GST Ready India

GST Ready India’s Latest News and Updates

The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion

Dec 15, 2017

Was GST a rush job? Experts claim Modi govt ignored rollout warnings

The Indian government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax (GST) to work smoothly was not ready for launch, several people who worked on the project said.

Weeks before the July 1 start of India’s biggest tax overhaul in decades, the government declared itself ready and chided industry experts who said more time was needed to prepare for the changes.

“It’s not a complicated process,” Finance Minister Arun Jaitley said on June 20. Click to read moreGST Council to meet tomorrow; discuss roll out of e-way bill

The all-powerful GST Council will meet tomorrow to discuss early implementation of e-way bill as well as ways to plug tax evasion.

Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing and deliberate on cementing gaps in the system as well as curbing evasion, sources said.

The meeting assumes importance as there has been Rs 12,000 crore revenue decline in the Goods and Services Tax (GST) in October over the preceding month and tax evasion is considered one of the reasons for this, they said.

This would be the 24th meeting of the Council. The last meeting was held in Guwahati in November where taxes on 178 items were slashed. Click to read more

Ficci meet: State FMs speak on GST implementation, bringing petrol under its ambit

The annual meet of industry body Ficci saw at least one of the state finance ministers expressing concern over the ‘implementation’ of GST (Goods and Services Tax). West Bengal finance minister Amit Mitra said that unpreparedness and hasty implementation (of GST) have resulted not only in revenue loss but also hit small and medium enterprises (SMEs) hard.

Mitra who has previously served as the secretary general of Ficci also raised the issue of the inconsistent revenues generated by GST. “The hasty manner, in which GST was rolled out, had taken a huge toll on the revenue collections,” he said. The revenue collections in October were Rs 83,346 crore, significantly down from the September figure of Rs 95,131 crore. Click to read more

Anger over GST in Narendra Modi’s Gujarat shows why Monday is key

Six months after Prime Minister Narendra Modi introduced a nationwide consumption tax to make India less corrupt, evasion is creeping in.

And it’s happening in Modi’s backyard. In pockets of the textile hub of Surat in the prime minister’s home state of Gujarat, some traders are colluding with transporters and suppliers to not pay the goods and services tax (GST), preferring to conduct a cash-only business that leaves no paper trail. Click to read more

GST collections could rise on e-way bills: FM

Revenue collections from the Goods and Services Tax could pick up over the coming months as provisions such as e-way bills for transport of goods kick in, Finance and Corporate Affairs Minister Arun Jaitley said on Thursday, stressing that lower direct and indirect tax rates are only possible when government’s tax kitty expands.

Reacting to the U.S. Government’s move to slash Corporate Tax rate from 35% to 21%, the Finance Ministry said the fine print will need to emerge in order to understand how much of an advantage it created for American firms and termed it as a manifestation of the protectionist trend in the developed world. Click to read more

Fiscal Outlook For Next Year Better, Not Worse, Says Credit Suisse

The government’s revenue collection under the Goods and Services Tax may be better than the mop-up in the previous tax regime, if the first four months of data are anything to go by. That’s the word from Neelkanth Mishra, managing director and India equity strategist at Credit Suisse.

From that perspective, fiscal outlook for the next year should be better not worse, he told BloombergQuint on the weekly series Thank God It’s Friday.

“I don’t see any scope for fiscal slippage. But the fact that yields have moved up by 50-60 basis point shows that if there is a slippage, then it is priced in,” Mishra said. Click to read more

Anger at new tax on Modi’s home turf shows why Monday is key

Six months after Prime Minister Narendra Modi introduced a nationwide consumption tax to make India less corrupt, evasion is creeping in.

And it’s happening in Modi’s backyard. In pockets of the textile hub of Surat in the prime minister’s home state of Gujarat, some traders are colluding with transporters and suppliers to not pay the goods and services tax, or GST, preferring to conduct a cash-only business that leaves no paper trail. Click to read more

Telangana opposes inclusion of petrol, real estate in GST

Telangana opposed inclusion of real estate sector, petroleum products into the gambit of Goods and Services Tax (GST). Participating in the GST empowerment committee meeting at New Delhi, state finance minister Etala Rajender ruled out giving away these ‘cash cows’ to the Centre. He requested inclusion of any new good or service in GST purview should happen only after stabilization of the new system.

At present, taxation of land and buildings is under state governments ambit as per Schedule VII of the constitution.and stamp duty and registration fee continues to be one of the major sources of tax income for states. Click to read more

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