Search Results for: CBEC

Expedite GST practitioners’ registration: CBIC chief

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The Goods and Services Tax (GST) came into effect in the country nearly a year ago. But several indirect tax experts find that they still haven’t been approved as GST practitioners, despite having applied for registration months ago via the GST portal. In this backdrop, the chairperson of the Central Board of Indirect Taxes and Customs(CBIC — earlier known as CBEC), Vanaja Sarna, recently wrote to officials to expedite the process. Her letter dated May 4 says, “I would urge the officials to expedite the process…

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Stage set for GST E-Way Bill from April 1

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With less than a week left for the implementation of the much-delayed E-Way Bill across the country, tax officials and businesses seem to be well prepared this time around. “The IT system is fully geared up for the E-Way Bill. It has been thoroughly checked and can handle a much higher load,” said Prakash Kumar, Chief Executive Officer, GST Network (GSTN), adding that it has also gone through multiple rounds of testing. The software for the E-Way Bill is being…

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PMO calls FinMin, Commerce officials on exporters’ GST refunds

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The meeting would also assess the impact of delay in refund process on exports and manufacturing, sources said. The issue of refunds to exporters has been hanging fire for over five months now, with exporters complaining that delay in GST refunds has blocked their working capital. The Prime Ministers Office has called a meeting of top officials of commerce and finance ministries tomorrow to discuss the issue of GST refunds as exporters claimed that their 70 per cent of refunds…

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GOM Panel to discuss GST return simplification on 24th February

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Ahead of the GST Council meeting on 10 March, a ministerial panel under Bihar deputy chief minister Sushil Modi will meet in New Delhi on Saturday to firm up the simplified ‘single-stage’ return filing process. In the run up to the meeting, key members of the return simplification committee Nandan Nilekani and Central Board of Excise and Customs (CBEC) excise commissioner Manish Kumar Sinha, along with Goods and Service Tax Network (GSTN) chairman Ajay Bhushan Pandey, met finance secretary Hasmukh…

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Government extends deadline for filing final GST returns till 10 January

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The Goods and Services Tax (GST) Council has extended by 10 days the due date for filing sales returns for the July-September quarter for small businesses and monthly returns up to October by larger entities. As per a notification issued by CBEC on Friday, based on a decision of the Council, small businesses with turnover up to Rs 1.5 crore, which were to file the first quarterly GST return relating to supplies in the GSTR-1 form by 31 December, can…

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Indirect taxes collection could fall short of target due to GST

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Indirect taxes collection by the government may fall short of the target during the current financial year due to disruption caused by the GST rollout, Central Board of Excise and Customs (CBEC) chairperson Vanaja Sarna said on Sunday. For the fiscal year ending March 2018, the government had fixed a target of Rs 9.68 lakh crore for revenue collections from customs and goods and service tax. However, the CBEC chairperson said there was no plan to revise the revenue collection…

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Tracking the GST that you pay is now at your fingertips!

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A mobile app to help consumers verify the rate of GST levied on the product they purchase, or the service they access, and to assist the tax authorities in the crackdown on enterprises retaining the tax they collect, is to be launched soon by the Telangana government. The Commercial Taxes Department and IIT-Hyderabad have developed the TGST app and its beta version is available, Principal Secretary-Commercial Tax and Excise Somesh Kumar said here on Thursday. Explaining the benefits, Mr. Somesh…

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Govt may reduce items in 28% GST slab

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  GST Council may reduce the number of products in the highest slab , following a series of complaints by state finance ministers, who have argued that several common-use products face a 28% levy, causing hardship to people. At least two state finance ministers told TOI that a number of items like bath fittings, cement, steel products such as rods used for construction are in the top bracket and do not belong there. “The idea was to classify the goods and…

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100 days of GST: From launch to scope of reducing slabs, journey of the tax reform so far

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On July 1, the government made an ambitious shift to what it promised was a modern, transparent and technology-driven indirect tax system to sharpen the competitive edge of a $2.3-trillion economy. The tax reform, which holds the promise of economically unifying the nation, is set to complete 100 days of GST on October 8. Here’s a look at the journey so far: July 1: Prime Minister Narendra Modi and President Pranab Mukherjee launch GST from the Central Hall of Parliament; Government…

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Fast-track GST refund, else Rs 65,000 crore may get stuck: Exporters tell government

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In its 21st meeting in Hyderabad earlier this month, the GST Council had decided to form a committee on exports to review issues faced by the exporters in getting tax content in exports neutralised and suggest remedies to the Council. The fear of liquidity crunch stemming from the delay in GST refund process under the goods & service regime dominated Tuesday’s meeting held by the Committee on Exports, headed by revenue secretary Hasmukh Adhia, with eight export promotion bodies. The…

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