Combine harvester manufacturers meet Jaitley to seek GST reduction on its engine
Times of India All India Combine Manufactures Association general secretary Amar Singh told TOI, “The engine used in manufacturing of combine harvesters attracts 28% GST, which we want to be lowered to 12%. We met the Union finance minister to voice our demand. |
FICO organises GST workshop for industrialists
Times of India Ludhiana: The Federation of Industrial and Commercial Organisation (FICO) organised a workshop on goods and services tax (GST). The programme was conducted by taxation professionals including chartered accountant Bimal Jain who explained details ... |
Mercom India |
GST Rate 5% or 18%? Solar Sector Continues to Live with Uncertainty
Mercom India A few months ago, Mercom had reported about how the ongoing delays in GST reimbursement and lack of clarity are affecting solar project developers in India. Today, the situation remains the same. An official at Rays Infra, an EPC services company told ... |
Financial Express |
Ease of Doing Business ranking 2019: Know what worked for India and what didn't in 23 notch leap to 77th slot
Financial Express India's position, however, worsened a bit in the latest ranking on 'paying taxes' and 'resolving insolvency' — two parameters where improvement was expected following the roll-out of GST and the insolvency and bankruptcy code. Also read| India is ... India leaps 23 places on World Bank's ease of doing business ranking India shows highest improvement in ease of doing business; jumps to 77th spot India leaps 23 points to 77th in 'ease of biz' |
Jayant Sinha for bringing ATF under GST
Times of India The final call, however, would be taken by the GST Council, he added. ATF constitutes approximately 35-40 per cent of operational cost of an airline in India. The meeting was also attended by Finance Secretary Hasmukh Adhia and Civil Aviation Secretary ... |
The Tribune |
Rs 100-cr 'fake GST bills' by Ludhiana operator
The Tribune An operator working out of a single room on Gill Road in Ludhiana is suspected to have supplied fake GST bills worth Rs 100 crore to at least 100 companies in the largest trading city of Punjab, that is fast turning into a hub of tax fraud. The trading ... |
Financial Express |
India leaps 23 places on World Bank's ease of doing business ranking
BW Businessworld By Lalit K Jha (Eds: Adds comments from FM Arun Jaitley, Commerce Minister Suresh Prabhu) Washington/New Delhi, Oct 31 (PTI) India leaped 23 places to the 77th position on the World Bank's 'ease of doing business' ranking as GST, insolvency ... World Bank Ease of Doing Business ranking: India nearing Modi's 'Top 50' dream? We'll find out today Ease of Doing Business Report: India jumps 23 spots in the Index to land at 77th rank India rises 23 positions, is now 77th in World Bank's ease of doing business |
GST: National Anti-profiteering Authority dying a natural death
Nearly a year after the National Anti-profiteering Authority (NAA) was set up, it has disposed of only eleven complaints and fined just four companies for paltry sums so far for not passing on the benefits of GST rate cuts or input tax credit to the consumers. The three-tier anti-profiteering mechanism is proving unequal to the costs and labour required to run it. While the government had set an initial two-year lifespan for the authority, it looks increasingly clear that it won’t get an extended term. Meanwhile, NAA’s constitutional validity is also being challenged.
The government was vocal at the start that NAA’s approach would be non-intrusive and that it would take up only such cases that have a ‘mass impact’. Click to read more
Will change GST structure if we come to power: Rahul Gandhi
Congress president Rahul Gandhi has said that his party will overhaul the Goods and Services Tax (GST) structure if it comes to power in 2019, and once again described GST as it currently exists as “Gabbar Singh Tax”.
Speaking at a gathering of business leaders and professionals in Indore Tuesday, Gandhi alleged that GST, championed by his party-led UPA when it was in power between 2004 and 2014, was introduced by the National Democratic Alliance (NDA) government in a haphazard manner. Click to read more
Commerce Ministry to take up exporters’ complaints on GST refund with FinMin
The Commerce Ministry has taken note of exporters’ complaints that the input duty refund under the duty drawback scheme claimed by some last year was much lower than the IGST (Integrated Goods & Services Tax) refunds due to them and it may ask the Finance Ministry to address the issue.
“Exporters have said that they are willing to pay back the drawback with interest and they should be instead given IGST refund which is a much higher amount. The DGFT is likely to take up the matter with the Customs Department,” a government official told BusinessLine. Click to read more
India has jumped 23 places to secure 77th rank on the World Bank Ease of Doing Business index on the back many business-friendly reforms, with the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code (IBC) emerging as big winners.
While India has not shown improvement in protecting minorities, the country continues to remain among the top 10 countries.
The World Bank noted that India improved on six of ten parameters as against eight last year, putting it among top ten improvers for the second time in a row. While last year too, India was praised for good accessibility to electricity, this year, the country made a noticeable improvement on ‘Getting Electricity’ parameter. Click to read more
Centre contemplating bringing petrol, diesel under GST: Athawale
The Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said here.
“We have done so much work, but there is some problem pertaining to petrol and diesel prices. The issue persists even though the prices have fallen a bit. But the Centre is contemplating to bring petrol and diesel under the ambit of GST,” the Union Minister of State for Social Justice and Empowerment said at a news conference here. Click to read more
GST payers to be divided into four categories for targeted approach
he Central Board of Direct Taxes (CBDT) has devised a new strategy to boost tax collection. Currently, the Board only has the stick for the evaders. Now, it is proposed to divide them into four categories and deal with them in different ways. This strategy was successfully used in Britain, Australia and Mexico to improve tax collection.
Between April and March in the current fiscal year, GST evasion to the tune of Rs 18,656 crore was detected in the country. This is about four times the corresponding figure (Rs 7,031) for the last year. Click to read more
India jumps 23 ranks on World Bank Ease of Doing Business; becomes South Asia leader
Repeating last year’s huge success, India, once again, made a huge jump of 23 places on World Bank’s Ease of Doing Business to secure 77th rank — indicating Prime Minister Narendra Modi’s commitment towards business-related reforms.
Not only has India made remarkable progress but has also become the highest ranked economy in South Asia, leaving Bhutan behind. India’s huge stride towards becoming a business-friendly nation has come in the last two years, with a total jump of 53 places. Click to read more
Centre, states apportion Rs 32,000 crore IGST in October
As much as Rs 32,000 crore lying in the integrated goods and services tax (IGST) pool has been apportioned between the centre and states in the month of October.
The states’ share would be over Rs 15,000 crore, the official said.
The apportionment would add to the goods and services tax (GST) revenue of both the centre and states for October. The total revenue collection figures for the month would be released on November 1.
This is the fifth time that IGST funds have been divided between the centre and states.
As much as Rs 29,000 crore was settled in September, Rs 12,000 crore in August, Rs 50,000 crore in June and Rs 35,000 crore in February this year. Click to read more
The post GST: National Anti-profiteering Authority dying a natural death appeared first on GST Ready India.
Mercom India |
GST Rate 5% or 18%? Solar Sector Continues to Live with Uncertainty
Mercom India A few months ago, Mercom had reported about how the ongoing delays in GST reimbursement and lack of clarity are affecting solar project developers in India. Today, the situation remains the same. An official at Rays Infra, an EPC services company told ... |
FICO organises GST workshop for industrialists
Times of India Ludhiana: The Federation of Industrial and Commercial Organisation (FICO) organised a workshop on goods and services tax (GST). The programme was conducted by taxation professionals including chartered accountant Bimal Jain who explained details ... |
Financial Express |
Ease of Doing Business 2019: GST, IBC big winners; list of reforms that put India among top 10 improvers
Financial Express Ease of Doing Business 2019: India has jumped 23 places to secure 77th rank on the World Bank Ease of Doing Business index on the back many business-friendly reforms, with the Goods and Services Tax (GST) and the Insolvency and Bankruptcy Code ... |
World Bank Ease of Doing Business ranking: India nearing Modi's 'Top 50' dream? We'll find out today
Financial Express On the back of multiple reforms, minus the GST, India had made substantial progress last year in the Doing Business ranking. Even as India was lauded for bringing reforms under the “Paying Taxes” category, the Goods and Services Tax (GST) was not ... |
Times of India |
GST 'work in progress', hope rates will be rationalised further: Pranab Mukherjee
Times of India NEW DELHI: Terming the GST as 'work in progress', former President Pranab Mukherjee on Friday expressed hope that rates under the indirect tax regime will be further rationalised and the issues of the MSME sector would be resolved in due course of time. |
Moneycontrol.com |
DGGI detects GST fraud, says could be 'tip of iceberg'
Moneycontrol.com The Directorate General of GST Intelligence's (DGGI's) Pune zonal unit has unearthed a Rs 80 crore "fraud" which is suspected to have been perpetuated through procurement of "bogus invoices" from markets and arrested one person from Mumbai. Modsingh ... Pune GST unit spots evasion of Rs 79 crore, arrests trader |
Moneycontrol.com |
Centre contemplating bringing petrol, diesel under GST: Ramdas Athawale
Moneycontrol.com The Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said on October 30. "We have done so much work, but there is some problem pertaining to petrol ... Centre contemplating to bring petrol, diesel under GST: Athawale |
Moneycontrol.com |
DGGI detects GST fraud, says could be 'tip of iceberg'
Moneycontrol.com The Directorate General of GST Intelligence's (DGGI's) Pune zonal unit has unearthed a Rs 80 crore "fraud" which is suspected to have been perpetuated through procurement of "bogus invoices" from markets and arrested one person from Mumbai. Modsingh ... GST Intel Wing Unearths Rs 80 Crore 'Fraud' in Pune, Says Could be 'Tip of the Iceberg' Pune GST unit spots evasion of Rs 79 crore, arrests trader |
FICO organises GST workshop for industrialists
Times of India Ludhiana: The Federation of Industrial and Commercial Organisation (FICO) organised a workshop on goods and services tax (GST). The programme was conducted by taxation professionals including chartered accountant Bimal Jain who explained details ... |
Times of India |
Centre, states apportion Rs 32000 crore IGST in October
Times of India The finance ministry has targeted monthly GST collections to be Rs 1 lakh crore for this fiscal, but the actual mop-up has fallen short of the target month after month. The sole exception was the month of April in which the numbers exceeded Rs 1 lakh ... |
Times of India |
Congress will bring single slab GST: Rahul Gandhi
Times of India Talking to representatives from different walks of life including industry associations, advocates and academicians, Rahul said, "We are very clear that GST needs to be changed once Congress comes to power in Delhi with single tax slab and basic need ... |
GST Helpline India Blog
AAAR Fixed 18% GST Rate for Solar Power Projects
Putting all questions and doubts to rest, the AAR Maharashtra has confirmed that all EPC activities will be subjected to 18% GST. This decision could affect India’s Solar Capacity. Reportedly, the cost of setting a solar plant would increase post the ruling. Most importantly, solar plants are considered immovable property under GST and hence there are no provisions of Input Tax Credit claim on the supply of input services.
The revised Model GST Law leaves service providers under work contracts on slippery ground. The ambivalence related to ITC claims for works contracts related to immovable properties has been the topic of several debates now. The point of concern is the GST provisions which make work contract services during construction on immovable properties eligible for ITC claims but the same services are eligible for ITC claims if input services are meant for a further supply of works contract services.
This has further aggravated with the recent ruling from Authority for Advance Ruling (AAR) for GST in Maharashtra. The ruling states that EPC (engineering, procurement, and construction) activities are liable for 18 percent GST. A petitioner argued that EPC activities must be treated as composite supplies and thereby a concessional rate of 5 percent must be levied on all solar power generation stations. But the AAR Ruling stands true for now.
Read Also: Impact of GST on Commission Income and Agents
The issue was taken to the Supreme Court but to no avail. EPC players confirm that they are now planning to raise concerns with GST council against the 18 percent GST. Tax Experts believe that the 18% GST is not in tune with the general industry belief of 5 %. In case the GST Council sticks with the 18%, and electricity not falling within GST ambit, cost of solar power plants increases..”
Solar Contractors argue that the ‘works contract’ under GST involve immovable property and the solar power plant is movable. This necessitates consideration of solar power plant under the ‘works contract’.
You can read the Full Order Here
The post AAAR Fixed 18% GST Rate for Solar Power Projects appeared first on GST Helpline India Blog.
Times of India |
Centre, states apportion Rs 32000 crore IGST in October
Times of India The finance ministry has targeted monthly GST collections to be Rs 1 lakh crore for this fiscal, but the actual mop-up has fallen short of the target month after month. The sole exception was the month of April in which the numbers exceeded Rs 1 lakh ... |
Mirror Now |
MoS for Civil Aviation Jayant Sinha proposes bringing jet fuel under GST
Mirror Now MoS for Civil Aviation Jayant Sinha proposes bringing jet fuel under GST. 30 OCTOBER 2018 | ENGLISH | GENERAL AUDIENCE. Minister of State for Civil Aviation Jayant Sinha proposes to bring aviation turbine fuel under the ambit of GST. Final decision to ... Aviation: Jayant Sinha urges FiMin to bring ATF under GST Civil Aviation MoS Jayant Sinha asks Finance Minister to bring Air Turbine Fuel under GST |
FICO organises GST workshop for industrialists
Times of India Ludhiana: The Federation of Industrial and Commercial Organisation (FICO) organised a workshop on goods and services tax (GST). The programme was conducted by taxation professionals including chartered accountant Bimal Jain who explained details ... |
Moneycontrol.com |
DGGI detects GST fraud, says could be 'tip of iceberg'
Moneycontrol.com The Directorate General of GST Intelligence's (DGGI's) Pune zonal unit has unearthed a Rs 80 crore "fraud" which is suspected to have been perpetuated through procurement of "bogus invoices" from markets and arrested one person from Mumbai. Modsingh ... GST Intel Wing Unearths Rs 80 Crore 'Fraud' in Pune, Says Could be 'Tip of the Iceberg' Pune GST unit spots evasion of Rs 79 crore, arrests trader Pune zonal unit of DGGSTI arrest businessman for Rs 80 crore GST fraud |
India Ministry of Civil Aviation aims to include ATF in GST framework
CAPA - Centre for Aviation India's Minister of State for Civil Aviation Jayant Sinha stated "The Ministry of Civil Aviation and Petroleum Ministry have asked the Ministry of Finance and all the states to consider bringing [aviation turbine fuel] ATF under the GST framework ... |
India: AUTHORITY FOR ADVANCE RULING - Taxability Of Inter-Company Supply Of Services In GST Unveiled: An ...
Mondaq News Alerts The Authority for Advance Ruling, Karnataka, while giving the ruling on the much-debated taxability of inter- company supply of services in GST, has concluded with a ruling that states: "the activities performed by the employees at the corporate office ... |
Jayant Sinha for bringing ATF under GST
Times of India The final call, however, would be taken by the GST Council, he added. ATF constitutes approximately 35-40 per cent of operational cost of an airline in India. The meeting was also attended by Finance Secretary Hasmukh Adhia and Civil Aviation Secretary ... |
Times of India |
Vehicle owners to pay 18% under GST for pollution check
Times of India "The activity of issuance of Pollution Under Control certificate for vehicles issued by the applicant is not covered under SAC (Services Accounting Code) 9991 and is covered under residual entry and hence, should be taxed @ 18 per cent GST," the AAR said. Vehicle Owners in India to Pay 18 Percent Under GST on Pollution Certificate Vehicle Owners to Pay 18 Per Cent Under GST on Pollution Check |
GST Council met 30 times, took 918 decisions in 2 years: Finance Ministry
The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday.
The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country’s first ‘federal institution’. Click to read more
GST Council Took More Than 900 Decisions Since Its Constitution
Till date, the Goods and Services Tax (GST) Council has taken 918 decisions related to GST laws, rules, rates, compensation and taxation threshold etc. More than 96% of the decisions have already been implemented through 294 Notifications issued by the Central Government and the remaining are under various stages of implementation. Almost equal number of corresponding SGST Notifications have been issued by each State.
The GST Council Members under the Chairpersonship of the Union Finance Minister have spent long hours discussing the broad contours as well as the nitty-gritty of the new GST regime in a harmonious and collaborative spirit. Click to read more
GST council took 918 decisions in 30 meetings in 2 years, 96% already implemented
The all-powerful GST Council, chaired by Finance Minister Arun Jaitley, has met 30 times and taken 918 decisions related to laws, rules and rates for the new tax regime within a span of just over two years, the Finance Ministry said Sunday.
The Goods and Services Tax (GST) Council, which comprises state finance ministers and Union Minister of State in charge of Revenue as members, was set up on September 15, 2016, as the country’s first ‘federal institution’.
“Till date, GST Council has taken 918 decisions related to GST laws, rules, rates, compensation, taxation threshold etc. More than 96 per cent of the decisions have already been implemented through 294 notifications issued by the Central Government,” the ministry said in a statement. Click to read more
CBIC to focus on behavioural patterns of taxpayers to improve GST compliance
Soon, GST officers will study the behavioural pattern of certain taxpayers to nudge them to comply with tax laws, in a departure from the current practice of focussing only on deterrent action to check evasion.
The Central Board of Indirect Taxes and Customs (CBIC) has set up a ‘Nudge Team’ to formulate a strategy on studying behavioural patterns of taxpayers and use segmented approach to encourage them to pay taxes, an official said. Click to read more
GST Intel Wing Unearths Rs 80 Crore ‘Fraud’ in Pune, Says Could be ‘Tip of the Iceberg’
The Directorate General of GST Intelligence’s (DGGI’s) Pune zonal unit has unearthed a Rs 80 crore “fraud” which is suspected to have been perpetuated through procurement of “bogus invoices” from markets and arrested one person from Mumbai.
Modsingh Padamsingh Sodha was arrested on Friday and found to be operating over 10 dummy companies that had issued fraudulent invoices worth Rs 415 crores, the DGGI Pune zonal unit said in a release here Sunday. Click to read more
India likely to have 3 GST rates in future: PMEAC Chairman
Government of India is likely to reduce the current four-slab GST rate structure to three as the process of rationalizing India’s new indirect tax regime proceeds further, said Prime Minister’s Economic Advisory Council (PMEAC) Chairman Bibek Debroy.
Addressing the gathering at the launch of “GST: Explained for Common Man” written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of “dual GST” (Goods and Services Tax) whose “terminal role from an economists point of view is to have a single tax structure.” Click to read more
GST Rate 5% or 18%? Solar Sector Continues to Live with Uncertainty
Passed on 1st July 2017, India’s Goods and Services Tax (GST) is an indirect tax imposed on goods and services, and replaces existing state and central taxes of a similar nature. The goal of the GST is to simplify the indirect tax for the country as a whole.
“It has now been well over a year since the GST came into effect and there is still no clarity which has been a drag on solar installations in the country. States are also issuing their own interpretations, adding to the confusion. Solar companies are still struggling to figure out the GST rates applicable on various goods and services that go into the development of a solar project,” said Raj Prabhu, CEO of Mercom Capital Group. Click to read more
GST relief for oil companies on outsourced work
In what could come as urgent relief for oil companies, revenue authorities have allowed refineriesNSE 0.00 % to pay GST only on value addition done by job workers against on the total valuation.
Many oil refineries outsource some of the processes to job workers. These refineries provide the raw material to the job worker and a final product is then delivered. There were concerns that the tax authorities would impose GST on the total valuation of the final product against value addition by the job worker. Click to read more
The post GST council took 918 decisions in 30 meetings in 2 years, 96% already implemented appeared first on GST Ready India.
Knn India |
India likely to have 3 GST rates in future: PMEAC Chairman
Knn India New Delhi, Oct 29 (KNN) Government of India is likely to reduce the current four-slab GST rate structure to three as the process of rationalizing India's new indirect tax regime proceeds further, said Prime Minister's Economic Advisory Council (PMEAC) ... |
MENAFN.COM |
India likely to have 3 GST rates in future: PMEAC Chairman
MENAFN.COM (MENAFN - KNN India) India likely to have 3 GST rates in future: PMEAC Chairman. New Delhi, Oct 29 (KNN) Government of India is likely to reduce the current four-slab GST rate structure to three as the process of rationalizing India's new indirect tax ... |
GST 'work in progress', hope rates will be rationalised further: Pranab
Times of India The GST, which replaced 17 central and state levies including factory-gate, excise duty, service tax and local sales tax or VAT, is India's biggest tax reform in 70 years of independence and will help modernise Asia's third largest economy. The 115th ... |
News18 |
Vehicle Owners in India to Pay 18 Percent Under GST on Pollution Certificate
News18 Vehicle owners will have to pay a GST of 18 percent to get a pollution certificate for their vehicles, the Authority for Advance Ruling (AAR) has said. The Goa bench of the AAR passed the ruling on an application filed by Venkatesh Automobiles on ... Vehicle Owners to Pay 18 Per Cent Under GST on Pollution Check |
