GST

The Goods and Services Tax (GST) Council might replace the 12 per cent and 18 per cent slabs with a 14-15 per cent rates, said Bihar Deputy Chief Minister Sushil Modi.   He said while...
Aug 03, 2018
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The roll-out of Goods and Services Tax (GST) is a unique experiment and is a trailblazer in various ways, while the GST Council is a path-breaking mechanism for seamless interaction between the...
Jul 30, 2018
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Bihar deputy chief minister Sushil Kumar Modi has said that the GST slabs can be reduced to three from five currently, in order to provide convenience to consumers and businesses.   The process...
Jul 23, 2018
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The GST Council is likely to establish a National Appellate Tribunal in Delhi.    It will have three regional benches at Mumbai, Chennai and Kolkata, with members consisting of judiciary as...
Jul 20, 2018
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Q: What would you say is behind the optimistic economic outlook among the CFOs and how is it impacting their business sentiments? Porus Doctor (PD): The Deloitte CFO Survey 2018 reveals that 64 per...
Jul 13, 2018
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The roll-out of goods and service tax (GST), which is regarded as one of the biggest tax reforms post Independence, has resulted in formalisation of economy and information flow, consequently,...
Jun 19, 2018
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The Government of India has extended special refund drive till Saturday. The fortnight drive, which was launched by the Government of India on May 31, was set to expire tomorrow.   "In view of...
Jun 13, 2018
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Authority of Advance Ruling (AAR) unit of Andhra Pradesh has said the goods and services tax (GST) will be levied on the goods supplied from Customs warehouse to merchant vessels on a foreign run...
Jun 11, 2018
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India might regain its position as the world's fastest growing major economy with growth rate at 7.3 per cent this fiscal year and 7.5 per cent in the next two "as temporary policy-driven factors...
Jun 07, 2018
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Backed by gains in manufacturing and consumer spending, India will most likely retain the tag of the world's fastest growing major economy in the January-March quarter, a poll conducted by Reuters...
May 31, 2018
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Five union territories (UTs) and two states have implemented intra-state e-way bill system today.   The two states that rolled out the electronic bill are Manipur and Maharashtra; while five...
May 25, 2018
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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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