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…

Inter-state supply may come under GST composition

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…

GST doesn’t figure in any Sandalwood Script

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…

IOC sees possible setback due to GST despite 5-6% growth

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,…

Goods and Service Tax (GST): Key questions and concerns

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…

How Businesses are overcoming the GST Filing Issues?

  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…