India market is coming back post GST: PepsiCo CEO Indra Nooyi

India market is coming back post GST: PepsiCo CEO Indra Nooyi

The New York-headquartered firm has witnessed organic revenue growth of 7 percent outside North America during the quarter, which was fuelled by continued strong performance in developing and emerging markets. Global beverage major PepsiCo is seeing demand coming back in the Indian market post GST and the company has registered “very solid mid-single-digit growth” in the October-December quarter, its Chairman and CEO Indra Nooyi said. The beverages major would also continue to franchise its bottling operation to its local partners…

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GST law: Who are the persons eligible to opt for composition scheme?

GST law: Who are the persons eligible to opt for composition scheme?

There’s an event management company that organises events in different states. Does it need to register in all states? The Government through its ‘FAQ tweets’ has clarified that in case of event-related services, a supplier shall be required to obtain the GST registration in the state where the event is held only if such person supplies services from such state. Where the services are provided from a different state, the supplier can charge IGST, treating the location of the event…

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GST e-way bill software set to be overhauled

GST e-way bill software set to be overhauled

The government is looking at complete overhaul of the electronic-way-bill (e-way-bill) system under the goods and services tax (GST) regime instead of tinkering with its structure or scrapping it altogether, sources in the know told DNA Money. According to him, the e-way invoice could be relaunched by end of this month or early next. The GST Council, the apex decision-making body on issues related to the new unified indirect tax, had made e-way-bill mandatory for movement of goods over Rs…

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GST refund delays brought on working capital constraints which hit exports in October

GST refund delays brought on working capital constraints which hit exports in October

The implementation and refund delays under Goods and Services Tax (GST) caused working capital constraints for firms, which in turn might have hurt their exports in October 2017, said a study by RBI staff. But various initiatives by the government since then appear to have significantly alleviated exporters’ concerns which got reflected in the exports growth pick up in November and December 2017, it said. A 10% increase in the Working Capital/Sales ratio led to a 1.8% decrease in the…

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Filing GSTR-1 return using XaTTaX GST Software

Filing GSTR-1 return using XaTTaX GST Software

With GST filing around the corner, it becomes necessary for you to understand how to file your GSTR-1 return with simple steps using our state-of-the-art GST filing and reconciliation solution – XaTTaX.   What is GSTR-1 return?  GSTR-1 return needs to be filed by all individuals, who are registered under GST. The taxpayer needs to provide details of the outward returns (sales), upload and file the invoices with GSTN. The due date to file this return is 10th October 2017. What…

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GST return simplification to end traders’ woes likely before March 31

GST return simplification to end traders’ woes likely before March 31

The GST Council will most likely come up with simplified GST return system before March 31 as it has decided the return filing under the old system of GSTR- 1, 2, 3 and 3B only until March 31. According to a report by PTI, the chairman of GST Network (GSTN) will seek suggestions from industry and traders’ bodies on simplification of the returns filing. According to him, the GST Council is planning to come up with a new system as…

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GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWA) to their Members

GST Council recommends granting relief from GST on services provided by the Resident Welfare Associations (RWA) to their Members

In its 25th Meeting held on 18th January, 2018, the GST Council had recommended several measures granting relief from GST on a number of goods and services. One of the important reliefs granted by the Council is to enhance the limit of contribution made by members of a Resident Welfare Associations (RWA) for the purpose of exemption from GST. The Council had recommended that the limit may be enhanced from Rs.5,000 to Rs 7,500 per month per member. Services provided by RWAs(unincorporated body…

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

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

Finance Minister Arun Jaitley today said the states are not in favour of including petrol and diesel into GST at the moment, ruling out any immediate levy of the new indirect tax on these petroleum products. While GST was rolled out on July 1, real estate as well as crude oil, jet fuel or ATF, natural gas, diesel and petrol were kept out of its purview. This meant that the products continued to attract duties like central excise and VAT. “So far…

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GST: What is an e-way bill and why is it important?

GST: What is an e-way bill and why is it important?

What is an e-way bill ? An e-way bill is a document that a person in charge of a conveyance carrying any consignment of goods of value exceeding Rs 50,000 is required to carry. It is a mandatory document that is generated from the GST Common Portal by registered persons or transporters who undertake movement of goods. A transporter needs to generate the e-way bill before the movement of goods commences. Is there any scheme under GST for payment of…

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GST runs into e-way bill bump; truckers say it was a disaster waiting to happen

GST runs into e-way bill bump; truckers say it was a disaster waiting to happen

The crash of the e-way bill system on the day of its launch was a disaster waiting to happen because sufficient trials were not carried out, say transporters and courier services on the crucial link required to transport goods in the country under the new Goods and Services Tax regime. “The system crashed along expected lines. Nobody was able to generate an e-way bill. Lakhs of trucks across the country were stranded on Thursday till the evening,” said All India…

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