The Finance Ministry today said the GST Council is exploring ways to address working capital concerns of exporters. This as the ministry announced its decision to give refund by linking form GSTR 1 with form GSTR 3-B and also instructed central and state authorities to clear pending pre-GST refund claims. CNBC-TV18's Timsy Jaipuria gave us these details.
The decision-making mechanism at the top between the Centre and the states has been "reasonably institutionalised" and the mechanism created to address day-to-day issues is robust, he said.
Karnataka Agriculture Minister Krishna Byre Gowda, who represents Karnataka in the GST Council, said it would start showing results starting from another 15 days going up to November.
Gandhi, who is in the US on a two-week-long tour, during his interaction with students at the prestigious Princeton University said 'Make in India' is a good idea, if implemented well, it is a very powerful idea.
As per the amendments in Hand Book of Procedures (2015- 20), the directorate general of foreign trade (DGFT) said that at the time of exports of gems and jewellery parcel by post, the exporter will have to submit documents including shipping bills or tax invoice as per the GST rules.
This is the second month of return filing under the Goods and Services Tax (GST) regime and similar to last month, businesses thronged the GST Network portal on the last day to pay taxes.
Also, the businesses will have to print in indelible ink on containers in which they are selling cereals, pulses, flours that they have voluntarily foregone actionable claim or enforceable right on brands, a finance ministry statement said.
By bringing petrol and diesel under GST regime, the prices of the petroleum products would reduce by nearly 50 per cent, he told reporters here.
If you are late to file your GST returns, there might be some good news for you soon. The Rajasthan High Court today ruled that no late fee can be charged for filings for the month of July and August. The court also told the government to correct the GST-network glitches as soon as possible.
Out of the Rs 95,000 cr GST revenues in July, more than two third of the amount is up for refund as input tax credit
Businesses have time till midnight to file August returns in GSTR-3B form and the network is geared up to take the load, he said. This is the second month of GSTR-3B filing after the Goods and Services Tax (GST) was rolled out from July 1.
During the meeting the exporters pressed for starting the refund process immediately based on GSTR-1 and GSTR-3B data. While GSTR-3B is the initial simplified returns which businesses have to file, GSTR-1 is the final sales return to be filed every month.
The meeting that will be held will be a video-conferenceing meeting.
The committee will take up the issue of delays in GST refunds to exporters and the resultant shortage in working capital
Pradhan also rejected allegations that the main reason for fuel price hike is the high margins taken out by the oil companies
The Japanese financial services major said that the wider current account deficit in the second quarter and still- elevated trade deficit so far in July-August suggest that the current account deficit is set to widen sharply this year. Nomura expects current account deficit likely at 1.5 per cent of GDP in 2017 but noted that funding will not be a constraint.
"There are two kinds of taxes (on petroleum products). One is the central excise and the other one is state VAT. That is the reason we are expecting uniform tax mechanism from the industry point of view," Pradhan told PTI.
Social capital is "insufficient" in the country and spending on aspects like health and education "is not just desirable for its (India's) own sake, but is also central to economic growth and political stability", it said.
The GST Council had last week decided to form a five-member panel to look into the technical glitches facing the GST network
The Goods and Services Tax (GST) regime, which kicked in from July 1, allows tax credit on stock purchased during the previous tax regime.
The GST Council, the highest decision-making body of the new Goods and Services Tax (GST) regime, had on Saturday decided to form a five-member panel to look into the technical glitches facing GST Network (GSTN).
According to the global financial services major, two recent policy measures -- demonetisation in November 2016 and GST rollout in July 2017 had a short term impact on economic activity and aggravated the already slowing momentum.
This panel was formed after many state ministers, also members of the GST Council, had pointed the distress caused y the taxpayers of their states when filing their return under GSTN.
UNCTAD's Trade and Development 2017 report notes that the world economy in 2017 is picking up but not lifting off. The growth is expected to reach 2.6 per cent, slightly higher than in 2016 but well below the pre-financial crisis average of 3.2 per cent.