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GST

MULTIMEDIA

Changes planned in e-way bill system to contain GST evasion

Changes planned in e-way bill system to contain GST evasion

E-way bill system will be enabled to auto calculate the distance for movement of goods based on the postal PIN codes of source and destination locations while allowing a variation of only 10%.

View:  A fair assessment of Good and Services Tax

View: A fair assessment of Good and Services Tax

The GST impact goes beyond revenues and rates of duty. It has transformed our federal polity for the good.

How to file GSTR-9: Preparing the first-ever annual return for financial year 2017-18

How to file GSTR-9: Preparing the first-ever annual return for financial year 2017-18

With the extended time limit, taxpayers who are yet to submit GSTR-9 must proceed only after ensuring that all the GST Returns applicable to their business during FY 2017-18 are filed.

No clear definition of 'ongoing project' may lead to disputes under new GST rates for real estate

No clear definition of 'ongoing project' may lead to disputes under new GST rates for real estate

Lack of clear guidelines and apprehension of possible controversy around transition of unutilised input tax credit as on 31 March 2019, has been a key issue for the sector.

Government extends IGST, compensation cess exemption under various export promotion plans

Government extends IGST, compensation cess exemption under various export promotion plans

During April-February of the current fiscal year, exports grew 8.85 per cent to USD 298.47 billion, while imports rose by 9.75 per cent to USD 464 billion.

For biscuit companies, this is how the cookie crumbles post GST

For biscuit companies, this is how the cookie crumbles post GST

Leading biscuit makers say unbranded, GST non-compliant outfits are grabbing market share by offering higher retail margins, lower price points.

GST: Real estate sector needs to make significant changes, and fast

GST: Real estate sector needs to make significant changes, and fast

The GST council has additionally imposed a condition that 80% procurement by developers should be from registered dealers to avail the composition scheme.

New GST real estate rate to be applicable from April, source 80% materials from registered dealer

New GST real estate rate to be applicable from April, source 80% materials from registered dealer

The Council also decided that reversal of input tax credit to be done on propotionate basis and the time limit for transition to new rates will be discussed with the states.

CBIC clarifies on levy of GST on sales promotion schemes

CBIC clarifies on levy of GST on sales promotion schemes

Under GST supply includes all forms of supply of goods or services such as sale, transfer, barter, rental, lease or disposal made or agreed to be made for a consideration by a person in the course of furtherance of business.

A change in GST means a car dealer’s working capital will go up by Rs 1 cr per month

A change in GST means a car dealer’s working capital will go up by Rs 1 cr per month

Change in credit set-off methodology in CGST Act puts an unwarranted burden on auto dealers working capital requirement.

Industry allowed to choose between Net GST, incentivised SGST in Punjab

Industry allowed to choose between Net GST, incentivised SGST in Punjab

The Cabinet meeting was chaired by Chief Minister Captain Amarinder Singh, as per an official release.

GST's promise of one nation, one tax. Has it delivered?

GST's promise of one nation, one tax. Has it delivered?

On the roadmap ahead, industry leaders opine that GST council needs to take charge and restart the work of aligning tax rules, so as to ensure that entire country signs and dances on the same tunes.

GST had a positive impact, SMEs nationally competitive now: Piyush Gupta, DBS Bank

GST had a positive impact, SMEs nationally competitive now: Piyush Gupta, DBS Bank

Banks don't make money on domestic payments. You make money by taking money and giving it out, says Gupta

GST collection drops to Rs 97,247 crore in February

GST collection drops to Rs 97,247 crore in February

The IGST came in at Rs 47,000 crore while the CGST and SGST stood at Rs 17,600 crore and Rs 24,200 crore.

Realtors seek clarity on GST exemption on development rights

Realtors seek clarity on GST exemption on development rights

Realtors’ body, NAREDCO, has written to the Ministry of Housing and Urban Affairs seeking clarity on this.

How your location data is affecting your business

How your location data is affecting your business

Businesses like restaurants, banks, hospitals etc. can lose opportunities to competitors who provide rich data and advertise their business effectively with the use of say, Google Posts on their Google listing.

Biggest triumphs associated with GST is the depiction of cooperative federalism

Biggest triumphs associated with GST is the depiction of cooperative federalism

The GST Council has approved new simplified return formats and these are expected to be launched on a pilot basis from April and full-fledged from July this year.

Reduction in GST rate leads to a drop in price? Real estate a test case for broader changes

Reduction in GST rate leads to a drop in price? Real estate a test case for broader changes

India's real estate sector has been in trouble for some time now with plummeting sales and huge inventories with developers.

Govt detects Rs 20,000 cr GST evasion in April-Feb FY'19

Govt detects Rs 20,000 cr GST evasion in April-Feb FY'19

The govt will take more steps to check frauds and increase compliance, a senior tax officer said Wednesday.

India’s transformational GST has some hits, few misses

India’s transformational GST has some hits, few misses

It's now slightly more than one and half years that GST has been implemented, and hence a good time to take stock of its 'hits and misses'.

GST 2.0: Preparing for integration of e-way bills with GST returns

GST 2.0: Preparing for integration of e-way bills with GST returns

The crucial aim of building the GST system is to allow a free and transparent flow of credit for taxpayers. The new system looks up to accomplish this.

GST Council cuts rates sharply to make room for housing growth

GST Council cuts rates sharply to make room for housing growth

Starting April 1, homes under construction will be levied 5% GST, against 12%. For affordable homes, GST will drop to 1% from 8%.

Guest house for employees a perk, cannot claim GST input credit rules Odisha AAAR

Guest house for employees a perk, cannot claim GST input credit rules Odisha AAAR

There is a thin line between perquisite and business expenditure and the ruling does not do anything to reduce confusion.

Importers, Tax dept approach Supreme Court over GST “self-assessment"

Importers, Tax dept approach Supreme Court over GST “self-assessment"

The companies while importing the products had paid 12% Goods and Services Tax when they were required to pay only 6%.

GST Council defers decision on tax on real estate; extends deadline for sales returns

GST Council defers decision on tax on real estate; extends deadline for sales returns

The due date for filing summary sales return - GSTR-3B - is February 20.

Anti profiteering in GST– Is litigation an option?

Anti profiteering in GST– Is litigation an option?

The premise of anti-profiteering is that if the government has given up its revenue, this benefit has to be passed on and enjoyed by the consumer.

Companies stare at cash flow problems due to new credit utilisation rules

Companies stare at cash flow problems due to new credit utilisation rules

​​The government late last year had come out with credit utilisation mechanism that companies have to follow beginning this month.

Breaking shackles: How GST ended the era of captive warehousing

Breaking shackles: How GST ended the era of captive warehousing

The Indian warehouse industry is booming with supply, which was a limited commodity earlier, increasing with every year that passes.

What’s next in GST: Consistent laws, crackdown on evaders

What’s next in GST: Consistent laws, crackdown on evaders

Under the new system, input tax credit available to businesses would only be limited to the extent it is reflected on the GST portal.

Budget 2019: ACMA pitches for uniform 18% GST for all auto components

Budget 2019: ACMA pitches for uniform 18% GST for all auto components

The apex body of the Indian auto component industry has pitched for increasing the rate of weighted deduction on R&D spend and called for a reduction of import duty on aluminium and steel.

GST audit: The last milestone in the journey of filing returns for FY 2017-18

GST audit: The last milestone in the journey of filing returns for FY 2017-18

Filing of GST returns has gone through its own share of challenges and the Annual return and GST Audit is the last milestone, in completion of the journey of GST returns for FY 17-18

Soon, no e-way bill if GST returns not filed for 6 months

Soon, no e-way bill if GST returns not filed for 6 months

The new system will bar businesses who have not filed returns for two straight cycles, from generating bills.

Govt plans insurance scheme for GST-registered small traders

Govt plans insurance scheme for GST-registered small traders

According to sources, the scheme may provide accidental insurance cover on the lines of Pradhan Mantri Suraksha Bima Yojana (PMSBY) for the traders at an affordable premium.

GST: Relief for SMEs welcome, but may shrink the tax base, break value chain

GST: Relief for SMEs welcome, but may shrink the tax base, break value chain

These decisions would lead to a focus on compliance by larger traders and manufacturers, who would have the ability to undertake the compliances mandated by GST.

Boost for SMEs: Exemption limit for GST hiked to Rs 40 lakh from Rs 20 lakh

Boost for SMEs: Exemption limit for GST hiked to Rs 40 lakh from Rs 20 lakh

The finance minister also said that the annual turnover for availing composition scheme has been increased to Rs 1.5 crore from Rs 1 crore, effective from April 1, 2019.

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