GST Ready India

GST Ready India’s Latest News and Updates

Are structural reforms such as RERA and GST encouraging NRIs to invest back home?

Jun 14, 2018

Taxpayers can now change email, mobile number under GST system. Here’s how to do it

The government has introduced a new system to allow taxpayers to update email and mobile number in the GST System. This was introduced as many have complained that “the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process”, the Finance Ministry said in a press release today.

The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer as per the following procedure: Click to read more

Securitisation volumes down 7.2% in FY18 on GST ambiguity: Report

Ambiguity on goods and services tax (GST) applicability resulted in a 7.2 per cent decline in securitisation volumes in FY18, after two consecutive years of impressive growth, a report said today.

A shift within banks to priority sector lending certificates (PSLCs) to meet their shortfalls also dented the prospects of the securitisation, the report by ratings agency Crisil said.

“After growing at a breakneck pace between fiscals 2015 and 2017, the volume of retail assets securitisation shrunk last fiscal primarily because of the ambiguity on GST applicability,” said Krishnan Sitaraman, senior director, Crisil. Click to read more

Are structural reforms such as RERA and GST encouraging NRIs to invest back home?

Despite a spate of structural reforms such as GST and RERA, NRIs still hesitate to invest in the property market back home due to reasons such as poor grievance redressal mechanism, confusion over GST, lack of incentives and low capital and rental returns, says a report.

As many as 62 percent are not ready to commit investing in the property market anytime soon. Nearly 84 percent are of the view that there is no incentive to invest back home, says the BrandX report 2017-2018 by Track2Realty, an independent real estate think tank. Click to read more

Centre mops up Rs 485 crore morethan old central taxes post GST

The GST collection from the Centre’s side in Nagpur zone from July 1, 2017 to March 31, 2018, has been higher by Rs485 crore as compared to central excise and service tax collected during the same period a year before.

The Goods and Service Tax (GST) was introduced from July 1 last year. If the central excise and service tax collected for similar eight month period during the previous regime is considered, the GST collections have been on the upper side. Click to read more

Registered under GST? Know how to change and update email, mobile number

Government has come up with a detailed guideline to address difficulty of GST registered users on updating email and mobile number of the authorized signatory.

The move came following complaints from taxpayers that the intermediaries who were authorized by them to apply for registration on their behalf had used their own email and mobile number during the process. Many of these intermediaries were reportedly not sharing the user credentials with the taxpayer on whose behalf they had done the registration in the first place and the taxpayer is at their mercy. Click to read more

Checking GST evasion: Reward for informers on the cards

Almost a year after the Goods and Services Tax (GST) regime came into effect in July last, the Uttar Pradesh commercial tax department is gearing up to launch two parallel schemes to detect and check tax evasion, officials familiar with the matter said.

One scheme seeks to give cash rewards to those who help the department detect tax evasion. The second one aims at encouraging consumers to demand bills by giving them prizes through a periodical lucky draws. Besides, action will be taken against traders suspected to be evading taxes. Click to read more

Implants for Joint Replacements attract 5% GST: AAR

The applicant is a retail dealer of implants for joint replacements. He has preferred an application for advanced ruling on the rate of tax in respect of commodities listed in the application. The commodities are implants for handicapped patients in the nature of joint replacements falling under HSN Code 90213100 and are included under Schedule I. The applicant further stated that items mentioned are included under Schedule I; Serial No.257, List 3E(9) and the rate of  GST is 5%. Click to read more

GST makes agricultural costly, neutralises sop benefit

The rollout of GST appears to have made the cost of agricultural operations higher, thanks to a 12 per cent rise in fertiliser prices.

According to latest prices, the price of urea bag has been increased by Rs 36 compared to the pre-GST regime and a bag of complex fertiliser is priced Rs 80 more. Seed companies too have increased their product prices. However, the government had banned the sale of seeds for the interim period. Click to read more

Vijay Mallya’s private Airbus A-319 to be auctioned again; 28% GST to be slapped on jet

Authorities will try to auction former liquor baron Vijay Mallya’s Airbus A-319, which remains parked at the Mumbai airport. It has been stuck there for many years now. For the purpose, the liquidator of Karnataka High Court has fixed a date and time for the online auction of the jet. As per the liquidator’s direction, The Airbus A-319 jet, codenamed VT-VJM after Vijay Mallya, will be auctioned between June 28 and 29 – it will start at 2 pm and conclude at 2 pm the next day. Click to read more

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