The deduction of tax at source (TDS), collection of tax at source (TCS) and reverse charge mechanism have been deferred until June 30.
As on March 2, a total of 1,03,99,305 taxpayers are registered under GST, which include 64.42 lakh taxpayers who have migrated from the erstwhile tax regimes and 39.56 lakh who have taken new registration under GST, Minister of State for Finance Shiv Pratap Shukla said.
According to market research company IMARC, ENA market in India has been growing at CAGR (2010-17) of 6% with the current production volume capacity at 3 billion litres (2017).
The Council will also tweak certain rules pertaining to the anti-profiteering mechanism
PM’s Office has convened meeting of finance and commerce ministries
TReDS is an online platform for facilitating the financing of trade receivables of MSMEs from corporate buyers through multiple financiers.
According to a report by Kotak Economic Research, gradual recovery is underway and the country has started to recuperate from the cyclical and structural bottlenecks witnessed over the past two years.
States have collected revenue of Rs 19,961 crore in January while the Centre raised Rs 14233 crore.
Analysis of GSTN data show that in a large number of cases, the refund claimed by an exporter is higher than the GST paid by him and consequently, the information filed by exporters is not forwarded to Customs by GSTN.
GSTN, the company developing the technology backbone for the new indirect regime, has developed the utility which will help buyers to check the tax payment status of their suppliers and make claiming input tax credit (ITC) easier.
The Economic Report of the President (ERP) that shows a path for continued growth and paints a rosy picture for the American economy, alleges that countries, including India and Brazil - both GATT signatories since 1948 - have been far less open, preserving high bound rates and avoiding universal binding coverage.
The last date for filing initial GSTR-3B returns for a month is the 20th of the subsequent month. Hence, the sales returns for January has to be filed by February 20.
Besides, the prime rule of securing an e-way bill while ferrying goods worth more than Rs 50,000 within or outside a state through prior online registration of the consignment may be tweaked for the time being
Finance minister Arun Jaitley had indicated that in the future a single stage return filing could be introduced
Respondents suggested that a major revamp of the portal was necessary to make it more efficient, it said, adding that there should be provisions for auto set off of the liability against available credit
Onions continued to remain expensive with wholesale prices growing nearly 194 percent in January as compared with a contraction (-) 36.08 percent during the same period a year ago
At an industry level, while few builders have extended the benefit to the buyers by way of offering festive discounts and waiver of GST, there are many more contractors/ builders who are unwilling to pass on the benefit of input tax credit to the buyers
However, patients not admitted will have to pay tax on the total value of food served by the hospital.
Under the Goods and Services and Tax, which was rolled out from July 1 last year, transporters of goods worth more than Rs 50,000 are required to carry electronic or e-way bill.
It has been decided to assign the charge of handling of queries related to the Goods and Services Tax on Twitter/Email to the eight officers with immediate effect
The government had set up the return simplification committee in November last year to ease the burden on businesses to file three returns in a month along with initial sales return GSTR-3B.
The National Anti-Profiteering Authority and Standing Committee as well as State Level Screening Committees on anti-profiteering have been set up to examine the complaints of profiteering.
National Informatics Centre is working overtime to iron out rough edges as further delay in e-way bill’s implementation could hurt the Centre and states’ revenues
The government has revised its 2018-19 fiscal deficit projections to 3.3 per cent of GDP and for current fiscal to 3.5 per cent of GDP, compared with original targets of 3 per cent and 3.2 per cent, respectively.