Page 43 - Gst
2 years of GST: India Inc seeks less slabs, more items under its ambit
As the GST completes two years in operation, India Inc Sunday said it is time for the tax reform to leapfrog to its second phase by bringing electricity, oil & gas, real estate and alcohol under its ambit and converging the rate structure into 2-3 slabs. "GST 2.0 will take the Indian economy to the next growth level," CII President Vikram Kirloskar said. Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0. "While we acknowledge that the teething troubles related to GST implementation may have been resolved, we now need to move forward to achieve the underlying objective of GST framework of creating a simplified indirect taxation system," Ficci President Sandip Somany said. The industry body claimed it is generally observed that when members of the Advance Ruling Authority are officers of state tax and central tax departments, they tend to be a revenue-bias while interpreting the provisions .
 "2 years of GST: India Inc seeks less slabs, more items under its ambit")
New GST return filing system will simplify process, says Sushil Modi
Dubbing the new system as GST-2, Modi said the GST council has decided that the new filing system would be launched from October 1 this year.
 "New GST return filing system will simplify process, says Sushil Modi")
Dealers to get input tax credit on GST for the post-sale discounts
The dealer would be eligible to get input tax credit on entire amount of GST paid if the discount is given after the sale of product
 "Dealers to get input tax credit on GST for the post-sale discounts")
GST evasion: Authorities arrest two foreign nationals in Chennai
Authorities did not reveal the name of the company and that of the arrested persons
 "GST evasion: Authorities arrest two foreign nationals in Chennai")
Importers do not need state-wise registration under GST regime
The AAR, Maharashtra, in two recent rulings, said that these companies do not need a separate registration in each state and that a registration where their headquarters are located would be enough
Auto industry united in seeking GST rate cut on vehicles, says SIAM
A media report on Thursday quoted Maruti Suzuki India Chairman RC Bhargava, who opposed the demand for GST cut stating the government cannot afford to reduce taxes
GST council allows Aadhaar for registration, defers decision on EVs
Businesses will be allowed to use Aadhaar for registering themselves on the GST portal.
 "GST council allows Aadhaar for registration, defers decision on EVs")
Govt will take steps for further simplification of GST: President Kovind
The taxation regime, he noted, plays an important role in accelerating economic development
 "Govt will take steps for further simplification of GST: President Kovind")
Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds
It said that in the last two days -- June 17 and 18 -- only 1,436 shipping bills filed by total 925 exporters have been interdicted
 "Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds")
Volume of litigation under GST regime to grow in a big way: Experts
A spate of show cause notices, statutory appeals and review petitions is likely to grow the volume of litigation substantially over the next two-three years, say experts
 "Volume of litigation under GST regime to grow in a big way: Experts")
Tough tasks ahead
GST Council must focus on rationalising the tax system
New monthly GST return filing system to be rolled out from October: FinMin
Large taxpayers would upload their monthly Form GST ANX-1 from October 2019 onwards
 "New monthly GST return filing system to be rolled out from October: FinMin")
GST Council to consider e-invoicing for firms with over Rs 500-cr turnover
Its introduction, on a voluntary basis for large firms, to be discussed at GST Council meet on June 20
 "GST Council to consider e-invoicing for firms with over Rs 500-cr turnover")
Eight common mistakes to avoid while filing your GSTR-9 return
While the Government is going to be extra vigilant to flag defaulting filers, taxpayers need to be cautious to avoid making any errors, as there is no way to amend the GSTR-9 return once filed.
GST Council likely to tweak textiles rates in line with global markets
At present, there are three rates - 5%, 12% and 18% - for various items under the textile sector
SC agrees to hear govt on CGST, asks high courts to not hear such cases
The central government had moved SC seeking clarification on its powers to arrest a person without filing an FIR under the CGST
 "SC agrees to hear govt on CGST, asks high courts to not hear such cases")
Top on agenda: Easing E&P norms, getting petro products under GST
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
 "Top on agenda: Easing E&P norms, getting petro products under GST")
Tightening the GST net: Time to expand base, streamline flow of credit
The government should issue clear guidelines to determine the cases where the supplier has profiteered due to the reduction in output tax
 "Tightening the GST net: Time to expand base, streamline flow of credit")
What do GST rules say about refund for exporting goods and their payment
TNC Rajagopalan explains GST rules on exports and scrips.
Higher GST will apply to dues on finished real estate projects: CBIC
CBIC has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate
 "Higher GST will apply to dues on finished real estate projects: CBIC")
