'Significant reductions in the compliance obligations mean businesses earlier struggling to comply will now have enough time to prepare and comply within the extended timelines.'
'So far, the government has sanctioned more than Rs 300 billion as GST refunds,' Ansh Bhargava and Aditya Singhania point out.
1.03 crore taxpayers have been registered under GST till February 25, of which 17.65 lakh are composition dealers who are required to file returns every quarter.
The Congress will respond comprehensively only after specificity emerges in the proposals, reports Amit Agnihotri.
"There will be some challenges" in the switchover to GST in the short term, Finance Minister Arun Jaitley has warned.
A GST roll-out by April 1 looks difficult, giving the companies some succour.
GST collections in March slipped below the psychological Rs 1 lakh crore-mark for the first time in four months to Rs 97,597 crore as the Covid-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. Goods and Services Tax (GST) mop-up in March recorded a 8.4 per cent decline over March 2019 collection of Rs 1.06 lakh crore. The collections were lower on account of dip in revenues from domestic transactions as well as imports.
The GST will also be applicable on the non-compete amount given by an employer to an outgoing employee, report Indivjal Dhasmana and Sudipto Dey.
The council, headed by Finance Minister Arun Jaitley, will meet again on December 11 and 12 to hammer out the differences.
Fridge, washing machine, and paint makers are expected to cut prices shortly, while TV, aircon, and sanitary napkin makers are a disappointed lot
The Council also discussed process to make return filing simpler with just one return to be filed every month.
Total number of GSTR-3B returns filed up to January 30, 2022 is 1.05 crore that includes 36 lakh quarterly returns, the finance ministry said. January is the fourth straight month when Goods and Services Tax collection has crossed Rs 1.30 lakh crore.
Jaitley promised the states that they would be fully compensated for any loss of revenue arising from implementation of GST.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
National Anti-profiteering Authority to be set up for ensuring that customers get the benefit of GST
The Congress filed a dissent note on eight provisions.
'The low tax to GDP ratio of the country will go up, helping the government to adhere to fiscal discipline and keep inflation in check.'
Industry associations and companies in the United States, including the US Chamber of Commerce, Coalition of Services Industries and the iconic bike company Harley Davidson have called on the Donald Trump dispensation to push India to reduce tariffs, non-tariffs, and regulatory barriers to boost American exports.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
Infosys had told the group of ministers that it would expand its 100-member team to speed up the bug fixes.
The Opposition said that the government was 'bull-dozing'.
Jaitley said the GST Composition Scheme, under which small traders and businesses pay a 1 per cent tax based on turnover, can be availed by businesses with a turnover of Rs 1.5 crore, against the earlier Rs 1 crore, with effect from April 1.
The mop-up could have been much higher, but tax on imports fell 2 per cent y-o-y.
Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the Centre to compensate them for revenue loss arising out of GST implementation.
"GST should not become a 'grossly scary tax'. It should be a 'good and simple tax'," Surjewala said.
Congress preparing a dissent note on the issue
Tax experts said historically in July and August indirect tax collections remain subdued and pick up with the onset of the festive season post Ganesh Chaturthi.
The GST will replace more than a dozen levies central and state levies, including central excise duty, service tax and central sales tax as well as VAT on sale of goods and entry tax, to make movement of goods seamless across 1.3 billion market.
'Sin tax' is a globally prevalent practice under which products like alcohol and tobacco attract higher rates of tax.
Dissenting states including Chhattisgarh and Kerala, have made it clear they are in no mood to relent. They want the Centre to borrow the entire Rs 2.35 trillion this fiscal citing bleak fiscal position.
The tax, in lieu of local levies, will be imposed at the first point of a financial transaction.
The Budget assumes significance as it comes on the back of lower-than-expected growth numbers during the second quarter and geopolitical uncertainty.
GST reform has been hanging fire since 2006-07.
Gross GST collection in March touched an all-time high of over Rs 1.42 lakh crore, the Finance Ministry said on Friday. The gross GST revenue collected in March 2022 is Rs 1,42,095 crore, of which CGST is Rs 25,830 crore, SGST is Rs 32,378 crore, IGST is Rs 74,470 crore (including Rs 39,131 crore collected on import of goods) and cess is Rs 9,417 crore (including Rs 981 crore collected on import of goods).
The revenue collection in the same month a year ago stood at Rs 94,442 crore.
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
This is a moment when the leaders at the Centre and states must show true leadership for the sake of the country. And it is the top political leaders, not attorney generals or bureaucrats, who should be sitting together and settling this thorny issue of compensation, says Arvind Subramanian, former Chief Economic Adviser to the Government of India.
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
This meeting has led to the deferment of the Goods and Services Tax (GST) Council meeting by a day.
