Category Archives: News

Banks to pay 3% IGST on imports of gold, precious metals: CBEC

Banks importing gold and precious metals will have to pay 3 per cent tax under goods and services tax (GST), which can be claimed as input tax credit, the government has said. Clarifying issues on GST on gems and jewellery through frequently asked questions (FAQs), the Central Board of Excise and Customs (CBEC) said banks… Read More »

Invoice uploading opens on GSTN

The GST Network (GSTN), the entity responsible for the information technology backbone of the goods and services tax (GST), opened its system on Monday for invoice uploading. It is not mandatory to start the uploading but “it’s live”, said Prakash Kumar, chief executive officer (CEO) of GSTN. This was earlier permitted but only for a… Read More »

Digital audit of GST : CAG Finalised End-to-End IT solution

The Comptroller and Auditor General (CAG) has finalised an “End-to-End IT solution” to audit the Goods and Services Tax (GST). The proposal envisages a pilot programme on the GST audit which will be ready by October this year and, after two beta versions, a final stage of near real-time peer review, and a digital audit… Read More »

GST Council – Conclusion of two Meetings

Conclusion of two GST Council Meetings The Government of India is committed to implement GST by 1st April 2017. The Central Government is consistently making progress towards implementation of biggest tax reform in India. On 12th September 2016, the Union Cabinet have approved setting up of the GST Council and its secretariat with its office… Read More »

GST Council Okays Draft Rule

The Goods and Services Tax (GST) Council approved draft rules for the proposed levy and agreed to a refund mechanism for central and state tax holidays that will continue under the new regime, marking further progress toward rolling out India’s biggest indirect tax reform by April 1 next year. The GST Council will now meet… Read More »

Auto firms seek GST relief for e-vehicles

Auto firms seek GST relief for e-vehicles Manufacturers of electric vehicles have written to the government seeking exemption for their products from goods and services tax, as they fear the new tax system will nullify the benefits that they are now getting. The industry is concerned that even if electric vehicles are brought into the… Read More »

GST Impact on telecommunication / Mobile Companies

GST Impact on telecommunication / Mobile operators Place of Supply – Under the GST Law, certain guidelines are provided to determine place of supply for the telecom companies/sector as detailed below;.  Item Place of Supply Prepaid mobile Vouchers Location where the pre-payment is received or the voucher is sold.     Mobile Recharge made through internet… Read More »

Possible to Meet April 2017 Deadline for GST: Jaitley

Finance Minister Arun Jaitley on Tuesday reiterated the government is confident of meeting the April 2017 target to implement the Goods and Services Tax as state finance ministers cooperate to make the single tax reform a reality soon. “(I) haven’t seen finance ministers of state dividing themselves on party lines. If that trend goes on,… Read More »

Monthly returns to be mandatory under GST

Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime. The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of draft rules and… Read More »

GST – No cash Payment above Rs 10000 at Counter

To make tax payments less cumbersome for taxpayers, the government has proposed that over-the-counter cash payments of 10,000 and above as tax by private companies and traders will not be allowed under the goods and services tax (GST) regime. The draft payment rules, released by the Central Board of Excise and Customs (CBEC), have instead… Read More »

Tripura assembly ratifies GST Bill

Tripura assembly on Monday unanimously ratified the Constitutional Amendment Bill on Goods and Services Tax (GST). State finance minister Bhanulal Saha moved a resolution to ratify the Constitution (122 Amendment) Bill, 2014, which was passed without any opposition. No legislators from Left Front, Trinamool Congress(TMC) or Indian National Congress raised any question on the GST… Read More »

life insurers wants GST exemption

As the GST rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products. Life insurers, who are set to write to the Prime Minister seeking exemption from the new tax regime, feel that their premium income has remained stagnant… Read More »

Congress Chief Ministers to press for 18% GST cap

Congress chief ministers and finance ministers are expected to press for an 18% Goods and Service Tax cap at the meeting of the three-day GST Council beginning October 17 and stress that a higher rate would burden the common man. The party leadership has written to the chief ministers and finance ministers, asking them to… Read More »

GST Council gets cracking on GST deadline

Council gets cracking on GST deadline The GST Council on Friday took two big steps towards meeting the April 1 deadline for introduction of the goods and services tax (GST) system. On the concluding day of its two- day meeting, the council agreed on exemption thresholds and dual control over assessees. The council also decided… Read More »

Consensus eludes GST threshold

A consensus on turnover threshold over which the proposed goods and services tax (GST) would apply eluded the first meeting of the recently constituted GST Council on Thursday. However, there was a broad agreement that all pending issues, including GST rates and legislative Bills, be thrashed out within two months, so that the new tax… Read More »

GST Council Divided over Tax Rate on Day 1

There was no consensus on the key issues of tax rate and threshold for taxation on the day one of the first meeting of the Goods and Services Tax Council, which drew up a draft timetable for finalising of crucial issues including tax legislations and framework for its functioning. The meeting will continue on Friday.… Read More »