Knowledge Blog

   GST Revenue Crosses Rs 94,000 crore In September 2018

   01 Oct 2018

GST Revenue Crosses Rs 94,000 crore In September 2018...

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   Income Tax Return Filing: CBDT extends due date for filing ITR for AY2018-19

   28 Jul 2018

Income Tax Return Filing: CBDT extends due date for filing ITR for AY2018...

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   GST Council Meet: E-Way Bill Roll-Out From April 1, Return Filing Process Extended Till June

   14 Mar 2018

GST Council Meet: E-Way Bill Roll-Out From April 1, Return Filing Process Extended Till June...

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   GST Council to meet in March to usher in single monthly return

   18 Feb 2018

GST Council to meet in March to usher in single monthly return...

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   Impact Of GST On Restaurant Industry Largely Positive, Says Survey

   18 Feb 2018

Impact Of GST On Restaurant Industry Largely Positive, Says Survey...

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   Movement of goods set to be easy with e-way bill from February 1

   15 Jan 2017

"Vehicle number can be entered by those who generate E- way Bill or transporter and they can also update the vehicle number in case of vehicle breakdown or transshipment," said GSTN, the company handling the technology backbone for GST roll out....

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   GST: Reverse charge mechanism a catch-22 situation for small businesses

   10 Jan 2018

GST: Reverse charge mechanism a catch-22 situation for small businesses...

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   GST Council 23rd meeting : cuts rates on 177 items; chocolates, shampoo to attract 18% tax

   10 Nov 2017

"Paints and cement have been retained in the 28 per cent tax bracket, he said. "Luxury goods like washing machines and air conditioners have been retained at 28 per cent."...

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   PM hints more relief for traders & businesses to ease GST compliance burden

   04 Nov 2017

PM hints more relief for traders & businesses to ease GST compliance burden...

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   Last dates to file GSTR-2 and GSTR-3 extended

   30 Oct 2017

Last dates to file GSTR-2 and GSTR-3 extended...

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   Fee on delayed GST return filing takes taxpayers by surprise

   24 Oct 2017

Fee on delayed GST return filing takes taxpayers by surprise...

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   GST: Govt collects ₹ 92,150 crore revenue in September

   24 Oct 2017

GST: Govt collects ₹ 92,150 crore revenue in September...

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   Over 3.9 million assessees file GST returns for September, number below expectations

   24 Oct 2017

Over 3.9 million assessees file GST returns for September, number below expectations...

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   GST rate structure needs complete overhauling: Hasmukh Adhia

   23 Oct 2017

GST rate structure needs complete overhauling: Hasmukh Adhia...

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   Infosys gets a month to fix GSTN glitches

   17 Oct 2017

Infosys gets a month to fix GSTN glitches...

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   Arun Jaitley indicates scope for clubbing 12% and 18% rates under GST

   03 Aug 2017

The current GST has 5 per cent, 12 per cent, 18 per cent and 28 per cent rates, plus one for luxury and sin goods. There are some that are zero rated, or nil rate....

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   Forget about your next free slice of Domino's pizza, companies will now be taxed on freebies

   01 Aug 2018

Every time a company supplies something free, it will have to bear the GST burden on it. This may also include freebies given by pharmaceutical companies to doctors, said tax experts....

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   Arun Jaitley introduces 2 bills in Lok Sabha to extend GST to Jammu and Kashmir

   01 Aug 2017

The Central goods and services tax (GST) would be imposed on intra-state supplies in the state and the integrated tax on interstate supplies...

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   GST Council may raise e-way bill floor from Rs 50,000 to prevent harassment

   31 Jul 2017

An e-way bill is required to transport any item worth more than Rs 50,000 within the country. It is proposed as a permit of sorts in electronic format that will have details of the goods being transported....

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   GST impact: Over 25% of trucks idle amid drop in interstate movement

   28 Jul 2017

Non-banking finance companies may hold back on lending, pushing up interest rates. The Indian medium and heavy truck segment fell 32% in the June quarter to 48,493 units due to significant pre-buying in the preceding quarter and delayed purchases due to uncertainty on GST....

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   Indian businesses blindsided by unclear GST rules

   28 Jul 2017

GST’s complex structure—with four main rates ranging from 5% to 28%—has left firms confused on how to price their products...

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   Government draws up checklists for GST audits

   21 Jul 2017

Tax officials have been asked to first examine a specific list of companies. This was disclosed in an official communication by the director general of audit, central taxes, on July 12, with several mid-level tax officials being informed this week....

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   GSTN portal to be ready for invoice uploading from July 24

   17 Jul 2017

While uploading invoice on the GSTN portal, a business would need to mention the invoice number and date, customer name, shipping and billing address, customer and taxpayer's GSTIN, place of supply and HSN code....

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   GSTIN must be displayed on sign boards, says government

   11 Jul 2017

Traders and businesses will also have to mention that they are availing the composite scheme and are not entitled to collect taxes from people....

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   Consumer goods firms hold off on price hikes despite GST impact

   11 Jul 2017

Consumer goods firms have cut prices on personal care products with low GST rates but are holding off price hikes on those with higher GST rates...

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   New inspector raj threatens to cut short India's GST party, states may play spoilsport too

   10 Jul 2017

GST may have subsumed as many as 17 central and state taxes and 23 cesses but there are enough items outside its purview still that can serve to offset the gains of this momentous reform....

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   GST: Indians travelling overseas may need to pay more for foreign currency notes

   10 Jul 2017

The IGST and Central GST (CGST) laws have a similar entry, notifying the rate of tax applicable on bank notes at 12%, exempting “rupee notes sold to RBI”....

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   'One nation, one law' becomes reality after GST begins in Kashmir

   10 Jul 2017

Jammu and Kashmir, the only state that enjoys a special status under Article 370 and has its own Constitution, became the last in the country to adopt the new taxation law, making "one nation, one tax" a reality....

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   GST may help Indian economy save up to Rs 2300 crore at check posts

   07 Jul 2017

State check posts in the pre-GST era would collect taxes on movement of goods. "As far as taxation is concerned, the check posts will go. There are couple of other check posts like the state excise check posts. State excise is the state duty on liquor/alcohol, now these things may remain," Revenue Secretary Hasmukh Adhia said....

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   Pre-GST stock receives government stamp of approval

   07 Jul 2017

Any increase in maximum retail price (MRP) due to GST on the older inventory will have to be advertised in two national papers, but there is no such requirement if the new MRP is lower, said a notification issued on Tuesday....

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   Checkpoint to checkpoint, how GST effect differs

   07 Jul 2017

Trucks slow down in some states and sail through others; some states abolish checkpoints, some keep them for state-specific taxes, others carry on as before...

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   GST: J&K assembly passes resolution for implemention amid opposition protest

   07 Jul 2017

The Jammu and Kashmir assembly on Wednesday passed a resolution for implementing the Goods and Service Tax (GST) amidst protest by opposition parties...

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   Border commercial tax checkposts in 22 states abolished after GST rollout

   04 Jul 2017

Many states have also issued advisories to field to not stop trucks. The abolition of checkposts will allow seamless movement of goods across the border, ending hours of waiting commercial vehicles had to endure at state boundaries...

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   Cabinet Secretary Reviews GST, asks departments to keep a lid on price rise

   04 Jul 2017

A four tier Goods and Services Tax (GST) -- 5, 12, 18 and 28 per cent -- has been rolled out from July 1. Essential items like salt, unpacked food grains, cereals have been kept a zero rated to ensure that there is no price rise....

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   GST Council gives relaxation of 2 months for filing of GST returns

   30 Jun 2017

It set the rate on lotteries at 12% of face value for those run by state governments and at 28% for those authorised by state governments but run by private entities. It revised the levy for restaurants inside five-star hotels to the standard rate of 18% from 28%....

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   GST: Credit card bill, insurance premium to get costlier

   30 Jun 2017

Home » IndustryLast Published: Tue, Jun 20 2017. 05 48 PM IST GST: Credit card bill, insurance premium to get costlier Financial services and telecom have been put in the 18% GST slab, while customers currently pay 15% for such services...

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   Electronic documents for GST to be ready by month-end

   12 Jun 2017

The first priority was to be ready with the Excel sheet that will enable businesses to upload invoices on a daily basis. "It will be ready by the last week of June so that businesses can upload information on a daily basis and be prepared to file by the deadline....

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   GST: Imported goods may turn costlier

   12 Jun 2017

The latest transition rules approved by the GST Council allow full credit for central excise duty paid on goods over Rs 25,000 that have a chassis number or any other identification for tracking the product. But this facility is available only for manufactured goods....

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   Car leasing firms seek transition to GST to avoid being saddled with stiff levies

   12 Jun 2017

Under the proposed framework for GST on services, the transfer of “right to use motor vehicles” and sale of such vehicles after the lease period is complete will be liable to the rate applicable on automobile sector along with the cess. For mid-segment and large cars, this will be 43% (28%+15%)....

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   37 returns instead of 13: One of the many challenges threatening GST rollout

   12 Jun 2017

"The GST to be levied by the centre on intra-state supply of goods and/or services would be called the Central GST (CGST) and that to be levied by the states would be called the State GST (SGST),"...

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   Mizoram may not fully implement GST on July 1 due to poor internet: Minister

   10 Jun 2017

Lalsawta said that though the officials were working on a war footing to be able to roll out the GST, but internet connectivity was the main stumbling block, not only in Mizoram but also in other states of the north east region....

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   GST a worry for phone manufacturers bullish on India

   10 Jun 2017

Foxconn was one of the large factories to close down in Tamil Nadu and re-emerge within two months across the border in Andhra Pradesh to make smartphones....

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   Govt may be lenient with traders on procedural lapses in GST’s first year

   10 Jun 2017

The GST Council is meeting on Sunday in the capital to complete some of the remaining work, including addressing concerns relating to tax rates brought up by the industry and finalizing how the anti-profiteering mechanism will be implemented....

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   Foodgrains, milk, veggies to be up to 5 per cent cheaper under GST

   09 Jun 2017

Milk, vegetables and fruits, puffed rice, salt, organic manure, animal feed, fire wood, raw silk, wool, jute and hand-operated agriculture equipment too will be zero-rated under the new indirect tax regime....

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   Anti-profiteering turns out to be weighty issue for FMCG companies

   09 Jun 2017

One is reducing weight of the products. In this case, a company might change the weight of a shampoo bottle from 180 gram to 175 gram, though its maximum retail price will remain unchanged....

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   Cabinet Secretary asks ministries to form GST cell to hear industry

   07 Jun 2017

The GST facilitation cell, Sinha said, could serve as the first point of contact for addressing any issue being faced by any business or industrial sector related to the respective ministry....

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   Luxury car sales may surge ahead on lower tax rate under GST

   07 Jun 2017

The company, the leader in the luxury segment in the past two years, expects 2017 volume to grow in double digits over the 13,200 units it sold last year....

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   7 states yet to pass GST laws even as rollout deadline nears

   07 Jun 2017

24 states and Union Territories, including Delhi, Odisha and Puducherry, have passed the State Goods and Services Tax (SGST) Act in their respective legislative assemblies....

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   One nation, one tax department: I-T takes cue from GST

   07 Jun 2017

The move, which will require a change in the income tax law, would also end the relevance of various geographic divisions in the form of wards and circles....

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   GST: Despite increase in transitional tax credit limit, destocking may continue

   07 Jun 2017

The industry was hoping for a deemed credit limit of 70%, said tax experts. It should be noted that when the transition from the sales tax regime to VAT had happened, the deemed transition credit limit was fixed at 80%....

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   GST: Retailers offer upto 40 per cent discount in june month

   07 Jun 2017

The discounts are available even after the GST Council increased excise credit to 60 per cent from 40 per cent on the transitional stock during its last meeting on June 3....

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   No reason to defer July 1 GST roll-out, says Arun Jaitley

   06 Jun 2017

The GST Council has decided the tax rates for all the goods and services.The council's next meeting is scheduled for June 11 to discuss the various representations received for change of tax rates....

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   GST: Marathon ends, sprint begins for July 1 roll-out

   05 Jun 2017

The rates of all the other goods were fixed in the previous meeting of the Council, chaired by Union Finance Minister Arun Jaitley, in Srinagar in May....

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   GST rates fixed: 3% tax on gold, 5% on clothes costing less than Rs 1,000

   03 Jun 2017

Finance Minister Arun Jaitley chaired the 15th meeting of the GST Council, where the rates of tax and cess on gold, biscuits, footwear and textiles were decided....

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   Armed forces canteen to get 50 per cent refund of Goods and Service Tax

   05 Jun 2017

"CSD will pay full GST and 50 per cent of the total tax would be refunded by state and the Centre," union finance minister Arun Jaitley had said on Saturday after the GST Council meeting...

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   GST’s IT backbone faces litmus test in August

   05 Jun 2017

GST’s IT backbone will face its first test in August when millions of invoices filed by businesses will be matched to ensure there is no “tax on tax” on transactions...

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   GST Council clears rules; states agree to July 1 rollout

   03 Jun 2017

Finance Minister Arun Jaitley chaired the 15th meeting of the GST Council which is scheduled to decide on tax rate of 6 items including gold, textiles and footwear....

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   Good news for India Inc as GST Council may consider raising input tax credit

   03 Jun 2017

“There is a proposal to raise it... the council will take it up," said a government official. It could be pegged higher at 50-60%. According to the draft transition law, companies can get credit of up to 40% of their central GST liability against excise duty already paid on stocks lying with traders or retailers when GST is implemented....

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   GST Council may clarify on tax rate for solar modules at 3 June meeting

   29 May 2017

Under the final GST rates, solar modules have been classified under an 18% tax slab; the present effective tax rate on them is zero....

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   GST : Delayed in implementation of the e-way bill

   27 May 2017

The e-way bill has been proposed to track intra-state and inter-state movement of goods of value exceeding Rs 50,000, with tax officials having the powers to check the bill at any point during transit to check evasion....

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   Is GSTN Safe from Ransomware Cyber Attack...?

   27 May 2017

Many companies conducted an audit on their IT systems after the WannaCry attack to see if there were more vulnerabilities and it was discovered that there were several loopholes....

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   Watching movies, theatre, cable TV to be cheaper

   24 May 2017

GST on watching movies is fixed at 28%, which is lower than entertainment tax that is as high as 100% in some states....

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   Traders Want GST on Gold to be below 2%, Meet on June 3

   24 May 2017

“At present, gold attracts an excise duty of 1 per cent and a VAT of 1 per cent apart from a 10 per cent import duty....

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   GST: FMCG firms offering huge discounts, but cautious retailers reducing stocks

   24 May 2017

With GST set to be rolled out on July 1, cos want to make sure that any initial uncertainty doesn’t mean shops temporarily halt stocking consumer wares....

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   18% tax under GST for solar modules to increase project costs

   24 May 2017

New tax rates under GST would hit more than 10 gigawatt of ongoing utility scale solar power projects and pose a threat to their viability...

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   GST: Most mobile phones to get costlier unless govt restores local manufacturing sops by July 1

   22 May 2017

Under the government's Make in Indian push, around 80 per cent of 59 million phones sold in India in the January-March quarter were made locally, up from 65 per cent in 2016 when 265 million phones were phones, as per Counterpoint Research...

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   Government working fast to prevent anti-profiteering by companies after GST roll out

   22 May 2017

“We will be calling companies in to question if they increased prices in months prior to GST rollout," revenue secretary Hasmukh Adhia said....

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   GST rates finalised: Food grains to get cheaper; sugar, tea, edible oils will be taxed at 5%

   19 May 2015

India has finalised the tax rates on all but six out of the 1,211 items in the proposed GST (Goods and Services Tax) regime, fitting over 80% of the items in the up to 18% tax slabs, effectively making food grains cheaper, while exempting essential items such as cereals and milk from the levy altogether....

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   GST rate structure: Foodgrains exempt, Cars in top 28% tax bracket

   19 May 2017

The goods and services tax rate structure for all but six items were finalised at the first day of the 2-day meeting in Srinagar of the GST Council headed by Arun Jaitley...

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   Maharashtra to hold special session on GST from 20-22 May

   16 May 2017

The draft Maharashtra GST Bill, which was approved by the state cabinet last week, will be tabled during the special session...

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   GST: E-way bills pose threat to business of small transporters

   16 May 2017

Logistics and transportation are largely in the unorganized sector and not very tax compliant either; hence, the proposed e-way bills could come as a compliance burden for them, said tax experts....

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   GST scheduled for July 1 rollout: Arun Jaitley

   09 May 2017

Hailed as the biggest tax reform since India's independence, GST will replace an array of central and state levies with a national sales tax, thereby creating a single market and making it easier to do business in the country....

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   Government to sync trade policy with GST: Nirmala

   08 May 2017

Exporters as well as the commerce department are worried over the current refund process....

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   Low trader enrolment, technical glitches may delay GST launch

   08 May 2017

Karnataka fares the best in terms of preparedness, with 92% of the traders having registered for GST....

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   Who’ll audit GSTN?

   04 May 2017

The Government says the data would be confidential but right now it is nothing more than an assurance. Another question is whether the Comptroller and Auditor General of India (CAG) can audit the GSTN....

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   UP Cabinet approves implementation of GST

   02 May 2017

The state cabinet also approved a new cabinet policy under which Group B officers will be transferred by their departmental heads and officers above this level will be transferred by the government....

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   GST council’s sub-panel to fix tax rates of goods, services by weekend

   02 May 2017

Under the new regime, there will be a common list of GST exemptions, which are in the nature of essential items of everyday use like foodgrain....

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   Govt under pressure to push GST rollout to September 1

   02 May 2017

Migration of assessees is behind schedule. Also, the IT infrastructure for GST by the GST Network is still being tested. It is very likely that States will seek more time for the introduction of GST, said two sources close to the development....

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   Chhattisgarh passes state GST Bill, becomes fifth state to adopt tax reform law

   01 May 2017

Leader of the opposition T S Singhdeo said some of the provisions in the GST Law could cause problem to the common man and hence there is a need to analyze and adopt the experiences of tax reforms implemented in other countries....

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   Record of goods lost, stolen, gifts to be maintained in GST

   21 Apr 2017

GST is being hailed as the biggest tax reform since Independence and is supposed to make it easier to do business by reducing compliance requirements....

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   States asked to pass GST bills by May-end

   19 Apr 2017

The council is keen to meet the 1 July deadline for GST, which has missed several past deadlines owing to political differences...

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   How to pass accounting entries under GST

   18 Apr 2017

GST will mean seamless input credits for intrastate and interstate purchases of goods. This will mean reduction in cost of raw materials as input GST can be setoff against the output GST payable on sales....

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   GST: Government looking to keep single rate for each product group to avoid complexity

   17 Apr 2017

“Single rate for one product group will bring simplicity in the structure and make implementation easier,” said a government official, adding that differing rate structures within one segment could lead to unnecessary disputes and litigation....

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   Only the tax payer and the concerned assessing officer would have access to information submitted to the GSTN portal

   12 Apr 2017

"Security of your data is of prime importance because in the invoice, the item cost is also included. We are cognisant of the fact that if your competitor comes to know of it, it will be a big setback for you....

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   Opposition looks set to support key GST bills in Rajya Sabha

   06 Apr 2017

The four bills forming the cornerstones of the GST regime—the Central GST Bill, the Integrated GST Bill, the GST (Compensation to States) Bill and the Union Territory GST Bill—were passed in Lok Sabha on March 29...

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   GST to take sheen off exchange offers

   04 Apr 2017

According to draft rules, GST will be applicable on the price of an item, without taking into account the reduction in price on account of the exchange...

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   GST: Tax evasion over Rs 5 crore a non-bailable offence

   03 Apr 2017

The government has set a target date of July 1 for roll out of the GST, which will subsume central excise, service tax, VAT and other local levies...

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   Education, healthcare to be out of GST

   03 Apr 2017

The Revenue Secretary said the endeavour would be to maintain the current tax incidence on a commodity or service at the same level in the new Goods and Services Tax (GST) regime....

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   GST Council approves draft rules; focus shifts to rates of various goods and services

   01 Apr 2017

The GST Council will meet next on May 18-19 in Srinagar, where besides finalising these rules, rate classification exercise will be discussed....

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   Race for GST: Lok Sabha passes key tax reform bills

   30 Mar 2017

On the impact of GST on prices, Jaitley said: "Today you have tax on tax, you have cascading effect. When all of that is removed, goods will become slightly cheaper"....

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   J&K will have to pass special laws to make GST applicable

   29 Mar 2017

This approval by the state assembly will be in addition to the requirement of all states to approve the State-GST law....

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   FM Arun Jaitley rules out centralized registration for banks under GST

   28 Mar 2017

Banks demanded a centralized registration system citing procedural, compliance hassles of registering in each state....

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   Centre to get greater chunk in residual GST Compensation Fund

   27 Mar 2017

The loss of revenue to a state will be the difference between the actual realisation to a state under Goods and Services Tax (GST) regime and the tax revenue it would have got under the old indirect tax regime after considering a 14 per cent increase over the base year of 2015-16....

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   Logistics companies will have to sweat it out for GST benefits

   27 Mar 2017

The next 6 months will provide much required cues about kind of growth opportunities that GST throws up, and how companies are pursuing them...

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   Arun Jaitley introduces CGST, GST Compensation Bills in Lok Sabha

   27 Mar 2017

The government has set a target of July 1 for rollout of GST, which will subsume excise, service tax, VAT and and other local levies. Once these Bills are cleared by Parliament, the states will then take the state GST (S-GST) Bill to their respective assemblies....

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   GST debate now continues on categorisation of products

   25 Mar 2017

"The GST rates for each and every item are not yet decided as the government is categorising products and what rates can be applied on each category of goods," said MS Mani, senior director, Deloitte Haskins &Sells. "...

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   GST: Modi govt can't levy taxes if Parliament doesn't pass 4 Bills till Sept 15

   25 Mar 2017

If the GST fails to roll out by September 15, the government will not be able to levy indirect taxes. With GST Constitution Amendment Act, the old tax regimes will cease to be effective on September 16....

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   Cabinet clears abolition of cesses for GST rollout, government to incur Rs 65,000-crore loss

   24 Mar 2017

The government is hoping that some of the resources would come from higher GST mop-up as more entities would enter the tax net....

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   July 1 rollout looks real as Cabinet clears GST Bills

   21 Mar 2017

The CGST Bill provides for levy and collection of tax on intra-State supply of goods or services or both by the Central government....

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   GST: Centralized assessment for service-oriented industries likely

   20 Mar 2017

Various service industries and government departments made specific presentations to the GST council, headed by finance minister Arun Jaitley, for single registration....

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   Cabinet may tomorrow consider GST supplementary legislations

   20 Mar 2017

The S-GST will allow states to levy the tax after VAT and other state levies are subsumed in the GST. The UT-GST will also go to Parliament for approval....

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   Trade body hails Goods and Service Tax council decision on SEZs

   18 Mar 2017

The Export Promotion Council for SEZ and EoUs has welcomed the GST Council's decision to treat supplies to special economic zones at par with exports....

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   GST council clears last two bills, caps cess on demerit goods

   18 Mar 2017

GST council has cleared the state and union territory GST bills and capped cess on luxury cars (15%), aerated drinks (15%) and cigarettes (290%)...

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   Finally, GST is coming in July: A primer on India's biggest tax reform

   18 Mar 2017

The GST will replace nearly a dozen central and state levies into a single national sales tax. It will make the movement of goods cheaper....

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   GST council likely to discuss cess on luxury cars, tobacco products Thursday

   16 Mar 2017

The cess on luxury cars and tobacco products is aimed a t creating a corpus for compensating states for any loss of revenue from GST implementation...

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   Taxes under GST 'to increase a bit', says CBEC Chairman

   15 Mar 2017

CBEC Chairman Najib Shah said that the fitment of goods and services in the four tax slabs -- 5 per cent, 12 per cent, 18 per cent and 28 per cent -- is a work in progress....

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   Treat us like banks on GST, says telecom sector

   11 Mar 2017

With the rollout of GST in July, the industry also fears that it is the rate of effective tax which will move up from the current 15 percent to 18 percent or more. The sector's been lobbying hard with the government for lower rates since it is classified as an essential service....

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   Teething troubles 1.0: GST induces conflicts among state governments

   11 Mar 2017

According to the GST law a state can challenge and demand a separate tax under GST, even if the amount was paid in another territory....

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   Select farm goods to be taxed under revamped GST

   11 Mar 2017

As per the latest definition, an agriculturalist is a person or a Hindu undivided family undertaking cultivation of land by own labour or labour of the family or by servants paid wages in cash or kind or by hired labour under personal supervision or supervision by any family member....

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   Quasi-judicial body likely to curb profiteering post GST

   06 Mar 2017

The all-powerful GST Council may set up a quasi-judicial authority or rope in an existing body to protect consumers from profiteering by business entities under the Goods and Services Tax (GST) regime....

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   July reality for GST! Centre, states broadly agree on key provisions

   06 Mar 2017

The C-GST, which will give powers to Centre to levy GST on goods and services after union levies like excise and service tax are subsumed, and I-GST that is to be levied on inter-state supplies, will go to Parliament for approval in the second half of the Budget session beginning March 9, Finance Minister Arun Jaitley said....

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   Easing tax burden to industry benefits: Ten things you need to know about GST

   06 Mar 2017

The GST will unify India into a common market with one tax across all states, which will eliminate the present cascading impact of a plethora of central taxes....

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   Information Technology may remain one of the biggest challenges for GST implementation

   06 Mar 2017

Many companies are also setting up teams that would include a tech expert from their vendors, an indirect tax expert and a finance department executive....

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   Small restaurants get reprieve under GST, govt assures no harassment

   06 Mar 2017

Restaurants with an annual turnover of less than Rs50 lakh will be able to avail the so-called composition scheme under the GST regime and pay a flat tax of 5%...

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   GST Council to meet today to clear crucial Bills

   04 Mar 2017

The meeting will try to iron out the irritants so that the Bills can be tabled in the Budget session of Parliament after the recess and assemblies....

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   Liability linkage provision in GST to hit small traders

   04 Mar 2017

The 'liability linkage provision' allows the buyer credit for tax paid on inputs used only if the supplier has paid the tax within a given window. The provision, to be discussed at the meeting of the GST Council on March 4-5, calls for reversal of credit to the buyer in case of noncompliance by the vendor....

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   GST Council to finalise supplementary legislations tomorrow

   04 Mar 2017

The Council meeting is scheduled for two days -- March 4 and 5 -- but it may not stretch beyond tomorrow if all issues get resolved....

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   CBEC asks tax officers to speed up GST migration

   04 Mar 2017

The CBEC has asked field officers to contact assessees via phone/email who are yet to activate their provisional GST IDs and encourage them to migrate without further delay....

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   Model GST law to cap tax rate at 40 per cent; slabs intact

   03 Mar 2017

The draft model GST law, like other taxation laws, will change the wording for peak rate from ‘not exceeding 14 per cent’ to ‘not exceeding 20 per cent’, taking the total to 40 per cent....

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   GST final draft to retain clause on services sector

   01 Mar 2017

Instead of a single centralized registration system for paying service tax, service providers across India will have to obtain more than 30 separate registrations.....

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   States agree to roll out GST by July 2017: Shaktikanta Das

   01 Mar 2017

"GST implementation is a huge one and that is going to be implemented by July 1. Both central and state governments are working on this," Shaktikanta Das said....

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   GST: DGFT wants GST Council to create an e-wallet facility to ease exporters fears.

   28 Feb 2017

Showing allegiance to exporters who fear that the proposed policy of tax refunds — as opposed to exemptions — for exports under the Goods and Services Tax (GST) regime will jack up their capital costs....

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   GST adoption could raise India's GDP to over 8%: IMF

   23 Feb 2017

"The GST should have minimal exemptions, uniform cross-state rates, and as few tax rate tiers as possible," IMF said....

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   Setback for GST: Need for e-permit to be flashed at inter-state borders

   23 Feb 2017

The centre resisted the move as its indirect tax administration moved away from the inspector raj era, but yielded to states' insistence on inclusion of this clause in the final GST law in order to build consensus and get the reform bill rolling...

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   GST Council to finalise draft model GST law tomorrow

   18 Feb 2017

The GST Council, which is meeting tomorrow, is likely to finalise the draft model GST law including final drafting of the anti-profiteering clause to ensure benefit of lower taxes gets shared with consumers....

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   GST: No respite for Flipkart, Amazon, on tax collection at source

   18 Feb 2017

The draft GST law proposes that the e-commerce company, at the time of payment to a supplier for the goods supplied, collect up to 2% tax on the total payment made and deposit it with the government on behalf of the supplier....

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   Cos rush to merge arms for better efficiency under GST

   17 Feb 2017

Various companies are rushing to merge their subsidiaries with themselves ahead of the implementation of Goods and Services Tax (GST) to reduce tax, operational and administrative costs and to eliminate multiple legal entities. At least 100 companies, such as Asian Paints, Sun Pharma, L&T, BPCL, Sundaram Finance, Religare Enterprises and Arvind, have announced the merger of their subsidiaries with the parent in the last three months....

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   Film and television industry lobbies for lower GST rate

   14 Feb 2017

Anything more than a 5% rate would be damaging to the industry, said Siddharth Roy Kapur, president of Film and Television Producers Guild of India...

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   4-tier GST rate may lead to classification disputes: Study

   14 Feb 2017

The four-tier GST rate structure will open up floodgates of classification disputes with tendency among businesses to demand lower rate for their goods or services, says a research paper....

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   Flipkart, Amazon & Snapdeal come together to oppose GST provision

   10 Feb 2017

The bigwigs of ecommerce, including Amazon India Head Amit Agarwal, Flipkart Cofounder Sachin Bansal and Snapdeal Cofounder Kunal Bahl joined hands to seek modifications in the draft version of the GST (goods and services tax) law....

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   Model GST Law To Be Finalised By February End

   08 Feb 2017

The GST Council has fixed the four-tier structure of 5 per cent, 12 per cent, 18 per cent and 28 per cent....

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   Revenue Department prepares draft recommendations for GST rates

   07 Feb 2017

The Revenue Department has prepared draft recommendations for GST rates on services. According to the draft, GST on telecom, banking, financial services, aviation is proposed to be pegged at 18%, according to a report....

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   Finance Minister Arun Jaitley addressed the media on GST after today's Council meeting

   18 Jan 2017

The decision-making body of the GST Council, which consists of Finance Minister Arun Jaitley and his counterpart from each state, has to decide the rate of tax, which must then be approved by parliament. The next GST council meet is from November 4 to November 10....

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   Stage set for GST rollout on 1 July: FM Arun Jaitley

   17 Jan 2017

After GST council meeting, finance minister Arun Jaitley says centre, states have reached consensus on administrative powers over tax payers. Finance minister Arun Jaitley said states would have the powers to levy tax on economic activity within 12 nautical miles of territorial waters....

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   GST: Most of the issues resolved, Few Critical issues are left; FM Arun Jaitley hopeful in GST April Rollout

   12 Jan 2017

On demonetisation, Finance Minister Arun Jaitley says that difficult decisions initially pass through difficult phases as historic decisions have temporary pain attached to them....

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   Tax refund to exporters under GST within seven days: Nirmala Sitharaman

   06 Jan 2017

The Department of Revenue has promised to refund tax claims of exporters within seven days under the new GST regime, thus addressing a major concern of the sector, Commerce and Industry Minister Nirmala Sitharaman said today....

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   GST delayed, rollout now likely on 1 June

   03 Jan 2017

Expectations are that the GST legislation will be now be introduced in the first half of the budget session of Parliament. Finance minister Arun Jaitley is expected to announce the timetable for GST in his budget speech....

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   Tax Invoice under GST and Transporter's Copy with Invoice Reference number

   20 Dec 2016

A registered taxable person can only issue a tax invoice at the time of supply of goods. Thus, determining the time of supply of goods is important....

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   Need change in revenue audit methods to adapt to GST: CAG

   19 Dec 2016

Government auditor CAG is readying itself to adapt to the proposed Goods and Services Tax (GST) regime as new audit techniques would be required based on a unified tax system once it comes into force, a top official said today....

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   GST can be rolled out anytime between April 1-September 16: FM Arun Jaitley

   19 Dec 2016

The Goods and Services Tax (GST), he said, can be implemented anytime between April 1 and September 16, 2017, in accordance with the constitutional amendment legislation that allows a national sales tax by subsuming central and state levies....

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   State may not defer GST from April to September

   08 Dec 2016

State Finance Minister Sudhir Mungantiwar appears to be worried about the uncertainty over the GST following mounting pressure from the non-BJP-ruled states urge on the Centre to put GST on hold....

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   Demonetisation: Mamata Banerjee asks colleagues to raise objections over GST implementation

   08 Dec 2016

West Bengal Chief Minister Mamata Banerjee is on warpath with Prime Minister Narendra Modi over demonetisation and apparently, she is not missing any chance to attack him....

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   No consensus reached, next GST Council meet on December 11-12: Arun Jaitley

   08 Dec 2016

The Goods and Services Tax Council failed to break the logjam on the crucial issue of division of tax administration between Central and state authorities, but made some progress on the central legislation for the proposed regime....

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   SAP sees huge opportunity in GST, demonetisation

   08 Dec 2016

The demonetisation, which is leading to a boom in cashless payment, represents a massive opportunity for SAP in terms of data analytics and storage for digital wallet, banks and other financial services firms. Deb Deep Sengupta, managing director for SAP Indian Subcontinent, told ET in interview that the GST roll out is irreversable, whether it happens on April 1 or a few months later, and over the next 18-24 months, the impact will be felt not just on organisations but also on the ecosystem....

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   DETAILED KNOW-HOW OF CONCEPT CALLED ‘ZERO-RATED’ UNDER GST IN INDIA

   07 Dec 2016

Countries with VAT/GST can designate certain goods as zero-rated goods. Zero-rated goods are typically individualized items. Countries often designate goods as zero-rated because the goods are leading contributors to other manufactured goods and thus a leading part of a broader supply chain. Many food items are designated as zero-rated goods; these food items are sold with a 0% value added tax....

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   Goods and Service Tax (GST) Bill delayed, Govt eyes NDA majority in Rajya Sabha for the passage of Bill in 2016

   06 Dec 2016

The State legislatures have to pass the SGST. The drafts for these four laws have to be approved by the GST Council. The GST Council meeting on 2nd and 3rd, failed. The next meeting is on 11th and 12th. Even if the Council approves the draft legislations on 12th, they cannot be presented to and passed in this session of Parliament which ends on 16th....

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   GST Rate Structure Finanlised, Slabs From 5% To 28%

   03 Nov 2016

The finance minister said that there would be two standard rates - the rates at which bulk of the goods would be taxed - of 12% and 18%....

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   Clear refunds, drawback payment before GST roll-out: CBEC chief

   21 Oct 2016

The Central Board of Excise and Customs (CBEC) has asked its officials to chalk out an action plan for clearing pending refunds and drawback payment for smooth transaction to GST...

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   Five different rate structures were Presented to GST Council: FM Arun Jaitley

   19 Oct 2016

The Centre proposed a four-slab Structure with two standard goods and services tax (GST) rates of 12% and 18% at the latest meeting of the GST Council, keen to ensure minimal impact of the new levy on prices and revenue....

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   RBI gives thumbs up to 18 per cent GST rate

   16 Oct 2016

Goods and Services tax could produce a short-lived pass-through to the inflation trajectory the Reserve Bank of India has said in its Monetary Policy Report. 18% GST rate would not have any material impact on CPI inflation....

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   GST to be introduced from 1st April: Nirmala Sitaraman

   05 Oct 2016

Nirmala Sitaraman, Union minister for commerce and industry declared that Goods and Services Tax (GST) will be implemented across the country from April 1, 2017....

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   GST Council sets threshold limit at Rs 20 lakh

   23 Sep 2016

Exemption threshold for GST has been fixed at Rs. 20 lakhs, while threshold in North-East States has been set at Rs. 10 lakhs....

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   Data connectivity vital for implementation of GST: Mein

   24 Sep 2016

Mein opined that under present status of network connectivity, the Central Government is likely to pay huge amount in form of compensation for revenue loss to Arunachal Pradesh over the next 5 years besides losing Central GST portion of their own revenue....

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   Roadblocks in the transitioning to GST regime

   24 Sep 2016

An essential area which seems to have skipped the attention of the lawmakers is with respect to lapse of credit for a refund claim filed by a taxpayer under existing indirect tax laws which is rejected in GST regime....

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   Traders' body welcomes GST threshold of Rs 20 lakh

   24 Sep 2016

CAIT said the move will also save the government from huge amount of administrative efforts and allow them to focus on widening the tax base...

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   GST: Government works on 4-slab rate, exemption for 50 per cent goods and services

   15 Sep 2016

The tax exclusion to nearly half the goods and services, an official said, would be “optically and politically correct” for the NDA government as already 300 items in the Centre and nearly 80 items in the states have this exemption....

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   Mandi tax will be a serious concern post GST rollout

   15 Sep 2016

The Solvent Extractors' Association of India (SEA) President-elect Atul Chaturvedi, who is currently the vice-president of the association, raises serious concerns about the post-GST rollout issues and the challenges the industry faces with reduced capacity utilization due to increasing imports of refined vegetable oils....

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   Monsoon session of Punjab Assembly begins today, GST Bill on cards

   08 Sep 2016

The Monsoon Session of the Punjab Assembly is beginning on Thursday....

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   GST Bill: What is in store for manufacturing SMEs?

   08 Sep 2016

GST bill can clearly be termed as a landmark and India's biggest tax reform since independence....

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   Andhra assembly set to discuss, ratify GST Bill today

   08 Sep 2016

A decision was taken to introduce and discuss the Bill by the Cabinet, which met in Vijayawada under the chairmanship of Chief Minister N Chandrababu Naidu on Tuesday....

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   Haryana To Form Task Force For GST implementation

   05 Sep 2016

Haryana Chief Minister Manohar Lal Khattar today said that his government will constitute a task force for successful implementation of all aspects of Goods and Services Tax (GST) in the state....

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   Assocham for penalty waiver in initial phase of GST rollout

   27 Aug 2016

The empowered committee of state Finance Ministers, headed by West Bengal Finance Minister Amit Mitra, will meet traders and industry chambers on August 30....

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   Gujarat becomes sixth state to ratify GST Bill

   22 Aug 2016

"What UPA government could not do in the 10 years, Modi government did it in less than 2.5 years," said Deputy Chief Minister Nitin Patel....

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   GST rate above 18 per cent would damage consumption: Naushad Forbes

   22 Aug 2016

Lauding the implementation of GST, he said it was the biggest tax reform which would push the GDP growth by 1.5 to 2 per cent....

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   GST rate on processed foods should be low or zero: CII

   22 Aug 2016

According to CII, GST rate should be kept at a zero level on those processed food products which are essential for survival of 'poor man'....

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   Decision on GST to be taken in next assembly session

   22 Aug 2016

Three states - Jharkhand, Bihar and Assam-have already ratified the bill....

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   Delhi Assembly nod for ratifying GST

   22 Sep 2016

Manish Sisodia says Bill is finally a step in right direction, expresses concern over implementation...

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   The Roll-out Challenge

   22 Aug 2016

The use of technology will be key to making GST a success...

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