Goods & Services Tax (GST) was launched with much fanfare at midnight, July 1, 2017 replacing 17 erstwhile laws, both Central and State level. The learning curve of both, the Government and the industry, has been steep over the near nine months that have elapsed. And, astonishingly, the multitude of notifications, circulars and press releases have left India gasping and clutching at straws to stay afloat.
Having said that, the intention is honourable and must be respected and supported in every way. Click to read more
The Goods and Services Tax (GST) refunds worth Rs 3,500 crore, stuck due to incorrect filings by exporters, will soon be released, government sources said. “There are claims to the tune of Rs 3,500 crore that are stuck in the GST Network (GSTN). This is because exporters have filed wrong claims. They have miscalculated domestic and export supplies. These will be released shortly,” a senior finance ministry official said. Click to read more
The tax authorities are in no mood to spare those who fail to pay the Goods and Services Tax (GST) or try to evade it through fraudulent means even as the new indirect tax regime is undergoing a slew of changes to make it easier and more adaptable. In a little over one month, three arrests were made in Mumbai for not paying GST and for the alleged tax evasion. On April 5, a director of a Mumbai-based company was arrested for allegedly not paying the GST. Click to read more
Congress president Rahul Gandhi on Sunday tore into the Modi government, describing the GST (goods and services tax) as the most complex tax structure, comparable “only to those in Pakistan and Sudan”, and promised a compassionate, single-slab tax regime when the Congress comes to power in the next elections. “We will comprehensively. look at the GST and provide you a simple taxation that doesn’t punish you. The current GST is the most complex, and only Pakistan and Sudan have a similar regime. Click to read more
The BJP is “well set” to get a majority in the 2019 general elections and will eliminate any remnants of corruption in its second term, party leader Subramanian Swamy has said. Swamy, who was in the city to address the 14th Annual India Business Conference at Columbia Business School hosted by the South Asia Business Association at the school, said in its second term in power the BJP will build a strong and “united” India. “We are very well set to get a majority in 2019,” Swamy told PTI here. “We came to power for three reasons – Narendra Modi’s reputation as a man of governance, the fight against corruption and persuading people, particularly Hindus to rise above their caste loyalties and vote for that party which will safeguard the interest of the Hindus,” he said. Click to read more
Hot on the heels of the news that the Fifteenth Finance Commission may use the 2011—rather than 1971—census as the basis for a division of spoils between the centre and states, various southern political leaders from different parties have expressed their dissatisfaction with the current federal compact. To be sure, the move to use the 2011 census would significantly disadvantage the richer and less populous southern states at the expense of the poorer and more populous northern states. There is palpable anxiety among the southern states over their share of tax revenue allocated by the centre going forward. Click to read more
The Finance Ministry said on Friday that food and drinks supplied by the Indian Railways or the IRCTC in trains, platforms and stations, will attract 5% GST.
The Finance Ministry has written to the Railway Board on March 31 about the 5% rate to remove any doubt or uncertainty in the matter.
This would bring about uniformity in the rate of GST applicable to the supply of food and drinks made available in trains, platforms or stations. Click to read more
PHD Chamber of Commerce and Industry urged the GST Council to consider further reduction of GST at a slab of 5% from prevailing 8% for affordable housing, arguing that conformant of infrastructure status on affordable housing would only serve the intended cause.
With GST slab staying onto 8% for affordable housing would partly defeat the efforts to provide for housing for all by 2022 in this category, therefore, it has become imperative to curtail it at 5% slab, contended the Chamber. Click to read more
The Lucknow Gurudwara Pabandhak Committee (LGPC) today made a demand for immediate withdrawal of GST on ‘langar’ — community meal — services offered by the all Sikh shrines across the country, including the Golden Temple at Amritsar.
Earlier, the Shiromani Gurudwara Parbandhak Committee (SGPC), which manages all gurdwaras, and Union Food Processing Minister Harsimrat Kaur Badal has also urged the Centre to exempt the free kitchens at the Golden Temple and other Sikh shrines from the purview of the Goods and Services Tax (GST). Click to read more