GST News

Maharashtra Government Isn’t Keen on Bringing Real Estate under the Ambit of GST

Posted by Sakshi Sharma on Oct 27, 2017 12:09:51 pm

The government of Maharashtra isn’t very pleased with the idea of including real estate under the new indirect tax regime of the country and has requested the GST Council, the apex decision-making body, to perform an in-depth study relating to the possible impact of this step on the state finances before taking the final decision.  "Similarly, the Centre and GST Council will have to conduct a study especially on its impact... Read more>>

Eating out Will Become More Expensive If GST is reduced to 12 percent, Says NRAI

Posted by Sakshi Sharma on Oct 26, 2017 05:00:13 pm

National Restaurant Association of India (NRAI) has stated that eating out will get costlier if the authorities choose to reduce GST charges to 12 percent from 18 percent. The reason for this is being attributed to the fact that the lower tax will be levied without the benefit of input credit claims. If the recent reports are to be believed, then the government is pondering over the proposal of cutting down GST rates to 12 percent fr... Read more>>

Respite for SMEs: GST Council to Consider Offering a Partial Relief on Late Filing Penalties

Posted by Sakshi Sharma on Oct 24, 2017 02:17:22 pm

The tax department has proposed cutting the late filing penalties in order to lessen the burden of the small businesses who are still struggling to comprehend the intricacies of the new indirect tax regime. The GST Council on its next meeting on November 10 will consider this proposition and its enactment will surely bring relief to the SMEs.  “The idea is that an entity should not end up paying penalty higher than his tax... Read more>>

The Structure of GST needs to be Revamped Completely, Says the Revenue Secretary

Posted by Sakshi Sharma on Oct 23, 2017 03:36:53 pm

The Revenue Secretary Hasmukh Adhia has stated that now when the new indirect tax regime is firmly rooted in the system, it has become essential to revamp the tax rates in order to reduce the burden on SMEs. In addition to this, he also said that GST will take approximately a year to get stabilized. “It will take one year. Because it is a new system for everybody... There has been a complete overhauling of tax system in GST so one... Read more>>

Losses in GST: Centre Will Pay INR 8,698 Crore to States and Union Territories

Posted by Sakshi Sharma on Oct 18, 2017 11:38:24 am

To compensate the revenue losses being incurred after the implementation of GST, the government has decided to pay INR 8,698 crore to all states and Union territories with legislatures except Rajasthan and Arunachal Pradesh. The compensation payout is approximately 58 percent of the total cess, which amounted to INR 15,060 crore, being collected in the first two months since the implementation of the new indirect tax regime. There ar... Read more>>

GST Related Issues of Traders to Get Resolved, Assures Union Minister

Posted by Sakshi Sharma on Oct 17, 2017 12:19:39 pm

# Referring to the industrialists in Jammu who threatened to initiate disturbance relating to GST incentives, Union minister Jitendra Singh stated that any entity who’s facing any problem should come forward and must be rest assured that no injustice of any kind would happen in Narendra Modi led government. Minister of State in Prime Minister’s Office said, “Heard people talking about change in the decision over Goods... Read more>>

New in GST: Difference between AC and Non-AC Restaurants Might Be Eliminated

Posted by Sakshi Sharma on Oct 16, 2017 01:01:48 pm

GST Council, the apex indirect tax body of the country, set up a board which passed a decision on Sunday stating that there is a possibility of breaking the wall of discrepancy which exists between air-conditioned and non-air-conditioned restaurants and bringing both of them under the same tax bracket of 12 percent. The panel consisting of five ministers concluded that 18 percent tax levy would be applicable only on those AC restaurants... Read more>>

CBEC Asks to File GSTR-3B before Diwali

Posted by Sakshi Sharma on Oct 14, 2017 12:22:44 pm

On Friday, the government has ruled out any further postponement of the date for filing GSTR-3B. Moreover, it has been clearly stated that the deadline of October 20 is final and would not be extended any further.  In addition to this, it also said that real estate is one of the major areas where malpractices like tax evasion and black money generation take place and in an attempt to curb this, it could be brought under the purv... Read more>>

The Aviation Industry Will Be Slapped by INR 5,700 Crore Every Year, Courtesy GST

Posted by Sakshi Sharma on Oct 13, 2017 12:39:39 pm

The newly-implemented indirect tax regime of India will hit the aviation industry hard. “The airline industry will be hit by ₹5,700 crore per annum and the GST will make the flourishing sector sick. The Indian carriers will become globally uncompetitive as it will give huge benefit to competing airlines, especially from the Gulf,” the Federation of Indian Airlines (FIA) said in their submission to the Finance Ministry. ... Read more>>

Livelihood of Kashmir’s Carpet Traders is hanging by a Thread, All Because of GST

Posted by Sakshi Sharma on Oct 11, 2017 01:05:00 pm

The carpet traders of Kashmir are going through the toughest phase in their professional lives. They are of the opinion that the age-old handicraft and carpet industry is witnessing crisis pertaining to its survival since the implementation of GST. Right from job cuts to the cash crunch, every adversity is being attributed to the newly-launched indirect tax regime of the country. "100 weavers were working with me. Now, there are only... Read more>>

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