The Group of Ministers (GoM) headed by Bihar Deputy Chief Minister Sushil Modi on Tuesday worked out a new ‘fusion’ model for the tax filing by the companies, as it looks to simplify the return filing process under the Goods and Services Tax (GST). The ministerial panel was also unanimous that there should be only one return per month.
The panel met the industry representatives, tax experts and the state tax officials on simplifying the return process. Nandan Nilekani, non-executive chairman of Infosys, was also present in the deliberations. GST Network (GSTN), the IT backbone of GST, has been implemented by software firm Infosys. Click to read more
The government inched closer to putting in place a revamped return for goods and services tax (GST) to ease the burden on businesses by mandating only one monthly filing, with the supplier submitting the form and an alert going to the buyer.
Although officers and Infosys chairman Nandan Nilekani, who is advising the government on returns, have not been able to reconcile their differences on how the input tax credit will be given and whether it should be linked to actual tax payment, Bihar deputy CM Sushil Modi, who heads a group of ministers, said the panel was looking at the new return being a blend between the two proposals. Click to read more
A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council.
“A new form incorporating best features of a ‘fusion’ of two models that have been under discussions will be prepared. This will also take into account all suggestions that have come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look. Click to read more
A ministerial panel, chaired by Sushil Modi, today worked out a new simplified model for GST return filing as per which credit could be given on a provisional basis once the supplier uploads the sales invoice.
As it looks to finalise a single-page return form for businesses under GST, the panel today met about 40 industry representatives and 15 tax tax experts to discuss simplification of return filing process. Click to read more
A goods and services tax (GST) ministerial panel on Tuesday failed to arrive at a consensus on simplified GST returns due to divergent views on provisional input tax credit and the matter will now be discussed by the Council in its next meeting. However, there was a broader view that a “fusion” be created by taking “good” points from two models given to the panel. Click to read more
Goods and Services Tax (GST) has simplified the tax treatment for the realty sector and has resolved some of the long-standing issues like valuation and tax but the benefit to homebuyers has been primarily seen for projects executed post implementation of the tax introduced from July 1, 2017, says a report by JLL and PwC titled Impact of GST on residential markets. Click to read more
Home buyers may continue to get a raw deal as many real estate firms are coming to grips with the goods and services tax (GST) nine months after it was rolled out on July 1 last year. Developers are not passing on the tax benefits wherein prices are supposed to reduce. And for most of the projects, including those launched in the new indirect tax regime, the estimated benefit may not exceed 5% of the overall construction cost. Therefore, it may not translate into significant reduction is property prices. Click to read more
Well over nine months after the rollout of the Goods and Services Tax in the country, real estate developers are yet to get clarity on its nuances that impact their operations, leaving home buyers in the lurch when it comes to the purported benefits that were to accrue to them under the new indirect tax regime. Click to read more
Though the goods and services tax (GST) implemented by the government in July last year has simplified the tax regime and resolved some long-standing issues such as valuation and tax type for the real estate sector, the consumers might not see a significant reduction in property prices just yet, says a report. Buyers in new residential projects, or projects launched after July 1, 2017 — the date of GST implementation — might see a cost reduction of 3-4%, adds the report jointly made by real estate advisory and consultancy firm Jones Lang LaSalle (JLL) and business advisory and tax services firm PwC. Click to read more
As e-way bill slowly, but surely comes into application across different parts of the country, states are now planning to step up checking as they suspect they are losing large amount of revenue.
E-way bill is a considered a vital mechanism to check tax evasion under Goods and Services Tax (GST) and the government has been keen to get the system working. Originally planned for a February 1 roll-out, the site witnessed major technical glitches, prompting the government to take a staggered approach. Click to read more