"This is completely untrue. Please do not re-circulate such message without checking it with authority," Adhia said.
So far, 38.38 lakh taxpayers accounting for 64.42 per cent of the total businesses, who had registered in July, filed returns.
The company will operate the IT system for five years.
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
If the government tries to bring in real estate under GST now, it will be a typical case of biting more than what one can chew, says Sukumar Mukhopadhyay.
Businesses that are engaged in both taxable and non-GST supply have re-structured themselves into separate entities to avoid elaborate compliance, says Sudipto Dey.
Experts share their views on the steps that will help businesses become GST-ready.
It is doubtful that our political masters are even aware of the features of the Model Law.
The government on Friday announced several relief measures including deferring one-time registration fee, lifting the ban on purchase of petrol/diesel vehicles by its departments and allowing higher depreciation, but it remained non-committal on the demand for a reduction in GST rates.
Revised draft model Bill clearly says an agriculturist for the purpose of agriculture won't be liable for registration under GST.
It will reduce compliance cost as the assessee will not have to maintain multiple records for a variety of taxes
The GST Council's agenda includes trimming the number of items in the 28 per cent slab by 75 per cent, easier compliance for assessees and small taxpayers, and a presentation on bringing real estate under GST.
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.
When it comes to electric cars, the electric dream is turning out to be a six-letter word starting with f, ending with y, and having antas in between, notes Suveen Sinha.
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.
The goods and services tax will level the playing field for different sectors of industry, including domestic manufacturing.
The government plans to implement the single rate GST, which would subsume central excise, service tax and other local levies, from April 1, 2016
E-invoicing would be implemented on a voluntary basis by those having an annual turnover of above Rs 500 crore from January 1.
'Assess the property in terms of type, size, location and price point, and whether it fits into your budget.' 'If it checks out on these fronts, one may consider the accompanying offers.'
The FAQ also clarified that companies, including Titan, which supplies watches and jewels through their own websites will not be considered as e-commerce operators
With the implementation of the goods and services tax less than 75 days away -- assuming July 1 as the roll-out date -- Sudipto Dey provides a guide to how businesses can navigate the transition.
The peak GST rate of 28 per cent as also the 5 per cent ad valorem cess will continue
Nasscom president said moving from single to multiple points could be a challenge from the point of view of ease of doing business
GST seeks to subsume many indirect taxes at the Central and state levels.
There is a need to incentivise R&D investments, offer corporate tax concessions and establish an effective intellectual property rights regime in order to push the growth of domestic pharmaceutical industry, as per the industry bodies. Outlining the sector's wish list for the upcoming Union Budget, Organisation of Pharmaceutical Producers of India (OPPI) Director General Anil Matai urged the government to explore methods to incentivise R&D investments, such as deductions on R&D expenses, research-linked incentives for MNCs, and corporate tax concessions.
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
The government is going all out to spread awareness about the new indirect tax regime, and training lawmakers is being seen as a necessary first step.
'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.
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
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.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Liquidity continues to be a worry for both, customers and dealers, with the latter facing working capital issues.
Navarino Narah, a travel and luxury boutique hotels consultant from Arunachal Pradesh, tells Rediff.com's A Ganesh Nadar what he would like to see in Finance Minister Nirmala Sitharaman's Budget.
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 government has notified mandatory requirement of e-invoicing for B2B transactions for businesses with a turnover over Rs 100 crore with effect from January 1, 2021. Under Goods and Services Tax (GST) law, e-invoicing for business-to-business (B2B) transactions is mandatory for companies with turnover of over Rs 500 crore from October 1. In a notification, the Central Board of Indirect Taxes and Customs (CBIC) said e-invoicing will be extended to businesses with a turnover over Rs 100 crore from January 1.
Service companies such as Infosys, Tata Consultancy Services and Airtel, among others, would be particularly hit.
He said the multi-party committee formed by the Speaker in Himachal Pradesh would discuss all issues about street vending on October 3. Singh's remarks came a day after the Congress top brass chided him over his remarks on mandatory display of names by the street vendors and told him that no one was allowed to go against the party's policies and ideologies.
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.
Panel formed to simplify return-filing process, take feedback from stakeholders, experts
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.
