Page 58 - Gst

Free banking services offered to customers not under GST ambit

The ambiguity arose after notices were sent to lenders for non-payment of service tax under the pre-GST regime

GST collection misses the Rs 1-trillion mark in May, stands at Rs 940 bn

It is higher compared to the average monthly collection of Rs 898.85 billion in 2017-18

GST notices to pharma firms on free supply to have wider ramifications

The notices sent by the directorate general also point out that the value of such free supplies has been realised from the ultimate consumer

Govt, industry at loggerheads over quantum of GST refunds for exporters

Exporters claim procedural glitches have led to pending refunds worth Rs 200 billion, Govt refutes claims

GST refund of over Rs 200 billion pending with government, says FIEO

However, it expects exports to touch $ 350 Billion in 2018-19 up from $ 300 billion

Worried about GST return filing this month? These four tools can help

Here are the online and offline utilities that ease out the process of GST filing and compliance woes for businesses

Natural gas, jet fuel may enter GST first, before petrol and diesel

Early harvest for inclusion in new tax regime, fewer states to object

AARs under GST hobbled by lack of judicial members, state bodies

Only 15 states have so far notified appellate authorities for challenging orders of AARs under GST

GST Council's varied moves

The problems of exporters were not even on the agenda

GST: Here is an analysis of what judicial orders mean for businesses

With the multiple rate structure under GST, classification disputes are set to rise.

GST Council to take up 5% sugar cess to compensate cane farmers

Meanwhile, many states are opposed to the idea of a separate cess under the GST as it goes against the principle of the uniform indirect tax

GST surpasses Rs 1 trn in April, FM says this confirms upswing in economy

If the governments at the Centre and in states indeed collect Rs 1 trillion, they will be able to garner Rs 12 trillion in 2018-19

GST collected in April tops Rs 1 trillion, govt says don't expect trend

The total revenue earned by the central government and states after settlement in the month of April 2018 stood at Rs 324.93 bn and Rs 402.57 bn, respectively

AAR judgments under GST regime in but no appeal mechanism set up

An AAR is a mechanism under law to provide certainty and transparency to a taxpayer with respect to an issue which might cause a dispute with the tax administration

Resetting the GST paradigm

The GST Council should consider moving goods and services to lower and fewer rates, to make the GST simpler and easier

Finance ministry to shift to cash basis accounting for GST this fiscal

Only the Integrated-GST, levied on inter-state movement of goods as well as imports, will be shown in March tax collection

GST forms: Delinking of provisional credit with tax payment suggested

In the effort to evolve a consensus over provisional input tax credit for the goods and services tax (GST), stakeholders have asked the group of ministers (GoM) on the subject to de-link this from payment. The panel will make a draft of all suggestions and give it to the GST Council, for the ultimate purpose of having a simpler, single form. The Confederation of Indian Industry (CII) has suggested provisional credit be given on the basis of acceptance of invoices by buyers, not linked to payment by suppliers.Saloni Roy, senior director at consultants Deloitte India, said: "The worry in pursuing the matching concept is, where a purchaser has paid his supplier and the supplier has either not reported his supply or deposited tax, the purchaser is penalised with denial of credit." Prakash Maheshwari, manager, Marg ERP, said the trade wants grant of provisional credit even if tax is not paid by the supplier.CII suggests an option be given to the recipient, in a case of default in payment .

Provisional credit issue a hurdle to simplifying GST; Council to take call

Council to take a call now; six more states to roll out intra-state e-way bill

GoM to meet businesses, experts on GST return simplification today

As per the structure being worked out, businesses having zero tax liability for six consecutive months may get to file returns only twice a year

Gobbledygook and GST rules

The AAR decision stands, even if the said Section 10 is brought into play