The Central Board of Excise and Customs (CBEC) has brought the deadline forward for IT training of officials ahead of the July 1 roll-out of the Goods and Services Tax (GST). Last week, the finance ministry said only 40% of tax officials had been trained on the GST portal run by the GST Network. “Out of 62,937 tax officials, 24,668 have been given hands-on training on the application software on live system while the remaining officials will be trained by June 15. Click to read more
In the goods and services tax (GST) era, movement of goods worth more than Rs50,000 within or outside a state will require securing an e-way bill by prior online registration of the consignment.
The draft rules say that to generate an e-way bill, the supplier and transporter will have to upload details on the GSTN (Goods and Services Tax Network) portal. Once an e-way bill has been generated, a unique e-way bill number (EBN) shall be made available to the supplier, the recipient and the transporter on the common portal. Click to read more
While states and the Centre celebrate the shift to goods and services tax (GST), they have managed to keep at least one-third of the revenue outside the new regime and in the process denied consumers the benefit of a lower levy.
A study based on the projected tax collection in 17 states by Motilal OswalBSE 1.89 % Securities in 2017-18 showed that alcohol, real estate and petroleum, oil & lubricants accounted for 37% of the own tax revenue of these provinces. Although there is an annual review in case of the oil sector, no such mechanism exists for alcohol and real estate. Click to read more
Everyone in authority continues to maintain that GST in India is set for a July 1 arangetram. Everyone paying indirect taxes in India would be eagerly awaiting the outcome of the next meeting of the GST Council, scheduled to be held on May 18 and 19 in Srinagar. The meeting, to be headed by Finance Minister Arun Jaitley, is scheduled to finalise the rates of different commodities and services.
The Council has already approved most of the rules that are required for rolling out GST such as registration of entities, filing of returns, payment of tax and refund, invoicing and debit and credit notes that are in consonance with the GST law approved by Parliament. Click to read more
Equity indices are at an all-time high. Valuations and market cap-to-GDP ratio is at the higher end of fair value. Equity indices marched up from February 14, when the market got confidence from PM Modi’s victory.
Small and mid caps have delivered more than two and half times the midcap returns. The market is driven by hope rather than greed, except in pockets such as penny stocks and leveraged F&O positions. Local as well as global investment has poured into the equity market, driven by fundamental changes in India. Click to read more
Aiming to check cigarette smuggling into the country, farmers’ body FAIFA on Monday urged Finance Minister Arun Jaitley to protect the Indian tobacco farmers’ interests through balanced and uniform taxation under the GST.
The Federation of All India Farmers Association (FAIFA), representing millions of farmers and farm workers in the commercial crops sector, urged the government to not place cigarettes under the 28 per cent taxation slab. Click to read more
Terming demonetisation and Goods and Services Tax (GST) as “two historic decisions” of the Narendra Modi government, Union Minister Nitin Gadkari on Monday said the revenue receipt will rise to Rs 30 lakh crore in the coming years.
Appearing on a TV channel, the Road Transport, Highways and Shipping Minister said that the Modi government’s decision to demonetize the Rs 500 and 1,000 currency notes had contributed Rs 7 lakh crore growth in revenue. Click to read more
Clarity on GST sub-rates along with ongoing quarterly results season and a firm rupee are expected to influence investors’ sentiments in the equity markets, market observers have opined.
According to analysts, the outcome of the GST Council’s meet, slated to be held on May 18-19 in Srinagar, will be a “crucial determining” factor for indices’ movement during the week commencing May 15.
The council, chaired by Finance Minister Arun Jaitley, is scheduled to finalise the sub-rates of different commodities and services. The single tax regime on the supply of goods and services is proposed to be rolled out on July 1. Click to read more