Page 100 - Gst

Deadline for GST filing, returns extended to March 31; forms simplified

The earlier deadline for filing of GSTR-9 and GSTR-9C for 2017-18 was November 30, 2019, while that for 2018-19 was December 31, 2019

Taxing issue

Lower transaction costs alone won't increase capital market activity

Experts suggest Singapore GST model to ensure ease of compliance in India

Citing the Singapore model, experts have suggested the introduction of new user-friendly measures to ensure ease of Goods and Services Tax (GST) compliance in India. The grievance redressal mechanism under the Singapore GST is very refined unlike Indian GST where the help lines are mostly of no help and advance ruling authorities are heavily revenue biased, failing to achieve the purpose with which they were formed, said Sandeep Chilana, managing partner, Chilana & Chilana law offices. Ease of compliance is the foremost thing India needs to learn and adopt from implementation of value added tax or Goods and Services Tax in developed jurisdictions, including Singapore, he said. While India is shortly moving to a single form regime, the information required to be filed is still extensive. The other important aspect is clarity in law. Despite two years having passed, there are still many grey areas such as inter-office services which require immediate attention, Chilana ...

GST only needs simplification

The truth is that tax collection is never much affected by a complicated tax structure

Food grain may be brought under GST, tax mechanism likely to be rejigged

Through this route, registered entities can pay GST on behalf of unregistered players

Letter to BS: Govt needs to focus on increasing its revenue from GST

The government needs to focus on increasing the revenue on GST and help the retailers achieve a good margin.

Govt plans to introduce e-way bill on gold movement to check GST evasion

Currently, the movement of gold is excluded from the e-way bill system

Gas and ATF likely to be brought under GST soon, says govt source

Experts said that the ATF price would come down if it is kept in the 18% GST bracket

Govt to appoint officers to exclusively handle GST, Customs complaints

Industry and tax experts have hailed the decision saying that the move would ensure an escalation point for taxpayers in case their grievances are not addressed at designated level

Let's dwell on brighter notes

Businesses have offered attractive discounts to lure buyers and reduce inventory. With lower prices, abundant liquidity in the system and lower interest rates, the fall in demand might be arrested

Agents of foreign firms seek GST exemption, cite govt body clarifications

These providers, indenting agents in technical parlance, went to the Gujarat high court against the GST levied on them

FY20 gross tax revenue likely to fall short by around Rs 2 trillion

FinMin is said to have shared assessment with 15th FC

Finding solution to GST conundrum

The DRI is issuing summons and issuing show-cause notices proposing confiscation and penalties to even parties who have paid up the IGST with interest

GST collection dips sharply in Maharashtra, Haryana; deficit worries mount

This will impact finances of the two states in FY20, especially when the share of states in corporation taxes will fall due to corporation tax cuts

If GDP growth is down, GST mop-up will be hit: Ajay Bhushan Pandey

In September, the collection was a little lower, as we are aware that a few sectors of the economy are posting lower growth, says Ajay Bhushan Pandey

Bring natural gas, aviation turbine fuel in GST ambit: Dharmendra Pradhan

FM Sitharaman assures sanctity of contracts

FM Nirmala Sitharaman seeks tax experts' inputs to correct GST flaws

Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better. The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was "cursing" the government over how the GST was implemented. Billed as the biggest reform in indirect taxation, the goods & services tax, which does away with a host of levies from the federal to the local government levels, was implemented in July 2017. On several stakeholders "cursing" GST, Sitharaman even objected to a person who raised the question, and asked him not to damn the law which was passed by Parliament and all the state assemblies. "After a long time, many parties in Parliament and in state assemblies worked together and came up with the Act. I know you are saying this based on your experiences but suddenly we cannot call 'what a goddamn structure it is'," .

Revenue crunch prompts govt to consider GST rate hike on low-tax products

Goods and services falling under zero and 5% slabs may be hit

Govt constitutes panel to suggest measures to augment GST revenue

The committee shall submit its first report within 15 days to the GST Council Secretariat

Little hope of volume recovery in second quarter from pricey FMCG firms

Analysts estimate low single-digit volume growth, the lowest since June 2017 quarter; companies will need to clock double-digit volume growth in second half to touch FY19 levels