Source: The Hindu Relevance: Issues with GST regime Synopsis: A version 2.0 of GST may have to be designed sooner rather than later. Issues existing with GST Non-expanding tax base: The tax base of GST does not appear to be expanding. The Tax to Gross value addition (GVA) is only about 5% to 6.5% though… Continue reading A grand tax bargain in danger of coming apart
Tag: Goods and Services tax
Goods And Services Tax (GST) Network
News:Goods and Services Tax Network(GSTN) has decided to make Aadhaar authentication mandatory for new dealers from January 2020 to check malpractices in GST. Facts: About GST Network: The GST Network(GSTN) is a non-profit organization.It has been established to manage the entire IT system of the GST portal. This portal is used by the government to… Continue reading Goods And Services Tax (GST) Network
Centre to celebrate two years of GST
To mark two years of GST implementation on 1st July 2019,the Finance Ministry has unveiled a new return filing mechanism besides a host of other reforms to simplify the indirect tax system. The finance minister has also said that GST has led to (a)Simplified Tax Structure (b)Easy Compliance (c)Seamless flow of tax credit and (d)creation… Continue reading Centre to celebrate two years of GST
Procedural concerns in focus as GST enters third year
The Goods and Services Tax(GST) has completed two years on July 1,2019. The introduction of GST was a game changer for the Indian economy as it has replaced multi-layered,complex indirect tax structure with a simple ,transparent and technology-driven tax regime. During the last two years,the government has brought in various changes both on the quantum… Continue reading Procedural concerns in focus as GST enters third year
New GST return filing system from October 2019
Government will be releasing a new return filing mechanism under Goods and Service Tax(GST). This will be rolled out from October, 2019 for big businessmen and from January, 2020 for small businessmen. The traders/businessmen having zero transactions or nil filers could now file returns through SMS. For those dealing with business to consumer with an… Continue reading New GST return filing system from October 2019
GST collection scales record high of ₹1.13 lakh crore in April
Goods and Services Tax(GST) collections has hit an all-time high of Rs 1.13 lakh crore in April.The government had collected Rs1.06 lakh crore in March. According to experts, increase in GST collections could be due to various reasons such as(a)tightening of tax compliance using the mechanism of e-way bills (b)change in taxation for real estate… Continue reading GST collection scales record high of ₹1.13 lakh crore in April
GST on under-construction flats, affordable housing slashed by 7%
The GST Council has decided that (a) Under construction properties priced over ₹45 lakh will attract 5% GST (Goods and Services Tax), instead of 12% and (b) A residential property priced at ₹45 lakh or below will now be defined as “affordable” and taxed at 1% from 8% earlier. However, builders will not be able… Continue reading GST on under-construction flats, affordable housing slashed by 7%
