Search Results for: Sushil Modi

No possibility of GST rate hike till revenue stabilises: Sushil Modi

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Days after the Goods and Services Tax (GST) Council refrained from hiking the tax rates, Bihar Deputy Chief Minister Sushil Kumar Modi said there was no possibility of any such move till revenue stabilised. He said the Council had decided to consider changes in the rates once a year, and not in each and every meeting. A hike in GST rates, he said, would have hampered consumption amid the economic slowdown. “I want to assure you that not a single…

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Fin Min clarifies why Sushil Modi replaces FM Nirmala Sitharaman as head of IGST Group of Ministers

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The Finance Ministry has clarified the reason why Sushil Modi, the deputy chief minister of Bihar, has replaced Finance Minister Nirmala Sitharaman as the convener of a Group of Ministers on Integrated Goods and Services Tax (IGST), as per CNBC-TV18. The finance minister cannot head the panel since she is the chairperson of the GST Council, it said. Sources earlier revealed on December 11 that the finance minister was ‘inadvertently’ named as the convenor of the panel. It happened after…

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GST Council may replace 12% and 18% slabs with 14-15% one: Sushil Modi

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GST Council might replace the 12 per cent and 18 per cent slabs with a 14-15 per cent one, said Bihar Deputy Chief Minister Sushil Modi on Thursday. While addressing a seminar on the GST, organized by the Institute of Chartered Accountants of India, Modi said this slab rationalisation was likely to be taken up only after the GST collections have reached Rs 1 trillion. Experts claim this might take nine months to a year to reach this target. This…

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Govt will know if you evade GST, Sushil Modi warns traders

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Bihar Deputy Chief Minister and GST Network panel head Sushil Kumar Modi on Saturday said that the traders should stop evading taxes as the government can now track them down by using data analytics developed by Infosys. He said that the government – by using data analytics – has identified a large number of defaulters while filing GSTR3B and GSTR1. “We will use data analytics to track GST tax defaulters through its network which has 360-degree view of online transactions…

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GST: Sushil Modi-led GoM approves new single-page return

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A ministerial panel chaired by Bihar deputy chief minister Sushil Modi has worked out a new simplified model for goods and services tax (GST) return filing as per which input tax credit could be given on a provisional basis once the supplier uploads the sales invoice. However, the current system of filing the interim return GSTR-3B while paying the tax might continue till a new single-page return is endorsed by the GST Council. The GSTR-3B was to replaced with more comprehensive…

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No penalty for late GST returns : Sushil Kumar Modi

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Deputy CM Sushil Kumar Modi has said the provision of penalty for delayed filing of GST returns for the quarter beginning July has now been done away with. Modi was interacting with 100-odd trade body representatives and entrepreneurs who had come to discuss their GST-related woes with him on Wednesday. “The penalty already paid will be refunded,” Modi said. Modi said prior to the rollout of GST on July 1, 1.35 lakh of the 1.85 lakh traders of the state…

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Sushil Modi expects large corporates to file GST returns earlier

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Large taxpayers may be asked to file their goods and services tax (GST) returns earlier than others, a move that would help reduce last-minute rush on the GST Network portal. Large taxpayers may be asked to file their goods and services tax returns earlier than others, a move that would help reduce last-minute rush on the GST Network portal. A group of ministers, headed by Sushil Kumar Modi, Bihar’s deputy chief minister, has recommended this as an interim solution to…

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Sushil Modi-headed committee to monitor tech problems of GST

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The government has constituted a five-member Group of Ministers (GoM) headed by Bihar’s deputy chief minister Sushil Modi to monitor technology-related implementation issues of GST. The setting up of GoM follows the decision taken in the 21st GST Council meeting, wherein states had raised the glitches being faced by taxpayers in filing their GST returns on GSTN. Other members include Chhattisgarh’s Minister for Commercial Taxes Amar Agrawal, Karnataka’s agriculture minister Krishna Byre Gowda, Kerala’s finance minister T M Thomas Isaac,…

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GST Council To Explore Making E-Way Bills Must For Moving Gold Within States

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A Group of Ministers has agreed that states can individually decide to make e-way bills mandatory for the movement of gold within their territory to check tax evasion. The panel decided that if states want to implement the e-way bill mechanism for gold and precious stones, they can do so for intra-state movement of the commodity, Thomas Isaac, Kerala finance minister and head of the panel; and Bihar Deputy Chief Minister Sushil Modi, a member of group, told BloombergQuint. Currently,…

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GSTR 1 and 3B to be linked to determine input tax credit and liability

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In an effort to plug goods and services tax (GST) evasion and frauds and ease compliance, the existing GST return filing system is being enhanced to have an in-built invoice matching system to determine input tax credit and liability. The returns will be auto-populated to minimize errors, ease reconciliation and simplify compliance. The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday. The load…

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