Exporters can soon start claiming refunds for goods and services tax (GST) paid in August and September as GST Network (GSTN) will this week launch an online application for processing of refund, its chief executive officer Prakash Kumar said Monday. GSTN, the company handling IT infrastructure for the indirect tax regime, has from 10 October…
More respite could be on the way small and medium enterprises (SMEs), with the goods and services tax (GST) council set to ease a string of procedures, including partial relief on penalties on late filing of GST returns. The tax department’s proposal, if approved by the GST Council in its next meeting on November 10…
The composition scheme for small taxpayers that offers easier compliance and a flat rate of tax looks set to be made more attractive as its ambit may be expanded to include inter-state supplies of goods. Besides, the facility of input tax credit may be made available under this scheme. A ministerial panel, led by Assam…
Everybody hates the taxman. When Finance Minister Arun Jaitley presented his budget for 2017, he mentioned that we were largely a “tax non-compliant society”. He added that as per income-tax data, only 1.72 lakh individuals earn more than Rs 50 lakh a year in India. His statement met with giggles in Parliament. Sandalwood, however, presents…
With GST resulting in a 10% decline in MRP prices for lubricants, Indian Oil Corp might see its lubricant division post $1.1 billion in revenues, almost the same that it earned in 2016-17. While demand continues to climb from auto OEMs, the PSU faced a slump from construction, cement and steel sectors. “But since August,…
Four months since the launch of the goods and services tax (GST) a number of concerns and questions remain: States’ rights The GST Bill has not infringed on the rights of the state legislatures. In fact, the amendments to the Constitution have been made by consensus and all states have agreed to the GST scheme. It is also gratifying that all…
Since the beginning of this month (September), businesses began with the busy filing season with the GST filing but has the transition been smooth? Saket Aggarwal, Global CEO, Spice Digital told BW Businessworld, “It is true that the chaos with GST filing is mirroring the chaos that occurred on the 1st of July. The reasons are…
Large taxpayers may be asked to file their goods and services tax (GST) returns earlier than others, a move that would help reduce last-minute rush on the GST Network portal. Large taxpayers may be asked to file their goods and services tax returns earlier than others, a move that would help reduce last-minute rush on…
The tax base or those registered for GST has gone up in August but the number of filings so far is lower than the previous month as businesses grapple with technology issues and take advantage of the government’s decision to waive penalty for late filing. So far in August, the second month of Goods & Service Tax,…
Industry chamber CII said on Sunday that in view of certain pending issues, the deadline for filing Goods and Services Tax (GST) returns should be further extended by up to a couple of months. “In view of the difficulties of online filing, CII suggested that the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should…
GSTR 3B is a simplified summary return and the purpose of the return is for taxpayers to declare their summary GST liabilities for the tax period and the discharge of these liabilities in a timely manner. A normal taxpayer is required to file Form GSTR-1 & 2, GSTR-3 return for every tax period. In case…
With the recent approval of central GST laws and rules by the lower house and the GST Council respectively, implementation of GST in India from 1 July 2017 appears apparent. After knowing the broad structure of GST proposed for India, it is time for the industry to focus on the transition tasks to be undertaken…
GSTN, set up to provide IT infrastructure for GST rollout, will not be impacted by the WannaCry ransomware attack, as its systems do not run on Microsoft software, the network’s CEO Prakash Kumar said on Monday. The Goods and Services Tax Network (GSTN) is gearing up to handle about 3 billion invoices every month under…
The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out will be decided at the Goods and Services Tax (GST) Council meeting starting on Thursday in Srinagar, where a tight security cover has been thrown in view of recent protests. Srinagar has…
GST should end numerous hurdles that state governments put up against online retail firms, such as Amazon and Flipkart, to protect offline retailers and state revenue. Goods and Services Tax (GST), being a ‘destination-based tax on consumption’, is also set to address concerns of state governments that the business models of e-commerce firms erode their…
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