GST Ready India

GST Ready India’s Latest News and Updates

Released Rs 24,500 cr to compensate states post GST: Centre informs Parliament

Dec 29, 2017

GST Returns: Deadline Extended Till January 10

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to file GSTR-1 for July-September by January 10, 2018, as against December 31, 2017 earlier.

For businesses with turnover of more than Rs. 1.5 crore GSTR-1 has to be filed for the period July-November by January 10.

Earlier these businesses were required to file GSTR-1 return for July-October by December 31 and that for November by January 10. Click to read more

Released Rs 24,500 cr to compensate states post GST: Centre informs Parliament

The revenue loss to states on account of GST implementation was Rs 24,500 crore between July-October and the Centre has released compensation to make up for it, Parliament was informed on Friday. As per the details of GST compensation released to states as on November 30, Karnataka got maximum compensation from the Centre at Rs 3,271 crore, followed by Gujarat (Rs 2,282 crore) and Punjab (Rs 2,098 crore). Click to read more

GST Council set to ease refund procedures for exporters in Jan meet

While 2017 was a year of transition for businesses as India switched to a new indirect tax regime, 2018 may alleviate the struggles of exporters grappling with liquidity crunch, as the government plans ease the refund-claiming process.

In its next meeting, GST Council—the apex decision making body of the new indirect tax system—may relax rules to claim Goods and Services Tax (GST) refunds from the Centre and states, a senior government official told Moneycontrol. Click to read more

Despite note ban and GST (or because of them), India will borrow Rs 50,000 crore more this year

The government has for some time defended the two shocks it delivered to the Indian economy: demonetisation and a hasty rollout of the Goods and Services Tax. It said that these measures impose honesty on taxpayers and will broaden the tax base. When the Reserve Bank of India admitted in August that all the currency withdrawn from circulation during the note ban had returned, the government tried to save face by insisting that revenues would reflect how successful the move actual had been. Now it seems Indians will have to wait even longer to see that broader base and subsequent success. Click to read more


Lok Sabha bill for GST cess hike on luxury cars to 25%

The Lok Sabha on Wednesday approved a bill to hike cess on luxury vehicles from 15 to 25 per cent with a view to enhance funds to compensate states for revenue loss following the rollout of GST.

The GST (Compensation to States) Amendment Bill, 2017, was passed by the Lower House amid uproar by the opposition over controversial comments made by Union Minister Anant Kumar Hegde on secularism and the Constitution. The Bill seeks to replace the Ordinance which was issued in September to give effect to the decision of the GST Council. The Ordinance provided for a hike in the GST cess on a range of cars from mid-size to hybrid variants and the luxury ones to 25 per cent. Click to read more

Have proposed including ATF under GST: Civil aviation ministry

The civil aviation ministry is pitching for bringing aviation turbine fuel (ATF) under the Goods and Services Tax (GST) regime, Parliament was informed today.

Currently, jet fuel or ATF is not under the GST ambit and the levy on it varies from state to state.

“This (civil aviation) ministry has requested ministry of finance to include aviation turbine fuel in the ambit of GST regime with full input tax credit at the earliest possible,” Minister of State for Civil Aviation Jayant Sinha said in a written reply to a question in the Lok Sabha. Click to read more

GST discouraging cinema-going habit: Filmmaker Siddharth Roy Kapur

The Goods and Services Tax (GST), implemented by the central government from mid-2017, has proved to be a strain on the overall economics of film-making and is also discouraging the public’s cinema-going habit, says Film and Television Producers Guild of India President Siddharth Roy Kapur. The year 2017 threw up surprises at the Bollywood box office — with a dubbed film like “Baahubali 2: The Conclusion” creating a storm by minting Rs 500 crore-plus — and shockers too, with Shah Rukh Khan and Salman Khan’s “Jab Harry Met Sejal” and “Tubelight”, respectively, falling flat. Click to read more

That Yummy Food Post On Instagram Can Fetch You Rs 20,000

Do you whip out your smartphone to freeze the sight of a meal that makes you salivate? Why not make money from it? Neha Mathur does exactly that. She’s part of a small community of social-media influencers who are roped in by companies to promote their brands on Instagram.

And she makes Rs 20,000 for a single post.

It began six years ago with a photo of a lunch she took while accompanying her husband on a work trip. “He had a travel job and I had time on hand. I started learning to cook and put family recipes on the internet,” Mathur told BloombergQuint. It’s grown into what’s now called Whisk Affair and a team of four working 10-12 hours a day. She joined Instagram three years ago and now has 20,000 followers. Click to read more

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