GST: Key questions and concerns

GST: Key questions and concerns

Four months since the launch of the goods and services tax (GST) a number of concerns and questions remain: States’ rights The GST Bill has not infringed on the rights of the state legislatures. In fact, the amendments to the Constitution have been made by consensus and all states have agreed to the GST scheme. It is also gratifying that all decisions of the GST Council have been unanimous so far. The state legislatures have obviously agreed to the GST scheme because the levy of value-added tax (VAT) on alcohol…

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Karnataka CM Siddaramaiah seeks GST exemption on handmade products

Karnataka CM Siddaramaiah seeks GST exemption on handmade products

Karnataka Chief Minister Siddaramaiah on Thursday urged the central government to exempt handmade products from Goods and Sales Tax (GST) regime. “As handmade products are produced by millions of artisans across the country, the imposition of goods and service tax on them is having an adverse effect on their livelihood. The GST Council should exempt them from the new tax regime at its next meeting,” said Siddaramaiah in a letter to Union Finance Minister Arun Jaitley. Terming the burden of…

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Items In 28% GST Rate Slab Needs To Be Pruned, Says Hasmukh Adhia

Items In 28% GST Rate Slab Needs To Be Pruned, Says Hasmukh Adhia

The number of goods in the highest 28 per cent GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for further reduction in tax rates, Revenue Secretary Hasmukh Adhia said today. “It is required, the fitment of rates which has happened is mainly based on excise and VAT,” he said when asked if the GST Council is considering pruning of the number of items in 28 per cent tax bracket….

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Government grappling to pinpoint reasons for low GST compliance

Government grappling to pinpoint reasons for low GST compliance

Even more than 100 days after Goods and Services Tax (GST) kicked-in, the government is still trying to figure out the reason behind low compliance. One of the biggest challenge for the government since GST’s implementation has been the issue of non-compliance as some assessees had difficulty in coping with it because it was a new system with a somewhat complicated return filing format. Around 70 percent of the assessees under GST had filed detailed sales returns (GSTR1) for July,…

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GST panel to meet MSME representatives in October end to ease tax rigour

GST panel to meet MSME representatives in October end to ease tax rigour

A five-member ministerial panel set up by the federal indirect tax body, the goods and services tax Council, will meet representatives of micro, small and medium enterprises (MSME) at its second meeting on 29 October to seek views on how to make compliance in the GST regime easier for them. The panel tasked with suggesting ways of making the quarterly tax payment scheme for small businesses more attractive wants to consult SMEs to make its recommendations as broad-based as possible…

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Centre working on mechanism to speed up GST refund for exporters: C.R. Chaudhary Minister of State for Commerce & Industry

Centre working on mechanism to speed up GST refund for exporters: C.R. Chaudhary Minister of State for Commerce & Industry

The central government is working on mechanisms to further speed up the GST refund process for exporters, a minister said on Sunday. “We are evolving a mechanism. We are trying to further reduce time for refunds,” Minister of State for Commerce & Industry C.R. Chaudhary told the media here on the sidelines of the inaugural session of the 186th AGM of the Calcutta Chamber of Commerce. In a relief to exporters, the government recently announced that it would immediately refund…

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Could the Government’s initiatives make GST a simple affair?

Could the Government’s initiatives make GST a simple affair?

It’s been barely three months since the introduction of the Goods and Services Tax (GST), the good and simple tax law has been further simplified. The Hon’ble Prime Minister Narendra Modi also stated that the decisions taken by the GST Council in its twenty-second meeting have evoked the mood of Diwali festival for taxpayers. The government was flooded with several representations primarily from the exporters as well as Small and Medium Enterprises (SME) on the varied challenges faced by them…

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GST composition scheme: GoM consensus on providing relief to small restaurants

GST composition scheme: GoM consensus on providing relief to small restaurants

In an extension of the relief measures taken by the Goods and Services Tax (GST) Council in its October 6 meeting, the Group of Ministers (GoM), constituted to make the composition scheme more attractive, broadly agreed to provide more relief for small and medium businesses in its first meeting held in Delhi on Sunday. The five-member committee is learnt to have agreed upon the need to reduce the GST composition rate for dhabas/roadside eateries/small restaurants, from the existing 5 per…

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There should be no penalty on late filing until GST return gets smooth: GCCI officials

There should be no penalty on late filing until GST return gets smooth: GCCI officials

Gujarat Chamber of Commerce and Industry (GCCI) officials held a meeting on Saturday in the wake of the problem being faced by traders in complying with provisions of the goods and services tax . They said that unless the provisions regarding filing of GST return were smoothed, there should be no penalty on late filing of returns. GCCI president Shailesh Patwari said that in view of the festive season, last date of filing GST return, which is October 20, should…

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Tracking the GST that you pay is now at your fingertips!

Tracking the GST that you pay is now at your fingertips!

A mobile app to help consumers verify the rate of GST levied on the product they purchase, or the service they access, and to assist the tax authorities in the crackdown on enterprises retaining the tax they collect, is to be launched soon by the Telangana government. The Commercial Taxes Department and IIT-Hyderabad have developed the TGST app and its beta version is available, Principal Secretary-Commercial Tax and Excise Somesh Kumar said here on Thursday. Explaining the benefits, Mr. Somesh…

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