GST provided much-needed reform to the logistics sector

GST provided much-needed reform to the logistics sector

The implementation of the goods and services tax (GST) ushered in much-needed reforms in India’s largely unorganised logistics and transport sector, and helped speed up movement of trucks, according to industry executives. Transporters and logistics players ET spoke to said the switch to GST led to at least 20% reduction in turnaround time of trucks after border checkposts were dismantled. Besides, they said, implementation of the e-way bill on consignments of Rs 50,000 and above was gradually freeing them from…

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GST: Collections increase to Rs 95,610 crore in May

GST: Collections increase to Rs 95,610 crore in May

Revenue collections for May from the goods and services tax (GST) have come in at Rs 95,610 crore, of which Rs 31,645 crore will flow into central kitty and Rs 36,683 crore will go to the states. Collections for April were Rs 94,016 crore while the average for the last fiscal stood at just below Rs 90,000 crore. The higher-than-average mop-up has been attributed to the effectiveness of the e-way bill system and other enforcement action. Nonetheless, finance secretary Hasmukh…

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Industry satisfied with GST implementation: CII survey

Industry satisfied with GST implementation: CII survey

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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One year of GST: The successes, failures and what’s next on the agenda

One year of GST: The successes, failures and what’s next on the agenda

One year into the goods and services tax (GST) regime, early-day jitters have given way to general acceptance that this may not be the most perfect single tax system, but it’s working. There are many issues that remain to be addressed, but the fact that some of the knotty ones have been resolved gives rise to confidence that even these will be sorted out. Here’s how the past year panned out. Inflation rate didn’t rise: GST, it was widely feared,…

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GST has positive impact on overall biz: CFOs survey

GST has positive impact on overall biz: CFOs survey

A significant majority of the CFOs surveyed by global professional services firm Deloitte have given a thumbs-up to the Goods and Service Tax (GST), stating that implementation of this indirect tax reform has had a positive impact on overall business. This appreciation of GST’s value proposition comes on the eve of India completing one year of GST implementation. Over 250 CFOs with revenues spanning from less than Rs 250 crore to more than Rs 10,000 crore, responded to the Deloitte…

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GSTN to go in for third-party audit of its software: Prakash Kumar

GSTN to go in for third-party audit of its software: Prakash Kumar

GSTN has decided to go in for third-party audit of its software developed by Infosys to ensure that all changes in law are adequately captured and its performance is not lagging on any count, a senior official said. GST Network operates the IT backbone for collection of Goods and Services Tax (GST) data of over 1.11 crore registered business entities. A third-party audit will ensure that data filed with GSTN is adequately secured and there are no glitches. GST Network…

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GST Council may cut tax on construction material to 18%

GST Council may cut tax on construction material to 18%

The goods and services tax (GST) Council will consider a proposal to reduce GST rates on more items used in construction to 18% from 28%, as the government looks to create more jobs and boost the economy ahead of the 2019 general elections. If the GST Council approves the proposal in its 19 July meeting, it could be a shot in the arm for both homebuyers and builders. The idea is to bring down taxes to aid economic growth, said…

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GST is victory of honesty: PM Modi in Mann ki Baat

GST is victory of honesty: PM Modi in Mann ki Baat

A week after the BJP broke off its alliance with the Peoples Democratic Party in Kashmir and faced a group of Chief Ministers from Opposition parties standing in solidarity against the Centre along with the Aam Aadmi Party government in Delhi, Prime Minister Narendra Modi spoke of the first anniversary of the Goods and Services Tax (GST) regime as a credit to cooperative federalism. He was delivering his monthly radio broadcast, “Mann ki Baat”, on Sunday. “If I have to…

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One year of GST: SME cash flows impacted, but story has a sunny side too

One year of GST: SME cash flows impacted, but story has a sunny side too

GST is going to be one year old on July 1, and the journey over the past one year has been a mixed bag. While the objective of GST to eliminate the cascading effect of tax and to simplify indirect taxation in India is noble, implementation of the new regime has been easier said than done. There have been continuous challenges in coming to terms with transitional requirements, filing returns on the portal, and equipping one’s business for the increased…

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A step-by step Guide for filing GST TRAN 2 Form

A step-by step Guide for filing GST TRAN 2 Form

GST TRAN 2 can be filed only if TRAN-1 and GSTR 3B of the relevant tax period is filed. Step1 – Navigate to the TRAN 2 page of the desired tax period after logging in, Select the < Financial Year> and < Month> Step2 – Table 4 of GST TRAN 2 would be enabled if records were declared in Table-7(a) (7B) of TRAN 1 and Table 5 would be enabled if records were declared in Table-7(d) of TRAN 1. Step3 – Enter details of…

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