The Rajya Sabha on Wednesday took up the four bills related to the GST, with the Opposition urging the government to insulate taxpayers from harassment and questioning how the new regime was "ideal" when 40 per cent of the revenue base of the GDP was kept out of its purview.
As per the revised return filing timeline decided by the Council, for July, the sale returns will have to be filed by September 5 instead of August 10. Companies will have to file sale invoice for August with the GST Network by September 20 instead of September 10 earlier.
'The private sector believes that some enablers in labour-intensive sectors like apparel, toys, tourism, and media retail, can unlock a lot of jobs.'
A total of 35 persons have been arrested by the CGST authorities.
Accounting for the first Advance Estimates for 2017-18, an additional planned borrowing of Rs 200 billion, the fiscal deficit could come in at 3.35 per cent of GDP.
'The professional or the freelancer needs to pay taxes from his pocket first and then wait for payments from his clients.'
'While the GST is structured to be an all-encompassing tax and to create a vastly expanded digital network of recorded transactions, no one knows how traders long used to avoiding taxes will apply their ingenuity,' says T N Ninan.
Reform ideas do not occur overnight and evolve over the years.
Most of the pharma units are failing in documentation, and validation processes, and many don't have full-fledged quality control laboratories.
The net indirect tax collection in 2020-21 grew 12.3 per cent annually to Rs 10.71 lakh crore, thereby exceeding the target set in revised estimates, the Finance Ministry said on Tuesday. The mop-up through indirect taxes, which include GST, Customs and excise duties, was Rs 9.54 lakh crore in 2019-20. In the Revised Estimates (RE) for 2020-21, the target was set at Rs 9.89 lakh crore. Net collections from Goods and Services Tax (GST) stood at Rs 5.48 lakh crore during 2020-21, an eight per cent drop compared to Rs 5.99 lakh crore in the previous fiscal year.
GST will create a single, unified Indian market to make the economy stronger.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
Government strategists are trying to ensure that the requisite 16 of the 31 states ratify the Bill by the end of this month
Lack of visibility on rates makes companies apprehensive.
It is doubtful that our political masters are even aware of the features of the Model Law.
Bihar became the first non-NDA state and overall second after the BJP-ruled Assam to pass GST bill.
The multi-crore Dharavi slum redevelopment project involves no land transfer to the Adani group but to the Maharashtra government's departments, and the Ahmedabad-based conglomerate, as a project developer, will build houses that will be handed over to the same departments for allotment to residents of Asia's biggest slums, sources said. Denying allegations of land grab made by MP Varsha Gaikwad, sources close to the project said land parcels are to be transferred only to Dharavi Redevelopment Project/Slum Rehabilitation Authority (DRP/SRA) of the state government's housing department.
What is to be done to resist the twin thrusts of the BJP's ideology, majoritarian and a strong centripetal instinct against federalism? asks Aakar Patel.
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.
Neutrality and jurisdiction in international trade need to be discussed threadbare before GST is implemented in India.
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.
GST making you anxious? Here is a fact-check on how new tax will impact you.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
'GST will increase the volume of taxation, there is no tax on tax and therefore makes goods, commodities and services little cheaper and far more convenient.'
Since the present law threatens to unleash an avalanche of litigation over a period of time, it makes sense to replace it with a simpler law and build complexities as more experience is gained, says T N C Rajagopalan.
The recent surgical strikes in Pakistan-occupied Kashmir are expected to grab limelight during the month-long session. Some parties have alleged that the government is trying to politicise it.
Options include raising both excise and service tax rates in FY16
Though GST could mean complications in the short run, it will bring in undeclared revenues and streamline taxation across the value chain, the benefits should be worth the pain.
Currently, the five-year FTP aims to raise total exports to $900 billion but targets may be reduced
These have to be passed in this session to meet the September 15 deadline for switching over to the new indirect tax regime, Jaitley said.
Some of the players in the GST race are Payworld, Dell, Tally Solutions
As and when the GST comes in, Budget projections will have to be unbundled and revised. In fact, the pragmatic decision would be to present another Budget! This makes the passage of the Finance Bill with its multiple unrelated amendments seem even more dubious, says Devangshu Datta.
The implementation of the GST will indeed be a landmark reform.
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.
GST is levied on every transaction in the supply of goods and services, barring certain exempted items
Chartered accountant and commentator M R Venkatesh on why the GST Bill will cost the BJP dear.
Thomas Archer Bata says if the tax rate is kept above 20% it will be a very big hit.
The Opposition said that the government was 'bull-dozing'.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
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