Goods & Services Tax (GST)

Through an advisory issued on September 3, 2024, the IMS is set to go live for taxpayers starting October 1, 2024, marking a significant milestone in the evolution of GST compliance procedures. Key Features of the GST Invoice Management System … Continued

An advisory has been issued on September 3,2024 by the Government of India for the recent amendment under Notification No. 12/2024 Central Tax, dated 10th July 2024, that lessens the threshold limit for the reporting of inter-state taxable outward supplies … Continued

  The Union Budget for FY 2024-25, presented by Finance Minister Nirmala Sitharaman, brings several significant changes aimed at boosting the economy, simplifying tax structures, and promoting sustainable growth.   Here are the key highlights: =====================   1. Revised Income … Continued

The 53rd meeting of the Goods and Services Tax (GST) Council was held on June 22 in New Delhi. Several recommendations were made at the meet to refine tax rates and service exemptions under the GST regime. The meeting, chaired … Continued

Summary of Direct and Indirect Tax Proposals: Budget 2024-25  Summary of the direct and indirect tax proposals made in the Budget 2024-25 (Finance Bill 2024) presented by Smt Nirmala Sitharaman, Union Minister of Finance and Corporate Affairs: Highlights of the … Continued

In the weekly newsletter dated January 8, 2024, Chairman Sanjay Kumar Agrawal of the Central Board of Indirect Taxes and Customs (CBIC) shared noteworthy updates. From the launch of CBIC’s WhatsApp channel to commendable achievements, the newsletter provides insights into … Continued

In response to the devastation caused by the MICHAUNG cyclone in early December 2023, the deadline for monthly GST returns has been extended, in respect of the taxpayers whose principal place of business is located in the four cyclone-affected districts … Continued

The gross GST revenue collected in the month of October 2021 exceeded ₹1.3 lakh crore. The GST revenues for October is the second highest ever since introduction of GST, second only to that in April 2021, which related to year-end … Continued

The Goods and Service Tax network on 4th August 2021 has decided to resume the blocking of e-way bill generation facility on the EWB portal, for all the taxpayers in terms of Rule 138 E (a) and (b) of the … Continued

  The ministry of corporate affairs (MCA) has offered relaxation in certain compliance requirements for businesses, including a longer interval between two board meetings in view of the hardships during the second wave of the pandemic. Companies are normally required … Continued

The gross GST revenue collected in the month of April is at a record high of Rs. 1,41,384 crore of which CGST is Rs. 27,837 crore, SGST is Rs. 35,621, IGST is ₹68,481 crore (including Rs. 29,599 crore collected on … Continued

CBIC had extended, vide Press Note regarding extension of due date for furnishing of Annual Returns GSTR-9 and GSTR-9C for financial year 2019-20 to March 31, 2021. This is the second extension given by the government. The deadline was earlier … Continued

The year 2021 has come up with the various changes in Goods and Service Tax (GST) Rules which will have a direct impact on the business registered under the GST regime and the businessmen who are planning to get themselves … Continued

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more.   Furthermore, the department would persuade 25,000 taxpayers, who have … Continued

The Government has canceled the Goods and Service Tax (GST) registration of 163,000 business entities who have not filed monthly tax returns (GSTR-3B) for the last six months or more. Furthermore, the department would persuade 25,000 taxpayers, who have not … Continued

The government has launched the Quarterly Return Filing and Monthly Payment of Taxes (QRMP) scheme in a bid to ease the return filing experience of the Goods and Services Tax (GST) taxpayers. The scheme will come into effect from January … Continued

Prime Minister Narendra Modi launched GST into operation on the 1 st of July, 2017. GST was publicised as ‘one nation, one tax’ by the government, aimed to provide a simplified, single tax regime.  GST is a dual levy where the Central Government … Continued

The government on Saturday said due dates for filing income tax returns and tax audit reports for FY20 for various classes of tax payers have been extended to give more time for tax payers to comply. The government also, on … Continued

 The Income Tax department’s data analysis has identified certain taxpayers with high value transactions who have not filed ITR for AY 2019-20 (i.e. FY 2018-19). In addition to the non-filers, another set of return filers have also been identified wherein … Continued

CBIC had vide Noti 57/2020 has stated that that maximum Late Fee for Form GSTR 3B has been capped at Rs. 500 for tax period July 2017 to July 2020 subject to returns being filed before 30th September 2020. But … Continued

The 40th GST Council met under the Chairmanship of Union Finance & Corporate Affairs Minister Smt Nirmala Sitharaman through video conferencing here today- 12th June 2020. The meeting was also attended by Union Minister of State for Finance & Corporate … Continued

In a significant move towards taxpayer facilitation, the Government has today onwards allowed filing of NIL GST monthly return in FORM GSTR-3B through SMS. This would substantially improve ease of GST compliance for over 22 lakh registered taxpayers who had … Continued

In the context of the COVID-19 situation and with a view to providing immediate relief to the business entities and individuals, it has been decided to issue all the pending income-tax refunds up to Rs. 5 lakh, immediately. This would … Continued

Finance minister Nirmala Sitharaman announced a slew of measures for extension of statutory and regulatory compliances in view of the corona virus pandemic spreading its wings and impacting the economy. Allaying fears that there is no economic emergency in the … Continued

Infosys Nilekani gave GST Network presentation to Council. Council ask Infosys to improve GST Network by July. Filing to be mandatory for taxpayers over Rs 5cr of annual turnover Decides to extend deadline for filing of GSTR9 & GSTR9C for … Continued

First 15 features (1-15 points) as PART-I:- Supplier can upload the Tax Invoices on real time basis in Anx-1. Recipient can view his purchase Invoices on near real time basis. Recipient can also view whether supplier has filed his return … Continued

As part of Government of India’s Ease of Doing Business (EODB) initiatives, the Ministry of Corporate Affairs would be shortly notifying & deploying a new Web Form christened ‘SPICe+’ (pronounced ‘SPICe Plus’) replacing the existing SPICe form. SPICe+ would save … Continued

The Central Board of Indirect Taxes and Customs (CBIC) late on Friday night extended the due date for furnishing GST Annual Return and Reconciliation Statement (GSTR-9 / 9A and GSTR-9C) for FY 2017-18 in a staggered manner. The last date … Continued

The Finance Ministry has announced the three due dates for filing GSTR-3B for different categories of Taxpayers. The Finance Ministry today said that now GST taxpayers can file their GSTR-3B returns in a staggered manner. Considering the difficulties faced by … Continued

E-invoice : New E-invoicing system is going to be implemented in GST which is mandatory from 1st April 2020 for taxpayers having an annual turnover exceeding Rs. 100 crore and then gradually to all B2B suppliers in the future. A … Continued

The Goods and Services Tax (GST) council has decided to waive off late fees for all taxpayers who have filed GSTR 1, if all refunds are filed by 10 January 2020. In the 38th meeting of the GST Council on … Continued

Tax authority given the right to restrict the use of balance in electronic credit ledger In an effort to curb the menace of fake invoices and tax evasion, the Finance Ministry has notified a new norm of limiting the input … Continued

December, 26th 2019 CBIC issues Standard Operation Procedure to deal with non-filers Non-filing of GST (Goods & Services Tax) returns may lead to attachment of bank accounts and even cancellation of registrations. This is part of the Standard Operating Procedure … Continued

Not filing Goods and Services Tax (GST) returns on time could cost businesses their assets as well as their tax registration, according to a set of instructions the government has issued to field officers, aimed at forcing compliance. The standard … Continued

Here are some of the major announcements in GST council meet dt : 18th Dec 2019 The Council decided that input tax credit will now be restricted to 10 percent as against 20 percent earlier if invoices not uploaded. Deadline … Continued

In a relief to taxpayers, the government on Thursday extended the due dates for filing GST annual returns for 2017-18 to December 31 and for the financial year 2018-19, to March 31 next year. The dates for filing the reconciliation … Continued

35th GST Council Meeting Highlights 35th GST Council Meeting was held on 21 June 2019 at New Delhi, after a gap of more than three months, chaired by Union Finance Minister, Mrs Nirmala Sitharaman. This GST Council meeting has been … Continued

The government on Tuesday authorized the income tax department to share details including sales and profits that businesses have reported in their income tax returns with GSTN, the company that processes Goods and Services Tax (GST) returns, to scale up … Continued

HIGHLIGHTS OF BUDGET 2019 1. Within 2 years, Tax assessment will be done electronically 2. IT returns processing in just 24 hours 3. Minimum 14% revenue of GST to states by Central Govt. 4. Custom duty has been abolished from … Continued

Outcome of 32nd GST Council Meeting -The highlights of the reliefs announced by FM Arun Jaitley are as below: 1. Threshold limit for GST Registration increased to 40 Lakhs Effective April 1, the GST exemption threshold has been raised from … Continued

GST Council in the 31-meeting held on 22 December, 2018 at New Delhi took following decisions relating to changes in GST rates on goods and services. The decisions of the GST Council have been presented in this note for easy … Continued

The 31st GST Council meeting concluded today under the guidance of Union Minister Arun Jaitley has taken some important decisions including the due date extension for GST Annual Returns and some other Returns. As per the recommendation of the Council, … Continued

The facility to claim Refund on account of any other reason has now enabled in the Goods and Services Tax Network ( GSTN ). In statement released today, the official twitter account of the GSTN tweeted that “Facility to claim … Continued

The Goods and Services Tax Network (GSTN) has updated a new functionality enabling the taxpayers to claim refund on account of excess payment of tax. “Facility to claim refund on account of excess payment of tax has been enabled on … Continued

The Central Board of Indirect Taxes and Customs (CBIC) has initiated a process to weed out approximately 12 lakh Goods and Services Tax (GST) assessees who have fallen off the tax map. “The CBIC has communicated to field officers to … Continued

The Central Government has notified that the Form GSTR 3B for each month from July 2018 to March 2019 required to be filed by 20th of next month.   A Notification issued by the Central Board of Indirect Taxes and … Continued

India has become the world’s sixth-biggest economy, pushing France into seventh place, according to updated World Bank figures for 2017. India’s gross domestic product (GDP) amounted to $2.597 trillion at the end of last year, against $2.582 trillion for France. … Continued

  Taxpayer would be required to approach the concerned jurisdictional tax officer to get the password for the GST Identification Number (GSTIN) allotted to the business The Finance Ministry on Thursday said that GST registrants can approach jurisdictional tax officer … Continued

The Central Board of Indirect Taxes and Customs (CBIC) has extended the refund fortnight for fast track clearance of pending dues to exporters by two days till June 16. The central and state tax officials have already cleared refunds worth … Continued

The Goods and Services Tax (GST) Council on Friday finally approved single monthly return with an aim to boost collections and compliance. The new system is scheduled to be implemented in next six months — but could take more time. “The … Continued

The government announced today that the GST revenue for the month of April has crossed Rs 1 lakh crore – a first since GST was rolled out in July last year. As mentioned by the Ministry of Finance, the total … Continued

In order to check “frivolous and fraudulent” tax credit claims by businesses, the CBEC has decided to verify demands of top 50,000 tax payers claiming maximum GST transitional credit, starting with those where the quantum exceeds Rs 25 lakh. The … Continued

The World Bank today projected India’s GDP growth at 7.3 per cent for the next financial year and accelerate further to 7.5 per cent in 2019-20. The World Bank’s biannual publication, India Development Update: India’s Growth Story, expects the economy … Continued

IMF has underscored the significance of reforms in other key sectors like education, health and improving the efficiency of the banking and financial systems.   The Indian economy now seems to be on its way to recovering from disruptions caused … Continued

The GST Council in its meeting on Saturday is likely to extend the deadline for filing of simplified sales return GSTR-3B by three months till June. The Council, chaired by Finance Minister Arun Jaitley and comprising his state counterparts, is … Continued

Even as the government grapples with incomplete details and mismatch errors in refund claims by exporters, it has refunded Rs 4,000 crore out of verified claims of Rs 5,000-6,000 crore on account of payment of Integrated GST (IGST) on exports … Continued

Qatar’s economy has proven its resilience and continues to perform well amid the blockade, improving local liquidity and gaining the confidence of international investors, said Doha Bank CEO Dr R Seetharaman. “The blockade (on Qatar by a quartet of nations) … Continued

Revenues from the Goods and Services Tax could cross Rs 1 lakh crore a month towards the end of next fiscal once anti-evasion measures like matching of tax data and e-way bill are put in place, finance ministry officials said … Continued

The Goods and Services Tax (GST) collections for December 2017 show an increase, but despite this there are concerns that the tepid collections since July could pose a problem on the fiscal deficit front. However, a closer look at the … Continued

The income-tax department will in all likelihood go into overdrive in the next three months with the Central Board of Direct Taxes — the apex body — alerting all senior tax officials that their performance is being “monitored at the … Continued

India’s growth rate in 2018 is projected to hit 7.3 per cent and 7.5 per cent in the next two years, according to the World Bank, which said the country has “enormous growth potential” compared to other emerging economies with … Continued

The GST Council may move the sales and purchase invoice matching system to the back end. It will do so to keep tabs on missing transactions and check over-claim of input tax credits in the goods and services tax (GST). … Continued

The government has extended by 10 days the last date for filing of final sales return GSTR-1 till January 10 under the Goods and Services Tax, sources said. Businesses with turnover of up to Rs. 1.5 crore will have to … Continued

The disruptive impact of demonetisation announced last year is a temporary phenomenon and the scrapping of the high-value currency would bring “permanent and substantial benefits”, according to the International Monetary Fund (IMF). In an interview to CNBC TV18, IMF Economic … Continued

Ferrying goods across states may get quicker as the GST Council today decided to make rollout of all India electronic-way bill compulsory from February 1, two months ahead of the earlier plan.   “The rules for implementation of nationwide e-way … Continued

The government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters.   According to a report in Business Standard, the government is set to issue … Continued

After receiving ground reports of difficulty faced by tax officials in collecting comparative data from unwilling assessees, the Central Board of Excise and Customs (CBEC) has written to all commissioners urging them to intensify their efforts and challenge the objections … Continued

Foreign investors pumped over Rs 19,700 crore into the country’s stock markets in November, the highest in eight months, mainly due to government’s plan to recapitalise PSU banks and surge in India’s ranking in the World Bank’s ease of doing … Continued

Around 56% of the registered taxpayers have filed their GSTR-3B returns for October by 20 November, says GSTN Taxpayer compliance under the goods and services tax (GST) system is steadily improving with 4.4 million assessees filing summary of the transactions … Continued

Doing business in India became much easier over the past one year because of a raft of policy reforms, an annual World Bank index showed on Tuesday, in what is possibly a shot in the arm for Prime Minister Narendra … Continued

Increasing the fear of an unravelling of the exercise of invoices-matching, which is crucial to realising the presumed merits of the goods and services tax (GST), like reduction of tax evasion and cascades, three-fourths of the 60 lakh eligible taxpayers … Continued

Exporters can soon start claiming refunds for GST paid in August and September as GSTN will this week launch an online application for processing of refund, its Chief Executive Officer Prakash Kumar said today. GST Network (GSTN), the company handling … Continued

India must prioritise implementation of public banking sector structural reforms, enhance the efficiency of labour and product markets, and modernise agriculture sector to accelerate its growth, the IMF said Friday. The country’s growth is expected to accelerate in the medium-term … Continued

More than 90 days after the roll-out of the goods and services tax (GST), lenders are gravitating to sanctioning working capital loans, especially to micro and small units, against documents used in the new tax regime. They are no longer … Continued

The tax department has sought explanations from banks and financial institutions, including multinationals, on transitional credit claimed by them in July under the goods and services tax (GST) regime, two people with direct knowledge of the matter said. Deputy commissioners … Continued

The IMF has suggested a three- pronged approach for structural reform in India that includes addressing the corporate and banking sector weaknesses, continued fiscal consolidation through revenue measure, and improving the efficiency of labour and product markets. Deputy Director Asia … Continued

The International Monetary Fund (IMF) on Tuesday pared its growth forecast for the Indian economy by half a percentage point to 6.7% for 2017, blaming the lingering disruptions caused by demonetisation of high value currencies last year and the roll … Continued

More than three months after the Goods and Services (GST) was introduced, the GST Council made a number of big changes today, to give some relief to small and medium businesses (SMEs) on filing and payment of taxes. The panel … Continued

Interest rates that money lenders charged borrowers hardly budged for decades irrespective of policy decisions. But even that is collapsing faster than what it is in the formal banking system, thanks to the implementation of Goods and Services Tax. Borrowing … Continued

The goods and services tax (GST) might find use in national accounts beyond the routine application of indirect taxes in converting gross value added (GVA) into gross domestic product (GDP). “We have started an exercise to look into this. A … Continued

India has been ranked as the 40th most competitive economy — slipping one place from last year’s ranking — on the World Economic Forum’s global competitiveness index, which is topped by Switzerland. On the list of 137 economies, Switzerland is … Continued

The government on Friday said only Rs 12,000 crore of the Rs 65,000 crore of input tax credit claimed by assessees for the pre-GST stocks were valid. The governments, both the Centre and states, had got Rs 95,000 crore of … Continued

While the number of businesses registered for the goods and services tax (GST) has crossed 90 lakh, much higher than tax base in the previous regime, filing of even the interim (summarised) returns and tax payments are not keeping pace. … Continued

India is likely see increased foreign direct investment (FDI) inflows on the back of reforms such as introduction of the goods and services tax and the bankruptcy code, international ratings agency Moody’s said in a report on Monday. “Combined with … Continued

As many as 162 companies that have claimed GST transitional credit of over Rs. 1 crore are under the scanner of tax authorities who would verify whether the claims are eligible. In the transitional credit form TRAN–1 filed by taxpayers … Continued

Tax officials are working out strategies to encourage more businesses to register for the Goods and Services Tax (GST) and further increase the taxpayer base. At present, there are about 90 lakh businesses registered to file returns and pay taxes … Continued

The government expects a double-digit improvement in India’s rank in the global index on ease of doing business, likely to be announced by the World Bank next month. A senior official told ET that the World Bank had shared its … Continued

  Press Information Bureau Government of India Ministry of Finance 09-September-2017 20:19 IST   The GST Council, in its 21st meeting held at Hyderabad on 9th September 2017, has recommended the following measures to facilitate taxpayers: a) In view of … Continued

Businesses will have more time to file the final GST returns as the government on Monday extended the last date for filing of sales and purchase data as well as payment of taxes for the months of July and August. … Continued

About 1% of the expected goods and services tax invoices had been uploaded on the GST Network more than a month after the facility opened, suggesting a last-minute scramble near the September 5 deadline and a clamour for an extension. … Continued

Goods and services tax (GST) collections have exceeded estimates in the first month of the landmark levy’s rollout despite a significant number of assessees not having filed returns yet. “We seem to be comfortable… The redline has been crossed in … Continued

Given that the states’ combined GST tax revenue is estimated to be roughly equal to that of the Centre, a monthly GST revenue of Rs 1.55 lakh crore would meet the projections. As the extended deadline for filing the first … Continued

The government has collected goods and and service tax (GST) amount of Rs 50,000 crore so far with 20 lakh assessees having filed an interim tax returns on the GST Network as of Wednesday evening.   In addition, 28 lakh … Continued

One of the sea changes brought about by the GST era is the way we determine the value of goods and services. As a business, one needs to be aware of the changes in the valuation method and also how … Continued

Income tax authorities plan to pursue those who have properties in their name but haven’t ever filed income tax returns on the suspicion that these may be benami holdings on behalf of people looking to conceal their wealth. The exercise … Continued

In what could bring relief to small taxpayers with cash flow issues, the Central Board of Excise & Customs (CBEC) has extended the deadline for taxpayers claiming input tax credit on transition (pre-GST) stocks to file the first interim returns … Continued

A top conglomerate may have to shell out a bit extra in advance tax this quarter due to an unusual glitch in the tax returns form. Another Delhi-based firm, which does not want to bear any extra tax, may simply … Continued

Economic Survey 2016-17: Chief Economic Adviser Arvind Subramanian while speaking at the Economic Survey 2016-17 said that there has been a regime shift in terms of macroeconomic stability since demonetisation. He revealed that about 5.4 lakh new tax payers have … Continued

With barely 10 days left for goods and services tax (GST) assessees to file summarised interim returns, the GST Network (GSTN), the IT back end for the indirect tax regime, hasn’t yet started witnessing high-frequency traffic, indicating a possible last-minute … Continued

Millions of companies in India are still not ready to file their first returns under the new goods and services tax (GST) ahead of an 20 August deadline, a top official told Reuters, urging them not to leave things to … Continued

Union minister for shipping Nitin Gadkari on Tuesday announced that the government has identified five major ports — Mumbai, Mormugao, Mangalore, Chennai and Cochin — to boost cruise tourism in India. While the number of Indians who took a cruise … Continued

Businesses can start filing their first tax return under the new Goods and Services Tax (GST) regime as the GST Network has started the facility for return filing and paying taxes on the portal. “The window for filing GSTR–3B has … Continued

Five lakh businesses have opted for the GST composition scheme, which allows them to pay taxes at a concessional rate and makes compliance easy, the government said today. Nearly 71 lakh excise, service tax and VAT assessees have migrated to … Continued

The first tax returns under the new Goods and Services Tax (GST) regime can be filed from Saturday and the facility will remain open till August 20, GST Network CEO Navin Kumar said today. Businesses can start filing their first … Continued

The proposed anti-profiteering authority under the new GST regime will take up for scrutiny only those cases that have mass impact and those where undue profit of more than Rs 1 crore has been earned, a senior government official said. … Continued

The Government on Friday said as many as 77.5 lakh traders are registered on GSTN and help desks have been set up in every commissionerate to facilitate filing of tax return. “Till July 18, 2017, the total number of GSTIN … Continued

The government today extended the deadline for small businesses to opt for the composition scheme in the GST regime by nearly four weeks to August 16. Small businesses with turnover of up to Rs 75 lakh earlier had time till … Continued

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. … Continued

Gujarat has retained the top position in the list of 21 states and UTs with most investment potential, according to a report by economic think-tank NCAER. Gujarat is followed by Delhi, Andhra Pradesh, Haryana, Telangana, Tamil Nadu, Kerala, Maharashtra, Karnataka … Continued

Over two weeks into the goods and services tax (GST) regime, Navin Kumar, chairman of GSTN — the IT backbone of the system — speaks to Sumit Jha on how taxpayers have adopted the new system. What are the latest … Continued

Businesses can start uploading their sale and purchase invoices generated post-July 1 on the GSTN portal from July 24, a top company official said today. The Goods and Services Tax has kicked in from July 1 and so far, the … Continued

The government has set up a new wing under the indirect taxes body to provide intelligence inputs and carry out big data analytics for taxmen for better policy formulation and nabbing evaders. The Directorate General of Analytics and Risk Management … Continued

Small businesses with turnover of up to Rs. 75 lakh have time till July 21 to opt for composition scheme under the Goods and Services Tax regime, GST Network said. To opt for composition scheme, the taxpayer needs to log … Continued

Traders and businesses will have to display the GST registration number on their business sign boards and the registration certificate in premises. Also, composition dealers will have to mention that they are availing the composite scheme and are not entitled … Continued

Contrary to gloomy predictions, the roll-out of the goods and services tax (GST) has been a much smoother affair and the industry has adapted to it without major hassles. As FE spoke to a cross-section of the industry, several government … Continued

The Goods and Services Tax (GST) is saving fleet owners between 24-36 trucking hours, besides around Rs 7,500 per trip at the tax check posts which have since been dismantled, an industry association said on Monday. “Our quick check has … Continued

The rumour mills have gone on an overdrive mode since the launch of GST. Here’s a reality check for both GST supporters and its detractors.   Now it’s one nation one tax Myth : Since GST will replace all other … Continued

GST or Goods and Services Tax is currently the poster boy for the Indian Economy. While experts, as well as regular citizens, are divided on how GST is going to transform India, the real effects can only be seen after … Continued

India embraced the goods and services tax (GST) on the intervening night of Friday-Saturday, in a move that marked the culmination of the country’s long and chequered journey toward a uniform, all-encompassing, pan-India indirect tax system. The GST would militate … Continued

For decades, Sugal & Damani Group focused on lotteries before it entered the online bill payment business with Payworld. Now, it has become a GST service provider (GSP), an entity that will help businesses register, upload electronic invoices and file … Continued

With barely five days left for the roll-out of the goods and services tax (GST), the GST Network (GSTN), a company that provides information technology systems for the GST, reopened registration for assessees on Sunday.   That was for new … Continued

Buying cleaning liquids for ‘Swachh Bharat’ as part of corporate social responsibility or taking a business associate out for lunch, companies will be able to set off all taxes paid on their consumption of goods and services when they clear … Continued

The GST Council on Sunday made the dreaded anti-profiteering clause more palatable specifying a sunset clause of two years even as it relaxed the deadline for filing returns under the goods and services tax (GST) till September. The Council also … Continued

The one-nation, one-tax principle that underlines the goods and services tax (GST), set to be rolled out on July 1, could be adopted in a much more broader sense by the income tax department through a path-breaking initiative on jurisdiction-free … Continued

The resolution of the vexed issue of massive non-performing assets (NPAs) in the banking system is a work in progress and some “visible action” will be initiated over the next few days under the NPA ordinance promulgated recently, finance and … Continued

Foreign investors have pumped $4.2 billion in the country’s capital market in May due to finalisation of GST rates for bulk of the items and prediction of a normal monsoon. Interestingly, most of the funds have been invested in the … Continued

Noting that India is recovering from the temporary adverse effects of demonetisation, the World Bank has projected a strong 7.2 per cent growth rate for India this year against 6.8 per cent growth in 2016. Even as the World Bank … Continued

There is an excitement in the country about GST. People want to understand the process of GST. Through this article, we present some points about the process of filing returns. Every trader will have to file returns once a month … Continued

Many functionaries from corporate India and tax experts have voiced concerns over the government’s plan to give unprecedented teeth to the country’s indirect tax administrators by making tax evasion above `5 crore a “cognizable and non-bailable offence” in the upcoming … Continued

India’s consumer confidence is highest compared to other emerging market peers despite the near-term sentiment being adversely impacted by the Centre’s demonetisation move, says a survey. According to the Credit Suisse Emerging Consumer Scorecard, India has the highest consumer confidence … Continued

India’s economic growth is expected to pick up once the effects of cash shortages linked to the currency exchange initiative fade, the International Monetary Fund (IMF) has said. Prime Minister Narendra Modi on November 8 had announced scrapping of old … Continued

The government’s decision to ban high-value banknotes as part of efforts to stamp out corruption will have a profound and positive impact on India’s economy, World Bank chief executive Kristalina Georgieva said. Demonetisation may have caused some hardship to people … Continued

The Organisation of Economic Cooperation and Development (OECD) has supported India’s demonetisation drive, asserting that immediate impact of the move on Indian economy will be transient. “Implementing the demonetisation has had transitory and short- term costs but should have long-term … Continued

India’s economic growth would slow to about six per cent in the second half of this financial year (October-March) due to demonetisation, against 7.2 per cent in the first half, the International Monetary Fund (IMF) said on Wednesday. India’s representative … Continued

Indian economy is becoming more efficient through five broad themes — fast and steady rate of growth, market reforms, expanding digital footprint, revival in rural growth and creation of modern infrastructure, says a report.   Indian economy is becoming more … Continued

India’s economy could grow at 6.5-6.75% in the current financial year and might not gather significant momentum next year but that doesn’t warrant a fiscal/monetary easing, according to Economic Survey 2016-17 tabled in Parliament on Monday. Projecting a 0.25-0.5% demonetisation-induced … Continued

India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey. According to the latest Grant Thornton International Business … Continued

India improved its ranking by one spot in a global index of business optimism, with policy reforms and Goods and Services tax (GST) expected to become a reality soon, says a survey. According to the latest Grant Thornton International Business … Continued

The BJP-ruled Assam, the first state to ratify the GST Amendment Bill, has started the process for providing registration to taxpayers in the new indirect tax regime that is slated to kick in from April next year. The state tax … Continued

Fund raising through initial public offerings (IPOs) has crossed $2.9 billion in 2016 and another $2.9 billion is to be raised through these offerings this year, according to a research report by Baker & McKenzie. Around 22 companies are waiting … Continued

Calling GST as the most important structural reform till date by the Modi government, S&P Global Ratings today said the passage of the indirect tax law gives it additional conviction of India clocking 8 per cent growth in the next … Continued

Foreign investors pumped in more than Rs. 20,000 crore into the capital market in September, making it the highest net inflow in 11 months. This also marks the third consecutive month of positive inflows (equity and debt). The trend is … Continued

The first session of the GST Council that concluded here on Friday made good progress in ironing out some of the contentious issues between the Centre and states: The exemption threshold for the goods and services tax (GST) has been … Continued

Foreign investors have pumped in nearly Rs 6,800 crore (USD 1 billion) into the country’s capital markets so far this month, driven by global and domestic factors. The latest infusion comes on top of a whopping inflow of Rs 25,904 … Continued

Retailers, both of physical stores and e-commerce entities, fast moving consumer goods (FMCG) companies and those in consumer durables have started rejigging their warehouse strategy. This is in preparation for the national goods and services tax (GST), with the government … Continued

Plans are afoot to train 20,000 chartered accountants by March 2017 in different aspects of the GST Corporate India is just about getting started to get their businesses ready for the goods and services tax ( GST) regime. This has … Continued

Staying with the bullish momentum, foreign investors have deployed over Rs 7,700 crore in the Indian stock market so far this month, driven by global and domestic factors. It follows a 4-month high inflow of Rs 12,612 crore in the … Continued

Time was when an importer had to fork out as much as 220% customs duty and individuals were made to pay up to 97% income tax. The Indian tax system has undergone a sea change since then and the passage … Continued

India’s logistics performance at its key international gateways has improved in the last two years, according to a World Bank report released on Tuesday. In the World Bank’s biennial measure of international supply chain efficiency, called Logistics Performance Index, India’s … Continued

India will maintain its growth rate of 7.6 per cent GDP growth in 2016-17, which would accelerate to 7.7 per cent in 2017-18 and 7.8 per cent in 2018-19, the World Bank said on Monday.   But for this, India … Continued

Investor sentiment towards the Indian economy is improving but markets are now looking at the passage of key reform bills like the Goods and Services Tax ( GST ) to act as “new catalysts”, says a Citigroup report. Expectations on … Continued

A failure to implement reforms in India could hamper investment amid weak global growth, global ratings agency Moody’s Investors Services cautioned on Wednesday. It said it was highly unlikely that major reforms would be enacted in the upper house of … Continued