Page 126 - Gst

What lies ahead for the GST?

The frequent changes in the compliance framework, as well as the fact that the entire compliance machinery was dependent on the technology portal, made it difficult for many smaller businesses

Bihar Deputy CM rules out suggestions to bring fuel prices under GST

Member of GST Council & Deputy Chief Minister, Bihar, Sushil Kumar Modi on Friday outright ruled out inclusion of Petroleum products into GST ambit in near future, citing loss of revenues both to Centre and States if such a decision is effected in hurry and that the GST Council has no consensus on this issue as yet.However, Modi did assure India Inc. that GST Council could positively consider bringing in natural gas and ATF within the purview of GST for which he did not prescribe a definite timeframe.Addressing a National Conclave on "GST - Growing Stronger Together" under aegis of PHD Chamber of Commerce and Industry here today, Modi made it amply clear that the GST slab of 28 percent for certain products could be brought down once the revenues for GST collection stabilize at about Rs. One Lakh Crore per month or so."Similarly, a three slab GST could also be possible at any rate between 12 percent and that of 18 percent once the monthly revenue collections move towards stability .

Modi govt to celebrate July 1 as 'GST Day' to mark one year of tax reform

GST was rolled out in the intervening night of June 30 and July 1, last year, in a ceremony held in the Central Hall of Parliament

After initial hiccups, SMEs settling down as GST completes one year

After almost a year of implementation of GST, a number of small businesses, which were not quite used to paying taxes earlier, are now covered under the ambit of GST

Shadow of polls may overshadow political consensus in GST Council meetings

Shadow of elections may overshadow political consensus in GST Council meetings

GST to boost revenue and raise tax-to-GDP ratio in 3-4 years: Experts

The indirect tax regime will lead to improved revenue realisations and compliance going forward

GST taxpayer base jumps to 11.2 mn; GSTN plans to enhance user experience

In its historic first year of implementation, the ambitious Goods & Services Tax (GST) witnessed a significant jump in its active taxpayer base, with the number of taxpayers registered with the GST system jumping to over 1.12 crore from an initial 63.76 lakhs.The increase in active taxpayer base of GST indicates a move towards greater formalization of the economy with more businesses joining the formal sector.At a special media briefing to mark one year of the historic indirect tax reform, Goods & Services Network expressed satisfaction over the performance of the IT infrastructure of the new tax regime and indicated that more steps are on the anvil to improve user experience and user interface."We are happy to state that the GST system is functioning well with around a crore returns being filed seamlessly every month. GST has clocked an average revenue collection of approximately Rs. 90,000 crores a month in the first year, with the same crossing Rs 1 lakh crore in April. As .

GST impact: Companies grapple with absence of anti-profiteering norms

The National Anti-profiteering Authority is interacting with fast-moving consumer good and pharma companies to understand if GST benefits are passed on to consumers

Leaner 28% GST list? Council may consider rate cut for cement, paint

The GST Council meeting on July 21 will likely be chaired for the first time by Finance Minister Piyush Goyal

One year of GST: Sowing the seeds for fruits of GDP growth in the future

GST may have had issues at the time of roll out and some creases need to be ironed out but it will help India's GDP grow

GST impact: Slow refunds, rising input costs paralyse Ludhiana businesses

A series of jolts - starting with demonetisation, or note ban, in November 2016 to the roll-out of a new indirect tax regime in July 2017 - has cut to size the city's 50,000-strong MSME base

GST roll-out: Chidambaram attacks govt, Sushil Modi blames UPA for delay

Former finance minister P Chidambaram took to twitter and accused the BJP of stalling the implementation of GST when UPA was in power

Rs 20 bn GST evasion in 2 months, less than 100,000 paying 80% of tax

CBIC member John Joseph said alike small businesses who are making mistakes while filing GST returns, multinationals and big corporates too have slip-ups

GSTN software developed by Infosys to be audited by third party: Official

Currently, over 11.1 million businesses are registered under the GST regime

Employee contracts: Technology companies get notices for GST payment

The grey area over taxability in such cases continue in the GST regime as in the service tax regime

Govt notices to firms for 'wrongly' claiming transitional credit under GST

BR Agro, Star Ind, Ritz Polymers, Gravita Metals, Chenab Textiles and Bharat Udyog have received notices

GST still work in progress

With all the untiring efforts of officials in the finance ministry and GST Network, the complaints are reducing; however, it is too early to say the new tax regime has stabilised

GST mop-up will touch Rs 1 trillion a month in FY19, says Hasmukh Adhia

Refunds have improved substantially now, 90 per cent of claims have already been approved or rejected

GST provisions on TDS/TCS, reverse charge mechanism deferred till September

GST has been rolled out from July 1, 2017, and transformed India into a 'one nation, one tax'

Natural gas, jet fuel easier candidates for inclusion in GST: Hasmukh Adhia

As and when there is a discussion on these items in the GST Council, the Council will take a call on it," Adhia said