According to recent data, as much as 40 per cent of return filers under the Goods and Services Tax (GST) regime have nil tax liability and will not have to file monthly returns once the new simplified return filing procedure is finalised.
Besides, the Central Board of Excise and Customs (CBEC) has also notified the requirement of filing summary return GSTR-3B till June. The GSTR-3B for a month is required to be filed by the 20th day of the succeeding month.
The Congress president accused Modi of doing nothing to bring back black money stashed abroad.
In a meeting that lasted over an hour, CBEC Member P K Das and other officials asked export associations, including EEPC, to approach the CBEC camps in field offices, which the indirect tax body has organised to facilitate the refund process.
Half of the consumer welfare fund corpus will be used for publicity of the new indirect tax system in the country
Speaking during a discussion of Budgetary demands of his department in the Legislative Assembly, Finance Minister Nitin Patel also indicated that the Value Added Tax (VAT) on fuel is not likely to be reduced.
"The total number of companies registered during the period from July 2017 to February 2018 (post GST) is 68,299," the minister of state for corporate affairs said in a written reply to the Lok Sabha.
With demonetisation, GST, RERA, insolvency bill, GST rates on affordable housing coming down, the real estate market will see a turnaround. There will be a more rationalized market
As per D&B economic forecast for March 2018, the government faces a challenging scenario of managing the growth momentum.
Murthy was speaking on the government's demonetisation of high value banknotes in November 2016 at a session with students of Presidency University here.
Affordable housing, which has been accorded with infrastructure status in 2017 Budget, has gained momentum on the back of interest subsidy offered by the government and lower GST rates.
This verification is to be completed by June and a status report has to be given to the Central Board of Excise and Customs (CBEC) by July 10. One-third of the remaining claims of 50,000 taxpayers will be verified in three phases -- July-September, October-December and January-March (2019).
States are concerned about protecting their revenue from levies like stamp duty, registration charges and property tax levied on real estate, the report said.
The firm, Tara Chand Saluja and Sons, has contended in its plea that the GST Rule 117 cannot restrict the right provided under the GST Act to claim input tax credit by providing a timeline for the same.
According to the GST returns data, 34 percent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B).
Under the e-wallet mechanism, a notional credit would be transferred to exporters' accounts based on their past record and the credit can be used to pay taxes on inputs.
In a statement the ministry said many of the errors plaguing the claims for refunds are on account of inadequate familiarisation of the exporters with the GST laws and data entry errors in the various GSTRs / forms.
The Centre rolled out Goods and Service Tax on July 1, 2017 and had said that it would compensate the states for any loss of revenues in the first five years of GST implementation, Panneerselvam said after presenting the budget for the 2018-19 at the assembly.
The GST, introduced by the Centre last year, will make Maharashtra the nation's first self-sufficient state, Minister of State for Finance Deepak Kesarkar said today in the Legislative Council.
Stating that the real estate sector faced triple whammy in form of demonetisation, GST and the new realty law, CREDAI President Jaxay Shah said the industry is facing a "critical moment".
The economy is expected to grow at 6.7 percent in the current financial year, the multilateral lending agency said in its biannual publication 'India Development Update: India's Growth Story'.
The housing sector’s contribution to the Indian GDP is expected to almost double to more than 11 per cent by 2020 up from an estimated 5 per cent to 6 per cent.
About 70 percent of the 53 companies currently under probe are FMCG firms, followed by real estate companies
In written reply to a Rajya Sabha question, Finance Minister Arun Jaitley said states are protected from any revenue loss on account of implementation of the new indirect tax regime under the Goods and Services Tax law.
Even as the economy has largely recovered from the shocks of demonetisation and GST implementation, micro enterprises with borrowings of under Rs 10 lakh are yet to fully recover, a report said today.