GST Ready India

GST Ready India’s Latest News and Updates

Is the world simpler than it was before GST? This jury is in

May 29, 2018

GST refund of over Rs 20,000 crore pending, says FIEO

Refund of over Rs 20,000 crore on account of GST is pending with the government with more than half the amount stuck as input tax credit, Federation of Indian Export Organisations on Tuesday.

“IGST exemptions are being made time to time which have led to instability. The exemptions should be made on a permanent basis,” said Ganesh Kumar Gupta, president, FIEO.

While claims over Rs 7,000 crore were cleared in March, the amount was Rs 1,000 crore in April. Click to read more

Rs 20,000 cr GST refund pending with govt: FIEO

May 29 As much as Rs 20,000 crore is pending with the government on account of GST (Goods and Services tax) refund, creating liquidity crisis for exporters, FIEO today said.

Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said the delay in refund is mainly impacting small exporters who provide jobs in labour intensive sectors.

“Liquidity is a major area of concern particularly for MSME exporters who constitute the bulk of exports in high employment intensive sectors. The challenges on GST front are continuing though the fortnight clearance drive, which was highly successful, gave us the hope that refund will be provided on real time basis,” he told reporters here. Click to read more

Rs 20,000 crore GST refund pending with government, says FIEO

As much as Rs 20,000 crore is pending with the government on account of GST (Goods and Services tax) refund, creating liquidity crisis for exporters, FIEO today said. Federation of Indian Export Organisations (FIEO) President Ganesh Gupta said the delay in refund is mainly impacting small exporters who provide jobs in labour intensive sectors. “Liquidity is a major area of concern particularly for MSME exporters who constitute the bulk of exports in high employment intensive sectors. The challenges on GST front are continuing though the fortnight clearance drive, which was highly successful, gave us the hope that refund will be provided on real time basis,” he told reporters here. Click to read more

Is the world simpler than it was before GST? This jury is in

The World Bank’s March 2018 version of ‘ India Development Update’ has some critical remarks on the goods and services tax (GST). But it isn’t as harsh as headlines have made it out to be.

The headlines have largely been driven by the following, “Comparing the design of India’s GST system with those prevailing internationally, we note that the tax rates in the Indian GST system are among the highest in the world. The highest GST rate in India, while only applying to a subset of goods and services traded, is 28%, which is the second highest among a sample of 115 countries which have a GST (VAT) system and for which data is available.” Click to read more

Agriculturists exempt from GST: Finance Ministry

The finance ministry today clarified that renting or leasing of land by farmers for agriculture, forestry, fishing or animal husbandry is exempt from the GST.

Clarifying on the applicability of GST on farmers, the ministry said support services to agriculture, forestry, fishing or animal husbandry are exempt from the Goods and Services Tax (GST).

Exempted support services to agriculture include renting or leasing of vacant land with or without a structure incidental to its use. Click to read more

Four years of Modi: Four key tax trends

As beginnings go it was the most auspicious. In his first full Union Budget speech in 2015, Finance Minister Arun Jaitley said all the right things about expanding India’s tax base and raising tax buoyancy. He also promised two concrete measures to modernize India’s tax system—on direct taxes he promised companies a lower rate, from 30 percent to 25 percent, and no exemptions; and on indirect tax, he promised to roll out a Goods and Services Tax. Click to read more

GST taxing on inter-branch transactions

With effect from July 1, 2017, India implemented a landmark tax reform in the form of GST, bringing about a paradigm shift in the way businesses are conducted. The idea was simplifying indirect taxation to make doing business easier. But this has not come without its set of challenges. We observed inadequate preparation, lack of clarity/awareness and huge variation in procedures under GST as compared to earlier practices. This, in turn, saw the business fraternity, tax professionals and people at large encountering a plethora of challenges, which added to their difficulties in comprehending the tax reform. Click to read more

Number Of GST Amendments Likely In Monsoon Session

Several amendments to the Goods and Services Tax law are likely to be placed before Parliament in the Monsoon Session, a senior official said today.

“There are several amendments to the GST which is proposed to come up during the Monsoon Session of Parliament,” GST Council Special Secretary Arun Goyal said here at a seminar organised by the Merchants’ Chamber of Commerce. He told PTI that at least over a dozen pending amendments is aimed at easing operational functioning of the GST. Click to read more

PCB accumulates Rs 85 crore deficit as it waits for GST dues

The Pune Cantonment board (PCB) has run into a deficit of Rs 85 crore after the introduction of the goods and service tax (GST). The Cantonment board has not received its share of GST after local body tax collection was abolished across all Cantonments in the country.

DK Yadav, chief executive officer, PCB, said that the after the abolition of local taxes, the PCB is yet to receive its share of the GST revenue. “ We have a deficit of Rs 85 crores and it will have an impact on the developmental projects we are executing for the citizens in the board area. However, we have sought additional funds from the Centre to make up for the loss and ensure that development is carried out in accordance with the laid down plans,” he said. Click to read more

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