Search Results for: CAIT

CAIT asks FM to probe biz model of e-tailers, says deep discounts causing GST loss

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Traders’ body CAIT  urged the government to probe the business model of e-commerce majors like Amazon and Flipkart, alleging that deep discounts on products were causing loss of GST revenue to the Centre and state governments. In a letter to Union Finance Minister Nirmala Sitharaman, the Confederation of All India Traders ( CAIT) has claimed that e-commerce companies Amazon and Flipkart and others were selling goods much below their market value thus denying the Government of its due legitimate GST…

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CAIT says e-commerce portals avoiding GST during festival sales; seeks probe

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Traders body CAIT on Sunday alleged that e-commerce portals during the festive sales are causing huge loss of revenue to the government by levying GST on the discounted price rather than on the actual market price of the commodity. The Confederation of All India Traders (CAIT) in a communication sent to Finance Minister Nirmala Sitharaman on Sunday charged that the e-commerce companies particularly Amazon and Flipkart through their festive sales are depriving the government with huge amount of GST revenue,…

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CAIT seeks extension of last date to file GST annual return to October 31

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Traders’ body CAIT on Thursday asked the finance ministry to extend the last date for filing annual GST return by two months to October 31. The last date to file the return is August 31. In a letter to Finance Minister Nirmala Sitharaman, the Confederation of All India Traders (CAIT) said prescribed Form GSTR 9 for filing annual return “is still very complicated”. According to it, several information sought in the Form are new and in spite of best efforts…

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CAIT demands extension of closing date for GST return

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The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for filing GSTR-1 from December 31 to January 10. Traders body CAIT today demanded an extension of the deadline for filing final sales returns under the GST regime till month end citing glitches on the GSTN portal. The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for…

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Various tax slabs under GST worry traders: CAIT

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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. Various verticals of retail trade are demanding lower tax on items being dealt by them since they have been categorised under higher tax slab in comparison to tax slab of current VAT tax regime, CAIT said. As per an analysis, 1,211 goods and 36 services have been so far…

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CAIT seeks exemption for MSMEs from input credit under GST

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The Confederation of All-India Traders (CAIT) today raised their concern over the GST clause which links availability of input tax credit to payment of tax by their suppliers. If availability of input tax credit is linked to tax payment by their suppliers, it will worsen the situation of small businesses, CAIT said in a statement and pointed out that this is despite the fact that they fully support GST, which is likely to come to force since July 1. Under…

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GSTN sets up panel to improve IT system

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The Goods and Services Tax Network (GSTN) has announced setting up of a consultative committee to suggest ways to improve the functioning of its info-tech system. The Committee will provide feedback and suggestions on new functionalities in the GST system and adoption of new IT tools. Members will include representatives of industry chambers such as CII and Assocham, traders body such as Confederation of All India Traders (CAIT) and professional bodies such as Institute of Chartered Accountants of India, besides…

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FM Nirmala Sitharaman tells traders GST will be ‘simplified’ further

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Finance Minister Nirmala Sitharaman on Tuesday said that the government will resolve issues concerning traders and that GST would be further simplified. Speaking at the second day of the National Traders Convention of the Confederation of All India Traders (CAIT), Sitharaman assured them that the government is making all attempts to simplify and rationalise the GST tax structure to the extent that even an ordinary trader can comply with the Goods and Services Tax (GST) provisions. “Under the chairmanship of…

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Nirmala Sitharaman holds meeting on GST simplification

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Finance Minister Nirmala Sitharaman on Saturday held meeting with chartered accountants, traders and other stakeholders as part of efforts to further simplify Goods and Services Tax (GST) forms and make the filling process more user-friendly. To highlight the problems faced by GST filers, the stakeholders attempted to file specific returns on a real-time basis in the meeting and tried to show where they are facing difficulties. The finance minister assured the stakeholders that their suggestions on simplification of GST filing…

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No GST on Collecting Exam Fee from Students and Remitting same to that Particular University: AAR

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The Authority of Advance Ruling ( AAR ) in Karnataka has ruled that, the activity of collecting exam fee (charged by any university Or institution) from students and remitting the same to that particular university or institution without any value addition to it is a service as a pure agent and hence the value is excluded from the taxable value of the applicant as per Rule 33 of the Central GST Rules / Karnataka GST Rules, hence exempted from Goods and Services Tax ( GST ). The Applicant provides…

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