Search Results for: Arun Jaitely

As Official Deadline Passes, Only 46 lakh File Final GST Returns for July

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About 70% (46 lakh) of the assessees under the Goods and Services Tax (GST) had filed detailed sales returns for July as on Tuesday (October 10), the official deadline. Low compliance, said officials. No further extension was given; the deadline had been extended twice earlier. About 4.59 million entities of the eligible 6.5 million filed the GSTR-1 return, for the first month of GST. “We will assess why many people have not filed. We have already sent reminders to those…

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Impact of GST on the Energy Sector of India

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India staged a decision to implement GST (unified Good and Services Tax), which was proposed almost 30 years ago, after obtaining nod from both the upper and lower houses.  The uniform tax is helpful for the tax payers across the nation. The new tax law considering including Countervailing duty, VAT, luxury tax, service tax, octroi, and the entry taxes levied by the state governments. The GST is proposed to be levied on the total consumption instead of the production. According…

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GST rule changes: 12 things to know

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The decision to reduce the compliance burden of small companies and traders, comes just two days after Prime Minister Narendra Modi address regarding concerns over implementation of GST. Three months after the rollout of the indirect tax regime, the Goods and Services Tax (GST) Council, following a meeting on Friday, announced relief to small and medium businesses on filing and payment of taxes, and also eased rules for exporters and cut tax rates on 27 common use items. After the meeting, Finance Minister Arun…

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