GST Ready India

GST Ready India’s Latest News and Updates

Will GST impact your salary? Everything you need to know

Apr 17, 2018

GST: GoM to meet stakeholders today to discuss return filing process

A Group of Ministers (GoM) headed by Bihar Finance Minister Sushil Modi will be meeting different stakeholders today to devise a simple, single-stage return filing process, to reduce compliance burden and ease procedures for businesses under GST.

Non-Executive Chairman of Infosys Board Nandan Nilekani, officials from Central Board of Indirect Taxes and Customs (CBIC), along with Goods and Services Tax Network (GSTN) Ajay Bhushan Pandey will also be present at the meeting. Click to read more

Will GST impact your salary? Everything you need to know

Companies may restructure the reimbursement component of employees’ salary to make sure that the said part does not attract Goods and Services Tax (GST), a financial daily has reported.

The Economic Times has said that these reimbursements components may include those on “home rentals, telephone charges beyond a certain limit, medical premiums for extra coverage, health check-ups, transportation” among other benefits that could come under the GST ambit. Click to read more

GoM to meet today, discuss simplification of GST returns

A Group of Ministers (GoM) under Bihar Deputy Chief Minister Sushil Modi will meet tax experts and representatives from industry on the Goods and Services Tax (GST) return simplification, here today.

Approximately 40 industry and trade bodies, and 20 tax experts are expected to be a part of the meeting.

Earlier on Monday, a GoM meeting was held, which deliberated on bringing back reverse charge mechanism.

The GST Council in its last meeting had decided to defer reverse charge mechanism (RCM) until June 30. Click to read more

Simplification of GST returns: GoM to meet 40 industry bodies, 20 tax experts today

Moving ahead on the proposal of returns simplification under the goods and services tax (GST), the Group of Ministers (GoM) formed to monitor and resolve the IT challenges will hold a meeting with all stakeholders on Tuesday. Bihar’s Deputy Chief Minister and the head of the GoM Sushil Modi said they will meet about 40 industry and trade bodies and also consult about 20 tax experts on the proposed returns simplification. Click to read more

GST: Reimbursements to private sector employees likely to be taxed

Reimbursements made to employees of private sector companies are likely to be subjected to GST.

Though the GST Council has not made such an observation, companies and chartered accountants have inferred this on the basis of a ruling in Kerala.

As part of its ongoing exercise of filing returns under the GST, a Kerala-based company flagged the issue of money it was recovering from employees towards canteen services provided by it, before the Authority for Advanced Rulings (AAR). Click to read more

GST returns to be simplified? Meeting today, here’s what is on agenda

The Group of Ministers (GoM), headed by Bihar deputy chief minister Sushil Modi, will meet today and hold consultations with the stakeholders to discuss simplification of goods and services tax (GST) return filing process. Nandan Nilekani, the non-executive chairman of the Infosys that is implementing the GST Network (GSTN), is also likely to attend the meeting. About 40 industry and trade bodies are likely to participate in the meeting, sources said.The GoM will also consult tax experts on how to simplify the return filing, sources added. Click to read more

Ashok Leyland Says GST Helping Sell More And Bigger Trucks

Automakers have seen strong revival in sales aided by the higher government spending on infrastructure, greater replacement demand and easing of Goods and Services Tax-led disruptions.

“GST has actually helped by creating a clear segmentation of the market leading to growth across segments,” Gopal Mahadevan, chief financial officer of the Chennai-based Ashok Leyland told BloombergQuint in an interview.

Fleet operators are finding it easier to manage a single truck of higher tonnage, as compared to maintaining two or three vehicles adding up to that weight, Mahadevan said. Operators are also expecting increased visibility on freight charges. Click to read more

GST to cut construction costs, not housing prices: report

Contrary to common perception, Goods and Service Tax (GST), will not bring down housing prices even though it will cut construction costs, a report released by real estate consultancy JLL and PwC today has pointed out.

While the effective rate of tax earlier ranged from 10 to 15 per cent, it is now 12 percent under GST. “Therefore, it may appear that GST would result in savings of at least three to four per cent to the customer. However, the ground-level reality may be different. Click to read more

FinMin clarifies on return filing by businesses opting for composition scheme

The finance ministry today said traders who have opted for composition scheme need not file certain details in return form since the reverse charge mechanism in not yet functional.

The GST Council, headed by Finance Minister Arun Jaitley and comprising state counterparts, has kept the reverse charge mechanism in abeyance till June. Click to read more

Aviation sector: Steep cut in GST on MRO industry likely

The Civil Aviation Ministry is considering a steep reduction on the Goods and Services Tax (GST) levied on the aviation maintenance, repair and overhaul (MRO) industry.

“We are trying to bring it down to a level of 5 percent (from existing 18 percent),” Economic Adviser to the Ministry of Civil Aviation Vandana Aggarwal said, adding that they were in touch with the Finance Ministry on the matter. Click to read more

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