GST

Tax

Corruption seems to have overtaken the GST domain – a nexus among businesses using fake bills to claim input tax credit (ITC). Media reports that the intelligence unit for the goods and services tax...
May 22, 2018
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In a move aimed at appeasing the strong opposition to the  terms of reference (ToR), the 15th Finance Commission (FC) has set up  a six-member council to “advise and assist” it on the ToR and “help...
May 10, 2018
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The Indian economy is gradually coming out of the twin shock of demonetisation and GST, said a research report by India Ratings.   However, it cautioned on the widening of the current account...
May 10, 2018
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The Indian economy will see a growth rate of 7.4 per cent in the current fiscal year, with the negative effects of note ban and Goods and Services Tax (GST) fading away, says a report by the...
May 10, 2018
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The new single-page return form tries to redress grievances of taxpayers with regard to filing of indirect tax.    On the other hand, it has also tried to retain the basic objectives of GST –...
May 09, 2018
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The Asian Development Bank (ADB) has projected India's growth rate at 7.3 per cent in 2018, which will further accelerate to 7.6 per cent in 2019.   ADB Chief Economist Yasuyuki Sawada said...
May 07, 2018
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India has slipped by three notches to 11th position in the FDI Confidence Index 2018 of global consultancy firm A T Kearney. The country was ranked eight in 2017 index.     “India falls by...
May 03, 2018
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The GST Council has fixed a target of goods and services tax collections worth Rs 12 trillion for the current financial year.   The Council is happy with indirect tax collection figures in the...
May 01, 2018
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Authorities of Advance Ruling (AARs) set up under the goods and services tax (GST) regime have given many important judgments in cases ranging from tax on products sold at duty-free shops to taxing...
Apr 27, 2018
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In its India Economic Outlook Report 2018, Deloitte forecasts an acceleration in India’s economic growth to 7.2 per cent in the current fiscal on the back of manufacturing activity. However, rising...
Apr 27, 2018
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IMF chief Christine Lagarde on Thursday said she does not expect the economic reforms being carried out with a pace in India, with parliamentary election due next year.   She, however,...
Apr 20, 2018
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In its latest forecast, the International Monetary Fund (IMF) pegs India’s GDP growth at 7.4 in 2018 and 7.8% in 2019. With economic growth accelerating in the current and next fiscal years, India...
Apr 18, 2018
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A recent World Bank report sheds light on the declining employment rate in the country, with women leaving the job market on a large scale. This report should surely be a matter of concern for the...
Apr 17, 2018
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The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for 2019 and 2020. In the India section of the report, the Bank notes that the disruptive effects of...
Apr 17, 2018
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The e-way Bill system for intra-state movement of goods will be implemented from April 15 in five states - Andhra Pradesh, Gujarat, Kerala, Telengana and Uttar Pradesh.   "With the roll-out of...
Apr 11, 2018
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Finance secretary Hasmukh Adhia has said the government has crossed over the direct tax collection target for FY18.   According to a note by the Ministry of Finance, the provisional figures of...
Apr 03, 2018
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Businesses and transporters moving goods worth over Rs 50,000 from one state to another will have to carry an e-way bill.   "As per decision of the GST Council, e-way bill system became...
Apr 02, 2018
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The e-way bill is all set to be rolled out from April 1.   Finance Secretary Hasmukh Adhia has asked businesses and transporters to enrol for the new system.    Currently, 11 lakh...
Mar 29, 2018
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The consumers will no longer have to go through several columns to fill up the profiteering complaint form.   The Finance Ministry has reduced the number of columns to 16 in the single-page...
Mar 28, 2018
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India is not a stranger to luxury. Earlier, this was restricted to the privileged few. However, as India of the 21st century aspires to rank amongst global manufacturers and service providers,...
Mar 27, 2018
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Indian companies fear tax officials may dispute input tax credit claimed for GST paid on raw materials.    The firms said they are mulling keeping a certain amount of fund aside to meet risks...
Mar 26, 2018
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The Centre has reiterated that states must implement the national e-way bill system for intra-state movement of goods, latest by June 1.   In a written reply to a question in Rajya Sabha, MoS...
Mar 07, 2018
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The Finance Minister recently announced that India had leapt 30 ranks in the World Bank’s ease of doing business index for 2017, climbing up from its previous rank of 130. The index comprises...
Mar 06, 2018
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A recent negotiation with a client  brought home the bizarre point that legal teams are probably happiest when no one does anything. If there is business to be transacted, legal teams find problems...
Mar 05, 2018
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The Indian economy may register a growth rate of 7 per cent - higher than the projected rate of 6.5 per cent - in the third quarter of 2017-18.    “There could be a marginal improvement in GDP...
Feb 27, 2018
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As many as 55 lakh taxpayers have filed their GST returns for the month of January so far, said GSTN chairman Ajay Bhushan Pandey said.   “The total number of 3B GST returns filed in the month...
Feb 27, 2018
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The US administration's Economic Report of the President (ERP) has stated that India's growth has slowed due to the effects of its structural economic reforms.   "Growth in India has slowed due...
Feb 23, 2018
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The revenues from the Goods and Services Tax (GST) is likely to cross Rs 1 trillion a month after anti-evasion measures like matching of tax data and e-way bill are in place, finance ministry...
Feb 14, 2018
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The Budget has given Rs 120 billion benefits to salaried class and senior citizens, said Finance Minister Arun Jaitley in Lok Sabha on Thursday.   He was responding to a debate on the Budget...
Feb 09, 2018
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The Reserve Bank of India has announced measures to bring relief to micro, small and medium enterprises (MSMEs), which are impacted by GST rollout and the note ban.    The central bank gave...
Feb 08, 2018
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Tax

Background   With automation and Artificial Intelligence (AI) becoming buzzwords today, taxpayers need to be alive to the real-time requirements of data tax administrations in their drive to...
Feb 06, 2018
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1.We have moved from GSTR1, 2, 3 regime to GSTR-3B regime. Now the e-way bills are also being rolled out in a staggered manner. What are the implementation challenges for finance? How do you see...
Feb 05, 2018
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The government has projected fiscal deficit target at 3.3 per cent of GDP for the fiscal year 2018-19.    The target is higher than 3 per cent as projected in the fiscal consolidation roadmap...
Feb 01, 2018
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Budget Highlights: Economy will grow at 7.2-7.5% in second half of 2018-19 PSU banks are ready to support growth and achieved 7.5% average growth in 3  years of NDA govt We have decided...
Feb 01, 2018
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The Goods and Services Tax (GST) has increased indirect taxpayer base by more than 50 per cent with 34 lakh businesses coming into the tax net, said the Economic Survey.   The new indirect tax...
Jan 30, 2018
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Addressing bad loan crisis of the public sector banks (PSBs) and GST roll-out last year have the potential to raise the GDP numbers of the Indian economy, said Finance Minister Arun Jaitley, who...
Jan 29, 2018
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The Economic Survey, presented today by the Union Finance Minister Arun Jaitley in Parliament, highlighted 10 new economic facts on the Indian economy.   1. Goods and Services Tax (GST) has...
Jan 29, 2018
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The government officials are worried that India's ranking in the World Bank's ease of doing business index may not see a good jump if the errors under GST regime are corrected early.   The...
Jan 25, 2018
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The government is likely to postpone for six months GST imposed on suppliers selling products on e-commerce websites like Flipkart and Amazon, etc.   This has come as a big relief to e-commerce...
Jan 24, 2018
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The government is likely to bring the composition scheme under the reverse charge mechanism right away due to apparent GST evasion. The government will move an amendment to the GST law in the...
Jan 22, 2018
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A quick look at 2017 India’s robust growth trend, coupled with economic and political changes over the previ­ous years, has facilitated Asian growth, making it one of the fastest growing regions in...
Jan 19, 2018
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The GST Council will meet on Thursday to ease the compliance burden on companies.    Among many measures include a simpler return form and potentially lower rates on some goods.   The...
Jan 17, 2018
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Exporters are hopeful that the government would redress their concerns after the Budget.   In a letter to the Union Commerce Ministry, many export bodies have sought refunds of their dues...
Jan 16, 2018
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Fast-moving consumer goods (FMCG) and information technology (IT) companies are planning to petition the high courts in Delhi and Mumbai, seeking more clarity on the anti-profiteering clause in GST...
Jan 15, 2018
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The taxpayers' base for goods and services tax (GST) is set to cross one crore mark, said an ET report.   "We will have one crore taxpayers in a day or two," a government official was quoted as...
Jan 11, 2018
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The credit rating agency Crisil has maintained India's growth rate at 7.6 per cent for FY19.   The agency cited the impacts of the demonetisation, GST implementation and weakness in agriculture...
Jan 09, 2018
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The disruptions caused by GST and demonetisation are set to fade out in 2017 and the country's economy will record higher growth over they year, said a report by HSBC.   The report said India's...
Jan 03, 2018
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The last leg of 2017 did not pan out exactly the way the Narendra Modi government would have wanted it to. It also showed the kind of policy challenges that the government will have to deal with in...
Jan 02, 2018
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With Centre and states relying heavily on petroleum sector for revenue, Assocham says consensus to bring petroleum products in the ambit of GST would never emerge.   The the Centre is in favour...
Dec 26, 2017
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With major states going to polls in 2018 , India Inc will have to factor in political realities weighing on economic decisions of the government, including in the forthcoming Budget, Assocham said...
Dec 18, 2017
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