GST Ready India

GST Ready India’s Latest News and Updates

What is E-Way Bill And Who Needs To Carry It? Here Are Five Things You Need To Know

Aug 06, 2018

No GST refunds for foreigners as of now: Finance Ministry

Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not invoked relevant provisions of the Integrated Goods and Services Tax Act yet, the Finance Ministry has said in reply to an RTI query.

It was asked to provide details on procedures for foreigners to get GST refunds on goods purchased by them in India. Some western nations provide refunds of certain taxes on goods purchased by foreigners there. Click to read more

In the fast lane? New draft GST return form seeks to provide relief to exporters

The export community has consistently faced issues with GST and to make life easier, the Government has proposed simplification in the new return filing process.

The entire return filing process is supposed to undergo a change with only one monthly return for taxpayers. Return filing dates will also be staggered based on the turnover of the taxpayer which will be calculated based on the reported turnover in the last year, which is 2017-18, annualized for the full year. Click to read more

What is E-Way Bill And Who Needs To Carry It? Here Are Five Things You Need To Know

E-Way bill is a document required to be carried by transporter of consignments under certain conditions. This document can be created online using the government’s website ewaybillgst.gov.in. The e-way bill system under Goods and Services Tax (GST), the new indirect taxation regime, came into effect in April 2018. E-way bill is mandatory for inter-state movement of goods where the value of the goods exceeds Rs. 50,000 in motorized conveyance, according to the GST Common Portal. Click to read more

GST rates still leave room for pruning

The Centre has reportedly favoured a pause in further rate cuts on the goods and services tax (GST) due to the revenue shortfall, estimated at over Rs 40,000 crore in the first quarter of this fiscal. This is hasty, on two counts. The slew of changes that have periodically been brought about show that the tax system has stabilised neither in terms of the rate structure nor in categorisation of goods and services. There are too many rates now and some rates are still way too high. Rates must be lowered, converged to three to bring down classification disputes, and boost collections. Click to read more

GST Council Approves A Pilot To Give Cashback, Sets Up A Panel To look into MSME Issues

The Goods and Services Tax (GST) Council has approved a pilot project to give a cashback to consumers in order to incentivise digital payments, and also set up a panel to look into issues faced by medium and small enterprises (MSMEs).

The pilot project proposes 20% cash back on GST component of transactions. The states will have to decide on it before making available to the people.

“Under the project, consumers will get a 20% cash back subject to a cap of INR 100 on all UPI and USSD transactions as well as transactions made using RuPay card and BHIM app,” Finance Minister Piyush Goyal said. Click to read more

Nailing GST violators

The Centre slashed the Goods and Service Tax (GST) rates on 88 consumer goods including sanitary napkins and home appliances on June 21, but buyers in Kerala are yet to get the benefit of the resultant price reduction.

Though the government has instructed manufacturers to revise the MRP on the products, several dealers and shops are still following the old tax structure and retailing on old price, sources said. This has prompted the Legal Metrology Department to launch a drive to inspect shops and supermarkets to ensure they abide by the revised GST rates implemented on July 27. Click to read more

Goods, services unlikely to see further GST rate reduction soon

The indirect tax system, Goods and Services Tax (GST) is likely to see ‘pause’ in rate reduction now as revenue shortfall in first quarter is estimated to be Rs 43000 crore.

“It is a matter of concern (revenue shortfall),” a senior Government official said here on Saturday while adding “The sense is that we should adopt the RBI way of pause.” It clearly indicates that the GST Council may not consider rate cuts in near term. This remark has come at a time when the Council in its 28th meeting on July 21 lowered rates on nearly 100 products including smaller TV, fridge and washing machine beside handloom & handicraft products. Click to read more

Auto Components Industry Seeks Uniform 18% GST

Auto component industry sought uniform 18 percent Goods and Services Tax across the sector stating that low taxation would lead to better compliance and larger tax base.

The industry, which reported a growth of 18.3 percent to Rs 3.45 lakh crore in 2017-18, said the lower tax levy would also help in curtailing grey market operators.

“One of the key demands of the industry has been a uniform 18 percent GST rate across the auto component sector. Currently 60 percent of the components attract 18 percent GST rate, while the rest 40 percent, majority of which are two-wheelers, and tractor components attract 28 percent,” Click to read more

Dispute over GST: Country’s first ‘green bus’ project runs into rough weather

The first “green bus” project in the country, started at the instance of Union Transport Minister Nitin Gadkari here on December 6, 2016, has run into rough weather with a GST dispute arising between the operator, Scania India, and the Nagpur Municipal Corporation (NMC).

Though, NMC’s Transport Committee Chairman Bunty Kukde claimed that the dispute has been resolved, there was no official confirmation from the India unit of the Swedish Company. Click to read more

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