{"id":35003,"date":"2018-10-31T14:44:47","date_gmt":"2018-10-31T09:14:47","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=35003"},"modified":"2018-10-31T14:44:47","modified_gmt":"2018-10-31T09:14:47","slug":"tax-trauma","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/tax-trauma\/","title":{"rendered":"Tax trauma:\u00a0"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-opinion\/tax-trauma\/article19738821.ece\"><span style=\"font-weight: 400;\">Tax trauma<\/span><\/a><span style=\"font-weight: 400;\">:\u00a0<\/span><\/p>\n<p><b>Context:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Glitches in the GST regime are increasing the anxiety among Indian businesses<\/span><\/p>\n<p><b>Introduction:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India\u2019s biggest tax overhaul since Independence, the roll out of the goods and services tax is off to a less than desirable start. <\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GST Network, its online backbone, is struggling to keep pace with the millions of invoices and returns being filed electronically by businesses across the country.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The government has extended the deadline for filing GST returns. But even those filing returns before the last date have struggled.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Recently, a<\/span><span style=\"font-weight: 400;\"> \u00a0\u00a0<\/span><span style=\"font-weight: 400;\">ministerial group formed by the GST Council to resolve the GSTN\u2019s glitches gave an assurance that 80% of the problems would be fixed by the end of October.<\/span><\/li>\n<\/ul>\n<p><b>Issues:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">For an economy that is slowing down for multiple reasons, even more troublesome is the implication of these implementation stumbles for 85 lakh taxpayers now registered for GST.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exporters, have already alerted the Centre that the delayed timelines for filing GST returns will mean that no refunds can be expected before mid-November on input taxes paid in advance and the integrated GST levied on goods they imported.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">By their reckoning, as much as Rs. 65,000 crore of working capital will get blocked, cramping their ability to ramp up capacity and raw material procurement in time for festive season orders from around the world.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The GST regime is turning out to be neither simple nor friendly for taxpayers.<\/span><\/li>\n<\/ul>\n<p><b> Government\u2019s stand on this:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The government has asserted that many exporters\u2019 funds were blocked for five-six months even before the GST.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Solution to speed up refunds is being worked out.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Those producing only for the domestic market are no better off.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Though the deadline to file the relevant return has been extended to October 31, initially only those who filed by September 28 were to be allowed to revise their credit claims.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">While revisions will be enabled from mid-October, the tax department is already examining some of these credit claims, triggering unease among firms.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Several revisions in deadlines, tax and cess rates, rules, clarifications and tweaks later, the GST regime is turning out to be neither simple nor friendly for taxpayers.<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Tax trauma:\u00a0 Context: Glitches in the GST regime are increasing the anxiety among Indian businesses Introduction: India\u2019s biggest tax overhaul since Independence, the roll out of the goods and services tax is off to a less than desirable start. The GST Network, its online backbone, is struggling to keep pace with the millions of invoices&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/tax-trauma\/\">Continue reading <span class=\"screen-reader-text\">Tax trauma:\u00a0<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-35003","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704826104},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=35003"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/35003\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=35003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=35003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=35003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}