With finance ministry probing as many as 53 companies for not passing on the benefits of GST to final consumers, initial investigations show that the concentration remains the highest among real estate and FMCG companies.
“Out of the total number of companies that we are probing (for a suspected case of profiteering), close to 70 percent of them are FMCG (fast moving consumer goods) companies,” a senior government official told Moneycontrol. Click to read more
The 26th meeting of the GST Council was held on Saturday in New Delhi. The following recommendations were made by the GST Council:
Return filing system: The present system of filing of GSTR 3B and GSTR 1 is extended for another three months i.e., April to June, 2018 till the new return system is finalized. A new model was discussed extensively and the Group of Ministers on IT has been tasked to finalize the same. Click to read more
The finance ministry on Tuesday said in the Rajya Sabha that the average monthly goods and services tax (GST) collection in the July-January period stood at Rs 89,767 crore, higher than Rs 87,468 crore reported earlier. The government provides the collection figures a few days after the deadline for filing returns for a particular month expires. However, many taxpayers continue to file returns and pay taxes much after the deadline, thus leading to an increase in the collection at a later date. Click to read more
The Textiles Ministry should impress upon the Finance Ministry to reconsider the overall GST structure for textiles sector and impose higher anti-dumping duty to protect the domestic industry, a Parliamentary panel has said. In its report tabled in Parliament today, the Standing Committee on Labour chaired by Kirit Somaiya said it desires the Textiles Ministry to impress upon the Department of Revenue/Finance Ministry to reconsider GST structure for textiles. Click to read more
The 250-odd exhibitors in Bengal, who were agitating over their long-pending GST rebate from the state government, are finally getting their due.
In February, when the Eastern India Motion Pictures Association (EIMPA) president met commercial and agricultural income tax commissioner he was assured that the GST rebate will be refunded by March 15. The work has already started and some distributors have started getting their refund. Click to read more
MEMBERS of Aam Nagrik Mitra Foundation (ANMF) expressed their concern over variation in GST rates which may cause adverse effects in coming years. They expressed the need of implementing single GST rate by gradually removing several rates for convenience of consumers. A delegation of Mitra Foundation interacted with GST Commissioner P K Agrawal and submitted a memorandum addressing the Central Government to take necessary initiatives in this regard. Click to read more
The overall structure of Goods and Services Tax (GST) for the textiles sector should be reconsidered to protect India’s domestic industry, a Parliamentary Committee has suggested. The Standing Committee on Labour chaired by Kirit Somaiya has also suggested imposition of higher anti-dumping duty on import of certain textile and clothing items.
The ministry of textiles has taken up issues such as inverted duties structure on man-made fibre, imposition of GST on job work, non-refund of input tax credit (ITC), GST for weaving industry, lowering of GST rates for machinery used by MSME textile units, etc, the committee said in its report tabled in Parliament. Click to read more
Finance minister Dr T.M. Thomas Isaac said that the problems the state faced in tax collection after the implementation of the Goods and Services Tax (GST) would be rectified in six months. Mr Isaac while replying to a calling attention motion by A.P. Anil Kumar informed the assembly on Tuesday that this would help the state to come out of the economic slowdown it was facing now. The State Government was investing about Rs 50,000 crore on infrastructure projects. In the first phase, the state has already sanctioned work worth Rs 20,000 crore. The tender process for this had already been initiated, said Mr Isaac. Click to read more
A 15-member team of Directorate General of Goods and Services Tax Intelligence (DGGI) on Monday raided Hotel Harmony Inn, which is owned by local businessman Himanshu Puri, who is rumoured to have left the country with his entire family last week. Officials said that during the course of the search, which went on till midnight, a tax discrepancy of Rs 1 crore to Rs 1.5 crore was spotted in the hotel records since 2012. Click to read more
Disruptions caused by the two structural changes — demonetisation and the GST — are wearing off and optimism in domestic demand is soaring because of which Indian economy is poised to grow faster than expected in the year 2018 against the backdrop of rising trade protectionism, increasing crude oil prices and volatile market conditions, Deloitte Voice of Asia report said. Click to read more