GSTN is planning a disaster recovery drill and hence services will not be available for 12 hours, between 9am and 9pm, on July 1, and has requested the taxpayers to plan GST-related activities on the portal accordingly.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
The window for registration is open up to September 30
From connectivity woes to infrastructure advancements and the startup boom, there is a gulf between claims and reality in India's economic landscape, points out Devangshu Datta.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
Deadline ends, after two extensions and only 70% file detailed return for July
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
The Centre's revenue from GST registered a decline of 10 per cent in 2017-18 compared to revenue of subsumed taxes in 2016-17.
From filing 37 returns a year when the Goods and Sales Tax was first introduced in July last year, the process has undergone major changes as the GST Council considered and implemented various models to ease the pain for assessees. Here's a recap of how the process has changed in 10 months.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Barely 10% of small businesses are in a GST-ready position, say experts
Some may lose competitiveness due to higher compliance costs
The finance ministry has asked Infosys to provide within 15 days a plan for quick resolution of glitches on the GSTN portal, as it took strong note of the "unresolved" problems and "tardy" progress made over the last two years on multiple issues faced by taxpayers in filing returns. On Saturday, the revenue secretary A B P Pandey held a meeting with top Infosys officials on the persistent glitches seen on the GST network, and decided to ask Infosys chairman Nandan Nilekani to make an urgent presentation before the GST Council on March 14.
The GST Council on Saturday is expected to extend the date for IGST exemption and cess on imports
'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.'
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
A government report revealed that fake companies floated with fake addresses, issued fake GST invoices and generated fake e-way bills, with fake vehicle registration details without supplying any goods causing huge loss to the exchequer.
Some of the players in the GST race are Payworld, Dell, Tally Solutions
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
The very design of the GST will bring in revenue buoyancy.
The govt will have to clear hurdles to push GST by March 2015.
The best way to achieve financial security isn't by cutting out every vada pav or limiting yourself to home-cooked meals; it's by making yourself indispensable at work, says Vatsal Ramaiya.
While the government has the option of ensuring the passage of these Bills as money Bills, there are voices within the government advising discretion on the GST roll-out by April 1.
Options include raising both excise and service tax rates in FY16
Finance Minister Nirmala Sitharaman on Tuesday asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints. Infosys was in 2019 awarded a contract to develop the next-generation income tax filing system to reduce processing time for returns from 63 days to one day and expedite refunds. The portal went live Monday evening.
'The manufacturing sector and the capital goods industry need all the support that the government can provide, because they are working in a global market where trade restrictions are coming down every day,' says Amar Kaul.
Although the markets could see a knee-jerk reaction, they rule out a sharp fall.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
Simpler GST structure will be key poll plank, Congress sources tell Archis Mohan.
A day after Finance Minister Nirmala Sitharaman flagged technical glitches on the income tax department's new e-filing website, IT major Infosys said it expects the system to stabilise in the course of this week. On Tuesday, Sitharaman had asked Infosys and its chairman Nandan Nilekani to fix technical glitches being encountered on the income tax department's new e-filing website, after users flooded her Twitter timeline with complaints.
It takes eight to nine months for developing a robust software from the time the rules are decided, warns Bharat Goenka, managing director of Tally Solutions, one of the entities entrusted as a 'Suvidha Provider' with developing ready software for customers to get them ready for the coming Goods and Services Tax.
When the landslide hit, Sruthi's house was washed away, along with its inhabitants. She lost her entire family and some relatives. All she had left for a close confidante was her fiance Jenson. Days after the landslide and the loss of her family, Jenson died in a road accident that also left Sruthi with serious injuries. News of the accident and Sruthi's backdrop as the lone surviving member of a family wiped out in the July landslide, was picked up by the media, and people rushed to help.
Mahanagar Gas (MGL) has just hiked prices for compressed natural gas (CNG) and domestic piped natural gas (PNG) in the Mumbai Metro Area. The distributor raised prices by Rs 1.50 per kilogramme (kg) for CNG, bringing the price up to Rs 75 per kg, including taxes. Domestic PNG prices were hiked from Rs 1 per standard cubic meter (SCM) to Rs 48 per SCM, inclusive of taxes.
With all the brouhaha over GST, and (often) a limited understanding of the long-term forces shaping India's logistics sector, companies seem to have omitted factoring in some underlying trends that could shape supply chain excellence, says Neelesh Mundra.
Hospitality players want the government to accord infrastructure status to hotels to make investments on new properties more attractive rather than categorising them as luxury or even 'sin goods' in the upcoming Union Budget considering the sector's potential to play a key role in India's growth. They also want the government to consider incentives in the form of tax breaks or subsidies for adopting sustainable and eco-friendly practices, while asserting that the upcoming budget must accelerate the tourism agenda saying it is an opportunity to make Indian hospitality the emerging engine for GDP growth and employment generation.
Linking businesses with account aggregator (AA) network -- a financial data sharing platform -- will help small entrepreneurs get easy access to credit and create millions of jobs, Infosys Technologies co-founder and chairman Nandan Nilekani said on Tuesday. He made the remarks during a session at the 'GSV + Emeritus India Summit' event in Gurugram. In the Budget for FY24, the government said that the GST system could join the account aggregator network, which means that every company in the GST system can ask for its data back which includes their tax filings and invoices, Nilekani said.
The GST rate for the sector has not yet been finalised by the government.
Surat houses more than 650,000 powerlooms. Of this, at least 60 per cent have been shut since a month, a loss of Rs 900 crore, finds out Vinay Umarji.
Most e-commerce firms offer aggressive discounting and freebies, with specific purchases.
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