GST Council meets today to deliberate on tax rates for commodities and services
Posted Date : 18-May-2017 , 08:50:07 am | Posted By CASANSAAR
The Goods and Service Tax, GST Council will meet today in Srinagar to deliberate on tax rates on commodities and services. The meeting will be chaired by Union Finance Minister Arun Jaitley and it will be attended by the Finance Ministers of all States and Union Territories.
AIR correspondent rep...
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Govt to strengthen agency under GST to check tax evasion
Posted Date : 17-May-2017 , 08:22:40 am | Posted By CASANSAAR
Ahead of the planned GST rollout from July 1, the government is strengthening the body responsible for detecting tax evasion and will set up two new agencies, including one for business intelligence and analytics.
With the goods and service tax (GST) subsuming central levies like excise dut...
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GST registration set to re-open on June 1
Posted Date : 12-May-2017 , 09:46:20 am | Posted By CASANSAAR
With one-fourth of taxpayers yet to enrol for the Goods and Services Tax (GST), the government has decided to reopen the I-T?window from June 1 for 15 days, so as to help firms switch over to the new regime from July, said Revenue Secretary Hasmukh Adhia.
GST is set to roll out from July 1, and 6...
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Revenue Secretary reviews IT preparedness for GST roll-out
Posted Date : 11-May-2017 , 08:07:25 pm | Posted By CASANSAAR
Revenue Secretary Hasmukh Adhia today held detailed review of IT-Preparedness for the roll-out of Goods and Services Tax (GST) from 1st of July this year.
Mr Adhia also reviewed GST System preparedness of Goods and Services Tax Network and Central Board of Excise and Customs. He expressed s...
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GST enrolment to restart in a few weeks: FinMin
Posted Date : 10-May-2017 , 08:08:22 am | Posted By CASANSAAR
The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal, which was suspended on April 30, will start again in a few weeks, the revenue department said today.
More than 60 lakh taxpayers enrolled on the GST portal between November 8, 2016 and April 30, 2017.
The enrol...
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GST professionals getting huge salary hikes ahead of tax roll out
Posted Date : 09-May-2017 , 10:35:25 am | Posted By CASANSAAR
As salary increments across Indian industries fall to, on average, single-digit percentage figures, goods and services tax (GST) professionals are bucking the trend, taking home hefty mid-term bonuses and increments for moving within the organisation into the GST team.
GST, the nation's...
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Quarterly filing of returns not workable under GST - FM
Posted Date : 09-May-2017 , 10:30:59 am | Posted By CASANSAAR
Finance Minister Arun Jaitley on Monday said that the quarterly filing of returns under the Goods and Services Tax (GST) was not workable for taxpayers above Rs 50 lakh turnover.
"For all tax payers it is not workable to have quarterly return because input tax credit has to be given ev...
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Goods And Services Tax scheduled for July 1 Rollout - FM
Posted Date : 09-May-2017 , 10:25:41 am | Posted By CASANSAAR
The Goods and Services Tax (GST) is on schedule for implementation from July 1 and will not lead to any significant increase in prices of goods although cost of some services may see a marginal hike, Finance Minister Arun Jaitley said today.
Hailed as the biggest tax reform since India'...
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Invoice matching mechanism in GST to check frauds - FM
Posted Date : 09-May-2017 , 10:19:40 am | Posted By CASANSAAR
Union Finance Minister Arun Jaitley has said the invoice matching mechanism in the Goods and Services Tax, which will be rolled out from 1st of July, will help curb fake bill frauds.
In a letter to Congress Rajya Sabha member Digvijaya Singh, Mr Jaitley said there is only one GST retur...
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GST will make domestic companies more competitive
Posted Date : 07-May-2017 , 07:12:40 pm | Posted By CASANSAAR
Revenue Secretary Hasmukh Adhia is hopeful of a smooth transition to the GST regime and says it will help domestic firms to become more competitive apart from streamlining the taxation for all business activities.
"Unlike in other countries, the transition to the new tax regime would be smoo...
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GST Network starts pilot testing of filing of returns
Posted Date : 03-May-2017 , 09:28:51 am | Posted By CASANSAAR
Gearing up for the roll-out of the country’s largest tax reform, the Goods and Services Tax Network (GSTN) is carrying out a pilot test on return filing.
“It will be a live test using 4,000 taxpayers and will be conducted over this fortnight,” said a senior official.
Once the...
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UP Cabinet approves implementation of GST
Posted Date : 03-May-2017 , 09:26:32 am | Posted By CASANSAAR
The Uttar Pradesh Cabinet on Tuesday approved the implementation of the Goods and Service Tax in the State and the bill associated with it will be tabled in the Assembly session commencing on May 15. If the Assembly ratifies the Bill, Uttar Pradesh will become the fifth State after Jharkhand, Telang...
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Only 34% service tax assesses sign up under GSTN, CBEC ups outreach
Posted Date : 28-Apr-2017 , 09:09:08 am | Posted By CASANSAAR
Even as the government is looking forward to launching its iconic GST tax regime on July 1, it has come to light that only 34% service tax assesses have migrated to the new GST network payment portal.
There are a total of 80 lakh VAT excise and service tax assesses. While 75 per cent of VAT and 7...
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GST bill passed in Jharkhand Assembly unanimously
Posted Date : 28-Apr-2017 , 08:53:16 am | Posted By CASANSAAR
The Jharkhand assembly on Thursday unanimously passed the Jharkhand Goods and Services Bill, 2017, clearing the decks for implementation of the Goods and Services Tax (GST) in the state, which is scheduled for July 1 roll-out. Jharkhand became third state to ratify the bill, after Telangana and Biha...
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Compliance rating for industry under GST
Posted Date : 26-Apr-2017 , 09:53:07 am | Posted By CASANSAAR
Revenue Secretary Dr Hasmukh Adhia has said, trade and industry will be assigned a 'compliance rating' based on their credibility with regard to timely deposit of taxes to the exchequer and filing of returns under the Goods and Services Tax regime.
Mr. Adhia said the Compliance Rati...
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Bihar becomes second state after Telangana to pass GST bill
Posted Date : 24-Apr-2017 , 10:04:04 pm | Posted By CASANSAAR
Bihar on Monday became the second state after Telangana to pass state Goods and Services Tax bill, touted as the biggest tax reform since independence.With the lone exception of CPI (ML), all the political parties backed the bills associated with the tax reforms.The tax is scheduled to be rolled out...
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Draft GST rules allow e-filing of appeals, digital accounts
Posted Date : 21-Apr-2017 , 08:48:22 am | Posted By CASANSAAR
Businesses will now be permitted to keep accounts and records on their computers under the Goods and Services Tax (GST) as well as file online applications for advance rulings and appeals and revisions against tax orders.
These have been proposed by the Central Board of Excise and Customs in the ...
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Records of goods lost, stolen, gifted a must under GST draft rules
Posted Date : 21-Apr-2017 , 08:43:02 am | Posted By CASANSAAR
Entities will have to keep records of goods lost, stolen, destroyed and given as gifts or free samples under the goods and services tax (GST) regime, expected from July 1.
Complying with the “accounts and record” draft rules, put in public domain on Wednesday, will add to the complian...
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GST council to debate tax on services, fitment of items on April 18-19
Posted Date : 18-Apr-2017 , 11:59:50 am | Posted By CASANSAAR
Will bidi and cigarettes be taxed at the same rate given the health concerns and the class of people consuming it?
Will the small packs of premium biscuits be exempted as it is the case for plain-vanilla ones?
Will all the services be taxed at 18%? Will service tax on insurance and other low y...
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70 percent of India’s small, mid-sized firms yet to start GST preparations
Posted Date : 18-Apr-2017 , 08:26:35 am | Posted By CASANSAAR
About 70% of the country’s small and mid-sized firms are yet to begin preparations to get synced with the goods and services tax (GST) structure even as the country prepares to roll out the biggest indirect tax reform from July 1.
Consulting major KPMG and the Federation of Small Medium Ent...
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President gives assent to four supporting legislations on GST
Posted Date : 14-Apr-2017 , 08:50:22 am | Posted By CASANSAAR
President Pranab Mukherjee has given assent to four key legislations on Goods and Services Tax (GST), paving the way for the roll out of one-nation-one- tax regime from July 1.
The legislations were The Central GST Act, 2017, The Integrated GST Act, 2017, The GST (Compensation to States) Act, 201...
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Taxpayers to be rated on GST compliance
Posted Date : 10-Apr-2017 , 08:51:33 am | Posted By CASANSAAR
Taxpayers registered under the new goods and services tax (GST) regime that is set to be implemented from 1 July will be assigned a rating, based on how promptly they upload invoices, pay taxes and file returns.
The ratings will be made public on the GST Network (GSTN) website as tax authorities ...
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Rajya Sabha passes all four GST bills to pave way for rollout
Posted Date : 06-Apr-2017 , 08:42:34 pm | Posted By CASANSAAR
The Rajya Sabha passed four supplementary legislations on Thursday to finally pave way for the roll out of the much-awaited Goods and Services Tax (GST) for July 1. The four supplementary bills are the Central GST Bill, 2017, the Integrated GST Bill, 2017, the GST (Compensation to States) Bill, 2017...
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GST: Tax evasion over Rs 5 cr a non-bailable offence
Posted Date : 02-Apr-2017 , 08:51:21 pm | Posted By CASANSAAR
Tax evasion of over Rs 5 crore under the GST regime would be non-bailable offence with the police having authority to make an arrest without a warrant.
The Central GST (CGST) Act provides that if the offences relating to taxable goods and/or services where the amount of tax evaded or the amount o...
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FinMin seeks public comments on GST rules
Posted Date : 02-Apr-2017 , 08:23:38 pm | Posted By CASANSAAR
The Finance Ministry today placed 8 set of rules in public domain, which will be applicable once the Goods and Services Tax (GST) is implemented from July 1.
The government has sought comments from industry on the 4 set of new rules on -- GST Composition, GST Valuation, GST Transition and GST ITC...
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GST council approves few rules, next meet on May 18-19
Posted Date : 31-Mar-2017 , 08:04:02 pm | Posted By CASANSAAR
The GST council on Friday approved some of the rules that were required for the Goods and Services Tax (GST) regime from July 1. Addressing a press conference, Union Finance Minister Arun Jaitley who is chairing the GST council said that the Council had already given approval to amending the five ru...
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GST Council to finalise draft rules today
Posted Date : 31-Mar-2017 , 08:52:52 am | Posted By CASANSAAR
The 13th sitting of the GST Council will take place on Friday in the backdrop of four key Goods and Services Tax (GST) Bills — the Centre GST, the Union Territory GST, the Integrated GST, and the compensation law — getting Parliamentary nod.
At the Council meetings, the Centre and the...
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GST Network extends deadline till April 30 for firms to register
Posted Date : 30-Mar-2017 , 08:55:13 pm | Posted By CASANSAAR
with only 54 lakh businesses, out of the estimated 80 lakh, enrolling with the GST Network (GSTN), the infrastructure provider has decided to extend the deadline to register with it till April 30 from March 31.
There are about 65 lakh registered value-added tax (VAT) assessees, 26 lakh service...
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Lok Sabha passes GST supplementary bills
Posted Date : 30-Mar-2017 , 10:10:38 am | Posted By CASANSAAR
The historic Goods and Services Tax (GST) regime came a step closer to meet its July 1 target of rollout, with the Lok Sabha approving four supplementary legislations.
The Central GST Bill, 2017; The Integrated GST Bill, 2017; The GST (Compensation to States) Bill, 2017; and The Union Territory G...
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CBEC to be renamed CBIC under GST regime
Posted Date : 26-Mar-2017 , 06:17:04 pm | Posted By CASANSAAR
The government has approved the restructuring of the apex policy making body for indirect taxes CBEC ahead of the transition to the Goods and Services Tax from 1July
“The Central Board of Excise & Customs (CBEC) is being renamed as the Central Board of Indirect Taxes & Customs (CBIC...
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