Goods and Services Tax or GST is an indirect tax that has subsumed more than a dozen of state levies. GST replaced State taxes such as VAT, Central Sales Tax, Purchase Tax, Entry Tax, Entertainment Tax, taxes on advertisements, lotteries, betting and gambling, and state cesses and surcharges.
Hailed as the biggest tax reform since Independence, GST is comprised in three parts Central GST (CGST), State GST (SGST) and Integrated GST (IGST). Click to read more
In a report assessing the first 200 days of the rollout of the Goods and Services Tax (GST), PwC has pointed towards the need to prune the highest tax rate to around 20-22% from the current 28%; to align with global trend; to bring clarity by removal of legal loopholes and the need for simplification of compliance-related requirements such as a letter of undertaking in the case of GST-free exports. Following are the key suggestions by PwC for the road ahead for GST. Click to read more
Concerned over what it perceives as a tendency among a section of taxpayers to over claim transitional credits in the GST regime, the Centre has arrogated to itself the power to verify these claims, a move that might not go down well with the state governments.
Since the launch of the GST, taxpayers have claimed Rs 1.6 lakh crore transitional credit (for taxes like excise and service tax paid in the pre-GST period), denting the central GST (CGST) payments in cash. Click to read more
To prevent fraudulent tax credits, the CBEC will verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh.
As part of transition to GST last July, taxpayers were allowed to file Form TRAN-1 and avail tax credit on the basis of closing balance of the credit declared in the last return under pre-GST regime. Click to read more
The official GST portal launched by the government is www.gst.gov.in. The website is a one-stop solution for all information, filing, queries and other technicalities related to the new tax regime.
The portal also has all the GST-related laws listed and downloadable files that a taxpayer under GST requires.
A taxpayer needs to have a username and password to operate within the portal. for first time login, the user needs to enter his/her GSTIN. Click to read more
Foreign tourists and NRIs visiting India are not investing in gold jewellery like before as there is no mechanism to refund the GST on their purchase which they are otherwise entitled to claim, bullion traders and jewellers said.
The Integrated Goods and Services Tax Act of 2017 allows a foreign national or an NRI, who enters India for a stay of less than six months, to claim GST refund when he leaves India. Gold jewellery attracts 3% GST. Click to read more
Prime Minister`s Economic Advisory Council Chairperson Bibek Debroy on Monday said the implementation of the Goods and Services Tax (GST) is a process which would take more than 10 years to settle down.
“GST is a process and if we expect that the entire process will settle down in anything less than 10 years, then we are being unrealistic,” Debroy said at the annual general meeting of India International Chamber of Commerce. Click to read more
Despite lower collection of the Goods and Services Tax (GST) , the Delhi government expects a higher overall revenue collection in the current financial year, says the Economic Survey of Delhi 2017-18 released today.
According to the survey, the city’s revenue surplus reduced to 0.80 per cent in 2017-18 (budget estimate) compared to 1.58 pre cent of the Gross State Domestic Product (GSDP) in 2016-17. Click to read more
Oil Minister Dharmendra Pradhan said he has requested the Ministry of Finance to bring petroleum products under the ambit of Goods and Services Tax (GST) in the interest of consumers. Justifying the move, he said there has to be a “uniform tax mechanism” all over the country. “This is the proposal of the Ministry of Petroleum. We have appealed to all the states and finance ministry (to bring petroleum items under GST). Looking into the consumer interest, there must be tax rationalisation. Click to read more