Goods and Services Tax (GST) – Neeraj Bhagat & Co.

April 8, 2019 / Goods and Services Tax (GST)

GST gets its first dispute resolution tribunal

The Union Cabinet on Wednesday approved aproposal to set up a national bench of the goods and services tax (GST) appellate tribunal (GSTAT) in Delhi. The apex appellate tribunal would deal with disputes between GST taxpayers and tax authorities predominantly arising out of the “place of supply” issue. Place of supply issue becomes critical, especially in case of services byacompany having presence in two or more states, or in the case of imports and exports. The decision was taken six …

April 8, 2019 / Goods and Services Tax (GST)

Govt to Vet GST, Income Tax and Transfer Pricing Filings to Find Leakage

The government is planning to compare data filed by companies with different departments to detect discrepancies and check whether there’s been any leakage in tax collected, raising the prospect of even greater scrutiny, said people with knowledge of the matter. Goods and services tax (GST) returns, income tax filings and transfer pricing submissions will be analysed and synchronised in a manner that hasn’t been possible before, they said.
Multinationals including banks, fast-moving consumer goods (FMCG) companies, tech firms and automobile …

April 8, 2019 / Goods and Services Tax (GST)

Highlights of 29th GST Council Meeting

The 29th GST Council meeting was held on August 04, 2018 at New Delhi. The GST Council meeting has been held to address the concerns of Micro, Small and Medium Enterprises (MSME’s) and to affirm the proposal of cashback on digital transactions. The key recommendations of meeting are as follows:

1. Cashback on Digital Transactions
The GST Council has recommended cashback of 20% of GST paid on B2C transactions subject to the maximum amount of Rs. 100 per transaction. The …

August 31, 2018 / Goods and Services Tax (GST)

Tax breather under GST for e-com on the anvil

E-commerce players will finally see scrapping of the proposed tax collected at source (TCS) under the goods and services tax (GST) regime, if proposals for the draft policy are implemented.
The proposals call for revisiting TCS, which according to the players mean abolishing the concept altogether.
TCS at the rate of up to 1 per cent is yet to be implemented as it has been deferred till September.
A spokesman for online marketplace ShopClues says, “Not only for the benefit …

August 31, 2018 / Goods and Services Tax (GST)

Aviation ministry may want inclusion of ATF under GST

The civil aviation ministry is likely to approach the Goods and Services Tax(GST) Council soon for bringing aviation turbine fuel(ATF) under the tax regime.
Thursday´s meeting in the Capital was attended by AirIndia Chairman and Managing Director(CMD) Pradeep Singh Kharola, Pawan Hans CMD BP Sharma, the chief executive officer of a private airline, and the chief financial officers of other carriers.”We have given our suggestion to the ministry and Minister of State for Civil Aviation Jayant Sinha is likely to …

August 31, 2018 / Goods and Services Tax (GST)

IBC Bill Passed by RS, Rules may be changed for MSMEs

The government is looking into the application of the amended insolvency law for medium and small enterprises, and a decision will be made based on the recommendations of a committee set up the review the law, finance minister Arun Jaitley said on Tuesday.
Replying to a debate on the Insolvency and Bankruptcy Code (Amendment) Bill, 2017, Jaitley said the changes were needed as those who ran a company down to the ground and to insolvency could not be allowed back …

August 31, 2018 / Goods and Services Tax (GST)

GST Network simplifies returns filing process

The GST Network said it has introduced a functionality which simplifies the returns filing process for taxpayers. “A new functionality has been introduced on the GST portal for ease of the taxpayers under which questions will be posed as soon as the taxpayer enters the Returns dashboard and only relevant tiles will be displayed to the taxpayers based on the answers to the questions posed,” the GST Network said in a statement.
This has been started first with GSTR-3B returns …

August 31, 2018 / Business

GST to Have Big Impact on Ease of Business Ranking Next Year

India has vaulted substantially a jump of 30 ranks to occupy the 100th place this year in the World Bank’s `Doing Business’ report, bringing it closer to the target set by Prime Minister Narendra Modi to be in the top-50 countries. Ramesh Abhishek, secretary, Department of Industrial Policy and Promotion (DIPP), the nodal department for the ease of doing business study, told that the jump in ranking proves that with strong political commitment and a motivated bureaucracy, things can happen. …

August 31, 2018 / Business

Mauritius Signs Multilateral BEPS Convention To Tackle Tax Avoidance by MNE’s

At the OECD Headquarters in Paris, Mahess Rawoteea of the Ministry of Finance and Economic Development of Mauritius, signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (the MLI) in the presence of Douglas Frantz, OECD Deputy Secretary-General.

Based on expressed reservations at this point in time, 23 tax treaties would be impacted by this signing. We note that Mauritius issued a statement today, reaffirming its commitment to implement the minimum standards …

August 31, 2018 / Business

With GST, India Heading Towards a Transparent Tax Regime: Modi

Prime Minister Narendra Modi today termed the Goods and Services Tax (GST) as by far the biggest economic reform and said India is now moving towards a modern, transparent, stable and predictable tax regime GST consulting services.
Addressing an India-Israel CEO Forum, he said regulatory and policy issues facing companies have been resolved and his government is positioning India as a manufacturing hub.
India-Israel CEO Forum, which met for the first time today, set a target to increase the …