Search Results for: cii

Industry satisfied with GST implementation: CII survey

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Indian industry considers the Goods and Services Tax (GST)a step in the right direction and a majority are satisfied with its overall implementation, the Confederation of Indian Industry (CII) said on Sunday citing its own survey. Releasing a survey of over 200 businesses on the first anniversary of the roll out of of GST, CII said that 83 per cent of respondents saw the new indirect tax regime a step in the right direction and 65 percent are satisfied with…

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Union Budget 2018: CII seeks easier GST compliance procedures in Budget

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Ahead of the Budget, industry chamber CII today sought redressal of issues related to GST compliance including filing of returns, matching of invoices and getting timely input tax credit. According to the chamber, simplification of Goods and Services Tax (GST) compliances would result in higher number of returns filed, increased collection of revenues, and easier working capital management by trade and industry. The GST Network (GSTN) functioning and return filing formats could be tweaked to ensure acceptance of invoices, it…

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Extend GST return deadline by 2 months to resolve issues: CII

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Industry chamber CII said on Sunday that in view of certain pending issues, the deadline for filing Goods and Services Tax (GST) returns should be further extended by up to a couple of months. “In view of the difficulties of online filing, CII suggested that the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should be deferred for another month or two. This will stabilise the system,” the Confederation of Indian Industry (CII) said in a release. “The finance ministry…

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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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Indirect tax board removes circular on GST, but confusion remains.

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The indirect tax board had removed a “controversial” circular that imposed goods and services tax (GST) on post-sale discounts by dealers, but it has done little to clear the confusion around the many issues that arose with the circular. In June, the Central Board of Indirect Taxes and Customs (CBIC) had issued a circular which said that dealers will have to pay 18 per cent GST on the post-sale discount that they get from the suppliers of goods, if the…

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Railway equipment-makers welcome 12% hike in GST

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Manufacturers of rail equipmenthave welcomed the GST Council’s decision to raise GST on rail equipment such as wagons, coaches and rolling stock to 12 per cent from 5 per cent. Metro rail coach-makers are also set to get a similar push. The move will increase the competitiveness of the products made in India, said Alstom, Bombardier, Wabtec, and other rail-equipment makers. This was a pending demand of railway wagon, coach and engine manufacturers and had been raised by the Confederation…

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Govt. looking at export sops, GST incentives for auto sector

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Offering some solace to the crisis-hit auto industry, Road Transport and Highways Minister Nitin Gadkari on Thursday assured ‘full’ support from the government to help overcome the free fall in vehicle sales. He said the Centre was looking at steps, including export sops and GST incentives, to help create demand in the sector. “As far as the present economic data is concerned, automobile sector is facing a slowdown because of the global economy… because of demand and supply. The government…

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Lowering GST rate on cement next on agenda: Arun Jaitley

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Finance Minister Arun Jaitley on Thursday said the BJP-led NDA will continue with fiscal prudence and lower tax rates if elected back to power. He further said the GST (Goods and Services Tax) Council has cut tax rates on consumption items to 12 or 18 percent from the highest slab of 28 percent and lowering rate on cement is next on agenda. “I speak in terms of taxation policies… I’m quite clear in my mind that on two issues at…

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India Inc hails GST Council’s move to cut tax rates

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India Inc on December 23 cheered the GST Council’s decision to slash tax rates on 23 goods and services and said the move will push demand and boost the economy. The council reduced tax rates on goods and services including movie tickets, TV and monitor screens, and power banks, and exempted frozen and preserved vegetables from the levy. The reduced rates are likely to come into effect from January 1, 2019, Finance Minister Arun Jaitley told reporters after the 31st…

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India Inc seeks more time for filing GST annual returns, audit reports

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With less than a month left for the deadline to file the annual GST returns and audit reports, businesses are still awaiting the online utility on the GST portal as well as more clarity on various provisions and are hoping to get an extension in the due date. Almost all registered taxpayers under the GST are required to file annual returns by December 31 in GSTR-9. Further, businesses with an annual turnover of over ₹2 crore pan India also need to…

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