The move of the government is tipped to help 12 million GST assesses in filing their returns in a hassle free manner
An array of goods including milk powder, curd and mineral water are taxed at lesser rate under the GST than previously
India's GST is a veritable mess - it has multiple rates, very high tax slabs at that, revenues generated appear inadequate, and there is little transparency about the way it works
A year after the GST roll-out, most companies have hastily worked out plans to re-configure their network. But only a few have taken a long-term look at their supply chain strategies
In fact, 29% refunds are also not available in some cases owing to procedural issues
The absence of any provision to take input tax credit of additional duties of customs paid towards regularisation of defaults under advance authorisation remains a major unresolved issue
When the Goods and Services Tax (GST) was introduced, exporters were entitled to claim refund of Integrated GST (IGST) paid on goods shipped out
The GST has been tried for decades in other countries, particularly in Europe. Even then such frauds are taking place there
GST continues to suffer from inadequate planning
Refrigerator, washing machine, small screen TV, storage water heaters, paints and varnishes will attract 18 per cent GST from tomorrow, as against 28 per cent at present.
Post-GST implementation in July last year, the tax revenue of the states has gone up in FY18 due to increased tax compliance and broader tax base
Taxpayer would be required to approach the concerned jurisdictional tax officer to get the password for the GST Identification Number (GSTIN) allotted to the business
Despite the clarifications, anomalies persist at the ground level
GST receipts for the month of May have slipped to Rs 940 billion against a target of Rs 1 trillion set for each month of 2018-19
The clarification by the department keeping free banking services like cheque book issuance and ATM withdrawals outside the ambit of GST has put to rest the confusion prevailing over the issue
In their bid to switch over from previously used software to ones that comply with GST, different organizations have come to find refuge in tech platforms, commissioned by tax software providers
The next step should be pruning of the tax rates further by clubbing few rates, says Pratik P Jain
Sugar cess proposal reflects poorly on the Council
The GST, which has been in the works for years, should ideally have been better designed when it was launched, and that would have enabled a smoother transition
GST law prescribes that the turnover of the preceding financial year is required to be considered for computing the turnover for obtaining the registration under composition scheme