The crucial question about how and where auditors should get access to GST data continues to hang fire, even as hundreds of CAG auditors are being put through specialised training in anticipation of the implementation of the new tax regime from July 1.
Various government officials, including ministers, have been insisting that the proposed tax regime will come into force as scheduled. The GST Network (GSTN), which is the nationwide electronic backbone of the tax regime, will go live for testing in early May. Click to read more
Tax rates on automobiles in the upcoming GST and monsoon will be crucial factors which will influence the rate of growth of the industry in the new fiscal, according to Toyota Kirloskar Motor. The company said rising commodity prices are beginning to put pressure and it will take a review of the situation to consider pricing changes after April. Click to read more
With the passage of the GST Bills in the Lok Sabha last week, India’s biggest tax reform – Goods & Services Tax (GST), is all set to see the light of day soon. Touted as a reform which would reduce business transaction costs by creating a single seamless nationwide market, GST is expected to provide the much required tonic for economic growth. Click to read more
The Lok Sabha had passed passed four key GST Bills on March 29 while rejecting amendments moved by the opposition. After the discussion in Rajya Sabha, the government may bring back the bill to Lok Sabha to pass any amendments if required.
Pushing ahead with its agenda of rolling out the Goods and Services Tax (GST) by the July 1 deadline, the government will present the long pending bill in Rajya Sabha for discussion. Click to read more
GST laws are all set to become a reality as the Upper House takes up the Bills today. Several analysts, political observers and the business fraternity is eagerly waiting for the grand foray of the GST (Goods and Services Tax), as this will probably change the tax based ecosystem of the country. Click to read more
While the implementation of the Goods and Services Tax (GST) by July 1 is imminent, with four of its bills receiving approval, Goan companies are yet to understand the full implication of this historic taxation reform. Based on several discussions, industry experts point out that most companies are oblivious of the impact that GST will have on their businesses. Click to read more
The Narendra Modi government will bring the Goods and Services Tax (GST) Bill for discussion in the Rajya Sabha on Wednesday, taking another step towards the rollout of the ambitious indirect tax regime from July 1 this year. How will this tax reform, arguably the biggest for India in recent times, affect the education scene in the country? Click to read more
Opposition on Wednesday raised the EVM tampering issue in Parliament. Soon after its start Rajya Sabha was adjourned briefly due to vociferous Opposition protests over alleged tampering of EVMs.
Meanwhile, the much-awaited Goods and Services Tax (GST) Bill will be presented for discussion in Rajya Sabha on Wednesday.The Lok Sabha earlier on March 29 passed four key GST Bills, rejecting amendments moved by the opposition. Click to read more
In the determination of the rate structure, the guiding principle should be: What will make for a GST that will facilitate compliance, minimise inflationary pressures, be a buoyant source of revenue, command support from the public?
After the constitutional amendment bill that midwifed it, and with the passage of the four laws that have given it elaborate flesh and substance, the Goods and Services Tax (GST) has entered its last and critical phase: The determination of the GST’s rate structure. Click to read more
As banks gear up to face the challenges around the new taxation regime, Arundhati Bhattacharya, Chairman of the country’s largest bank, listed out the issues the industry will face before the rollout.
With the Goods and Services Tax (GST) expected to roll out in July, State Bank of India has raised the challenges of centralised registrations and handling multiple assessment reports. Click to read more
Availing of refunds on taxes paid on input goods may become easier under the proposed goods and services tax (GST), as the GST Council has tweaked the norms floated earlier. Also, cab aggregators, such as Ola and Uber, may fall under the definition of e-commerce operators, but they may not be charged up to one per cent tax collected at source, as applicable to operators in goods. Rather, they may have to discharge the entire tax liability, say experts. Click to read more
The GST Bills appear to be a mixed bag with concerted efforts required to address some of the issues above. The difficulties with these ambiguities will be exacerbated by the short implementation timeframe for the GST.
Amidst numerous peaks and valleys, the longwinded journey of India’s most crucial tax reform—the goods and services tax (GST) entered its finishing circuit, with the passing of bill in the lower house on March 29; manifesting the reality of July 1 date as the roll out date for new taxation regime. Click to read more