Browsed by
Tag: CAIT

GSTN
GSTN sets up panel to improve IT system

GSTN sets up panel to improve IT system

Comments 0 Comment

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 others.

CAIT Secretary-General Praveen Khandelwal, who is also a member of the Committee, said that in order to secure the viewpoint of last-mile traders and to encourage easier compliance of the GST and to widen the tax base, it will be most appropriate if similar committees are also formed at State and district levels.

The terms of reference of the Committee include providing feedback on significant changes that have been brought in the system or when such changes in business process are contemplated, suggestions on new functionalities and new tools required, and, procedures and processes from the point of view of tax payers and tax consultants. The recommendation of the Committee will be mainly in two parts, one relating to technology and the other on policy.

Source: The-Hindu-Business-Line

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

GST trouble: Assessees told to explain mismatch of ITC claimed in GSTR-3B, GSTR-2A
FM Nirmala Sitharaman tells traders GST will be ‘simplified’ further

FM Nirmala Sitharaman tells traders GST will be ‘simplified’ further

Comments 0 Comment

Finance Minister Nirmala Sitharaman on Tuesday said that the government will resolve issues concerning traders and that GST would be further simplified.

Speaking at the second day of the National Traders Convention of the Confederation of All India Traders (CAIT), Sitharaman assured them that the government is making all attempts to simplify and rationalise the GST tax structure to the extent that even an ordinary trader can comply with the Goods and Services Tax (GST) provisions.

“Under the chairmanship of the Revenue Secretary, a committee has been constituted, which is working day and night to explore the ways and means to simplify GST”, she said.

Traders from across the country are attending the three-day convention.

Sitharaman lauded the role of the trading community for increasing the GST tax data.

CAIT Secretary General Praveen Khandelwal said the body has set itself a target of enhancing the number of traders registered under GST to 2 crore.

Sitharaman said that Prime Minister Narendra Modi has placed the trading community as his priority and in line with this, various announcements have been made by the government to facilitate traders on growing their businesses.

The Finance Ministry is seized of the problems being faced by traders in the taxation system and the government would do its utmost for providing maximum relief to traders, she said.

According to Sitharaman, while traders bring in tax revenue earners and no prudent government would like to annoy them, they, however, also need to bring their businesses into system and modernise their existing business formats.

The government plans to hold big shopping festivals across the country and will involve CAIT so that traders may get more opportunities to showcase their products, she added.

Source: The-News-Minute

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

CAIT demands extension of deadline for GST return
CAIT asks FM to probe biz model of e-tailers, says deep discounts causing GST loss

CAIT asks FM to probe biz model of e-tailers, says deep discounts causing GST loss

Comments 0 Comment

Traders’ body CAIT  urged the government to probe the business model of e-commerce majors like Amazon and Flipkart, alleging that deep discounts on products were causing loss of GST revenue to the Centre and state governments.

In a letter to Union Finance Minister Nirmala Sitharaman, the Confederation of All India Traders ( CAIT) has claimed that e-commerce companies Amazon and Flipkart and others were selling goods much below their market value thus denying the Government of its due legitimate GST revenue.

CAIT Secretary General Praveen Khandelwal has “urged the Finance Minister to institute a probe into this business model which is causing huge GST revenue losses to the government and recover the difference of GST between billed price and market value from the period of implementation of GST”.

According to the traders’ body, under GST Act, the government has a power to determine actual market value of the products if it appears that it is under billed. CAIT has sent similar letters to Union Commerce Minister Piyush Goyal and finance ministers of all states.

Source: Money-Control.

Get Your GST Returns Filed Easily and
Effortlessly!!!

Our GST software enables you to file your GST returns free of any hassle. Get more details by writing to us at gst@xattax.in.

GST Track Mobile
CAIT says e-commerce portals avoiding GST during festival sales; seeks probe

CAIT says e-commerce portals avoiding GST during festival sales; seeks probe

Comments 0 Comment

Traders body CAIT on Sunday alleged that e-commerce portals during the festive sales are causing huge loss of revenue to the government by levying GST on the discounted price rather than on the actual market price of the commodity. The Confederation of All India Traders (CAIT) in a communication sent to Finance Minister Nirmala Sitharaman on Sunday charged that the e-commerce companies particularly Amazon and Flipkart through their festive sales are depriving the government with huge amount of GST revenue, a CAIT statement said.

CAIT has urged the Finance Minister to order an investigation into the business model of these companies. “Its irony that if a trader makes even a slight mistake during the course of his business, he is subjected to several penalties and even prosecution. However, these e-commerce companies which are authorised to do only Business to Business (B2B) activities are conducting Business to Consumers (B2C) sales right under the eyes and nose of the government and no action has been taken so far against them for such a blatant violation of FDI Policy,” it said.

CAIT National President B C Bhartia said during festive sales of e-commerce companies a large number of commodities are being sold at a much lesser price than the actual price thanks to deep discounts from 10 to 80 per cent which is nothing but a “predatory pricing”.

Moreover, the GST which is supposed to be charged on the actual market price of the commodity in normal case is now being charged on the price after deducting the discounts offered and this is nothing but underpricing of the commodity by these e-commerce portals thereby causing huge loss of GST revenue to the government, he added.

Bhartia said that its an open fact that deep discounts offered by these e-commerce companies are funded by their investors and in actual terms they are not the losers, the ultimate looser is the government in shape of revenue which it ought to have received on actual market price but due to open manipulations of these e-commerce companies, the government is denied of its due revenue.

It is very astonishing that these companies are running into losses since last so many years but still they are continuing with their business operations and holding festival sales and other sales round the year from time to time, he added.
Bhartia clarified that traders are not against e-commerce business and have a firm view that e-commerce is future mode of business in the country. But there has to be a level-playing field where there should not be any element of predatory pricing or deep discounting. 

Source: Times-Now-News

XaTTaX is Best GST Software, Simplify your Financial matters with GST eFiling Software for Return Filing & GST Billing Software in India.

  • Automate Invoicing and get Paid Faster
  • Integration with all popular accounting software
  • Manage your GST and E-WayBill Software anytime anywhere using multiple devices

Get Our GST Software DEMO and E-WAY BILL DEMO for FREE

GST
Government extends deadline for filing annual GST return by three months

Government extends deadline for filing annual GST return by three months

Comments 0 Comment

The government has extended the due date of filing annual Goods and Services Tax (GST) return by three months. “The competent authority has decided to extend the due date for filing GSTR-9, GSTR-9A and GSTR-9C till March 31, 2019,” the Central Board of Indirect Taxes & Customs (CBIC) said in a notification on Friday. The previous deadline was December 31, 2018.

“The requisite forms shall be made available on the GST common portal shortly,” the notification added.

It further stated that “Form GSTR-9 and form GSTR-9A have been notified dated 04.09.2018 (September 4) while form GSTR-9C has been notified dated 13.09.2018 (September 13) as part of the CGST rules.”

GSTR-9 is the annual return form for normal taxpayers, GSTR-9A is composition taxpayers, while GSTR-9C is a reconciliation statement.

The Confederation of All India Traders (CAIT) had urged finance minister Arun Jaitley to extend the last date for filing annual GST return. It noted that the concept is till unclear to a large number of traders and most are not even aware of the obligation of filing annual GST return.

“Under such circumstances it will not be possible for the traders to file their annual GST return by the stipulated period and as an immediate measure, the CAIT has urged to extend the last date of filing annual GST return up to March 31 2019 for the period 2017-18,” the CAIT said.


XaTTaX – World Class Automated eSolution for Return filing and e-Waybill

 

Source: Times Of India.

 

CAIT demands extension of closing date for GST return

CAIT demands extension of closing date for GST return

Comments 0 Comment

The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for filing GSTR-1 from December 31 to January 10.

CAIT demands extension of deadline for GST return

Traders body CAIT today demanded an extension of the deadline for filing final sales returns under the GST regime till month end citing glitches on the GSTN portal.

The deadline for filing GSTR-1 for July-November, 2017, will end tomorrow. The Finance Ministry had last month extended the due date for filing GSTR-1 from December 31 to January 10.

Also read: Trial Launch Of GST E-Way Bill Scheduled In 🗓️ January 2018

Sources in GSTN, however, refuted the charge that the GST portal was not working.

The Confederation of All India Traders (CAIT) in a statement claimed that the “GST portal remain hanged most of the time” today which made the filing of return difficult for businesses.

“In view of the same, the CAIT has demanded Finance Minister Arun Jaitley to extend the date of filing of returns to at least January 30 and in the meantime has also demanded a thorough technology audit of the portal and ensure its normal functioning,” it said.

Sources said the due date for filing GSTR-1 is unlikely to be extended beyond tomorrow.

Goods and Services Tax Network (GSTN) is providing the technology backbone for the implementation of the new indirect tax regime. GST, which subsumed over a dozen local taxes, and transformed India into a single market was rolled out from July 2017.

Businesses with a turnover of up to Rs 1.5 crore have to file GSTR-1 for July-September by tomorrow.

For those with a turnover of more than Rs 1.5 crore, GSTR-1 for the months of July till November has to be filed by January 10.

The GST Council had in November last year allowed businesses with a turnover of up to Rs 1.5 crore to file final returns GSTR-1 quarterly.

XaTTaX: Cloud and On-Premises Based GST Filing Software For India

Source :  Money Control
Deadline for selling pre-GST goods extended to December 31

Deadline for selling pre-GST goods extended to December 31

Comments 0 Comment

GST:Ram Vilas Paswan

Traders can now sell their unsold pre-GST stock with their revised MRP post the implementation of GST along with their old MRPs till December 31 this year, the department of consumer affairs has said.

“On packaged commodities industry can display revised MRP due to GST implementation using sticker/stamping/online printing up to 31st Dec 2017,” Minister of Consumer Affairs, Food and Public Distribution Ram Vilas Paswan said in a tweet late Friday.

Officials aware of the developments said that the department had been approached by several retailers, asking for an extension on the timeline for displaying revised MRP on packaged products, the last date for which was September 30.

Details of the changed MRP was allowed to be displayed by way of stamping or putting sticker or online printing.

“Considering the requests received from manufacturers, traders and industries, the central government hereby permits the manufacturers or packers or importers of prepackaged commodities to declare the changed retail sale price (MRP) on the unsold stock manufactured/packed/imported prior to 1st July, 2017 after inclusion of the increased amount of tax due to GST if any, in addition to the existing retail sale price, up to 31st December, 2017,” said a letter issued by the department of consumer affairs to state legal metrology departments, accessed by ET.

The move comes as a relief for traders and manufacturers who were stuck with MRP-labelled, pre-GST stock.

A senior official from the department of consumer affairs said that there was still some confusion among consumers regarding revision of prices after the new tax regime was implemented from July 1 this year, following which, the department has taken the decision.

The letter also mentioned that any packaging material or wrapper which could not be exhausted by manufacturer or packer or importer, may be used for packaging of material up to 31st December, 2017, or till such date the packing material is exhausted, whichever is earlier after making corrections required in MRP on account of implemetation of GST, by way of stamping or putting sticker or online printing.


Ease Your GST Filing & Invoice with XaTTaX GST Software

Source :  The Economic Times
Traders, businesses learn the ABC of GST as roll-out deadline nears

Traders, businesses learn the ABC of GST as roll-out deadline nears

Comments 0 Comment

ABC of GST

With just three weeks left for the roll-out of the goods and services tax (GST) from July 1, millions of traders and businesses, including big and small, are making a beeline for classes to learn the ABC of the new tax system.

Industry bodies, such as the Confederation of All India Traders (CAIT) and the Retailers Association of India (RAI), are organizing nationwide classes to teach people the nitty-gritty of the GST and how to become GST-compliant.

According to industry experts, while the value added tax (VAT) was not a tech-heavy tax regime and did not have many implications for businesses, the GST is based on technology and has a complex structure. “For traders who might not be very tech savvy and have problems understanding the tax intricacies, it is important we provide them with some hand-holding,” said Praveen Khandelwal, secretary general, CAIT.

The classes elaborate the various rules affecting a particular sector under the new regime, offer on-ground guidance from GST consultants and provide information on software to be used for filing taxes, among other things.

The trader body, which is going to organise as many as six “mega classes” all over the country over the next month, plans to make at least one lakh traders GST-compliant. “We will organise one class each in north, south, west, east, centre and northeast. We already have sponsors lined up to finance these events. The classes are divided into theoretical training and crash course in software, among other things. Not only that, we will teach them how to incorporate use of digital payments in the GST regime,” Khandelwal said.

CAIT, in association with Acer India and Tally Solutions, launched on Tuesday ‘BIZGURU’, a plug-and-play business solution for seamless transition to the GST.

RAI is also organising interactive sessions on the GST in Mumbai and Delhi, with a view to educate the retail fraternity. The sessions will help retailers eliminate hurdles in compliance of the GST rules. It has also started providing help via its official website.

“Members of RAI deal with a variety of goods and services as they represent various retail formats. As they move into a new and complex regime, a help desk, with seasoned experts on the panel, will help extract collective wisdom and ease the move towards GST,” said Kumar Rajagopalan, chief executive officer, RAI.

Many industry bodies are also organising sector-specific GST workshops to ensure that any ambiguity attached to a particular business is addressed. The Associated Chambers of Commerce and Industry of India (Assocham) and Videocon recently organised a GST summit for retailers and traders dealing in consumer durables and electronics. Assocham plans to take this programme to various cities in the next few weeks.

 

Source : Business Standard
Various tax slabs under GST worry traders: CAIT

Various tax slabs under GST worry traders: CAIT

Comments 0 Comment

Goods & Service Tax

Classification of different items under various tax slabs of GST has created an environment of anxiety and concern among the trading community across the country, Confederation of All India Traders said.

Various verticals of retail trade are demanding lower tax on items being dealt by them since they have been categorised under higher tax slab in comparison to tax slab of current VAT tax regime, CAIT said.

As per an analysis, 1,211 goods and 36 services have been so far classified under GST out of which nearly 50 per cent goods have been placed under 18 per cent rate; 14 per cent under 5 per cent rate; 17 per cent under 12 per cent rate and 19 per cent under 28 per cent rate, CAIT said in a statement.

In view of growing discontent about proposed GST rates, CAIT has urged the government to revisit the rate schedule. “The wider impact of the classification of items under different tax slabs needs to be gauged very cautiously since under GST not only the taxes paid on goods but even the taxes paid on the services will be eligible for input tax credit,” CAIT said.

Besides, taxes paid on inter-state purchases of goods or availing services will also be eligible for input tax credit, it added. “Hitherto, both these advantages were not available under VAT tax regime. Therefore, impact on the prices of commodities will have to be drawn after calculating advantages of input tax credit,” CAIT said.

Source :http://www.moneycontrol.com/news/business/economy/various-tax-slabs-under-gst-worry-traders-cait-2291089.html
CAIT seeks exemption for MSMEs from input credit under GST

CAIT seeks exemption for MSMEs from input credit under GST

Comments 0 Comment

CAIT

The Confederation of All-India Traders (CAIT) today raised their concern over the GST clause which links availability of input tax credit to payment of tax by their suppliers.

If availability of input tax credit is linked to tax payment by their suppliers, it will worsen the situation of small businesses, CAIT said in a statement and pointed out that this is despite the fact that they fully support GST, which is likely to come to force since July 1.

Under the GST law, input credit against taxes paid by the purchaser can be availed of only if the seller deposits the tax. In the event of non-compliance at the end of seller, it is the purchaser who will be denied input credit.

 Over 6 million businesses are due to fall under the GST net and most of them are MSMEs. These businesses suffer from uneven cash flows but are largely compliant, claimed the association.

If availability of input tax credit is linked to payment of tax by their suppliers, it will worsen the situation of these small businesses, the CAIT statement said.

“We are happy that the GST Council has cleared the way for the new law to get implemented. The trading community and other small businesses will benefit from the single tax regime undoubtedly,” Praveen Khandelwal, CAIT secretary general said.

“However, the provisions in the law to do with input tax credit availability if not corrected will be detrimental to their survival. Therefore on behalf of the entire traders, we urge the finance minister to remove this roadblock so that GST can be a great law for all,” he said.

Source:PTI