Goods and Services Tax (GST) Archives - Page 3 of 5

March 13, 2021 / 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 …

March 13, 2021 / 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 …

March 12, 2021 / Goods and Services Tax (GST)

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. …

March 12, 2021 / Goods and Services Tax (GST)

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 …

April 8, 2020 / Goods and Services Tax (GST)

Commerce Ministry To Align Foriegn Trade Policy With GST

The commerce ministry will come out with a notification to align the foreign trade policy (FTP) with the provisions of the Goods and Services Tax (GST), which will be rolled out from July 1.
The ministry will have to come out with a notification as it has not been able to revise the FTP as was planned earlier. How to apply for gst registration
In a statement, it said that the ministry will release the reviewed FTP in September and …

March 12, 2021 / Goods and Services Tax (GST)

GST Experts in India

In what would have come as a relief to ecommerce marketplaces such as Amazon and Flipkart, the proposed tax collected at source (TCS) on them under the goods and services tax (GST) is to be capped at 1%, the GST Council has decided gst experts in India.
The draft law had proposed a levy of 1% without any limit. Mentioning the cap in the law will ensure the levy remains below that level.
“The council has decided to provide …

March 12, 2021 / Goods and Services Tax (GST)

GST Consulting Services

GST

GST is a huge reform for indirect taxation in India, the likes of which the country has not seen post Independence. GST will simplify indirect taxation, reduce complexities, and remove the cascading effect. Experts believe that it will have a huge impact on businesses both big and small, and change the way the economy functions in GST registration online.

The ebook will help you understand the basics of GST, important terminologies and concepts, and how this might affect …

March 12, 2021 / Goods and Services Tax (GST)

Budget Session: PM Modi Hopes For Breakthrough On GST

As the Budget session of Parliament resumed today, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner.
“We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way,” he told reporters outside Parliament. How to apply for GST registration
The second leg of the …

March 12, 2021 / Goods and Services Tax (GST)

GST Final Draft To Retain Clause On Services Sector

The goods and services tax (GST) council is likely to retain a clause in the law that will require service providers to register in every state where they operate, despite recent representations from various Union ministries and telcos, banks, and insurance firms for a single registration system in chartered accountants firm.
At present, service providers benefit from a single centralized registration system for paying service tax—a tax levied and collected by the Union government.
However, under the GST regime, …

March 12, 2021 / Goods and Services Tax (GST)

Goods and Services Tax

GST

The ebook will help you understand the basics of GST, important terminologies and concepts, and how this might affect …