The window for registration is open up to September 30
GST mop-up likely to fall in May, June after touching record levels in April and March.
At least 2,00,000 traders encountered difficulties in August, September, and October since there was no editing facility in summary return filing.
E-way bill generation, which is related to paying Goods and Services Tax (GST) and a key high-frequency indicator of economic activity, may have fallen to a five-month low in April as more cities experience lockdowns due to a surge in Covid-19 cases. In April e-way bill generation may decline to 55-58 million, which is the lowest since at least November. On the higher side, it is a 17 per cent decline over March.
Businesses need to get on board in 15 days, ahead of indirect tax roll-out
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
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.
Conformity assessment procedures will be put in place to verify that goods and services sold on e-commerce platforms meet required standards and technical regulations, according to the draft e-commerce policy. The policy, which is under discussion, also stated that actions and things which cannot be done by the online platform entities "can also not be done" by any of its associates and related parties. Government may, from time to time, notify parties which fall in the definition of associates and related parties, it said.
Deadline ends, after two extensions and only 70% file detailed return for July
As per norms, the returns have to be filed online on www.aces.gov.in.
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
Goods like chocolates, chewing gum, shampoo, deodorant, shoe polish, detergents, nutrition drinks and marble will now attract 18% GST>
The tax portal problem is a goof-up by both sides, and making Infosys the only villain in the story is quite unfair, argues Shyamal Majumdar.
Petroleum Minister Dharmendra Pradhan's wish to levy indirect tax on petrol unlikely to be taken up
Tax experts are nudging the authorities to figure out why so many assessees are not filing their returns.
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
The instruction is that audit of large units be completed within seven working days, of medium units in five working days and of small ones in three.
'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.'
'In practice, GST will increase the pain of compliance, if not the cost, a lot.' 'It also has clauses that offer scope to create a single market for corruption,' warns Devangshu Datta.
To improve compliance, govt may introduce lottery reward for filing GST. The Consumer Welfare Fund, where anti-profiteering proceeds are deposited, will be used to reward the lucky winners on monthly and annual bases. The prize money, yet to be fixed, may run into several lakhs of rupees for the annual draw, and about Rs 50,000 for monthly draws.
For the first time, Subramanian said, "the Economic Survey has embraced Big Data, and we mine this data to shed new light on the flow of goods and people within India."
While players in the financial ecosystem are opening up to the idea of receivables funding for the sector, this market needs a regulator, which a Parliament panel feels only RBI can provide.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
The govt will have to clear hurdles to push GST by March 2015.
Speaking at CNBC TV 18's business leadership awards event, Sitharaman made it clear that she was not expecting a jump in the number either.
Domestic markets are also aided by a rally in the global markets with US market surging to record high and a firming trend at other Asian bourses.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Though the intent has been hailed as good for the economy, teething problems remain with a five-rate structure for various goods and services
We should brace ourselves for more bad news in the coming quarters -- on economic output and growth, strains on the fiscal deficit, export slowdown, small and micro enterprises in distress, and further accumulation of NPAs in the banking sector, says Rahul Khullar.
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.
'Slowing down of the economy was mainly due to the demonetisation shock...' 'If you cut off the oxygen supply to a patient in the ICU and the patient dies, the patient does not come alive again when you restore the oxygen supply.'
The council decided not to levy any additional tax on small petrol and diesel cars of up to 1200 cc as well as on hybrid ones.
Parliament on Thursday cleared the decks for the rollout of the historic Goods and Services Tax from July 1 as it approved four supporting legislations to usher in the one-nation-one-tax regime.
"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Finance ministers from Congress-ruled states say they have alerted the Centre about the problems in GST for several months, but it is only now with the Gujarat assembly election around the corner that the Modi regime has started heeding these suggestions.
'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.'
Some may lose competitiveness due to higher compliance costs
Ironically, West Bengal, which has been seeking a postponement of the GST roll-out, has fared better among most other states.
The GoM will meet on Saturday to finalise single-stage, simplified, return filing under the GST; report will be placed before GST Council on March 10.
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