Rs 8,000 cr released to states for GST related revenue shortfall: Revenue Secretary

Rs 8,000 cr released to states for GST related revenue shortfall: Revenue Secretary

There have been few national-level complaints over businesses tending to profiteer after the goods and services tax (GST) roll-out and so the proposed authority to check such practices might not be required, revenue secretary Hasmukh Adhia said on Thursday. In an exclusive interview with FE, he also said more than Rs 8,000 crore has already been released to the states for their GST-related revenue shortfall for July-August period, as “almost all states except one or two” have sought the constitution-guaranteed…

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After GSTN, e-way bills could be another IT disaster in the making

After GSTN, e-way bills could be another IT disaster in the making

GSTN failure to handle the flood of GST return filings raises serious doubts about the success of the e-way bill system for SMEs For small and medium sized enterprises (SMEs), the recent decision to defer the implementation of e-way bills may just be the calm before the storm. The GST Council on 6 October decided that the e-way bill system shall be introduced in a staggered manner with effect from January 2018 and shall be rolled out nationwide effective April…

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

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

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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Centre cuts GST rates on oil exploration and production

Centre cuts GST rates on oil exploration and production

Setting the stage for inclusion of some of the petroleum products in the Goods and Services Tax regime, the government on Wednesday reduced GST rates for exploration and production sector to reduce the cascading effect arising on account of non-inclusion of petrol, diesel, aviation turbine fuel, natural gas and crude oil. The latest move by the government comes after it reduced basic excise duty on petrol and diesel by Rs 2 per litre last week, following which governments of Gujarat,…

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GST Council to discuss bringing real estate under its ambit: FM

GST Council to discuss bringing real estate under its ambit: FM

Finance minister Arun Jaitley said there is a strong case to real estate under the ambit of the GST, identifying it as one sector where the maximum amount of tax evasion takes place. Identifying real estate as the one sector where maximum amount of tax evasion takes place, Finance Minister Arun Jaitley today said there was a strong case to bring it under the ambit of the GST. The matter will be discussed in the next meeting of the GST,…

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Are businesses really facing problems or is it just another political stunt with GST?

Are businesses really facing problems or is it just another political stunt with GST?

Lately, we hear a lot of criticism from all sections of the society, particularly the traders, who are clamouring about the tax burden, compliance difficulties, obstacles in doing business and so on. However, the Government has a different take on this (GST) , which does not support any of these claims. As per the latest (July) statistics from the Government, you will be surprised to note that 40% of the assessees pay nil tax, while the remaining 60% did not…

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GST Deadline Ends, 43 Lakh biz File Returns For July

GST Deadline Ends, 43 Lakh biz File Returns For July

Filings under the Goods and Services Tax or GST continue to be below expectations, data shows. Out of a total 65 lakh taxpayers registered under the GST, only 40 lakh have filed returns under GSTR-1 for July. October 10 was the deadline to complete GSTR-1 filings for July. The government had extended GSTR-1 filing deadlines by two months and waived off the per day delay penalty of Rs. 100 to help people file returns. “If a taxpayer does not file…

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Do you know why a service provider needs to register for GST across several states?

Do you know why a service provider needs to register for GST across several states?

This is one of the tricky questions that often arises when businessmen tend to do business across multiple states or simply offer services across multiple states, apart from the state where they have been registered. There is lot of confusion on this (GST ) and this blog tries to address this ambiguity, using few practical scenarios. Let’s take the first scenario. Assume that you are a service provider, who has operations in only one state. In such a scenario, GST…

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BAI urged government to reduce GST

BAI urged government to reduce GST

The Builders Association of India (BAI) on Sunday urged the Central and State governments to reduce Goods and Service Tax (GST) from 12 to 5 % for projects which do not offer scope for claiming input tax credit. Speaking at the Builder’s Day function organised by Tiruchi chapter of BAI here, H.N. Vijaya Ragava Reddy, national president, BAI, said that some projects involved no purchase of building materials thereby denying the chances of availing input tax credit. Also read: Government…

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‘Attempts to derail’ GST have failed: Arun Jaitley

‘Attempts to derail’ GST have failed: Arun Jaitley

Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan Schulman, president and CEO of Paypal and Chandrajit Banerjee of the Confederation of Indian Industry (CII).   Despite “attempts to derail” the recently introduced Goods and Services Tax (GST), the states are adopting the new regime at a fast pace, Finance Minister Arun Jaitley has said. Jaitley was responding to a question on the biggest challenges for GST during a conversation with Dan…

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