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IMPORTANT DATES : 26/12/2016: "GSTGyan: Aadhar No of Primary Authorised Signatory in GST Enrolment" > GSTGyan 1092. In GST Enrolment, Aadhar No of Primary Authorised Signatory must be given if we want to use E-sign facility for signing enrolment and other forms. | 24/12/2016: > GSTGyan 1081.Capital goods are goods capitalized in books of accounts of person claiming credit & used/intended to be used in course or furtherance of business.

Latest on GSTLatest on GST

Government sets up office of GST Commissioner (Investigation) to deal with tax evasion

12/09/2018

Neeraj Prasad has been appointed the first Commissioner in the office of GST-Investigation. The revenue department has created the office of Commissioner GST (Investigation) to deal exc...

TDS and TCS provisions under GST law to be implemented from Oct 1

September 13, 2018

E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the GST The government has notified October 1 as the date for ...

Passing on GST cut: National Anti-Profiteering Authority may not object to higher quantities over lower prices

Aug 16, 2018, 08.30 AM IST

FMCG companies have a variety of package sizes in line with market demand and many had opted to increase quantity instead of reducing the price, seeing it as a better and more convenient way of passing ...

Bringing jet fuel under GST seen aiding airlines

Wed, Aug 15 2018. 11 52 PM IST

Attempts to bring jet fuel under GST however faces an uphill challenge as state governments are reluctant to accept the proposal as it will result in moderation of taxes and loss of revenue Civil aviation minis...

Note-ban, GST hit household savings rate, decline may pose challenge for economy: Report

Aug 15, 2018, 09.50 PM IST

Household savings include savings by households, not-for-profit institutions and quasi-corporates, and it is the largest contributor to the savings in the economy. If the steep decline...

GST benefits prompt firms to absorb unlisted units

Aug 15, 2018, 10.16 AM IST

Companies are of the view that merging subsidiaries will enable them to become more efficient. Mumbai: Companies are increasingly absorbing their unlisted units to simplify their holdi...

18% GST on salary paid for services by a firm to its branch offices in other states, rules AAR

Aug 14, 2018, 12.01 PM IST

Although the GST charged on such supplies can be claimed as input tax credit (ITC), companies which are exempt from GST will not be able to claim credit. NEW DELHI: Salary for services...

GST-led shift from informal to formal sector happening, but at a snail’s pace

Tue, Aug 14 2018. 10 24 AM IST

Now that it’s been more than a year now since GST was announced and most teething troubles are out of the way, has the much-talked about formalization happened? It was expected that lower effective taxes, along with in...

The increasing pressure on GST collections and its fallout

Tue, Aug 07 2018. 02 28 PM IST

The growing pressure on GST collections in a pre-election year would have serious implications on the government’s finances GST collections are still short of the required monthly run-rate of ? 1 trillion. Photo: PTI M...

No GST refunds for foreigners as of now: Finance Ministry

Aug 06, 2018, 12.50 PM IST

The Goods and Services Tax came into force on July 1, 2017. Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not inv...

GST rate cuts to test efficiency of anti-profiteering mechanism

Thu, Aug 02 2018. 09 37 AM IST

It remains to be seen whether manufacturers pass on the full benefit of GST rate cuts in taxes to customers The National Anti-profiteering Authority has a flaw—it usually takes up cases on the basis of customer complai...

Cabinet clears changes to GST laws, to be placed in Parliament

Aug 1, 2018, 20:52 IST

New Delhi, Aug 1 () The Cabinet today approved amendments to the GST laws, including hike in turnover threshold for businesses to avail the composition scheme to Rs 1.5 crore. As many as 46 amendments were cleared by t...

GST collections inch up in July to ? 96,483 crore on e-way bill usage

Wed, Aug 01 2018. 09 14 PM IST

About 6.6 million GST returns (referred to as GSTR 3B) have been filed up to 31 July compared to 6.46 million GST returns filed in June July’s GST collection, that relates to sales made in June, does not reflect the la...

Why government should continue with 4-rate structure for GST

Jul 21, 2018, 02.47 PM IST

If India had adopted a single rate, it would have meant that goods that were taxed at a much lower rate previously would have experienced quite a substantial change in the amount of tax collected. ...

GST Council to mull rate reduction for over 3 dozen goods

July 21, 2018 4:55 AM

The Goods and Services Tax (GST) Council in its 28th meeting will consider reduction of rates for more than three dozen goods including items classified under ‘handicrafts’. The fitment committee has recommended exempt...

CBIC sets up Help Desks’ for expeditious IGST refunds for MSME exporters

Jul 20, 2018, 10.28 AM IST

The Circular advises exporters to ensure due diligence and discipline to avoid such mismatch errors as such extensions are not likely to be considered in future. CBIC has issued two Ci...

Revenue boost, returns filing on GST Council agenda

July 20, 2018 5:37 AM

The Goods and Services Tax (GST) Council, in its next meeting, will take stock of the improving revenue performance of states, and also consider solutions for improving the rate of filing of returns. The Goods and Servi...

GST Council meet: 4 key issues which may make indirect tax structure more robust

July 19, 2018 12:16 PM

In its upcoming meeting, GST Council is expected to take up issues related with simplification of returns, creation of appellate tribunal, revenue position of states and laws related to the indirect tax structure. For ...

National GST appellate tribunal on anvil, Council to decide on July 21

Jul 19, 2018, 09.02 PM IST

Under the GST law, an aggrieved party can file an appeal against the order of the AAR within a period of 30 days, which may be further extended by a month. The GST Council will conside...

CBIC to organise third edition of GST refund fortnight from July 16-30

July 16, 2018 20:45 IST

The CBIC will organise the third tranche of its special fortnight drive from July 16 to 30 to fast track clearance of pending GST refunds of exporters. In the previous two fortnights, the Central Board of Indirect Taxe...

Natural gas, ATF in GST this week?

Jul 15, 2018, 12.30 PM IST

The Centre currently charges 14 per cent excise duty on ATF. The all-powerful GST Council may this week consider bringing jet fuel (ATF) and natural gas under GST ambit but tax slab is...

No GST on foreign companies' payments to liaison offices for expenses: AAR

Jul 13, 2018, 11.49 PM IST

Experts said it is important that the AAR ruling is incorporated in the law to minimise the disputes by the tax authorities in future, and also extend it to branch office of a foreign company. ...

India mulls bringing jet fuel, natural gas under GST

Jul 12, 2018, 11.33 AM IST

A tax panel will decide July 21 whether to approve the proposal to levy a 28 percent tax on aviation fuel. by Shruti Srivastava India is proposing to bring jet fuel and natural ga...

GoM for no sugar cess, GST cut on ethanol; 1% farm impost likely on luxury items

July 12, 2018 6:30 AM

The food ministry had earlier mooted a cess of up to Rs 3/kg on supply of sugar over and above 5% GST on the sweetener The food ministry had earlier mooted a cess of up to Rs 3/kg on supply of sugar over and above 5% G...

Frequent changes in GST may muddle the tax system

Jul 11, 2018, 01.13 PM IST

The whole purpose of shifting to GST was to cut out the cascade of multiple taxes that products bear. While tweakings are mandatory to bring things to perfection, it’s wise to recall that...

India can't have single rate GST, 3-slab structure possible: Arvind Subramanian

Jul 11, 2018, 11.46 PM IST

Arvind Subramanian said that GST implementation "has not been too bad" in the first year of difficult implementation. NEW DELHI: Ruling out a single rate GST, Chief Economic Advisor Arvin...

GST panel recommends no extra tax incentives for digital transactions

Jul 08, 2018, 11.12 PM IST

Another ministerial panel under Modi, on Reverse Charge Mechanism has decided to recommend powers to the GST Council to notify the registered persons who would come under RCM purview. A m...

“MSMEs need more support in complying with GST”

JULY 06, 2018 08:07 IST

A proactive helpdesk and grievance redressal mechanism sought Micro, medium and small scale enterprises (MSMEs) need more support in complying with GST through proactive helpdesk and grievance redressal mechanism, said...

Non-tariff charges in electricity bill to attract GST

July 6, 2018 5:23 AM

Electricity bills can have a goods and services tax (GST) component at times. On applicability of the GST on refundable security deposit against electricity consumption and electric metre, the AAR said it would be exem...

Gold exports down 13% post-GST

Jul 05, 2018, 10.33 AM IST

US gold futures for August delivery were trading 0.6 per cent higher at $1,261.30 an ounce. KOLKATA: Exports of gold from India fell 13 per cent in the first 11 months of the roll-out of ...

GST: India's big tax reform paying off, but budget hole fears stay

Jul 03, 2018, 11.15 AM IST

While monthly receipts have picked up after a chaotic rollout, they are still not strong enough to meet the government’s annual tax target. By Anirban Nag and Vrishti Beniwal One ...

Focus on simplifying the GST structure

Mon, Jul 02 2018. 03 33 PM IST

Policymakers should build on its success and address the drawbacks to ensure it achieves its full potential As goods and services tax stabilizes and settles down, the GST Council will need to continuously work on simpli...

Hindustan Unilever's crorepati club shrinks to 113 from 125

Jun 28, 2018, 07.23 AM IST

The maker of Dove soap, Close Up toothpaste and Fair & Lovely skin creams is now leaner with lighter top management in each business vertical, experts point out. MUMBAI: Hindustan Unileve...

GST provisions on TDS/TCS, reverse charge mechanism deferred by 3 months

Jun 26, 2018, 06.41 PM IST

The GST Council had suspended the provision for deduction of TDS and collection of TCS, as well as implementation of reverse charge mechanism (RCM) till June 30. The revenue department ha...

GST in 'smooth phase', return simplification high on agenda: Hasmukh Adhia

Jun 26, 2018, 03.33 PM IST

Countries like Australia, Germany, France, Singapore, Japan, Malaysia, United Kingdom and Switzerland offer VAT or GST refund to international tourists subject to certain conditions. Fina...

MSMEs maintain positive credit growth: Report

Jun 22, 2018, 01.25 PM IST

With the impact of GST and demonetisation gradually wearing off, the MSME sector is now expected to grow at a swift pace. The MSME segment in India is growing at a positive rate of 15% ye...

54 lakh new indirect tax payers registered under GST; PM Modi gives report card on Indian economy

June 22, 2018 1:05 PM

Prime Minister Narendra Modi on Friday said that under the Goods and Services Tax (GST), 54 lakh new indirect taxpayers have been registered since it was launched about a year ago. Prime Minister Narendra Modi on Frida...

Probe launched into firms seeking fraudulent input tax credit refund

JUNE 22, 2018 00:00 IST

Around 150 companies made faulty or fraudulent entries during transition from Value Added Tax regime A massive faulty or fraudulent input tax credit demand for refund running to Rs. 2,300 crore after the Goods and Serv...

‘GST cuts truck turnaround time’

June 21, 2018

The pace of warehouse consolidation has remained slow especially in large consumer-oriented sectors such as FMCG and consumer durables - AFP Smart warehouse network to improve cost efficiencies: ICRA KOLKATA. JUNE 2...

July-March GST revenues: States ‘shortfall’ not true picture

June 21, 2018 5:48 AM

At first glance, the goods and services tax’s (GST) revenue buoyancy seems unproven yet, given that 31 of 34 states/UTs in the country reported a ‘revenue shortfall’ during the July 2017-March 2018 period. At first gla...

E-way bill: Transporters can now use common enrolment number across multiple States

JUNE 20

Driving ahead Till April 22, more than 1.84 crore e-way bills have been successfully generated K_K_Mustafah;K_K_Mustafah - NEW DELHI, JUNE 20 To help the logistics industry comply with e-way bill requirements with ease...

GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive

June 20, 2018 5:33 AM

With close to 70% of the 1.1 crore businesses registered for the goods and services tax (GST) filing the returns by the deadline, the compliance level is now satisfactory. Compliance optimal now at 70%, says GSTN’s Kum...

GST Report Card: Understanding the revenue performance of Goods and Services Tax

June 20, 2018 3:24 AM

After one fiscal year into the implementation of the GST, it is worth asking how it has performed in terms of revenue generation, both for the country and for individual states. Understanding the revenue performance of...

India sees 20% rise in $ millionaires, despite GST impact

Jun 19, 2018, 05.30 PM IST

There was an adverse effect on wealth due to the implementation of Goods and Services Tax in July, but the report called it "transitory". Despite adverse impact on GST implementation,...

GST: Centre staff cite reasons for alleged under-performance

June 19, 2018 5:13 AM

The GST Network doesn't unfailingly provide differentiated data on taxpayer compliance under the Centre and states, neither does it give field formations with segregated data on revenue collections by the two authoritie...

Demo & GST: Empirical evidence shows MSMEs yet to recover from the twin economic measures

Jun 18, 2018, 10.48 AM IST

The fast-tracking of GST refunds for exporters through active intervention by the government would ease the working capital constraints, thus allowing the exporters to fulfill their delayed export order...

GST: Delhi raises e-way bill threshold

June 16, 2018 4:16 AM

Delhi has become the third state to double the threshold for electronic-way (e-way) bill for intra-state movement of goods to Rs 1 lakh of the cargo value. E-way bill rules came into effect on April 1 for inter-state m...

Funds collected under GST anti-profiteering rules to be split between Centre, state

Jun 15, 2018, 01.55 PM IST

As per the amendment, the 'concerned state' would mean the state where the anti-profiteering authority has passed its order against the business. Centre and the 'concerned state' will eq...

Taxpayers can now change email, mobile number under GST system. Here's how to do it

Jun 14, 2018, 12.45 PM IST

The email and mobile number can be updated by the concerned Jurisdictional tax authority of the taxpayer. The government has introduced a new system to allow taxpayers to update email and...

Government extends sale of pre-GST goods with stickers of revised price till July 31

Jun 14, 2018, 09.28 PM IST

The unsold items had an MRP which included all taxes of pre-GST era but with the implementation of new regime. Sale of pre-GST packaged goods has now been allowed with stickers of revised...

GST refund drive extended till June 16

Jun 12, 2018, 09.44 PM IST

Relief for exporters as govt extends special GST refund drive till June 16 The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearanc...

GST, infrastructure status drive PE investments in warehousing

Jun 11, 2018, 07.32 AM IST

While investors eyed opportunities in this sector in anticipation of the reforms to be implemented by the government, the flow of investment has gained further momentum now. Government in...

GST refund to foreign tourists at airports on the cards

Jun 10, 2018, 11.45 AM IST

Countries like Australia, Germany, France, Singapore, Japan, Malaysia, United Kingdom and Switzerland offer VAT or GST refund to international tourists subject to certain conditions. Fore...

Businesses not Under GST to get 180 Days to pay back their loans

Jun 07, 2018, 09.09 AM IST

The central bank’s relaxation comes as encouragement of transfer to the GST payments mechanism would bring in benefits of the formalisation of the economy including better tax compliance. ...

GST Return Filing: Why are central staff lagging states, asks Union Finance Secretary Hasmukh Adhia

June 7, 2018 6:23 AM

Adhia asked the CBIC to review the performance of central government officers and to make sure that their performance is superior to those of state governments. With the GST Network, the IT backbone for the goods and s...

GST: Centre planning to revamp AAR mechanism to deal with contradictory rulings

Jun 05, 2018, 05.15 PM IST

Most states are yet to set up the GST appellate authority that are meant to appeal against verdicts of the Authority for Advance Rulings (AARs). The government is planning to revamp the a...

GST from lotteries fetch nine state governments nearly Rs 3,950 crore

Jun 05, 2018, 08.29 AM IST

As per the current GST structure, interstate sale of lotteries attracts 28% tax while intrastate sales come under the 12% bracket. If Lady Luck is on your side, three 'tenners' on a lotte...

Government clarifies: Here's how GST impacts your money

Jun 04, 2018, 09.07 PM IST

The detailed clarifications on banking, insurance and capital markets seek to address some pertinent issues relating to the industry. Due to its complex nature, there is a lot of confusio...

One year of GST: Modi government lists 5 key benefits of landmark indirect tax reform

June 4, 2018 12:38 PM

It’s been nearly one year since the new indirect tax regime came into existence on the 30th of June 2017, as ‘GST: One nation, One tax,’ in order to simplify the taxation on goods and services. According to the Revenue...

Mutual fund exit load, credit card dues now taxable under GST

Mon, Jun 04 2018. 01 01 AM IST

Free banking services, such as ATM withdrawals and cheque book issuance, and additional interest for delayed payment of loans have been kept out of GST Interest or charges for delayed payment of brokerage amount or set...

Free banking services offered to customers not under GST ambit

June 4, 2018 00:40 IST

The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime In relief for the banking sector, the government cleared the ambiguity over goods and services tax (GST) on...

GST Alert: International passengers need not pay GST at airport ‘duty-free’ shops

June 3, 2018 1:36 PM

International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said. Since the 'duty free' shops are situated wi...

GST collection misses the Rs 1-trillion mark in May, stands at Rs 940 bn

June 1, 2018 13:24 IST

It is higher compared to the average monthly collection of Rs 898.85 billion in 2017-18 GST collections in May declined to Rs 940.16 billion from over Rs 1.03 trillion in April, the Finance Ministry said on Friday. As ...

Six states to roll out intra-state e-way bill from today

Jun 01, 2018, 12.13 PM IST

The government had launched the electronic-way or e-way bill system from 1 April for moving goods worth over Rs 50,000 from one state to another. As many as six states, including Punjab a...

Govt meets fiscal deficit target of 3.5% at Rs 5.92 trillion for 2017-18

June 1, 2018 01:08 IST

For April, capital expenditure showed a jump in absolute and in relative terms Representative Image The central government just about met its revised fiscal deficit target for 2017-18. The gap for the year ending March...

GST ‘refund fortnight’ launched

JUNE 01, 2018 00:22 IST

Refund to be made in 60 days As per the directions of Government of India and the GST Council, the Commercial Taxes Department, Puducherry, launched a ‘Refund Fortnight’ on Thursday. The department, in a press note, ha...

Intra-state e-waybills for final eight States by June 3

MAY 31, 2018 17:41 IST

The new billing system will be implemented in Chhattisgarh, Goa, Jammu & Kashmir, Mizoram, Odisha, and Punjab on June 1, in Tamil Nadu on June 2, and in West Bengal on June 3. The e-waybill system for the intra-State m...

Govt, industry at loggerheads over quantum of GST refunds for exporters

May 30, 2018 20:30 IST

Exporters claim procedural glitches have led to pending refunds worth Rs 200 billion, Govt refutes claims A day after the apex exporters body stated that the industry was waiting to receive a massive Rs 200 billion wor...

Exporters GST Refund: Second Phase of Fast Track Clearance Drive from Thursday

May 29, 2018, 09.14 PM IST

In the first phase of refund fortnight observed between March 15 to March 30, CBIC had cleared refunds totalling Rs 17,616 crore. NEW DELHI: With an estimated Rs 20,000 crore exporters' r...

No GST on Support Services to Farmers: Finance Ministry

May 28, 2018, 09.47 PM IST

A clarification was issued stating that the renting or leasing of land by farmers for agriculture, forestry, fishing or animal husbandry was exempt from GST. New Delhi: The finance minist...

GST on jet fuel: Airlines can earn Rs 5,220 crore input tax credit

May 21, 2018, 07.42 AM IST

An input tax credit is claimed when a company pays a combined tax on output (air tickets in airlines’ case), reducing the tax paid on input (jet fuel). MUMBAI: Airlines can annually earn ...

Damages paid for cancellation contract to attract 18% GST

Deepshikha Sikarwar

NEW DELHI: The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). This has made multinational ...

GST Council asks Centre, states to quickly set up appellate authorities

May 20, 2018 15:05 IST

So far only 12 states, including West Bengal, Gujarat, Madhya Pradesh, Rajasthan, Tamil Nadu and Uttar Pradesh, have issued notifications for setting up AAARs Finance Minister Arun Jaitley (right) during the GST Cou...

GST relief! Last date for filing April return in Form GSTR-3B extended by 2 days to 22 May

May 18, 2018 7:39 PM

The Finance Ministry has extended the last date for filing GST returns in form GSTR-3B for the month of April 2018 by two days to 22 May to give more time to taxpayers facing technical issues with the filing system. ...

Intra-State e-way bills: 2 States added

MAY 15, 2018 04:53 IST

The e-way bill system for intra-State transport of goods in Assam and Rajasthan will roll out on May 16 and May 20 respectively, the government announced on Monday. This would take the total number of States under the ...

Free banking services out of GST net: Finance ministry official

May 15, 2018, 04.41 PM IST

The Indian Banks Association (IBA) on behalf of the management of banks too had made representation to the tax authorities. Free banking services like cheque book issuance and ATM withdra...

ITR-4 launched on e-filing portal; total 3 ITRs available now

Tue, May 15 2018. 03 53 PM IST

Four more ITRs are left to be activated still after the CBDT notified these on 5 April The new ITR forms for the assessment year 2018-19 mandate the salaried class assessees to provide their salary breakup, and busines...

GST, falling property prices push NPAs in LAP, commercial vehicle loans: Report

May 14, 2018, 18:48 IST

HIGHLIGHTS Around 30 per cent of the LAP (loan against property) portfolio is concentrated in the NCR region, the report noted This is likely to result in sluggish re...

MRO Industry to Approach PMO for Slash in GST Rate

May 10, 2018, 17:25 IST

NEW DELHI: Having failed to get any respite from the GST Council, the aviation maintenance, repair and overhaul (MRO) industry has decided to approach the Prime Minister's Office (PMO) for a redu...

Tax alert: GST applicable on hotel, restaurant services provided to SEZ units, says AAR

May 10, 2018 7:38 PM

Hotel or restaurant services provided to SEZ developers or units will not be treated as 'zero-rated' supplies and hence will be taxable under the Goods and Services Tax (GST) regime, the Authority for Advance Ruling (AA...

Change in the shareholding pattern of GSTN

May 7, 2018 11:50 IST

The Goods and Services Tax Network - Special Purpose Vehicle (GSTN-SPV) was created as a private limited, not-for-profit company under Section 25 of the Companies Act, 1956 (Section 8 of the Companies Act, 2013) by Gov...

Coaching classes to pay 18% GST, students bear brunt

May 7, 2018, 03:39 IST

Illustration for representational purpose. MUMBAI: A coaching class that helps students prepare for engineering and medical entrance exams is not exempt from the ambit of Goods and Servic...

Underpayment of GST by about 34%, firms get scrutiny notices for mismatch

May 6, 2018 17:54 IST

In this case, only 10 days time has been granted to the companies for replying to scrutiny notices Representative image GST officers have started sending scrutiny notices to companies whose tax payment did not match th...

5 possible moves expected from today's big GST meeting

May 04, 2018, 12.41 PM IST

Since the new tax was imposed on July 1 last year, the GST Council has made 376 changes by amending rules, issuing clarifications. The Goods and Services Tax (GST) Council will meet today...

GST meet: Simplified returns, incentives for digital transactions on agenda

May 4, 2018 10:46 AM

In the 27th GST meeting scheduled on Friday, simpler returns filing form and the amendments required in the indirect tax regime rules will be on agenda along with discussion on incentives for digital payments on retail t...

From bank info to e-way bills, govt eyes more data to curb tax evasion

Thu, May 03 2018. 09 00 PM IST

All of this will be part of the fraud analytics infrastructure the government is creating for indirect taxes The GST Network has circulated the draft request for proposal to hire fraud analytics providers. Photo: iStoc...

Digital copy of E-way bill enough to give transporters right of way: Court

May 03, 2018, 10.49 AM IST

NEW DELHI: Tax authorities cannot seize goods just because they-'re not accompanied by a physical copy of the electronic way bill (eway bill), the Allahabad High Court said in the first ruling on...

GST Council to select hybrid model for simplifying filing returns on Friday

May 3, 2018 01:23 IST

In non-payment of taxes, the authorities will follow it up with the seller, based on the liability generated from the invoice upload GST In a relief for businesses, the Goods and Services Tax Council is to simplify fil...

Taxpayers may file GST Tran-1 by May 10

MAY 02, 2018 21:56 IST

High Court order cites tech glitches The Bombay High Court has extended the deadline for filing of GST Tran-1 by 10 days after it was highlighted that technical glitches made it impossible for many to make the submissi...

Revenue dept to look at quarterly GST revenues average for trend analysis

May 02, 2018, 04.27 PM IST

The GST Council will meet on May 4 to discuss a simplified one-page return filing system. The revenue department will focus on quarterly average of GST revenues for better analysis of rev...

A defunct Chennai factory holds the clue to what India is doing wrong

May 04, 2018, 07.56 PM IST

India faces many peculiar challenges in boosting its female workforce participation rate. By Andy Mukherjee It was only a decade ago that Nokia OYJ’s smartphone factory near Chenn...

GST collections: March sees record mop-up, but deficit lingers

May 2, 2018 3:41 AM

As the goods and services tax (GST) collections for March (collected in April) came in at Rs 1,03,458 crore, compared with a monthly average of around Rs 90,000 crore in July-March, finance minister Arun Jaitley called ...

GST revenue target set at Rs12 trillion for FY19

Mon, Apr 30 2018. 11 32 PM IST

Economic recovery, anti-tax evasion measures seen boosting tax revenue The federal indirect tax body noted that the average monthly receipts in the last fiscal year, despite several disruptions, were Rs89,885 crore, mar...

GST receipts in FY18 show promise despite disruptions after rollout

Mon, Apr 30 2018. 08 39 PM IST

The trend hints at GST revenue collection picking up momentum on account of two growth drivers—a simpler but tighter compliance regime that will be in force soon and the ongoing economic recovery GDP growth has progress...

E-commerce companies may need to prepare for withholding tax in two months

Apr 30, 2018, 12.32 PM IST

But with the GST regime stabilising, these provisions may be imposed from July 1, said a senior government official. NEW DELHI: India Inc, in particular ecommerce platforms such as Amazon...

27th GST Council Meet: Simplified system to top agenda on May 4

April 30, 2018 5:27 AM

Talking Points: * Adoption of simpler system that will make compliance easy, * Proposal for the govt to have majority stake in GST Network, * Imposition of a cess on sugar to create a fund that will help mills clear cane...

Easing the burden: No filing of returns in new GST model

April 28, 2018 5:50 AM

In a simplified payment process under the goods and services tax (GST) okayed by a group of ministers (GoM) recently, taxpayers won’t need to file returns, making compliance easy. The system could allow the buyer to lo...

UIN must on GST invoices for supplies to foreign missions, UN organisations: Finance Ministry

April 27, 2018 10:56 PM

All businesses and e-commerce companies supplying goods and services to foreign diplomatic missions or UN organisations are required to quote their respective unique identification number (UIN) on tax invoices for GST b...

Modi government collects Rs7.41 trillion GST in FY18

Fri, Apr 27 2018. 06 27 PM IST

The government had last reported a GST collection of Rs7.17 trillion for the first eight months since the new tax regime was rolled out in July 2017 Under GST, the tax levied on consumption of goods or rendering of ser...

GST, demonetisation brought 1.8 million more people into I-T net

APRIL 27, 2018 14:26 IST

Good and Services Tax concept. | Photo Credit: Getty Images Apart from encouraging digital over cash transactions, implementation of the GST regime has led to a 50% increase in the number of indirect taxpayers, says Ex...

Tax collections down by 15-20% due to GST: Assam CM

April 26, 2018 17:05 IST

Assam's experience with the ambitious GST has not been good as collections have dropped by 15-20 per cent on month-on-month basis, Chief Minister Sarbananda Sonowal said today. Making his inaugural speech before the vi...

Changing GST rules, pending refunds continue to hamper SEZ exports

April 26, 2018 01:16 IST

Combined exports from SEZs were Rs 5.5 trillion in 2017-18, from nearly Rs 4.7 trillion in 2016-17 Incessant changes to the goods and services tax (GST) rules, also affecting refunds, and procedural issues affect expor...

Export Refunds Under GST Are Being Expedited

April 16, 2018 13:31 IST

Additional Commissioner, GST, Delhi, Mr. Sachin Jain assured business and trading communities that their export relating refunds would be expedited quickly as the government staff has been working on it with faster pac...

Odisha to decide on petrol, diesel under GST when Council discusses matter

April 25, 2018 22:30 IST

The Odisha government on Wednesday said it would take a call over the inclusion of petrol and diesel under the ambit of Goods and Services Tax (GST) when the matter is brought before the GST Council. "The state governm...

20 million e-way bills generated for movement of goods in 24 days: GSTN

April 25, 2018 21:01 IST

So far, 17 states/Union Territories have made e-way bill mandatory for intra-state movement of goods More than 20 million (two crore) e-way bills have been generated since the beginning of this month, according to GSTN...

Government made 376 changes related to GST in 10 months: Export promotion council for SEZs

Apr 25, 2018, 05.52 PM IST

Of these, 73 changes are related with exemption and 65 with rates. NEW DELHI: Government has made 376 changes in the Goods and Services Tax (GST) since its inception in July last year by ...

GST Council meet on May 4, simplifying returns on agenda

Apr 25, 2018, 03.31 PM IST

The Council had in March discussed on two models of GST returns and suggested that the GoM would work further simplification. NEW DELHI: Finance Minister Arun Jaitley-chaired GST Council ...

GST tweak to hit restaurants’ expansion plans

Apr 24, 2018, 08.05 AM IST

The GST rate for restaurants was slashed to 5% from 18% in November last year, along with the removal of input credit. NEW DELHI: The withdrawal of input credit under the goods and servic...

Tax tangle: March GST mop-up hits Rs 96,000 crore

April 24, 2018 5:31 AM

Collections highest so far, yet are way short of budget projection; analysts say buoyancy improving The March collections could cross the coveted Rs 1 lakh crore mark by April-end, as payments are still being made by a...

10 states account for over 83 pc of e-way bill generation, Gujarat tops chart

April 23, 2018 9:59 PM

Besides, Uttar Pradesh has generated over 15.49 lakh e-way bills followed by Haryana (14.69 lakh) and Delhi (10.94 lakh). As many as ten states account for over 83 per cent of the e-way bills being generated in the las...

Govt exploring sugar cess, GST cut on ethanol, subsidy to farmers – What Gadkari, Paswan and Pradhan discussed?

April 23, 2018 8:31 PM

The meeting was also attended by senior officials of PMO and ministries of agriculture, commerce, food, petroleum and finance. arrears to farmers mounting, an informal ministerial panel today explored options such as p...

Four more states, one union territory to implement e-way bill from April 25

Apr 24, 2018, 05.58 PM IST

E-way bill for intra-state to rollout in four more states on April 25 The government on Monday said four new states and one union territory will switch over to the e-way bill system for in...

Ind-Ra: E-Way Bills Complement GST-Led Developments, But SRTOs to Face Near-Term Challenges

April 23, 2018 11:04 IST

India Ratings and Research (Ind-Ra) expects small road transport operators (SRTOs) to face near-term teething challenges during the transition period for the implementation of e-way bills. Conversely, larger fleet oper...

'Duty Free' shops at Delhi int'l airport liable to pay GST: AAR

April 23, 2018, 08:37 IST

The ruling was given by the AAR based on an application filed by Rod Retail Pvt Ltd which runs a retail outlet at Terminal 3 (International Departure), Indira Gandhi International Airport, New Delhi. th...

Adhia: Single-page GST filing system to be ready in 3-6 months

APRIL 22, 2018 04:26 IST

the seller.PTI Single-page GST filing coming in 3-6 months Union finance secretary Hasmukh Adhia said the proposed single-page GST return filing system will be in place in 3-6 mon...

GST forms: Delink provisional credit from tax payment, say stakeholders

April 21, 2018 01:03 IST

Earlier, the GoM, headed by Bihar deputy chief minister Sushil Modi, had zeroed on two models of simplification Photo: Shutterstock In the effort to evolve a consensus over provisional input tax credit for the goods an...

India is world’s sixth largest economy at $2.6 trillion, says IMF

Apr 19, 2018 10:40 IST

India is now the world’s sixth largest economy, displacing France. The five economies ahead are the United States, China, Japan, Germany and United Kingdom. The International Monetary Fund kept its forecast of India’s ...

Will raise exporters' GST refunds with Finance Ministry: Prabhu

April 19, 2018 00:10 IST

In response to exporters' demands, Commerce Minister Suresh Prabhu on Wednesday assured them of taking up the issue of the Goods and Services Tax (GST) refund with the Finance Ministry. At a meeting here, Federation of...

The complete guide to prevent and deal with seizure of goods under E-way bill

Apr 18, 2018, 12.37 PM IST

The guidelines state that the person in charge of the conveyance has to carry invoice or delivery challan along with a copy of eway bill in physical form or in electronic form. As e-way b...

Provisional credit issue a hurdle to simplifying GST; Council to take call

April 18, 2018 06:22 IST

Council to take a call now; six more states to roll out intra-state e-way bill GST GST returns simplification stuck on provisional credit issue GST Council to take a call now; six more states to roll out intra-state e-...

GST: GoM approves new single-page return

April 18, 2018 2:29 AM

The group of ministers (GoM) on Tuesday met about 40 industry representatives and 15 tax tax experts to discuss simplification of the return filing process. A ministerial panel chaired by Bihar deputy chief minister Su...

Six more states to generate intra-state e-way bills from Friday

April 17, 2018 19:27 IST

The GoM discussed two models for simplification of returns and also devised a third "fusion model" taking the best features of the two models Sushil Modi, Nandan Nilekani at GST Council meet Six states — Bihar, Haryana...

Traders opting for composition scheme need not file certain details: FinMin

April 17, 2018 17:32 IST

The ministry, in a statement said, doubts are being raised about the manner of filing the quarterly return by composition dealers in Form GSTR-4 The finance ministry on Tuesday said traders who have opted for compositi...

Good news for employees: Companies may pay 100% variable salary this year

April 17, 2018 15:22 IST

The employees who will benefit from this include workers in auto and auto ancillary, manufacturing, consulting and chemicals units besides pockets of the technology, banking and financial industries Photo: Shutterstock...

Indian economy to grow by 7.3 pct this fiscal, demonetisation, GST effects over, says World Bank

April 17, 2018 8:21 AM

In the India section of the report, the bank acknowledged that disruptions from demonetisation and events surrounding the implementation of GST led to a setback in economic activity and a potentially larger negative eff...

GoM to meet businesses, experts on GST return simplification today

April 17, 2018 02:59 IST

As per the structure being worked out, businesses having zero tax liability for six consecutive months may get to file returns only twice a year GST The ministerial panel, under Bihar Deputy Chief Minister Sushil Modi,...

Intra-state e-way bill rolled out in five states from Sunday

April 16, 2018 01:48 IST

From midnight till 5 pm on Sunday, about 0.24 million e-way bill (both inter state and intra-state) was generated on the portal, an official said E-way bill requirement for intra-state movement of goods has been rolled...

Logistic players hail e-way bill system

APRIL 16, 2018 00:10 IST

The move will ensure accountability and cost reduction Stakeholders in logistics sector have hailed the rolling out of e-way bill system by the GST Council, saying that it would help reduce the logistics cost. However,...

E-tailers may have to clarify if they profiteered from GST cut

APRIL 16, 2018 00:30 IST

The government wants to know if the GST cut has been passed on to the consumer. | Photo Credit: Getty Images/iStock Retailers must refund excess tax or deposit money in consumer fund: NAA The National Anti-Profiteering...

E-way bill rules: CBIC lays out procedure for interception, detention of goods

April 15, 2018 | 11:44 IST

Tax authorities have asked field officers to follow standard procedure for interception of conveyances for inspection of goods and their confiscation under the e-way bill rules. The Central Board of Indirect Taxes and ...

Complaints about GST refunds not accurate

APRIL 13, 2018 22:50 IST

The complaints of garment exporters here about cash crunch they are facing because of delays in refund of Goods and Services Tax (GST) seem to be distorted. A check carried out by The Hindu with the authorities has rev...

Notices sent: Tax dept begins verifying pre-GST records

April 13, 2018 6:35 AM

Taxpayers registered for goods and services tax (GST) have begun receiving notices from the tax department, asking them to produce documents for detailed verification of transitional credits claimed. In case the claim ...

GST eats into revenues of municipalities

APRIL 12, 2018 23:10 IST

Entertainment taxes of GHMC and other municipal bodies go to Centre Major municipalities in the State, including the Greater Hyderabad Municipal Corporation, have reported losses in revenue from an unexpected quarter. T...

GST not an 'unfixable' problem, but note ban really was a mess: Raghuram Rajan

Apr 12, 2018, 08.13 PM IST

I didn't ever say that I wasn't consulted (on demonetisation). In fact, I have made it quite clear that we were consulted and we didn't think it was a good idea, Rajan said. NEW YORK: Proper implementation of the Goods...

High Court says demand for GST in accordance with law

APRIL 12, 2018 01:09 IST

Plea challenged order on levying of GST on one-time lease premium charged by CIDCO The Bombay High Court recently said the demand for payment of Goods and Services Tax is in accordance with the law and dismissed a peti...

e-waybill system will boost State’s revenue

APRIL 12, 2018 00:23 IST

Tax evasion of about 15 to 16% could be checked Generating e-waybill is mandatory from April 15 for movement of goods within the boundaries of five States including Andhra Pradesh. The rule is likely to give a boost to...

Is GST applicable on food, drinks supplied to students by schools? Here is answer from Finance Ministry

April 11, 2018 10:42 PM

The Union Finance Ministry on Wednesday said GST is not applicable on food and drinks supplied by schools directly to the students, while it is 5 per cent without input tax credit for mess and canteens in educational in...

FY18 fiscal deficit to be below revised target as govt gets RBI, FCI boost

April 9, 2018 23:22 IST

RBI has transferred Rs 100 bn more in surplus, and FCI has returned Rs 500 bn to the central coffers The Reserve Bank of India (RBI) and the Food Corporation of India (FCI) came to the aid of the government in bringing...

The party’s over! If you evade GST, be ready to face these actions including jail term

April 9, 2018 4:17 PM

The tax authorities are in no mood to spare those who fail to pay the Goods and Services Tax (GST) or try to evade it through fraudulent means even as the new indirect tax regime is undergoing a slew of changes to make ...

5% GST on Railway catering services in trains, stations: Finance Ministry

April 6, 2018 19:01 IST

This would bring about uniformity in the rate of GST applicable to supply of food and drinks made available in trains, platforms or stations The finance ministry on Friday said a 5 per cent GST will be levied on food a...

Railway catering services to attract 5% GST

April 6, 2018 17:35 IST

The Centre on Friday notified that a uniform rate of 5 percent will be charged towards Goods and Services Tax (GST) in all railway catering services in trains or stations. As per the Central Board of Excise and Customs...

New ITR forms notified; salary breakup, GST ID to be furnished

April 5, 2018 23:40 IST

The new Income Tax Return (ITR) forms for the assessment year 2018-19 were notified today by the Central Board of Direct Taxes that mandated salaried class assessees to provide their salary breakup and businessmen thei...

GST: Govt sets up cell to address IT glitches

April 5, 2018 3:53 AM

The indirect tax department said it would allow those who couldn’t file the TRAN-1 form on the GST Network portal for claiming transitional credit due to IT glitches to complete the process by the end of the month. ind...

Grievance redressal mechanism set up for GST portal glitches

April 4, 2018 18:45 IST

The government on Wednesday said it had set up a grievance redressal mechanism to address difficulties faced by taxpayers due to technical glitches on the Goods and Services Tax portal. Under the new mechanism, if any ...

Demonetisation, GST have formalised economy, says Arun Jaitley

Apr 04, 2018, 07.54 AM IST

Jaitley said direct tax collections for FY17-18 had crossed Rs 10 lakh crore, 18% higher than the previous year. NEW DELHI: Demonetisation and the implementation of goods and services tax...

Rs 7.18 trn: July-Feb GST collections short of Rs 100 bn of original target

April 3, 2018 23:05 IST

The mop-up was subdued in October, November and January, and that has led to some shortfall Collections under the goods and services tax (GST) were marginally lower by some Rs 100 billion, compared to the original targ...

PM Narendra Modi to inaugurate Eastern Peripheral E-way this month: Nitin Gadkari

Apr 03, 2018, 06.54 PM IST

The minister said a cycle track of 2.5 metre has also been constructed on both the sides of this expressway, which also has provision of 1.5 metre Footpath on each side for pedestrians. NE...

Intra-state rollout of E-way bills soon

Apr 03, 2018, 06.46 AM IST

Adhia said the system has the capacity to take on additional load and the rollout schedule for the intrastate movement of goods will be announced soon. The government may soon announce th...

Uniform GST rates can’t be done ignoring political realities: CEA Arvind Subramanian

April 2, 2018 11:58 PM

Arvind Subramanian, Chief Economic Advisor to Prime Minister Narendra Modi, today said it is easy to advocate one uniform GST rates for all goods, but it cannot be done ignoring political realities. CEA Arvind Subraman...

GST collection on an upswing; exceeded FY18 target for direct tax: Finance secretary

Apr 02, 2018, 06.43 PM IST

GST collections on an upswing, Feb mop-up at Rs 89,264 cr, Rs 17K cr refunds given: Adhia Addressing a press conference, finance secretary Hasmukh Adhia said that the government has excee...

Government sanctions Rs 127 billion of GST refund claims

April 2, 2018 02:27 IST

About Rs 28 billion worth eligible refunds are pending which will also be cleared soon The government has sanctioned GST refunds worth about Rs 127 billion or 80 per cent of the eligible claims of exporters, an officia...

Over 1.7 lakh e-way bills generated on launch day; real load test tomorrow

April 1, 2018 9:02 PM

The state has been using the e-way bill platform since September last year for intra-state movement of goods. Over 1.71 lakh inter-state e-way bill have been generated on the day of nationwide launch today, with expert...

NBFCs and HFCs fear Rs 2.2-trn NPA mess owing to note ban, Rera, GST

April 1, 2018 19:32 IST

According to a report by property consultant JLL, as many as 440,000 residential units remained unsold across key cities at the end of 2017 Non-banking finance companies and mortgage lenders, which control the lion's s...

Awaiting clarity: GST areas that the government needs to talk about

Apr 02, 2018, 11.59 AM IST

How the government will treat transitional credit claims is still unclear, blocking companies’ claims and GST revenue collections. Fiscal year 2017-18 ended after the tumultuous implementa...

E-way bill validity to begin from the date transporter fills up details: Finance Ministry

March 31, 2018 8:42 PM

When the transporter is ready to move the goods, say on Monday, he can fill the Part B of Form GST EWB-01 and the validity period of the e-way bill will start from Monday. The finance ministry today said the validity o...

E-way bill mandatory for inter-state movement of goods from Sunday

Mar 30, 2018, 02.02 PM IST

To ensure a fool proof system, the GSTN has activated only that facility on its portal where e-way bill can be generated when goods are transported from one state to another by either road, railways, ai...

Government cracks down on GST evaders

Fri, Mar 30 2018. 05 10 AM IST

The Directorate General of GST Intelligence has, in an all-India operation that began on Tuesday, detected tax evasion to the tune of Rs440 crore The government has asked GSTN, the company that processes GST returns, t...

GST Council okays exempting 24 insurance schemes for reinsurance

March 28, 2018 22:40 IST

Insurance sector regulator Irdai today said as many as 24 schemes will be exempt from goods and services tax (GST) for reinsurance and asked insurance firms to pass on the benefits to customers. The proposal to exempt r...

GST: All businesses asked to register on e-way bill platform ahead of April 1 rollout

Mar 28, 2018 16:44 IST

Prakash Kumar, GSTN CEO, said so far only 11 lakh businesses and transporters have registered on the e-way bill platform, and most of the registrations are likely to happen at the last minute. The GST Council, earlier ...

Govt plans to use fraud analytics to analyse GST data, check tax evasion

Wed, Mar 28 2018. 03 13 AM IST

The move comes at a time when the government is worried about revenue losses due to tax evasion under the GST regime Data released by the government showed that GST revenue dipped marginally for the second consecutive ...

Marginal dip in February GST numbers, collection up to March 26 at Rs 85,174 crore

Mar 27, 2018, 11.31 PM IST

GST revenue: Collections dip marginally to Rs 85,174 cr in February NEW DELHI: The goods and services tax (GST) collections dipped marginally for February to Rs 85,174 crore, with only 69...

Businesses with nil tax liability may get to file GST returns bi-annually

March 25, 2018 13:48 IST

Taxpayers whose liability is nil for six consecutive months will be required to file six-monthly return Businesses having zero tax liability for six consecutive months under GST may soon get relief once the proposal to...

Pending GST claims will be a thing of the past: FIEO

MARCH 24, 2018 20:11 IST

Central Excise building at Churchgate will turn into GST Bhavan from tomorrow. In a historic decision Govt will roll out new unified tax structure in special midnight Parliament session. GST will replac...

After introduction of GST, increasing trend in the number of companies' registrations

March 24, 2018 10:04 IST

Introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime. GST was implemented w.e.f 1st July, 2017 and was welcomed by industry and corporates. Corpora...

CBEC member holds meeting with exporters on GST refunds

Mar 23, 2018, 09.20 PM IST

Refunds to exporters have been delayed for over eight months now, with exporters complaining that delay in GST refunds has blocked their working capital. NEW DELHI: At least ten export pr...

Over 68,000 companies registered in 8 months post GST: Union minister

Mar 23, 2018, 05.13 PM IST

In a separate reply, Chaudhary said that over 17 lakh companies had been registered in India till last year, out of which only 7,270 entities were active. NEW DELHI: More than 68,000 comp...

Delhi govt expects Rs 23,000 cr from GST in next fiscal

March 22, 2018 23:20 IST

Delhi's economy is on the path of growth despite the negative impact of demonetisation and disruption due to the GST's implementation, Deputy Chief Minister Manish Sisodia today said. In the next fiscal, the Delhi gove...

Banking frauds, muted GST collections to keep risk to growth elevated: D&B

March 22, 2018 19:20 IST

Handling the emerging frauds in the banking sector coupled with likely ripple effects, muted GST collections and the protectionist policy imposed by the US are some of the factors that are likely to keep risk to growth...

Proprietors, LLPs, HUFs under CBEC scanner for claiming transitional credit

Mar 22, 2018, 06.09 PM IST

According to the revenue department data, as much as Rs 65,000 crore of transitional input tax credit was claimed by businesses as on September 2017. NEW DELHI: Proprietary businesses, LL...

Unrealistic to expect GST to settle down in less than 10 years: Bibek Debroy

Mar 19, 2018, 08.59 PM IST

On direct taxes front, the NITI Aayog member made a case for removal with exemptions which he said was on government agenda. Prime Minister's Economic Advisory Council Chairperson Bibek D...

CBEC to verify GST transitional credit claims of 50,000 taxpayers

Mar 19, 2018, 05.33 PM IST

In order to check "frivolous and fraudulent" transitional credit claims, the CBEC has shared with field offices the list of 50,000 taxpayers whose claims would be further scrutinised. NEW...

E-wallet will address GST refund issue of exporters: Suresh Prabhu

Mar 18, 2018, 11.14 AM IST

Suresh Prabhu said that secretaries in the commerce and finance ministries are working on the matter. Introduction of e-wallet mechanism will effectively address the woes of exporters who...

PwC suggests timebound dispute resolution under GST

Mar 18, 2018, 10.57 AM IST

India rolled out GST on July 1 last year thus subsuming most of the other indirect taxes both at the central as well as states' level. Global accountancy firm PwC has suggested "timebound...

As GST glitches iron out, revenue collections set to rise: CBEC chief

Mar 17, 2018, 08.09 AM IST

GST collections averaged more than Rs 90,000 crore a month during July-September, the first three months of the new indirect tax regime. MUMBAI: Difficulties in the goods and services tax...

Rs. 10,000 crore of GST refunds sanctioned: Govt.

MARCH 17, 2018 05:05 IST

‘Inadequate familiarisation with tax laws plaguing claims’ The government on Friday sought to debunk reports carrying unverified estimates of pending GST refunds, terming these figures “h...

India’s GST among most complex in world, and it is 0% tax rate that is hurting the idea

March 16, 2018 1:51 PM

The World Bank said that in addition to the number tax rates, the extent of exemptions and sales at a zero rate is a critical design parameter for a GST, compromising with the idea. India’s GST regime with “higher tax ...

CBEC field offices observe GST refund fortnight; to clear Rs 150 crore of pending refunds

Mar 16, 2018, 09.31 AM IST

The exporters who have IGST refund or Input Tax credit (ITC) claim pending with the Central Board of Excise and Customs (CBEC) can visit the field offices where the tax officials will help them. ...

Services main driver: World Bank projects India’s FY19 GDP growth at 7.3%

March 15, 2018 4:15 AM

After falling below 7% in 2017-18, India’s economic growth may rise to 7.3% in 2018-19, with services continuing to remain the main driver. The manufacturing sector is also expected to accelerate following implementati...

GST will make Maha first self-sufficient state: Kesarkar

March 15, 2018 00:10 IST

The Goods and Services Tax (GST), introduced by the Centre last year, will make Maharashtra the nation's first self-sufficient state, Minister of State for Finance Deepak Kesarkar said today in the Legislative Council....

Parliamentary panel suggests anti-dumping duty, GST revision to boost textiles sector

March 14, 2018 12:07 AM

The Textiles Ministry should impress upon the Finance Ministry to reconsider the overall GST structure for textiles sector and impose higher anti-dumping duty to protect the domestic industry, a Parliamentary panel has ...

The Rs 34,000 cr GST riddle: Why the differences in GSTR-3B and GSTR-1 should not alarm the Government

Mar 12, 2018, 12.32 PM IST

Taxpayers though have to report full invoicing of a month in its GSTR-1, including those that may have been missed or erroneously reported in the same month’s GSTR-3B. By Archit Gupta ...

'GST evasion taking place via black marketing, undervaluing imports'

Mar 12, 2018, 05.55 PM IST

Importers typically pay integrated goods and services tax or IGST on goods they bring into the country. This tax is supposed to be set-off against the actual GST paid by the final consumer, or claimed a...

Amendments in e-way bill to tackle supply-chain issues: Report

March 12, 2018 17:55 IST

Amendments in the e-way bill by the government recently will significantly address concerns of e-commerce logistics, courier and cargo companies, a report said today. The revised draft policy on the generation of e-way ...

GST Council meet: 3 months to file tax; e-Way Bill from Apr 1; 10 updates

March 10, 2018 15:39 IST

Intra-state e-Way Bill will be rolled out in phased manner with four groups of states, said Arun Jaitley Arun Jaitley Finance Minister Arun Jaitley on Saturday announced that the e-way bill will be implemented from Apr...

GST Council approves rollout of e-way bill from April

MARCH 10, 2018 15:06 IST

File photo: Finance Minister Arun Jaitley | Photo Credit: PTI For intra-State movement, the e-way bill will be rolled out in a phased manner beginning April 15, and will cover all the States by June 1. Businesses will...

GST Council defers e-Wallet by 6 months, current system of tax exemptions for exporters to continue

Mar 10, 2018, 04.00 PM IST

GST council meet: No decision on return simplification, E-Way bill from April 1st, says FM Jaitley The 26th GST Council meeting on Saturday decided to defer the implementation of the e-Wa...

Over 1.03 crore businesses registered under GST: Government

Mar 09, 2018, 03.26 PM IST

GST has subsumed over a dozen local taxes, including excise duty, service tax and VAT. NEW DELHI: Over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime ...

Simpler GST filing module may be finalised on March 10: Official

Mar 07, 2018, 08.06 PM IST

"The biggest glitch now in the system is the GST returns. The GST return filing is being simplified," an official said. The GST council would look at finalising the module proposed by Nan...

DG Safeguards sends investigation notices for GST profiteering in 53 cases

March 7, 2018 02:50 IST

Out of the total number of 354 anti-profiteering applications, the Standing Committee has forwarded 65 applications to the Directorate General of Safeguards for investigation The Directorate General of Safeguards, whic...

E-way bill must for intra-state goods movement from June 1

Mar 06, 2018, 08.30 PM IST

Under the GST regime, an e-way bill needs to be generated and carried for movement of all goods valued at over Rs 50,000. NEW DELHI: All states shall have to compulsorily implement the na...

GST revenue in 2018-19 to grow at 14-16%: SBI Ecowrap

Mar 05, 2018, 10.57 PM IST

SBI said the country's gross tax revenue is expected to grow by 16.7 per cent in the next fiscal to Rs 19.1 lakh crore.. NEW DELHI: Describing recent speculation on GST collection targets...

GST anti-profiteering application complaint form being made simpler

March 1, 2018 23:27 IST

This comes after a muted response to the mechanism and 150 complaints so far Filing complaints against companies for not passing on the benefits of tax reduction under the goods and services tax (GST) regime is to becom...

View: The more things change, the more they remain the same. Just look at GST's whipping boys

Feb 28, 2018, 06.18 AM IST

How can India encourage entrepreneurship in such a situation? By Ajay Sahai Exporters have been made the whipping boy for delays in goods and services tax (GST)-related exports re...

Offline mechanism too for delayed GST refunds to exporters

Feb 27, 2018, 08.39 AM IST

Exporters have claimed that the delayed refunds running into thousands of crores are slowing down exports. The government has created an alternative offline mechanism to address the issue ...

E-way bill to be implemented from April 1, no decision on GST return simplification

February 25, 2018 | 11:12 IST

Sushil Kumar Modi, convener of GoM and Bihar finance minister, speaks to media about implementation of e-way bill. Photo: PTI The group of minister (GoM) formed to oversee the implementation of the Good and Services Ta...

70% IGST refund stuck due to flawed claims filed by exporters: CBEC

Feb 25, 2018, 10.57 PM IST

The apex indirect tax authority also said where exporters have already filed information through Table 9 of GSTR-1, the said information is being validated by GSTN. NEW DELHI: As about 70...

Errors in GST returns filing a hurdle in issuing tax refunds to exporters: CBEC

Sat, Feb 24 2018. 02 29 AM IST

Errors in GST returns, pertaining to either the summary of transactions, purchases, sales or a comprehensive filing of transactions are causing delays in processing claims, says CBEC chief Vanaja Sarna Vanaja Sarna, ch...

Taxpayers can check return filing status of suppliers on GSTN portal

Fri, Feb 23 2018. 08 35 PM IST

A new functionality has been introduced on the GST portal that shows status of last 10 returns filed by a taxpayer in the pre-login search taxpayer menu Once GST identification number (GSTIN) is inserted in the system,...

GSTR’s mini simplification before big overhaul: Here’s what changed in GSTR-3B

February 22, 2018 5:19 PM

The Goods and Services Tax Network (GSTN) has announced some simplification in the GSTR-3B before the much-needed overhaul of the returns system which is expected to be decided upon soon. Here's what changed in the GSTR...

Tax department to set up GST grievance redressal system

February 21, 2018 2:45 AM

After two high courts flayed the government over the working of the GST Network — the firm handling the IT infrastructure for GST — the government has decided to allow individual firms to continue to claim transitional ...

Govt scales down estimate of exporters' GST refund claims by Rs 10 bn

February 20, 2018 21:22 IST

Earlier estimate was Rs 65 bn in July-Oct period; revised estimate till Dec is Rs 55 bn; exporters upset over at inconsistency in figures The government has said the amount of money claimed by exporters as tax refunds ...

GST Council's next meet: Simplification of returns process likely on cards

Feb 20, 2018, 17:11 IST

NEW DELHI: The Goods and Services Tax or GST Council is scheduled to huddle for its next meeting on March 1 via video-conferencing. In this meeting, it is expected that the council may focus on s...

GST rules set to be simplified further

Mon, Feb 19 2018. 01 17 AM IST

GST Council likely to make compliance easier, revamp tax returns filing process soon Union finance minister Arun Jaitley. Photo: Abhijit Bhatlekar Federal indirect tax body Goods and Services Tax (GST) Council is set to...

Retailers accused of levying GST over MRP

Feb 18, 2018, 03.22 PM IST

In this regard, consumers urged the involvement of the Department of Consumer Affairs' Legal Metrology Division to ensure that this practice by e-commerce sites and retail stores is put to an end ...

No GST on food served by hospitals to in-patients

Feb 14, 2018, 18:32 IST

HIGHLIGHTS The Revenue Department clarified that no GST would be levied on services provided by senior doctors hired by the hospitals However, patients who are not ...

Resolving AGR confusion: Charge GST on the total bill, make other levies VAT-able

February 14, 2018 3:18 AM

Charge GST on the total bill, make other levies VAT-able. If a bill of Rs 100 is raised from a consumer, it says, let’s treat this as the revenue—forget the distinction between AGR and GR for right now. In an ideal wor...

GST refund delays caused working capital constraints which hit exports in October

Feb 13, 2018, 09.55 PM IST

GST implementation was marred by infrastructure snags and implementation delays, which led to changing the date of filing tax returns for July multiple times. The implementation and refun...

Eight tax officers to handle GST-related queries on Twitter

February 11, 2018 | 14:28 IST

The Finance Ministry has nominated eight tax officers to handle GST-related queries on social media site Twitter, according to an official order. It has been decided to assign the charge of handling of queries related ...

GST return simplification panel to meet industry this week

Feb 11, 2018, 12.07 PM IST

The government had set up the return simplification committee in November last year to ease the burden on businesses to file three returns in a month along with initial sales return GSTR-3B. ...

GST regime not user-friendly, says Bombay High Court

Feb 10, 2018, 12.39 PM IST

The system needs to be tested fully to make sure it can handle the next steps in GST. The Bombay High Court said the goods and services tax (GST) regime wasn’t easy to use, questioning th...

GST-hit MSMEs get more time to pay dues

FEBRUARY 08, 2018 18:38 IST

Additional 180 days for borrowers: RBI The Reserve Bank of India (RBI) has allowed micro, small and medium enterprises (MSMEs), whose cash flow was hit due to implementation of Goods and Service Tax (GST), additional ti...

Don't charge GST from affordable housing buyers: Government to builders

Feb 08, 2018, 11.31 AM IST

The concessional rate of 12 per cent GST is applicable on houses constructed under Housing for All (Urban) Mission/ Pradhan Mantri Awas Yojana (Urban. NEW DELHI: The government today asked...

GST-led liquidity crunch forcing exporters to refuse orders

February 7, 2018 | 17:36 IST

New Delhi, Feb 7 (PTI) Liquidity problems emanating from delay in refund of Goods and Services Tax (GST) is forcing exporters to turn down new orders, exporters body FIEO said today. The Federation of Indian Export Org...

Welfare surcharge higher than earlier cess as customs mop-up low: Sarna

February 6, 2018 10:45 IST

CBEC Chairperson Vanaja N Sarna says the general feedback on the GSTR-1/2/3 design was that it was very complicated CBEC Chairperson Vanaja N Sarna As the GST Council takes up the issue of invoice matching on the lines...

Rs 6-cr GST evasion in 5 months of FY18

Feb 06, 2018, 05.12 PM IST

As per the inputs provided by the finance ministry, the government has detected GST evasion to the tune of Rs 5.70 crore in 16 cases during July-November 2017-18. NEW DELHI: The government...

Natural gas and real estate may come under GST net, says FM Arun Jaitley

February 6, 2018 01:28 IST

'At some stage, we will try for petrol and diesel and potable alcohol,' said the Finance Minister Finance Minister Arun Jaitley and FICCI President Rashesh C Shah (first from right) meet industrialists during the indus...

Corporate tax to be cut only when exemptions end: Jaitley

February 5, 2018 22:45 IST

Declaring that tax buoyancy and the taxation base have increased in India significantly in recent times, Finance Minister Arun Jaitley on Monday held out hope of further cuts in corporate and indirect taxes in future in...

States not in favour of petrol, diesel inclusion into GST: FM

Feb 05, 2018, 09.48 PM IST

Jaitley said from voluntary declaration under the GST which are currently taking place, because of anti-evasion measure in place, the collection will improve. NEW DELHI: Finance Minister ...

States set separate dates to implement e-way bill

Feb 02, 2018, 11.00 PM IST

The GST Council said in a tweet on Thursday that it was extending the trial period and would give a fresh date of nationwide implementation shortly. MUMBAI: In what will further inc...

Single GST registration for airlines, banks on the anvil

Jan 30, 2018, 12.00 AM IST

MUMBAI: The government is considering a nationwide single GST registration process for the aviation, banking and insurance sectors, people in the know of the matter said. A single registration will potentially solve a m...

GST returns filing: After SMEs complain of complexity, Centre set to ease process

January 29, 2018 6:42 AM

To encourage compliance in the face of most taxpayers, especially SMEs, complaining that filing GST returns is very complicated, GST Network has decided to provide free accounting/billing software to firms that also has ...

GST collections reverse trend; rise to Rs 86,703 cr in December

January 26, 2018 12:57 AM

The collections had declined in November after the GST Council cut rates on more than 200 items. According to PwC leader Pratik Jain, increase in revenue collection is on the expected lines and it means that gradually G...

Impact of Goods and Services Tax (GST) on Budget 2018-19

January 25, 2018 10:31 IST

Budget 2018 is the first union Budget after the implementation of GST in July 2017. Budget 2018-19 is the first union Budget after the implementation of GST in July 2017. After the implementation most provisions of the...

GST may prove a drag on India’s ease of doing business ranking

Thu, Jan 25 2018. 08 11 AM IST

Govt officials are worried that complex returns filing procedures and delays in refund of input tax credits under GST regime may prove a drag on India’s ease of doing business ranking for 2019 GST may hit India’s rating...

GST’s noise in fiscal numbers

Wed, Jan 24 2018. 11 57 PM IST

The revenue projections for the centre for the next fiscal will have to possibly account for some flattening The bigger worry is, of course, the downward trend in overall GST collections. Photo: PTI That the central go...

How to make businesses GST-compliant? Make GST business-compliant

Wed, Jan 24 2018. 02 10 AM IST

The GST system has enrolled close to 10 million businesses onto a single national technology backbone, the GSTN, and already collected over Rs3 lakh crore in taxes in less than six months The market encourages suppliers...

A simpler GST filing regime: Here are the proposed changes

Jan 23, 2018, 11.07 AM IST

In its last meeting, the GST Council deliberated changes in the filing regime for the new tax. The simplified system is expected to be approved by the Council in its next meeting. ET explains the likely scenario: CUR...

Centre needs another Rs 4.2 trillion to meet FY18 indirect tax target

January 22, 2018 09:37 IST

Now, of the Rs 1.9 trillion through IGST, data from the controller general of accounts shows Rs 1.38 trillion was sitting on the government book at the end of November GST Even as the Centre appears confident of meetin...

Narendra Modi interview: On Gabbar Singh Tax, PM says those opposing GST are denigrating Parliament

January 21, 2018 9:51 PM

Narendra Modi interview: In a wide-ranging hour-long interview, PM said, "GST jo bhi hai; if good, it is everyone's, if it is a failure it is also everyone's. It does not belong to one government." Notably, Congress lea...

GST rate cut: From diamonds to used cars, here's full list of revised items

January 19, 2018 09:02 IST

The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1 Photo: Shutterstock Two weeks ahead of Budget 2018, the Goods and Services Tax (GST) Council on Thursday cut rate...

As Budget 2018 nears, another round of GST rate cut on 70 items on cards at council meeting tomorrow

January 17, 2018 1:46 PM

Budget 2018, the last full Budget of the present NDA government is just two weeks away. Ahead of the Union Budget 2018, the GST Council on Thursday will hold a crucial meeting in which they may cut tax rates on as a man...

Bumps on e-way bill road worry industry

Jan 17, 2018, 07.38 AM IST

NEW DELHI: With e-way bill trials having begun Tuesday ahead of a nationwide launch, companies are worried about their preparedness, supply disruptions and the ability of the goods and services tax network (GSTN) to bea...

GST compliance burden: Here’s how government is planning to reduce the procedural hurdles

January 16, 2018 10:37 AM

Aiming to bring about a major procedural overhaul in goods and services tax (GST) so as to reduce the compliance burden for businesses, the government is mulling over a single-stage return filing process instead of exis...

Single GST form likely for service providers

Jan 16, 2018, 07.31 AM IST

NEW DELHI: Service providers such as telcos, banks, insurers and airlines may need to file just one centralised form in respect of the goods and services tax (GST), which will substantially ease the compliance burden o...

Budget 2018: Real estate expects lower GST rate, infrastructure status

January 15, 2018 13:12 IST

Stamp duty continues to remain in force even after implementation of GST and the rates vary from state to state Representative Image Severely impacted by various reforms like RERA, GST and demonetisation, the realty se...

Rebuilding India’s honesty quotient

Mon, Jan 15 2018. 01 21 AM IST

Since the majority of people are honest, they are ready to embrace a rules-based regime GST is an example of a transparent indirect tax regime which not only economically unifies the country but also creates economic e...

Govt may drop proposal on self-reporting of income estimates, tax payments

Sun, Jan 14 2018. 02 26 PM IST

In view of the adverse comments on the proposal for self-reporting mechanism for income estimates, tax payments on voluntary compliance basis, the finance ministry may not be keen on introducting Rule 39A in the income ...

FinMin to simplify GST profiteering complaint form

January 14, 2018 11:35 IST

The finance ministry is planning to simplify the form which consumers are required to fill to submit their complaints against businesses that are indulging in profiteering post GST rollout. The ministry wants to make th...

Amit Shah’s maiden speech in Parliament likely to be on GST

Tue, Jan 02 2018. 09 25 PM IST

BJP chief Amit Shah is likely to deliver his maiden speech in Parliament when the Rajya Sabha debates a GST bill, which was passed by the Lok Sabha last week A file photo of BJP chief Amit Shah. Photo: PTI New Delhi: B...

Govt notifies 1% GST on manufacturers under composition scheme

Tue, Jan 02 2018. 08 14 PM IST

The government has notified lower 1% GST rates for manufacturers who have opted for composition scheme as well as easier norms for traders opting for it Composition scheme is open for manufacturers, restaurants and trad...

Arun Jaitley rules out one GST rate for all items

Tue, Jan 02 2018. 05 57 PM IST

While the question of one GST rate in India does not arise, the process of rationalisation would continue, said FM Arun Jaitley in Rajya Sabha There are countries with a uniform tax rate on all commodities but these ar...

GST going to change India’s economy: Venkaiah Naidu

December 30, 2017 8:41 PM

The Goods and Services Tax (GST) is going to change India's economy though initially it might have caused some pain, Vice-President M Venkaiah Naidu today said. Vice President M Venkaiah Naidu addresses during the11th ...

From GST implementation, Air India privatisation to Aadhaar card linking; 5 big business news that defined India’s 2017

December 30, 2017 6:51 PM

The year 2017 saw some action-packed economic and business events unfolding. The Modi Government, this year too, continued its economic reforms with the implementation of the historic Goods and Service Tax (GST). The ...

GST, demonetisation reset India’s FMCG distribution business in 2017

Fri, Dec 29 2017. 11 06 PM IST

While discontinuation of high-value bank notes in November 2016 plagued cash-dependent distributors through the first half of 2017, they have been struggling to function under a higher compliance burden since GST was imp...

Budget 2018: GST in place, but entertainment industry wants these changes from FM Arun Jaitley

December 27, 2017 1:21 PM

FICCI's pre-Budget 2018 memorandum recommends that cinema owners be "allowed refund in a proper time frame under the GST regime in respect of the exemption committed under the erstwhile regime." The entertainment secto...

November collections: Declining trend seen in GST revenue raises fiscal risk

December 27, 2017 5:30 AM

The chances of at least a modest fiscal slippage for the Centre in 2017-18 appeared increasingly likely on Tuesday, after official data said November goods and services tax (GST) collections were just Rs 80,808 crore, d...

GST on petrol: The unfinished business

Wed, Dec 20 2017. 12 32 AM IST

Convincing the states and managing the revenue loss remain major hurdles in bringing petrol and diesel under goods and services tax FM Arun Jaitley’s statement in the Rajya Sabha on Tuesday that the government is in fa...

Govt favours GST on petrol, diesel but states’ consensus needed: Arun Jaitley

Tue, Dec 19 2017. 06 42 PM IST

FM Arun Jaitley says while the govt favours inclusion of petroleum products, such as petrol and diesel under GST, it would want a consensus with states before taking such a step FM Arun Jaitley said the government has ...

GSTN brings in option for monthly, quarterly filing of forms

Mon, Dec 18 2017. 04 38 PM IST

Goods and services tax network (GSTN) said it has put a new function on its portal to allow taxpayers to choose the frequency of filing GSTR 1 form on quarterly or monthly basis Taxpayers with annual aggregate turnover...

GST anti-profiteering rules: Govt issues form to lodge complaints against firms

Thu, Dec 07 2017. 03 01 AM IST

A complainant will have to mention product price and the applicable tax rates both in the pre- and post-GST era in the anti-profiteering form A complainant may find it difficult to specify tax rates before the GST era ...

GST impact: White goods sector sees decline in sales, wants lower tax rate

December 6, 2017 13:49 IST

Air conditioners, refrigerators, washing machines, sewing machines, electric fans and other domestic goods all fall under the white goods category Illustration: Ajay Mohanty Amid speculation about a goods and services ...

GST jolted biz confidence in Q2: NCAER survey

December 6, 2017 04:32 IST

BCIs of the consumer durables and intermediate goods sectors declined 20.5% and 14.1%, respectively, qoq, says NCAER survey GST India Inc’s confidence dived due to goods and services tax (GST) trouble in the second qua...

Single authority to issue GST refund for exporters: Adhia

December 6, 2017 03:31 IST

GST Council had earlier decided that central officers will have 10% of assessees and the states the other 90% of taxpayers with annual turnover up to Rs 1.5 crore Hasmukh Adhia, Finance secretary The government has str...

Odisha registers 2.3 pct growth in tax collection after GST

December 4, 2017 5:57 PM

Odisha has registered a growth of 2.3 per cent in tax collection after implementation of the Goods and Service Tax (GST) in July this year. Odisha has registered a growth of 2.3 per cent in tax collection after impleme...

GST refunds: Exporters file over 10,000 applications for November

December 3, 2017 16:07 IST

Exporters asked to ensure claims don't exceed monthly amount paid under GST Representative image. With over 10,000 applications for refunds filed by exporters till November, the GST Network on Sunday asked exporters to...

Credit ratings, GST and the ease of doing business

Fri, Dec 01 2017. 03 13 AM IST

Any value-added tax system can yield advantages only if there is certainty of getting tax credits. Only then can businesses price their product taking inputs at cost exclusive of tax paid Although quarterly filing for ...

Arun Jaitley says GST made doing business easier for traders

Fri, Dec 01 2017. 03 04 PM IST

Arun Jaitley says the GST has made doing business easier for traders by expanding the market place and reducing tax compliance burden Arun Jaitley says the two structural reforms — GST and demonetisation — will benefit...

GST: Fresh concessions on cards for exporters?

Thu, Nov 30 2017. 12 48 AM IST

A parliamentary panel has asked the finance ministry to allow exporters to use the old system of refunds to mitigate the compliance burden incurred in transitioning to GST After GST was introduced, the government pared...

States meet GST target as Centre plugs shortfall

Tue, Nov 28 2017. 07 31 AM IST

Centre’s own receipts fell short of target, as taxpayers used outstanding tax credits from the previous indirect tax regime to set off part of their central GST liability In November, the central and state governments ...

October GST collection declines to Rs83,346 crore amid rate cuts

Mon, Nov 27 2017. 07 44 PM IST

GST collection in October slipped to Rs83,346 crore, from over Rs92,000 crore in September, as taxes on most commodities have come down The total GST collection till 27 November is Rs83,346 crore for October and 50.1 l...

Lower GST on lignite a shot in the arm for Sanghi Industries

Tue, Nov 21 2017. 07 34 AM IST

Sanghi Industries is poised to benefit from the reduced GST on lignite, given its plant’s proximity to limestone mines and fly ash, and the use of lignite as raw material for power and fuel No wonder, Sanghi Industries...

GST rate cut: FMCG firms asked to update MRPs immediately

Mon, Nov 20 2017. 09 05 PM IST

CBEC chairperson Vanaja Sarna has written to FMCG firms, asking them to immediately update MRP on all products in line with the GST rate cut CBEC chairperson Vanaja Sarna. The GST Council, in its Guwahati meeting on 10...

Revenue collected under GST in October at Rs95,000 crore: Sushil Modi

Sat, Nov 18 2017. 09 21 PM IST

Sushil Modi says the average revenue shortfall of all states under GST for August was 28.4% and it has come down to 17.6% in October The government had collected Rs93,141 crore revenue under the GST in September. Photo:...

'Not satisfied with GST Council's decision: Manish Sisodia

November 17, 2017 03:54 IST

Higher the rate, the more businesses try to evade taxes Manish Sisodia Lower rates will lead to higher rate of compliance, says Delhi Finance Minister Manish Sisodia, a day after GST cuts were made effective. He tells D...

Cabinet clears setting up of GST anti-profiteering body

November 17, 2017 01:15 IST

Body to ensure benefits of rate reduction passed on to consumers GST The Cabinet on Thursday set the ball rolling for establishment of a national anti-profiteering authority amid reports that restaurants were not passi...

GST relief for consumers: These 178 items became cheaper from Nov 15

November 16, 2017 09:55 IST

From shampoo and detergents to fans, wires and cable, here is the list of items that became cheaper from Wednesday after the GST Council moved 178 items from the 28% GST bracket to 18% After the Goods and Services Tax ...

GST, low industrial growth pull down corporate profits by 1.5%: Report

November 16, 2017

MUMBAI, NOV 16: Lower industrial growth and adjustment to the GST regime have pulled down corporate profits by about 1.5 per cent to Rs. 1.03 trillion during the second quarter, against a healthy 13.2 per cent rise in t...

Bring real estate sector under GST with stamp duty, moderate rate: Assocham

November 14, 2017 17:28 IST

There are reports that the realty sector may be brought under the GST without stamp duty and other levies like property tax, says Assocham secretary general Photo: Shutterstock If the real estate sector is brought with...

Jaitley rules out single GST rate but hints at further rate cuts

November 14, 2017 08:26 IST

Says rationalisation of rates in the future depends on revenues Finance Minister Arun Jaitley Finance Minister Arun Jaitley on Monday ruled out a single rate for the goods and services tax (GST), adding any further rat...

Linking GST rate cuts to elections juvenile politics by Congress: Jaitley

November 13, 2017 21:59 IST

GST Council had last week brought down tax rate on 178 products from 28% to 18% Photo: Shutterstock Finance Minister Arun Jaitley on Monday debunked Congress' claim that it forced the government to lower tax on over 20...

‘Working class hardest hit by demonetisation, GST’

November 10

New Delhi, November 10: A massive rally in Delhi preluded a three-day agitation programme by central trade unions (CTUs), who are clamouring for basic labour laws, universal social security, and like demands. Only the...

HDFC weathers RERA, GST in September quarter to show mortgage kingship

Tue, Oct 31 2017. 07 42 AM IST

That HDFC continues to grow its book fast despite it being the market leader shows its aggression in the mortgage segment What is impressive is that HDFC managed to show strong growth at a time when GST and RERA had dam...

Panel suggests making GST inclusion in MRP mandatory

Mon, Oct 30 2017. 05 32 PM IST

GoM has recommended that the government make it amply clear in the present GST law that MRP is the maximum price of a product to be sold in retail Businesses can separately show the GST component and the MRP of the pro...

Deadline to file GSTR-2, GSTR-3 for July extended

October 30, 2017 16:10 IST

Form GSTR-2 reflects purchases made by a business whereas GSTR-3 is a combination of sales and purchases. Form GSTR-2 reflects purchases made by a business whereas GSTR-3 is a combination of sales and purchases. In a m...

GSTN conducts taxpayers' survey to get feedback on filing experience

October 29, 2017 13:48 IST

500 calls a day are made from a full fledged call centre seeking feedback from businesses: GSTN Chairman Illustration: Ajay Mohanty To make the biggest technology backbone for tax filing more convenient, GST Network (G...

GST has not helped garment exports: Traders to Parliamentary committee

October 28, 2017 01:21 IST

Exporters demand greater tariff support, higher drawback rates; say trade may dip soon Photo: Shutterstock Garment exporters have told Parliament's standing committee on commerce that they are yet to see any benefit fr...

GST unleashed tax terrorism and FM has nerve to say things are fine: Rahul

October 26, 2017 19:09 IST

Rahul Gandhi says Modi has hit 'double tap' of demonetisation and GST, crippling India's economy Rahul Gandhi at 112th Annual session and PHD Annual awards for Excellence 2017 in Delhi (Photo: ANI) Launching a fresh sa...

GST collections at Rs92,150 crore in September

Tue, Oct 24 2017. 03 44 PM IST

Finance ministry says the government has collected Rs92,150 crore as goods and services tax (GST) in September from 42.91 lakh business Till Monday 42.91 lakh business entities had filed initial GSTR-3B returns for Sep...

GST collections rise to Rs 92,150 crore in September

October 25, 2017 03:11 IST

These were marginally lower by Rs 133 crore than Rs 92,283 crore in July Collections under the goods and services tax (GST) rose by Rs 1,481 crore to Rs 92,150 crore in September against Rs 90,669 crore in the previous...

Demonetisation, GST disruptions to cool India’s GDP growth to 4-year low

Wed, Oct 25 2017. 11 47 AM IST

India’s economy will likely grow at its slowest pace in four years this fiscal year, as demonetisation and GST have disrupted business activity, shows Reuters poll India’s economy will grow at 6.7% in the fiscal year e...

Q2 Earnings preview: GST hiccups over; Jul-Sep quarter to be better than Q1

October 10, 2017 09:55 IST

De-stocking has largely been completed and economic activities have started picking up In the rup-up to companies reporting their earnings for the July-September quarter of 2017-18, Vinod Nair writes how this quarter mi...

GST returns: Huge chunk of taxpayers still to file, slow pace to be probed

October 10, 2017 6:55 AM

A quarter of eligible businesses haven’t filed July returns; invoices less than half of estimate. Government officials say that delay in filing GSTR-3B would have an adverse bearing on filing the comprehensive GSTR-1 r...

Govt asks taxpayers to file final July GST returns by Tuesday

October 10, 2017 00:32 IST

Once a taxpayer files GSTR-1 by October 10, the corresponding entries in GSTR-2A of his buyer shall get auto populated GST. Illustration: Ajay Mohanty The government today asked businesses to file final GST returns for...

Govt says no to extending deadline for filing GST supply returns

October 9, 2017 21:22 ISTDilasha Seth

Deadline was extended thrice in the past and expires on October 10 The government has ruled out any further extension for filing supply returns for the goods and services tax for the month of July, the deadline of whic...

Drug inventory remains below pre-GST level

October 8, 2017 00:01 IST

A reduction in inventory level would mean lower working capital requirement Drug inventory with distributors rose to 30 days at end of September, but still remains below the pre-GST level as the trade channel looks to ...

Post-GST, tax collection in Goa drops 22 per cent

October 7, 2017 10:38 AM

The implementation of the Goods and Services Tax (GST) has led to reduction in collection of taxes by 22 per cent in Goa so far as compared to the revenue collection during the corresponding period last year, a senior of...

Modi govt panicked; measures on GST 'too little, too late', says Congress

October 7, 2017 09:34 IST

The party said the reduction in the number of slabs and complexity of the GST regime were yet to be addressed Union Finance Minister Arun Jaitley and Revenue Secretary Hasmukh Adhia (L) at the 22nd meeting of the Goods...

News digest: GST Council meet, governance code impact, and more

October 7, 2017 04:24 IST

From GST Council cuts rates on 27 items to Noose tightens around 5,800 shell firms, BS brings you up to date with latest news GST Council meet: Diwali comes early for SMEs, exporters The Goods and Services Tax (GST) Co...

Today's recommendations by GST Council will immensely help SMEs: PM Modi

October 6, 2017 22:53 IST

The changes were made three months after rollout of the new indirect tax regime PM Narendra Modi Prime Minister Narendra Modi tonight said the GST has become "even simpler" after GST Council's recommendations and that i...

Infosys asked to gear up for GST returns filing rush: Sushil Modi

October 5, 2017 04:59 IST

The GoM has asked Infosys to be prepared to handle the load that would come for GSTR-2 filing between October 11 to 31 GST. Illustration: Ajay Mohanty Infosys, which is managing the IT infrastructure of the GST Network ...

Cut GST compliance burden; here is why GST Council must act fast

October 4, 2017 4:57 AM

The fact that the extended October 10/20/31 deadlines given for filing pertains to the returns for July makes it clear the problems being faced by GST go beyond what could be called teething troubles. The fact that the e...

GSTN reopens composition scheme window for small businesses

September 17, 2017 17:10 IST

Taxpayers were earlier given time till August 16 to opt for composition scheme The GST Network (GSTN) on Sunday said it has reopened the facility for small taxpayers with a turnover of up to Rs 75 lakh to opt for compos...

After GST, pharma companies prefer Gujarat over tax havens

September 16, 2017 21:42 IST

Gujarat FDA has seen a significant jump in number of investment proposals after GST The goods and services tax (GST) has proven to be a boon for the pharmaceutical industry in Gujarat, with a renewed interest among pha...

No more extension for GST return filing, tech issues to be fixed by Oct 30

September 16, 2017 14:55 IST

GST Council allowed businesses to file GSTR-3B, which is a self-assessment of their sale and purchases, until December The government on Saturday ruled out any further extension in the filing of returns under GST after...

GST hits exporters' order book hard; 15% drop till October: FIEO

September 16, 2017 00:57 IST

Liquidity crunch made exporters use available resources to manage business operations Two months after the roll out of the goods and services tax (GST) regime in July, the order books of exporters are said to have taken...

GST on fuel can help rein in prices

September 15, 2017 17:04 IST

States resist move as it curbs their flexibility Photo: Shutterstock The petroleum ministry's push for including crude oil, natural gas, petrol, diesel and aviation turbine fuel in the goods and services tax (GST) may ...

Taxing cigarettes under GST: Is the situation getting out of control?

September 12, 2017 7:06 AM

Existence of illicit markets is a matter of serious concern for any economy since it has wide adverse effects on trade, government revenue, employment, crime control and, most importantly, on the security of the country ...

M&M likely to be most impacted due to GST cess hike: Jefferies

September 11, 2017 19:46 IST

The GST Council decided to hike the cess on mid and high-end cars on September 9 The logo of Mahindra and Mahindra is seen at a showroom in Mumbai. (Photo: Reuters) Investment banking firm Jefferies on Monday said that ...

GST Council meet: Easing the tax rates

September 11, 2017 03:51 IST

GST Council meeting held on Saturday Illustration: Ajay Mohanty List of some goods with changes in the GST rate recommended by the GST Council at its 21st meeting held on Saturday. ...

GST cess hike on cars from today: Luxury, large cars, SUVs get expensive

September 11, 2017 09:15 IST

Auto companies may pass on impact of cess increase to buyers Representative image The increased Goods and Services (GST) cess on mid- sized, luxury and SUV cars will come into effect on Monday. The GST Council on Septem...

GST not responsible for free fall in GDP numbers: SBI Report

September 10, 2017 21:07 IST

Says it is only by the first quarter of next fiscal that growth can witness an uptick The trend over the last few quarters suggests there has been a consistent fall in GDP growth India's GDP growth was expected to decli...

GST revision in rough diamonds welcomed, seeks 5% labour levy abolishment

September 10, 2017 17:59 IST

Rough diamonds have been globally categories into three codes Welcoming the Goods and Services Tax (GST) Council’s decision to revise the three% tax on one of the varieties of imported rough diamonds to 0.25%, the Gems ...

GST registration: TDS, TCS deductors can apply from September 18

September 10, 2017 15:21 IST

Under GST, as many as 72 lakh businesses have migrated from excise, service tax and VAT registration Goods and Services Tax (GST) registrations for entities mandated to collect and deduct tax at source will start from ...

GST rollout: BCCI paid Rs 44 lakh in taxes in July

September 9, 2017 16:15 IST

Some players were also paid share of gross revenue from international matches for 2015-16 season The Good & Services Tax (GST), introduced by the central government from July 1, saw the country's richest sporting body,...

GST returns filing: Govt waives penalty charges for late registration

September 3, 2017 09:56 IST

GST law provided for Rs 100 fee per day on Central GST, State GST in case of late filing of returns Illustration: Ajay Mohanty The government has waived late payment fees for delayed filing of GST returns and allowed b...

PMI manufacturing rebounds in August after GST jitters

September 2, 2017 03:51 IST

Job creation at fastest pace since March 2013 A day after gross domestic product (GDP) data showed a three-year plunge in economic growth at 5.7 per cent in the first quarter of the current financial year, Purchasing Ma...

Mercedes-Benz India denounces levy of cess on luxury cars, says prices going back to pre-GST level

August 30, 2017 12:49 PM

Under the GST regime, large cars with engine capacity of greater than 1,500 cc and SUVs with length of more than four metres and engine greater than 1,500 cc attracts cess of 15 per cent in addition to the top tax rate ...

GST to have positive impact on states' finances: Ind-Ra

August 28, 2017 17:02 IST

Even in the short term, the impact on aggregate state finances will be positive, the report said Goods and Services Tax (GST). Photo: PTI The implementation of the Goods and Services tax (GST) will have a positive impa...

GST will have positive impact on states’ finances: Ind-Ra

August 28, 2017 3:25 PM

The implementation of the Goods and Services tax (GST) will have a positive impact on state governments' finances in the medium to long term, domestic rating agency India Ratings and Research (Ind-Ra) said on Monday. P...

Key takeaways from Q1FY18 earnings and what it means for your investments

August 23, 2017 11:07 IST

For new investor, going through MF mode is still the best way to play long-term Indian growth story The June quarter earnings of the financial year 2017-18 remained soft, but on expected lines as the fallout of GST imp...

GST brings macro-economic stability: Jaitley

August 22, 2017

‘Govt will keep constant vigil against external headwinds’ New Delhi, August 22: The Financial Stability & Development Council (FSDC) has promised to keep a “constant vigil” and be in a state of “preparedness” to man...

Hospitals move GST Council for relief from higher taxes on inputs, services

Tue, Aug 22 2017. 12 38 AM IST

Hospitals have also recommended to the GST Council that input tax credit be made available to them With the roll-out of GST, healthcare providers are not eligible to set off the input tax credit paid on goods and servi...

GST: Hyundai seeks definition of ‘luxury’ from Centre

AUGUST 22, 2017

YK Koo, MD and CEO, Hyundai Motor India, at the launch of the fifth generation Verna, in New Delhi on Tuesday Launches new Verna priced ?8-12.62 lakh NEW DELHI, AUGUST 22: The country’s second-largest passenger car m...

GST: Composition scheme picks up pace after deadline leeway

August 21, 2017 09:21 IST

About 1 mn traders opt for window under GST regime About a million taxpayers have opted for a scheme that will benefit small businesses in the goods and services tax (GST) regime by allowing easier compliance and a fla...

Govt all set to hike GST cess on luxury cars, via ordinance

Mon, Aug 21 2017. 04 53 AM IST

The ordinance will allow the government to hike GST cess on luxury cars and SUVs to restore tax revenue from the auto industry Makers of SUVs and luxury cars have criticized GST Council’s plan for a GST cess hike, warni...

Litmus test for GST regime as returns deadline looms

August 21, 2017

Can GSTN cope with 400 cr invoices of July, Aug? July self-assessment return to be filed by Friday, post extension BL Research Bureau: Over the next few weeks, the Goods and Services Tax regime will face its most crit...

Govt extends GST return filing date to August 25

August 19, 2017 20:43 IST

For taxpayers who have to claim credit by filing form TRANS 1, last date for returns will be Aug 28 The government on Saturday extended the last date for filing returns and payment of taxes under the goods and services...

GST impact: India Inc profits fell 11% in Q1, says Morgan Stanley report

Fri, Aug 18 2017. 07 01 PM IST

The goods and services tax (GST) regime has made a dent on India companies’ earnings for first quarter, says a Morgan Stanley report GST, which was executed on 1 July, adversely affected net profits growth for the first...

Relief for taxpayers, companies with transitional credit get more time to file GST returns

August 17, 2017 10:01 PM

The government today gave some relief to taxpayers availing of transitional input tax credit under the GST regime by giving them an extra week till August 28 to file tax returns. The government today gave some relief t...

Govt extends deadline for filing GST returns for some businesses

Thu, Aug 17 2017. 09 23 PM IST

Businesses claiming transitional input tax credit now have time till 28 August to file their GST returns on Goods and Services Tax Network (GSTN) The first GST return, GSTR 3B, for July has to be filed on GST Network b...

GST base looks set to be at least 25% wider than earlier tax regime

Thu, Aug 17 2017. 03 23 AM IST

The number of assessees who have applied for GST registration or registered to pay goods and services tax may cross 10 million soon, a 25% expansion from the 8 million assessees under the previous tax regime Finance mi...

Independence Day 2017: GST rollout improves business efficiency by 30%, says PM Narendra Modi

August 15, 2017 12:10 PM

The abolition of inter-state check posts after the implementation of GST has reduced time for movement of goods by 30 per cent and saved thousands of crores of rupees, Prime Minister Narendra Modi said today. Addressin...

Common use items exempt from e-way bill provision under GST

August 15, 2017 10:48 AM

LPG, kerosene, jewellery and currency are among the common use items that have been exempted from the requirement of obtaining electronic permits for transportation under the GST regime. LPG, kerosene, jewellery and cu...

GST council flooded with requests to slash tax rates

Mon, Aug 14 2017. 05 07 PM IST

The GST Council has received requests for changes in tax rates on as many as 133 different products from an array of stakeholders, official sources said Namkeen, bhujias and potato chips should attract 5% tax and not 1...

GST: Cutting the clutter

Fri, Aug 11 2017. 01 43 AM IST

MintAsia examines how GST has worked in the less than two months it has been in force and outlines the challenges ahead Transportation firms say GST has helped in lowering the travel time between states sharply. Photo:...

GST, surveillance post demonetisation to increase tax-GDP ratio: finance ministry

Thu, Aug 10 2017. 05 25 PM IST

The implementation of GST and increased surveillance post demonetisation will help increase the tax-GDP ratio to 11.9% by 2019-20, says finance ministry The government has budgeted for over Rs19.06 lakh crore from taxe...

GST sales boost retail firms’ Q1 earnings, but drop likely in Q2

Wed, Aug 09 2017. 10 51 AM IST

Shoppers Stop, Aditya Birla Fashion and Retail, Trent and other retailers saw Q1 sales rise by 14-25% as they liquidated stocks before GST implementation on 1 July Aditya Birla Fashion and Retail reported a 25% increa...

West Bengal assembly passes state GST bill

Wed, Aug 09 2017. 12 31 AM IST

West Bengal CM Mamata Banerjee says she is unhappy with how the new tax regime was implemented in a hurry Mamata Banerjee said on Tuesday that the state government had no option but to pass the state GST bill to make ...

GST rollout lowers overall tax burden: Niti Aayog Vice-Chairman designate Rajiv Kumar

August 8, 2017 7:36 PM

Aug 8 Niti Aayog Vice-Chairman designate Rajiv Kumar today said the implementation of GST has brought down overall tax burden on the economy. Former NITI Aayog vice chairman Arvind Panagariya. (PTI) Niti Aayog Vice-Ch...

GST: Online travel agents liable to deduct 1% tax at source

Tue, Aug 08 2017. 04 42 PM IST

Online travel agents are liable to deduct 1% tax collected at source under the GST regime as they have been classified as e-commerce firms, says CBEC Under the goods and services tax (GST) regime, an e-commerce firm i...

GST effect: Britannia ‘up-stocks’ to cut disruptions in trade channels

August 8, 2017

Kolkata, August 7: Biscuits major Britannia Industries had taken a concerted effort to reduce disruptions because of GST roll-out. Anticipating such disruptions, the company had “up-stocked” its trade channels so tha...

Centre to amend GST law to hike cess on SUVs, luxury cars

August 7, 2017

To correct post-GST anomaly NEW DELHI, AUG 7: The Centre will soon amend the GST (Compensation to the State) Act, 2017 to hike the compensation cess on SUVs, mid-sized, large and luxury cars after the Goods and Servic...

GST impact: Gold imports in H2 of 2017 set to fall to 50% of H1 level

July 28, 2017, 14:40 IST

However, on y-o-y basis, total imports in 2017 will be one-and-a-half times that of 2016 volume After 500-plus tonnes of import in first half of 2017, supported to a great extent by a 126 per cent surge in demand durin...

BRICS' heads of revenue sign tax co-operation pact; hail India's GST move

July 28, 2017, 15:31 IST

They also deliberated upon contemporary international tax issues File photo of Revenue Secretary Hasmukh Adhia in New Delhi. (Photo: PTI) Heads of revenue of BRICS nations have signed a pact to identify areas of cooper...

BRICS countries hail India’s GST reform

July 28, 2017 5:05 PM

India's Goods and Services Tax (GST) regime was hailed by the BRICS countries at a meeting of Revenue Heads held here from July 25-27, an official statement said on Friday. “In the meeting of the BRICS Heads of Revenue...

Govt asks private TV channels to promote GST campaign Manthan

Fri, Jul 28 2017. 09 38 AM IST

Information and broadcasting (I&B) ministry asks all television broadcasters, news and non-news, to run scrolls about GST awareness campaign Manthan I&B ministry requested all the TV channels, News Broadcasters Associa...

One month of GST: Doing business more complicated than ever

July 27, 2017, 12:30 IST

Ambiguous rules, multi-rate sales tax have left firms confused on how to price their products Photo: Shutterstock Nationwide goods and services tax (GST) was meant to unify the $2-trillion economy and make it easier fo...

GST: National Anti-profiteering Authority set up to aid consumer confidence

July 25, 2017, 21:55 IST

Council formed selection committee to identify eligible persons for appointing chairman of this body Illustration: Binay Sinha The GST Council has formed a selection committee headed by the Cabinet Secretary to identif...

Arun Jaitley releases case study on GST

July 25, 2017, 20:57 IST

The case study captures GST entire journey right from its ideation of Kelkar Task Force Report, 2003 Finance Minister Arun Jaitley on Tuesday released a case study on the birth of the Goods and Services Tax (GST) in In...

Invoice uploading opens on GSTN

July 25, 2017, 01:33 IST

It is not mandatory to start the uploading but 'it's live' Image: Istock The GST Network (GSTN), the entity responsible for the information technology backbone of the goods and services tax (GST), opened its system on ...

GST impact on companies: Excluding Reliance Industries, Q1 results reflect pain of destocking ahead of rollout; sales grow 6 pct, profits flat

July 24, 2017 6:28 AM

Sales grew just 6.5% and net profits flat for a sample of 81 firms, excluding RIL The company also offered post-GST prices mid-June and managed to reduce stock at dealers and for the remaining stock dealers were compen...

Number of taxpayers under GST set to eclipse that of previous tax regime

Mon, Jul 24 2017. 12 49 AM IST

As of Friday, 7.95 million applicants has sought GST registration under GSTN, which is 99.3% of the 8 million taxpayers under VAT, service tax and excise duty A larger number of taxpayers will allow the government to l...

GST impact on taxpayers: Centre rolls out relief for small taxpayers; know what it is all about

July 22, 2017 9:37 PM

GST impact on taxpayers: In a big relief to small taxpayers, Centre has eased the GST compliance burden. After years long buzz, the Goods and Services Tax (GST) was rolled out in a special midnight session on June 30, ...

Adopt GST and become part of history: Smriti Irani to business community

July 22, 2017 4:21 PM

Calling the Goods and Services Tax (GST) a "great step towards transparency," Union minister Smriti Irani today urged the business community to become a part of this historic tax reform. On input tax credit, Irani said...

Grey economy struggles under GST’s weight

Thu, Jul 20 2017. 08 54 AM IST

The leather sector is just one example of how India’s vast informal economy is struggling under the goods and services tax (GST) rates With an annual turnover of around $12 billion and as many as 3 million workers, the...

Delhi HC notice to GST Council on plea challenging 12% tax on sanitary napkins

Tue, Jul 18 2017. 02 59 PM IST

Delhi HC issues a notice on a writ petition filed by JNU student Zarmina Israr Khan challenging the constitutional validity of the imposition of 12% GST on sanitary napkins The petition recognizes that sanitary napkins...

ITC felled by govt’s capricious turn on GST

Tue, Jul 18 2017. 12 42 PM IST

Cigarette taxation as a policy tool to raise revenue and even control smoking is back. Investors certainly think so, with ITC’s shares falling by 12% early on Tuesday ITC estimates that a fifth of the cigarette market ...

GST brings pain, paperwork to India’s online sellers

Tue, Jul 18 2017. 08 35 AM IST

The new goods and services tax (GST) regime is causing widespread headaches for small merchants and the e-commerce companies they work with Thousands of small merchants have been dropped from e-commerce sites because t...

Narendra Modi hopes Monsoon session to run with GST spirit

Mon, Jul 17 2017. 10 39 AM IST

Narendra Modi says that the implementation of the GST, which brought different political parties together, has brought fresh energy to Parliament’s monsoon session Stressing the importance of the current monsoon sessio...

GST fortnight

Mon, Jul 17 2017. 12 18 AM IST

The first two weeks since GST launch seem to have gone by without any major disruptions in the Indian Economy, but these are still early days The true extent of the success of Goods and Services Tax will only be known ...

GST Council to take stock of the tax’s implementation today

Sun, Jul 16 2017. 05 02 PM

GST Council meeting has reportedly been advanced from 5 August as it wants to take stock of the situation immediately after the indirect tax’s rollout This will be the first meeting of the GST Council since the launch ...

Government launches GST training programme

Sat, Jul 15 2017. 10 04 PM IST

The government launched a GST training programme to skill around two lakh youth in six months to handle tax compliance issues like invoice-making In the next six months, two lakh people will get complete training about...

Government to keep an eye on price rise & GST glitches

Jul 12, 2017, 01.37 AM IST

Govt seeks minute details and poses specific questions such as the position of prices of the products of the sector pre-GST and post-GST. NEW DELHI: Keep an eye on price rise and shortage of a...

GST forces a shift in consumers’ lifestyle, shopping habits

Mon, Jul 10 2017. 04 42 AM IST

The general perception among consumers is that grocery and discretionary spends such as clothes and eating out have become more expensive after GST Sugar, tea, coffee and edible oil are attracting 5% GST rate while rea...

GST, rupee impact seen impacting June quarter results

Mon, Jul 10 2017. 04 42 AM IST

While rupee’s strength may hurt export realization of firms, the Goods and Services Tax (GST) has caused disruptions across sectors The BSE’s benchmark Sensex and National Stock Exchange’s Nifty have gained 17.8% and 1...

GST is goodbye to simple tax: Kapil Sibal

Sat, Jul 08 2017. 07 18 PM IST

The advent of the GST has hit business hard, and small and medium traders across the country were facing harassment, says Congress leader Kapil Sibal Kapil Sibal claimed ‘the launch of a multilateral GST was for the ri...

GST impact: Consumer goods cos to petition govt against MRP sticker rules

July 7, 2017, 08:30 IST

Changing the maximum retail price tag may mean violation of norms Consumer goods companies are likely to petition the government against the latest directive on affixing stickers to reflect the change in pricing under t...

GST refund: Govt to make provisions for reimbursement in excise-free zones

July 7, 2017, 02:17 IST

Reimbursement to be limited to 58% of the Centre's share of GST The Union government has moved a proposal to make a budgetary provision for refunding its share of area-based exemptions on indirect taxes given to certai...

Modi govt integrated the nation economically via GST, says Arun Jaitley

July 7, 2017, 02:11 IST

Said economically weaker states such as J&K, Bihar, WB welcomed prospect of destination-based tax Arun Jaitley While the nation’s political integration was initiated by the Bharatiya Janata Party’s (BJP’s) ideological ...

Traders with turnover below Rs 20 lakh will have to register for GST: Adhia

July 6, 2017, 22:25 IST

Rs 20 lakh registration limit is only for intra-state traders Illustration: Ajay Mohanty The traders supplying goods to other states will need to register under the Goods and Services Tax (GST) even if their turnover i...

GST impact and anti profiteering law: Kerala wants deterrent clause deployed now

July 6, 2017 7:57 AM

Even as it doesn’t appear the Centre’s intent to invoke the anti-profiteering provision under the goods and services tax (GST) from day one, at least one state demanded that the dreaded tool be wielded without delay. K...

GST impact on Gold: jewellery demand may grow by 9% in 2017 says ICRA

July 5, 2017 6:38 PM

The gold jewellery demand is expected to grow by 9 per cent in value during calender year (CY) 2017, following rapid formalisation of the sector, ICRA said in a report. "The gold jewellery demand is expected to grow by 9...

GST: Filing maze awaits assessees, navigating many forms to be challenging

July 4, 2017, 09:28 IST

These processes would require the help of consultants or chartered accountants It would take some time before assessees get used to filing returns under the goods and services tax (GST) regime, even as the government h...

Developers look to cash in on GST boost to logistics sector

Tue, Jul 04 2017. 01 17 AM IST

Indian and overseas developers and investors chasing new partnerships to enter the warehousing space Under GST, firms are likely shift their focus to supply-chain efficiencies, say experts. Photo: Ramesh Pathania/Mint T...

GST: Cabinet secy P K Sinha reviews price of essential commodities

July 4, 2017, 01:00 IST

Similar reviews to be held for the next few weeks to ensure no spike in prices Illustration: Ajay Mohanty To ensure that prices of essential commodities, particularly daily use items, don’t shoot up due to implementati...

GST: Cabinet secretary reviews situation after 1 July implementation

Mon, Jul 03 2017. 10 13 PM IST

Cabinet secretary P.K. Sinha all government departments and ministries to ensure there is no shortage of goods and prices of essential items are kept under check Cabinet secretary P.K. Sinha has said that benefits of G...

GST impact: Haryana govt to plan series of seminars to clear doubts

July 3, 2017. 21:40 IST

GST Discussion would be held in meetings to clear doubts & make people aware of its benefits Review meeting of GST Council would be held on August 5, in which the Council would take several decisions regarding implemen...

Soft launch to fewer rates: 5 things govt should focus on post GST

July 3, 2017. 09:02 IST

Ability to handle the changes that GST entails would depend on the size and nature of a business Photo: Shutterstock Now that the goods and services tax (GST) is a reality, it is necessary to look at some key areas tha...

GST launched but Narendra Modi’s reform agenda not yet done

Mon, Jul 03 2017. 08 40 AM IST

With the goods and services tax (GST) now rolling out, Narendra Modi may now turn his focus to job creation and other key economic reforms The Narendra Modi government will need to make sure the goods and services tax ...

TN theatres on indefinite strike over 30% entertainment tax even after GST

July 3, 2017. 12:38 IST

The producers' council also opposed to the 30 per cent entertainment tax Theatre owners across Tamil Nadu have started an indefinite strike against the imposition of 30 per cent entertainment tax in addition to the 28 ...

The men and women who made GST a reality

Sun, Jul 02 2017. 03 59 PM IST

A battery of central and state government officials met over 175 times, putting in 18,000-plus man hours since August 2016 to ensure a smooth GST rollout On 1 July, India became only the seventh country in the world to...

GST impact: Hospitality, travel cos expect issues in initial months

July 2, 2017. 14:03 IST

Industries expect support from the government Hospitality and travel industry players expect teething issues to crop up at least in the first few months of GST implementation but are not unduly worried, expecting suppo...

GST: First day sees traders react with nationwide protests, downed shutters

July 1, 2017. 23:05 IST

Several industries, MSMEs downed shutters in Tamil Nadu to protest the GST Kashmiri traders and transporters stage a sit-in protest against the implementation of the GST in Srinagar on Saturday. Photo:PTI The goods and...

Some traders complaining about GST even when consumers are not: Arun Jaitley

Sat, Jul 01 2017. 09 53 PM IST

Finance minister Arun Jaitley wondered why certain traders are complaining about GST rates when the ultimate burden of taxation will fall on consumers Arun Jaitley said that the GST is a collective decision of the nati...

GST rollout: Blackout in sales, moderation of discounts on first day

Sat, Jul 01 2017. 08 18 PM IST

The first day of goods and services tax (GST) witnessed an inevitable blackout in sales of manufactured items and retailers moderating their pre-GST discounts Traders were busy till Friday night clearing pre-GST stocks...

Plenty of hiccups' expected as India rolls out new tax reform

Jun 30, 2017, 02.50 PM IST

By Iain Marlow, Archana Chaudhary, P R Sanjai and Kartik Goyal As India prepares to launch its biggest tax reform since independence in 1947, businesses and citizens across the country are bracing for economic chaos. A...

GST roll-out: Traders greet tax with nationwide protests, strike on Friday

June 30, 2017. 02:11 IST

Bharatiya Udyog Vyapar Mandal said it would observe a daylong Bharat Bandh on Friday Even as the Prime Minister Narendra Modi-led government at the Centre rolls out the goods and services tax (GST) on Friday midnight, ...

How the GST launch impacts you: All your questions about the tax reform answered

June 30, 2017. 10:09 IST

Do registered dealers have to record Aadhaar/PAN while selling goods to unregistered dealers? As the nation prepares for the rollout of the Goods and Services Tax (GST) from midnight today, the government has prepared ...

GST launch at midnight today: Promises, pitfalls of the historic tax reform

June 30, 2017. 09:02 IST

Under GST, the small and medium industries would have to handle things on their own Photo: Shutterstock The series of GST Council meetings have demonstrated both pragmatism and flexibility of the government to solve pr...

GST starts to look like an Indian wedding, unprepared and uncertain

June 26, 2017 12:26 PM

India stands on the brink of one of its most momentous policy reforms in decades unprepared and uncertain. The reform, which intends to knit India together into a single tax area for the first time, goes live on July 1...

GST rollout: Google CEO Sundar Pichai hopes July 1 event will be just the beginning

June 26, 2017 10:43 AM

GST rollout: Google CEO Sundar Pichai has said that he was looking forward to the roll-out of the Goods and Services Tax (GST) from July 1. GST rollout: Google CEO Sundar Pichai has said that he was looking forward to ...

Nervousness may grip markets ahead of GST roll out, derivatives expiry

Mon, Jun 26 2017. 10 37 AM IST

Auto, auto ancillaries, real estates, cements, financial services and FMCG all are bound to correct in the near term, say experts Analysts also see the markets to be in corrective phase after the super rally. Photo: Mi...

Govt, industry should team up to minimize disruption due to GST implementation

Mon, Jun 26 2017. 12 30 AM IST

The stabilization of supply chain by July/August will be critical as the festival season starts from and maximum sales happen during this period The GST Council deserves to be complimented for forging consensus on GST ...

GST rollout from 1 July, but confusion still persists among auto, FMCG firms

Mon, Jun 26 2017. 12 20 AM IST

Ambiguity over the anti-profiteering law under GST is said to be a major worry for automobile dealers and consumer packaged goods companies While most automobile dealers and FMCG firms agree that the goods and services...

Job market eyes GST booster for over 1 lakh immediate openings

June 25, 2017 12:53 PM

The job market is looking forward to a big boost from the new GST regime and expects over one lakh immediate new employment opportunities, including in specialised areas like taxation, accounting and data analysis. Ind...

Railways get GST relief, exempted from IGST on rolling stock

June 24, 2017 5:00 AM

In further relief to Indian Railways, the goods and services tax (GST) Council has exempted the carrier’s inter-state movement of rolling stock such as coaches and locomotives. In further relief to Indian Railways, the ...

GST: DHL says $100 million investment for GST solutions in India

June 23, 2017 10:39 AM

Global logistics group DHL, with plans to invest $100 million in coming years, is working with its customers to prepare for the Goods and Services Tax (GST) being implemented next month. Well ahead of the curve, DHL is ...

GST to lower overall tax burden over time, says RBI governor

Thu, Jun 22 2017. 09 54 PM IST

Goods and services tax (GST ) will create a national market, broaden the tax base and in turn lower the overall tax in the long-term, says RBI governor Urjit Patel RBI governor Urjit Patel says the GST is a precursor to...

GST rollout: Shopkeepers scramble before tax reform takes effect

Wed, Jun 21 2017. 10 06 AM IST

For millions of tiny neighbourhood shops, the leap to GST regime seems nearly impossible, and many hoped the 1 July rollout date would be delayed Finance minister Arun Jaitley promises GST will boost the economy by a f...

With eye on monsoon, GST, markets likely to be range-bound this week

Mon, Jun 19 2017. 09 05 AM IST

Markets may react to Sensex composition reshuffle, wherein Kotak Mahindra Bank will replace GAIL India and Tata Motors DVR will be included as an additional stock Banks and financial stocks are likely to be in focus on...

Hotels relieved: 28% GST on tariff of Rs 7,500 and above,18% tax on 5-star restaurants

June 19, 2017. 08:56 IST

GST on restaurants in five-star and luxury hotels has been reduced from 28% to 18% (From right) Union Finance Minister Arun Jaitley with Puducherry Chief Minister V Narayanasamy and Revenue Secretary Hasmukh Adhia at t...

GST to roll out from 1 July, firms get extra time to file returns

Mon, Jun 19 2017. 01 18 AM IST

For the first two months of GST implementation, tax would be payable based on a simple return, with a detailed filing later, says finance ministry (From left) Union finance minister Arun Jaitley, chief economic adviser ...

GST Council meet: From anti-profiteering, e-way bill to return filing, here are the key takeaways

June 18, 2017 8:45 PM

Finance Minister Arun Jaitley today chaired a meeting of the Goods and Services Tax (GST) Council. Finance Minister Arun Jaitley today chaired a meeting of the Goods and Services Tax (GST) Council. (Representative Phot...

Jammu and Kashmir government to seek complete consensus before GST implementation

June 17, 2017 10:31 PM

The Jammu and Kashmir government today termed GST as a "good tax reform" but said it will not push for its implementation till the time there is complete consensus on the issue. The Jammu and Kashmir government today t...

CAIT asks GST Council to revisit products under 28 per cent slab

June 17, 2017 9:07 PM

A day before the GST Council meet, traders' body CAIT today demanded re-visiting the items put in 28 per cent slab and confine the top tax bracket to only luxury and demerit goods. A day before the GST Council meet, tr...

Reconsider products under 28% slab, CAIT tells GST Council

Sat, Jun 17 2017. 07 27 PM IST

The Confederation of All India Traders urged finance minister Arun Jaitley to re-visit the 28% slab in the GST and confine it to luxurious and demerit goods The GST Council, headed by union finance minister Arun Jaitle...

GST returns filing: Excel sheet format to be launched on 25 June

Fri, Jun 16 2017. 05 53 PM IST

The offline excel sheet format will be launched by the Goods and Services Tax-Network (GSTN) for use by traders and businesses to upload sales data on the GST portal GSTN chairman Navin Kumar says the GST return forms ...

GST rates: Cloth shops, dry fruit sellers in Gujarat observe bandh in protest

Thu, Jun 15 2017. 07 30 PM IST

Cloth markets and dry fruits sellers in Gujarat observe a bandh against the proposed higher rates under the goods and services (GST ) regime Dry fruit and grocery shop associations in Gujarat have been demanding that t...

GST blues: Earth-moving, construction equipment majors fear dip in growth

June 7, 2017. 11:26 IST

Modi govt's ambitious infra projects may also be hit due to high rate of tax on sector under GST The earth-moving and construction (ECE) equipment industry is worried that after the roll out of the goods and services t...

New 28% tax slab for IT hardware under GST needs to be reversed

June 7, 2017 8:20 AM

The Manufacturers Association of Information Technology (MAIT), the trade body representing the hardware industry in India, has said that the new tax slab of 28% for printers and monitors under the forthcoming GST regim...

Flipkart, Amazon India rain discounts to clear stocks ahead of GST rollout

June 7, 2017 6:55 AM

Vendors on e-commerce platforms are trying to liquidate stocks estimated at around `20,000 crore Many of the sellers are expected to offer attractive discounts to tempt buyers. Emails sent to Flipkart and Amazon did no...

GST and Restriction on Cash Transactions in Income Tax

June 6, 2017. 15:18 IST

Business Standard Smart Business panel discussion was held in Kolkata on May 26, 2017 Business Standard Smart Business panel discussion was held in Kolkata on May 26, 2017, at Rotary Sadan by Rotary Club of Calcutta jo...

PM Modi reviews GST preparedness ahead of 1 July rollout

Mon, Jun 05 2017. 04 40 PM IST

PM Narendra Modi on Monday reviewed the preparedness for the goods and services tax (GST) regime which will be rolled out from 1 July The GST Council, chaired by finance minister Arun Jaitley and comprising his state c...

GST: Low taxation bidis result in people shifting from cigarettes to cheaper forms

June 2, 2017 7:58 AM

The experience of over six years of FICCI CASCADE (Committee Against Smuggling and Counterfeiting Activities Destroying the Economy) has amply revealed that the problem of illicit trade is grave and is aggravating at an...

GST rollout: New tax regime has now turned into a race against time

June 2, 2017 5:46 AM

Post the conclusion of the 14th GST Council meeting in Srinagar where, among other things, the most important decisions concerning GST rates on supplies of goods and services were taken, it is race against time to meet ...

West Bengal will lose tax collection power if it misses date with GST

June 2, 2017. 01:59 IST

Failing to clear laws by Sep 15 might land the debt-laden state in financial chaos West Bengal might lose its authority to collect taxes if its Assembly fails to pass the relevant goods and services tax (GST) Bill by m...

Industry's last chance to register for GST

June 2, 2017. 01:49 IST

Businesses need to get on board in 15 days, ahead of indirect tax roll-out With only a month left for the roll-out of the goods and services (GST) tax businesses would have to register on its network in the next fortni...

GST Council will give final shape to new tax framework on Saturday

Fri, Jun 02 2017. 12 04 AM IST

The GST Council, is set to give finishing touches on Saturday to the new indirect tax framework meant to create a single national market from 1 July Finance minister Arun Jaitley with MoS for finance Santosh Kumar Gang...

Now, all your GST queries will be answered by @askGST_GoI on Twitter

May 29, 2017. 10:30 IST

Department of Revenue has opened a new Twitter Handle @askGST_GoI to invite queries from taxpayers The Union government on Sunday started a new twitter handle to answer industry queries related to the Goods and Service...

The business of GST decoded

May 29, 2017. 09:31 IST

Impact analysis exercise has to involve several departments, including finance, IT, supply chain The goods and services tax (GST) is not merely a tax change but a business change that will impact all functions of an or...

How will GST impact state revenues?

Mon, May 29 2017. 03 31 AM IST

A look at the finances of 12 large states ahead of GST implementation from 1 July Goods and services tax (GST) is a value-added tax (VAT) system that subsumes a number of central and state taxes. Photo: Hemant Mishra/M...

Long road ahead: Enrolling for GST

May 29, 2017. 02:05 IST

New registration window opens from June 1 The Goods and Services Tax (GST) is scheduled for rollout from July 1 while the new registration window opens from June 1. ...

Modi government: The next two years

Mon, May 29 2017. 01 53 AM IST

The Modi government needs to now craft its own reforms playbook for the next decade Illustration: Jayachandran/Mint The Narendra Modi government completed three years in office last week. Any assessment of its economic...

GST Council may clarify on tax rate for solar modules at 3 June meeting

Mon, May 29 2017. 12 46 AM IST

GST Council, in its 3 June meeting, might reverse a decision to set an 18% GST rate on solar modules, company executives say Under the final GST rates, solar modules have been classified under an 18% tax slab; the pres...

Various tax slabs under GST worry traders: CAIT

May 28, 2017, 08.43 PM IST

NEW DELHI: Classification of different items under various tax slabs of GST has created an environment of anxiety and concern among the trading community across the country, Confederation of All India Traders said toda...

The GST anti-profiteering ‘weapon’

Thu, May 25 2017. 04 39 AM IST

This new ‘weapon’ in the arsenal of the Union government has been designed and launched as part of the Goods and Services Tax The very idea of creating a new government body to monitor prices is retrograde. Photo: AFP ...

GST structure: an unfortunate compromise

Thu, May 25 2017. 04 34 AM IST

Political optics have overpowered economic logic in the framing of the GST structure Illustration: Jayachandran/Mint India moved a step closer to a new indirect tax system after the GST Council finalized tax rates last...

GST is here. Is it time to look at logistics stocks?

May 24, 2017. 14:04 IST

Given the recent run-up in some of these stocks, analysts do not see gains sustaining for long As the nation prepares for the implementation of the goods and services tax (GST) bill, the performance of transport & logi...

GST: New tax reform to draw Indian businesses into digital economy

Tue, May 23 2017. 08 55 AM IST

The government expects 14% revenue growth under GST as more taxpayers come into the fold of formal economy and move to digital payment With the implementation of GST from 1 July, businesses of micro, small and medium en...

GST: The coming disruption in the wholesale trade

Tue, May 23 2017. 07 40 AM IST

If demonetisation was the first blow to the wholesale trade in rural markets, then the goods and services tax (GST) is the second blow that is lying in wait A lot of wholesale traders operate below the tax radar. If the...

GST roll out: Narendra Modi government eyes crackdown against unfair pricing, mulls new rules

Financial Express

With an aim to check companies from hiking price of products before the much-anticipated Goods and Services Tax (GST) roll out, the central government is working on bringing out anti-profiteering rules. With an aim to ...

A crucial piece of GST puzzle is still missing

Mon, May 22 2017. 07 49 AM IST

While GST rates are in place for most goods and services, transition rules are yet to get a green signal—resulting in uncertainty over GST impact on supply chain ecosystem As taxation under GST will be entirely differe...

GST Council’s next step: Ensuring tax benefits are passed on to consumers

Mon, May 22 2017. 12 30 AM IST

GST Council is trying to ensure businesses pass on to consumers any tax benefit accruing from GST rates that were finalized during the Srinagar meeting The GST Council has to recommend to the government whether a separ...

GST on FMCG sector: some gain, some lose

May 21

Increase in tax will hurt the ecosystem of farmers, retailers, distributors and bottlers in India, says beverage body New Delhi, May 21: The tax fitments announced by the GST Council have evoked mixed response from the ...

GST set for July 1 rollout, but complicated rate structure for services will prove problematic

May 20, 2017 7:23 AM

The goods and Services Tax (GST) Council on Friday approved a four-rate structure, similar to that for goods, for taxing services in the upcoming regime. Of some 120 services taxed, headline rate will increase from 15%...

GST Council fits close to 500 services under four slabs

May 20, 2017. 04:37 IST

The slabs are 5%, 12%, 18% & 28%; rates of bidis, gold, textile, footwear to be taken up June 3 FM Arun Jaitley at the 14th GST Council meeting in Srinagar The two-day summit to finalise the goods and services tax (GST...

GST rates: Flight tickets of economy class to get cheaper from 1 July

Fri, May 19 2017. 10 41 PM IST

GST Council lowers tax rate for economy class flight tickets to 5%, business class tickets to attract higher tax at 12% after GST implementation from 1 July For those travelling business class, tickets will become dear...

GST rates: Aerated drinks to attract 40% tax, industry body upset

Fri, May 19 2017. 08 45 PM IST

Sweetened aerated water and flavoured water will attract a total duty of 28%—40% tax and 12% additional cess, according to the proposed GST rates At present, tax on aerated beverages varies from state to state. While i...

Treat first nine months under GST as trial period, says traders body CAIT

Fri, May 19 2017. 08 09 PM IST

CAIT also suggested that no punitive action should be taken against businesses for ‘procedural mistakes’ to allow them to get familiarised with GST regime Union finance minister Arun Jaitley addressing a press conferen...

FMCG stocks rise as industry welcomes GST rates

Fri, May 19 2017. 11 06 AM IST

Impact of the GST rates was seen across the board as the benchmark BSE FMCG index closed 1.86% higher to 9,627.43 points Marico shares closed 1.08% higher on BSE. Photo: Pradeep Gaur/ Mint Mumbai: FMCG stocks opened hi...

GST: Your small cars will become costlier under the new indirect tax regime

May 19, 2017. 09:48 IST

Proposed GST is understood to have 3 slabs and a cess, Director (sales & marketing), Hyundai said Prices of small cars likely to increase as GST comes into effect Small cars will be slightly expensive under the propose...

GST schedule for goods released to let businesses brace for July rollout

Fri, May 19 2017. 08 49 AM IST

Under the new goods and services tax, dairy products will not be taxed but mobile phones will be taxed at 12%, cigarettes and cars at the highest tax rate of 28% plus cess Under the new goods and services tax, primary ...

12-18% GST rate for most products; foodgrain exempted, 5% tax on coal

May 19, 2017. 03:36 IST

Most FMCG items to become cheaper; rate for six categories to be fixed today The Goods and Services Tax (GST) Council, at its meeting in Srinagar on Thursday, approved rates for about 1,200 items, boosting the chances ...

GST: Cheer for power sector; capital goods awaits final rates

May 19, 2017. 02:35 IST

Coal has been placed under 5% slab, capital goods will be under the 18% slab New goods and services tax (GST) rate slabs for coal and capital goods are expected to bring cheer to the power sector. However, the fate of ...

GST rates could be known today: GST council's meet begins in Srinagar

May 18, 2017. 09:29 IST

In its previous meetings, the council had decided on a four-tier tax structure of 5, 12,18 and 28% The tax that 1.3 billion Indians will pay on buying salt to luxury cars and on services like phone calls to dining out ...

Textile sector pins hope on 5% GST rate

May 17, 2017. 23:51 IST

In its previous meetings, the council had decided on a four-tier tax structure of 5, 12,18 and 28% The textile industry is awaiting the central government's decision on whether the new goods and services tax (GST) rate...

Export benefit scheme to be GST compliant

May 17, 2017, 09.32 PM IST

The government is re-designing the export benefit scheme MEIS to make it GST-compliant, a senior official said today. Prasad said that the GST regime would help build competitive advantage by leveraging supply chain. N...

Andhra Pradesh legislature passes state GST Bill

May 17, 2017, 09.33 AM IST

AMARAVATI: The Andhra Pradesh Legislature today passed the state Goods and Services Tax (GST) Bill. The Parliament had on April 6 passed four legislations to pave the way for nation-wide roll out of GST from July 1. The...

GST provision may lead to closure of branches & formation of shell firms

May 17, 2017. 02:01 IST

Deficiency in GST law to make firms transfer goods to branches outside state to pay interstate GST The introduction of the goods and services tax (GST) in July will pose a challenge for the enforcement authorities due ...

GST exemption list likely to be kept around 100 items

May 17, 2017, 12.59 AM IST

NEW DELHI: The Centre and states are expected to keep the exemption list short — about 100 — under the proposed goods and services tax regime, even as the North Block is flooded with requests from industry associations...

Gems & jewellery trade fully ready for GST roll out from July

May 16, 2017, 07.04 PM IST

NEW DELHI: The gems and jewellery trade is fully prepared for the GST regime, to be implemented from July 1, industry body GJF said today and hoped that the Centre would levy only 1.25 per cent tax on the sector. About...

GSTN operates on Linux, immune to ransomware attack: CEO

May 15, 2017. 16:36 IST

GSTN will complete the beta testing of its software on Tuesday GSTN's Chief Executive Officer Prakash Kumar Goods and Services Tax Network (GSTN), set up to provide information technology (IT) infrastructure for GST ro...

Watch: GST Bill tabled in UP legislature; Oppn disrupts Governor's address

May 15, 2017. 15:39 IST

Opposition threw paper balls at the Governor while he was addressing the House SP MLAs display placards and raise slogans during the Governor's address to the first sitting of the 17th Uttar Pradesh Assembly in Lucknow...

GST: E-way bills pose threat to business of small transporters

Mon, May 15 2017. 12 48 PM IST

While the intent is good, the process of multi-layered declaration of details under GST seems cumbersome Logistics and transportation are largely in the unorganized sector and not very tax compliant either; hence, the ...

More than a 3rd of state taxes to stay out of GST

May 15, 2017, 07.04 AM IST

NEW DELHI: While states and the Centre celebrate the shift to goods and services tax (GST), they have managed to keep at least one-third of the revenue outside the new regime and in the process denied consumers the ben...

GST enters the last mile, all eyes on Srinagar

Mon, May 15 2017. 02 48 AM IST

The GST Council, comprising state finance ministers and headed by Arun Jaitley, will meet later this week in Srinagar to fit GST rates into four tax slabs Finance minister Arun Jaitley. Photo: Abhijit Bhatlekar/Mint La...

GST cloud hangs over excise mop-up as dealers hold up tight

May 14, 2017. 13:58 IST

The GST Council will meet on May 18-19 to decide on the rates Excise collections may take a hit as dealers are refraining from purchasing goods from manufacturers as they are not sure about tax credits and rates under ...

Government keen on GST rollout in July to save Diwali sales

May 14, 2017, 09.14 AM IST

NEW DELHI: The government is keen on a July 1 rollout of goods and services tax (GST), instead of postponing it to September, to avoid the possibility of businesses getting hit during the peak festival season which inc...

GST best bet for states to improve finances: RBI

MAY 12, 2017, 06.43 PM IST

MUMBAI: The introduction of GST will have economy-wide ramifications and holds the "best bet" for state governments to improve their finances without cutting productive expenditure, the Reserve Bank said today. The Good...

Registration for GST enrolment to reopen on June 1

May 12, 2017. 01:58 IST

Of 62,937 tax officials, 24,668 tax officials given training on application software on live system Revenue Secretary Hasmukh Adhia reviewed the progress on enrolment of existing taxpayers The revenue department on Thu...

For IT industry, GST roll-out a $1 bn business

May 8, 2017 6:41 AM

The Indian IT industry is chasing a $1-billion opportunity with the advent of the GST regime, at a time when the sector is going through a bad patch with a slowing demand environment. GST Network is the nodal agency fo...

E-way Bill to ease compliance for transporters under GST: Adhia

MAY 5

NEW DELHI, MAY 5: Revenue Secretary Hasmukh Adhia on Friday promised transporters that the proposed Electronic (e-way) Bill under the Goods and Services Tax will simplify their operations and not cause any compliance ...

India to grow 8% next fiscal as GST benefits kick in, says Das

MAY 5

YOKOHAMA (JAPAN), MAY 5: The Indian economy will grow 8 per cent next fiscal as the full-year impact of the landmark Goods and Service Tax (GST) will be seen by that time, said Shaktikanta Das, Economic Affairs Secreta...

Shortage of drugs? GST uncertainty drives chemists to cut back on stocks

May 4, 2017. 12:15 IST

Messages on social media platforms warn of severe shortage ahead Photo: Shutterstock If you are suffering from any illness and need regular medication, be warned that chemists are not stocking medicines and drugs beyon...

GST: Rising cost of compliance to hurt SMEs the most

Thu, May 04 2017. 07 50 AM IST

GST draft rules on various aspects aim to bring in more transparency; maintaining records of different entities involved in every transaction appears quite tedious While it remains to be seen to what extent tax evasion...

GST Bill to be tabled in Haryana Assembly today

May 4, 2017. 03:39 IST

Legislative agenda included are Gurugram University Bill, Haryana Administrative Tribunal Bill The Haryana state Goods and Services Tax (GST) Bill will be tabled in the Assembly on Thursday in a special one-day session...

GST council’s sub-panel to fix tax rates of goods, services by weekend

Tue, May 02 2017. 11 29 AM IST

GST council’s rate fitment committee to discuss aligning all goods and services to different slabs in three-day meeting starting 4 May Under the new regime, there will be a common list of GST exemptions, which are in th...

Dabur flags GST risks even as demonetisation still stings

Tue, May 02 2017. 07 48 AM IST

Dabur’s domestic sales volumes rose by 2.4% in the March quarter, recovering from the December quarter’s decline post-demonetisation Post-demonetisation, sales have improved but not entirely as the unorganized part of t...

GST not to increase compliance burden, says Revenue Secretary Adhia

May 1, 2017. 18:56 IST

Adhia also said indirect tax burden may come down in the new GST regime Revenue Secretary Hasmukh Adhia at the Facebook Q & A session on GST Photo: PTI The GST would not increase compliance burden on assessees and all ...

Govt under pressure to push GST rollout to September 1

APRIL 30

IT infra still being tested; enrolment of businesses continues to lag in many States NEW DELHI, APRIL 30: Faced with multiple implementation challenges as they race to roll out the Goods and Services tax (GST) from J...

Chhattisgarh clears GST Bill, to implement new tax regime from July 1

April 28, 2017. 16:50 IST

After Bihar, Jharkhand, Telangana and Rajasthan, becomes fifth state to clear the decks for GST Chhattisgarh Legislative Assembly on Friday passed the state Goods and Service Tax (GST) Bill, 2017, becoming the fifth st...

Telecom firms begin state-wise GST registration

April 28, 2017. 01:14 IST

Telecom operations in India are divided into 22 circles not aligned with state boundaries Telecom companies have started state-wise registration needed under the goods and services tax (GST). Telecom companies have a s...

Getting the trade to align with GST is a challenge: Emami CFO

April 27, 2017. 02:37 IST

Naresh Bhansali adds that building awareness among trade partners will be important As with most consumer goods companies, Emami, a Kolkata-based FMCG major, is gearing up for the goods & services tax (GST), to commenc...

Only 34% service taxpayers move to GST payment portal: CBEC ups outreach

April 27, 2017. 11:52 IST

Out of the 80 lakh excise, service tax and VAT assessees; 54 lakh have turnover below Rs 20 lakh The revenue department is stepping up its outreach programme, asking taxpayers to register with the GST Network by this m...

With GST launch, race against time to avoid sales tax upheaval across India

Thu, Apr 27 2017. 08 15 AM IST

As India gets set to roll out the landmark goods and services tax (GST) from 1 July, it’s scrambling to finalize technology to process as many as 3.5 billion invoices each month Parliament in April passed four bills to...

GST compliance burden: Revenue secretary allays Hasmukh Adhia fears

April 26, 2017 7:22 AM

Allaying the fears of businesses over numerous returns to be filed under the proposed Goods and Services Tax (GST) regime, revenue secretary Hasmukh Adhia on Tuesday clarified that a business will need to file only one ...

To avoid hoarding, market distortions, Centre unlikely to announce GST rates soon

April 25, 2017 7:31 AM

While the businesses are waiting for the tax rates for various commodities under the Goods and Services Tax (GST), the government is unlikely to announce the rates soon. The fitment of rates will be made public only a ...

GST rates: Here’s why proper fitment of products based on actual tax is pivotal

April 25, 2017 6:31 AM

With GST to be rolled out soon, the GST Council is all set to decide item-wise rates in May for goods and services based on the Harmonised System of Nomenclature (HSN) and Service Accounting Codes (SAC). The real curre...

Under GST, small cars may see hike in prices

Mon, Apr 24 2017. 08 54 PM IST

A finance ministry official says under GST, the closed slab for small cars would be 28%, resulting in a small increase in price from current 12.5% central excise duty and 14.5-15% VAT The current total tax incidence on...

India’s GST challenge makes Donald Trump’s tax overhaul look easy

Mon, Apr 24 2017. 08 22 AM IST

India gets ready to roll out GST after a 10-year battle to win even as Donald Trump readies for a political battle to overhaul the US tax system Prime Minister Narendra Modi’s government says introduction of the tax ma...

With GST on course, here’s why government must set up panel to cut income tax burden

April 24, 2017 6:20 AM

With the goods and service tax (GST) all set to become a reality this year—the government is still looking at the July 1 date—the countrywide indirect tax system would only need the required modifications in terms of rat...

Make arrangements for speedy GST rollout: PM Narendra Modi to states

April 23, 2017 7:47 PM

The consensus on Goods and Services Tax (GST) reflects the spirit of 'one nation, one aspiration, one determination', Modi earlier said in his opening remarks at the meeting. Prime Minister Narendra Modi. (PTI) Prime M...

GST to boost growth by 4.2%, make products cheaper: Fed report

Sun, Apr 23 2017. 06 53 PM IST

GST could reduce inefficiencies in the production process while eliminating the current compounding effect of different central and state levies, according to a US Federal Reserve paper In the International Finance Dis...

GST great illustration of cooperative federalism: Modi

April 23

NEW DELHI, APRIL 23: Prime Minister Narendra Modi today said the consensus on Goods and Services Tax (GST) reflects the spirit of ‘one nation, one aspiration, one determination’. “The consensus on GST will go down in h...

E-way bills under GST get mixed signals from logistics players

April 17

New Delhi, April 17: The proposed electronic way bill under the goods and services tax regime (GST) has evoked a mixed reaction from from logistics players, who expect challenges in operationalising it in its present...

E-commerce definition too wide in GST dispensation: Assocham

April 16, 2017 3:05 PM

The government must clearly outline the scope of 'e-commerce' under the GST, as the current definition can include even commodity derivatives exchanges where there is no actual delivery of goods, an industry body has sa...

Centre, states taxmen to decide services rate in GST this week

April 16, 2017 12:35 PM

Tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the Goods and Services Tax (GST) regime from July 1. The tas...

Levy 1.25% GST on jewellery sector: Gems and Jewellery Trade Federation urges government

April 14, 2017 8:07 PM

The All India Gems and Jewellery Trade Federation (GJF) today urged the government to levy 1.25 per cent Goods and Service Tax (GST) on the industry as against the proposed four per cent. Over the past few months, the ...

GST regime will increase number of Indians under tax net, says revenue secy

April 14, 2017. 08:06 IST

Post-GST, indirect tax collection would see a growth of 10% as per govt target, says Hasmukh Adhia Union Revenue Secretary Hasmukh Adhia on Thursday said that more people and business units would come under the tax net...

President gives assent to four GST bills, paves way for July 1 roll out

April 13, 2017. 16:32 IST

These bills were passed in Rajya Sabha on April 6 and by Lok Sabha on March 29 President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of on...

President Pranab Mukherjee gives assent to 4 supporting legislations on GST

Thu, Apr 13 2017. 03 58 PM IST

President Pranab Mukherjee’s assent to four GST bills paves the way for the roll out of the unified tax regime from 1 July The GST rates are to be discussed by the GST Council headed by finance minister Arun Jaitley on ...

New GST rates may raise property costs, say real estate developers

Thu, Apr 13 2017. 09 17 AM IST

If the real estate sector comes under the expected 18% tax slab and stamp duty is not subsumed under GST, property prices may rise, worry developers Land leasing, renting of commercial properties and purchase of under-...

GST coming on July 1, businesses should not bank on any delay: Revenue secy

April 13, 2017. 09:11 IST

Revenue secy Hasmukh Adhia also said that going forward the GST rates could come down The Goods and Services Tax (GST) regime will be launched as planned on July 1 to boost economic growth and state revenues, a finance...

Parliament's Budget Session ends, GST tops the list of 18 bills passed

April 13, 2017. 02:01 IST

After initially playing hard ball, Cong supported passage of GST bill saying it was UPA's brainchild The parliament's budget session 2017-18 ended on Wednesday marking a few firsts including passage of key reform GST b...

Arun Jaitley, Finance Ministry officials present GST blueprint to ministers

April 12, 2017 11:40 PM

Finance Minister Arun Jaitley and his ministry officials today presented to the Council of Ministers a blueprint for launch of the path-breaking GST from July 1 to transform the Indian economy. Finance Minister Arun Ja...

GST Network to encrypt companies’ data to check leaks

Wed, Apr 12 2017. 12 24 AM IST

Data security is of prime importance, says GSTN chief executive Prakash Kumar GSTN chief executive officer Prakash Kumar. Photo: PTI New Delhi: Goods and Services Tax Network (GSTN), the company that will pore through ...

Arvind Panagariya in favour of GST roll out despite all challenges

April 11, 2017 7:33 PM

A day after former finance minister P. Chidambaram asserted that any rush to roll out the Goods and Services Tax (GST) by July 1 could prove harmful, Niti Aayog vice-chairman Arvind Panagariya on Tuesday stated that thi...

All tax data will be completely secure, GST Network assures India Inc

April 11, 2017 6:24 PM

GST-Network - the firm which is building the IT backbone of the Goods and Services Tax regime -- today assured stakeholders that all their data will be stored in an encrypted form and only the taxpayer and the assessing ...

Those expressing concerns over GST are tax evaders, says Adi Godrej

Tue, Apr 11 2017. 05 22 PM IST

Adi Godrej says those expressing concerns over GST and calling for further postponement are mainly tax evaders as every body has plenty of time to prepare for the new tax regime Godrej chairman Adi Godrej say GST would...

Under GST, if a person abstains from a service, he is still liable to pay!

April 11, 2017 2:54 PM

The Goods and Services Tax has been hailed as a ''game changer" but there are concerns being raised from various quarters on its implementation. According to V Lakshminarayanan, a tax lawyer and managing partner of a le...

Jewellers want small- and medium-size diamond processors exempted under GST

April 10, 2017. 02:54 IST

Industry says demand has been made to avoid cascading taxation, maintain competitiveness To avoid multiple taxation under the coming goods and services tax (GST), diamond jewellers have urged they be exempted from levi...

How would GST affect passenger car and motorcycle prices

April 10, 2017 1:45 PM

Four Goods and Services Tax bills have been passed by the Rajya Sabha not including the automotive industry directly for the time being. However, as the Government is inching closer to the proposed tax slab, how will it...

GST: Taxpayers to be rated on basis of compliance, performance

April 10, 2017. 11:20 IST

Ratings will be based on how promptly they upload invoices, pay taxes and file returns Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a...

Will the GST increase political fragmentation?

Sun, Apr 09 2017. 11 34 PM IST

The GST is being rolled out in a political economy context characterized by skyrocketing economic disparity both between and within major states Finance minister Arun Jaitley. Photo: HT To its proponents, the much hera...

GST rollout on 1 July likely as Rajya Sabha clears bills

Thu, Apr 06 2017. 08 52 PM IST

The GST bills were passed by the Rajya Sabha after a few opposition parties failed to push through amendments in the absence of support from the Congress party The four GST Bills were returned by the Rajya Sabha by a v...

GST: A mix bag of opportunities & challenges for SMEs

April 7, 2017. 15:30 IST

Decrease in duty limits is one of the primary concerns which has led SMEs to be cautious of GST The Goods and Service Tax (GST) is a destination-based tax applicable at multiple stages of production and rendering of go...

GST: Valuation rules and the risk of litigation

Thu, Apr 06 2017. 07 49 AM IST

Valuation rules set guidelines as to what will be the value on which GST is required to be paid on goods and services A final nod to draft rules is likely at the GST council’s meeting in mid-May. Photo: iStock These ar...

Why it is critical to start with ‘good’ GST, then transition to an ‘ideal/best’ one

April 6, 2017 4:17 AM

The goods & services tax (GST) is currently levied/imposed in about 160 countries, with the average GST rate of around 16%. There are variations from this average charge. India, like Australia and New Zealand, also want...

Opposition looks set to support key GST bills in Rajya Sabha

Thu, Apr 06 2017. 01 13 AM IST

Opposition parties, including Congress, adopted a conciliatory approach as the GST framework reached the last mile before it is sent to the President for his signature The four bills forming the cornerstones of the GST...

Opposition rethink on forcing amendments to GST Bills in RS

April 5, 2017. 20:22 IST

But it plans to stall NCBC constitution amendment to send message to Modi govt Illustration: Ajay Mohanty With an eye on forging opposition unity in Uttar Pradesh for the 2019 Lok Sabha elections and to protest what it...

GST bills in Rajya Sabha, Opposition questions preparedness on new tax regime

Wed, Apr 05 2017. 07 25 PM IST

The Opposition in the Rajya Sabha questioned the governments preparedness to implement GST and urged for a mechanism to insulate taxpayers from harassment Anand Sharma urged finance minister Arun Jaitley and the GST Co...

To avail of tax benefits before GST rollout, FMCGs rush to Assam

April 3, 2017. 08:24 IST

Firms have invested nearly Rs 3,000 crore in past few months to build new plants Besides the rush to close their books of accounts for 2016-17, March saw fast-moving consumer goods (FMCG) companies move with haste on a...

Planning to buy TV or fridge in exchange offer? GST will make you pay more

April 3, 2017. 12:36 IST

CBEC issued draft rules on composition, valuation, transition and input tax credit for comments Those buying goods at prices lower than prevalent market rates in exchange offers for older items, a practice popular in t...

GST will raise private education cost by 3%, even at lowest tax slab of 5%

April 1, 2017. 22:03 IST

Demand for private schooling is not just an elite preference but shows trust in affordable schools Private education could cost 2-3% more if taxed at the lowest slab of 5% under the Goods and Services Tax (GST), accord...

GST anti-profiteering clause aimed at checking high prices: CEA Arvind Subramanian

March 31, 2017 9:53 PM

"GST is going to bring in lot of revolutionary things. One of the real benefits is that we are going to get much better compliance. Every month we are expecting three billion invoices getting uploaded in the GSTN system...

GST Council approves 5 rules; rates to be discussed in May

March 31, 2017 8:25 PM

The all-powerful GST Council today approved five amended rules for the Goods and Services Tax regime and gave "tentative" nod to the remaining four as the central government sprints to meet the July 1 rollout target. T...

GST Council to finalise rules for new tax regime today

March 31, 2017. 02:01 IST

GST Council has already approved 5 sets of rules relating to registration, payments, refund, invoice and returns With goods and services tax (GST) roll-out looking imminent from July 1 after the Lok Sabha’s approval, t...

GST: On the last lap, but ambiguities will be exacerbated by the deadline

March 31, 2017 4:30 AM

The GST Bills appear to be a mixed bag with concerted efforts required to address some of the issues above. The difficulties with these ambiguities will be exacerbated by the short implementation timeframe for the GST. ...

GST: Making the most of India’s big new tax reform

Fri, Mar 31 2017. 08 31 AM IST

The Modi govt should keep working toward its original goal of having only one or two rates for GST, with as few exemptions and as little paperwork as possible To make the reform stick, and to build support for other ini...

Revised GST legislation may pinch working capital of industries

Wed, Mar 29 2017. 12 25 AM IST

The revised draft of the GST bills tabled in Parliament could put pressure on the working capital of industries and spark greater litigation in the coming years Finance minister Arun Jaitley tabled four pieces of GST r...

GST to apply on land lease, rent, EMIs for buying of houses under construction

Tue, Mar 28 2017. 06 38 PM

Leasing of land, renting of buildings as well as EMIs for buying of under-construction houses will attract the Goods and Services Tax (GST) GST, which the govt intends to roll out from 1 July 2017 will subsume central ...

Arun Jaitley briefs MPs about GST bills introduced in Lok Sabha

Tue, Mar 28 2017. 01 58 PM

Arun Jaitley explained in detail the four bills—Central GST, Integrated GST, Union Territory GST and the Compensation Law—to MPs Union finance minister Arun Jaitley. Photo: Reuters New Delhi: Finance minister Arun Jait...

GST Bill shows Centre to get greater chunk of residual compensation fund

Mon, Mar 27 2017. 03 54 PM

According to the GST (Compensation to States) Bill, as introduced in the Lok Sabha on Monday, states will receive provisional compensation bi-monthly from the Centre for loss of revenue GST is likely to be rolled out o...

Govt tables GST bills in Lok Sabha, stokes hopes of 1 July rollout

Mon, Mar 27 2017. 01 12 PM

FM Arun Jaitley introduced the pending GST bills as money bills in Lok Sabha which ensures their passage as Rajya Sabha cannot reject money bills Finance minister introduced the four pending GST bills as money bills in ...

Govt sets up working groups to address issues raised by industry on GST

Sat, Mar 25 2017. 01 20 AM IST

Ten working groups to address questions related to procedural simplification and possible rate structure Ten working groups have been set up to address issues related to banking, financial services and insurance sector...

Blue Star stalls Rs220-crore investment in J&K over GST query

Thu, Mar 23 2017. 09 00 PM IST

Blue Star’s Mukundan Menon says the firm has put on hold its investment as J&K has not clarified whether relief in excise duty is going to continue after GST implementation Blue Star also plans to set up a Rs180 crore ...

Petroleum is a part of GST, but will apply after states agree: Arun Jaitley

March 23, 2017. 19:43 IST

Till then, petroleum products would continue to be taxed as per the current taxation regime Petroleum products, which will be within the purview of the Goods and Services Tax (GST) slated to be implemented from July 1,...

Jaitley underlines urgency to pass GST bills in this Parliament session

March 23, 2017. 17:51 IST

If GST isn't implemented by September 15, govt's legal entitlement for collection of taxes will end. Finance Minister Arun Jaitley The government on Thursday emphasised the urgency to pass the Goods and Services Tax (G...