level of government must first produce utilization certificates verifying that a majority of its previously disbursed funds have been used. Click to read more

Miffed over slow server and complex GST form, UP traders write to Arun Jaitley

Frustrated over the slow speed of the server which has made them wait for several hours while filing their returns on the GST portal, the UP Udyog Vyapar Pratinidhi Mandal (UPUVPM) has sent a letter on Thursday to Union finance minister Arun Jaitley. Besides, businessmen exempted from GST have complained that they have been forced to file GST returns for the past seven months as their names are yet to be removed from the portal. Click to read more

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