Tag: #gstnews

GST changes game for tax evaders: Finance Secretary

Financesecretary Hasmukh Adhia said on Tuesday that goods and services tax (GST) will "change the game" for those who avoid to paying taxes. "When GSTwas introduced it was hailed as a gamechanging tax reform. Do you know what is game changing? It is an innovation which can spoil the games people were playing to avoid paying taxes," Adhia told a gathering of exporters, while delivering his speech in ...

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Arun Jaitley To Meet Industry, Exporters On GST Issues

Finance Minister Arun Jaitley will meet industry representatives, including exporters today (28/09/2017), to deliberate upon the problems being faced by them with regard to the Goods and Services Tax (GST), industry sources said yesterday. According to sources, industry representatives would raise issues such as input tax credit and also timely refund of duties paid by exporters. Representatives who would attend the meeting include Ficci, CII, ...

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Companies fear losing credit over GST filing errors

A company with Rs 100-crore credit in lieu of taxes paid in the past regime, risks losing it now under the goods and services tax (GST) reign simply because of the 'fat finger,' as it is popularly called. With the August 28 (Monday) deadline looming for filing returns and ensuring GST compliance, corporates are a deeply concerned lot. The offline utility for GST TRAN 1 ...

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Over 12 lakh businesses apply for new GST registration

Over 12 lakh businesses have applied for fresh registration under the Goods and Services Tax (GST) regime, Revenue Secretary Hasmukh Adhia has said. Of these, while 10 lakh applications for registration have been approved, 2 lakh are still pending approval. "The figure of new registrations approved in GST crosses 10 lakhs today. About 2 lakh applications pending in process," Revenue Secretary Hasmukh Adhia tweeted. Read ...

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Post GST, is a new inspector raj on its way?

There are apprehensions that in order to enforce the anti-profiteering clause, and even to ensure the filing of returns etc., a new inspector raj will come into existence. Are these fears legitimate? Kunal Jhamb, Chandigarh The government has clarified that the anti-profiteering clause will be used only as a last resort. This clause will not be invoked for activities like filing of returns but only ...

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GST dents June shipments of smartphones: Analysts

Transition to the goods and services tax (GST) regime has severely hurt smartphone shipments, especially in June, analysts said. While Singapore-based market research firm Canalys said the country’s smartphone market contracted on year for the first time in the April-June quarter, with a 4% fall to 27 million units, Counterpoint Research said June sales were down 9% from a year earlier. Counterpoint, however, has estimated ...

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Government draws up checklists for GST audits

The Centre has created a detailed road map for goods and services tax (GST) audits barely 20 days after the levy’s rollout, listing risks, target industries and even potential auditees for officials examining corporate India’s transition to the new regime. In the past week, the government has reached out to tax commissioners on the audit process, highlighting the risk areas. Beginning next week, therefore, officials ...

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GST: uncertainty persists for traders, exporters

Two weeks have gone by since the Goods and Services Tax (GST) came into force. Yet, confusion and doubts still persist. Small and medium enterprises (SMEs), exporters and traders alike are still struck by a sense of uncertainty, and are hesitant to make their first purchases or raise the first sales invoice. The Indian arm of Danish major Danfoss, which used to receive 25% of ...

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No GST on sale of old jewellery, old cars: Revenue Department

The sale of old jewellery or old vehicles by individuals will not attract any GST, the Revenue Department said on Friday; clarifying that such sales are not for furthering any business. In response to Revenue Secretary Hasmukh Adhia's comments on Thursday, the Revenue Department said that it was informed at GST Master Class that "purchase of old gold jewellery by a jeweller from a consumer ...

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