Goods and Services Tax (GST) Archives - Page 4 of 4

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

Input Tax Credit On ATF: Aviation Ministry Suggest Ways To Compensate Airlines

Civil aviation ministry has written to the finance ministry suggesting ways to compensate airlines that will not be able to take input tax credit on aviation turbine fuel (ATF) under the Goods and Services Tax (GST). Since petroleum products including ATF are outside the GST regime for the time being, airlines will not be able utilise credit on taxes paid on ATF – a key input which comprises over 40 per cent Union civil aviation minister Ashok Gajapathi Raju said …

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

GST To Ease Loan Access For Millions of Firms Using Digitalised Data.

The implementation of Goods and Services Tax (GST) should drive nearly seven million small businesses to the formal digital economy and help them get easy access to loans, said Nandan Nilekani, the technology entrepreneur and co-founder of Infosys who was tapped by the government to run an ambitious identity-recognition programme, on Friday.
The new unified indirect taxation in India system, which is scheduled to be implemented later this year, will bring in millions of unorganized businesses on one platform. This …

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

Tax Experts Hope Goods And Services Tax Will Pep Up GDP Growth By 2%

Tax experts on Sunday said there will be a uniform andone-nation-one-tax in the form of Goods and Services Tax(GST) proposed from April 1. The experts guided CAs on GST during a regional tax conference held here jointly by the Nashik and Jalgaon branches of TheInstitute of Chartered Accountants of India (ICAI).
Bimal Jain, chairman, Indirect Tax Committee of PHD Chamber of Commerce, said, “The present indirect taxes in India have driven business to structure and model their supply chain and …

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

GST To Spur Double Digit Growth in Hiring Across Sectors.

The implementation of the Goods and Services Tax (GST) will lead to 11 per cent growth in hiring activities, says a report released on Tuesday.
HR services provider TeamLease said that GST would not only have a positive impact on the ease of doing business but also propel formal job creation.
“Adoption of GST will lead to an 11 per cent growth in hiring across sectors in chartered accountant firms in mumbai. Further, from a region perspective though marginally …

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

E-commerce Firms Like Flipkart and Snapdeal to Deduct TCS Under GST

E-commerce operators like Flipkart and Snapdeal will have to deduct TCSBSE -1.02 % (tax collected at source) while making payments to their suppliers, according to the new model GST law, which has done away with the definition of ‘aggregator’.
Explaining the changes in the provision, experts said the proposal will increase the compliance burden on e-commerce operators as they will have to deduct 2 per cent TCS and deposit it with the government.
The measure, Nangia & Co Director …

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

GST Offer Opportunity To ‘Go Digital’

The countdown to the roll-out of the goods and services tax, or GST, has begun. The government, enterprises, regulators and consumers are gearing up to handle the tax implications of “one-country one-market structure”. A lot has already been written about how enterprises can prepare for GST. However, in my opinion, GST is not just a financial reform, but a broader business reform to service tax audit firm in Delhi. It has the potential to relook at how enterprises conduct …

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

Fintech Companies Can Now Cash in on GST Platform Services.

The GST Network has devised a strategy to rope in fintech companies as well without compromising the security of the system.
GSTN, a not-for-profit entity, which is building the IT backbone for the revolutionary tax reform of Direct foreign investment in India, plans to enable such companies to offer services too, however, they will not get direct access to the GSTN. Instead, their services will be routed through NSDL, the National Securities Depository.

It has also been mandated …

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

GST Council Fixes Rate Structure: All You Need To Know About The Extremely Complex Tax Reform.

The country moved one step ahead in realising the GST dream when the GST council on Thursday decided to fix a four-tier rate structure for the reform touted to be the biggest after the economic.

While the structure and decisions taken have been welcomed by a section of industry and experts, it had its share of criticisms.

Food grains will be zero rated to insulate people form inflationary pressures in Internal audit firms in Delhi.

However he clarified that …

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

Is GST in India a Game Changer.

The Government’s plan to roll out Goods and Services Tax (GST) from April 1, 2017, has moved an inch closer to reality with the Hon’ble President Shri. Pranab Mukherjee signing the Government’s flagship GST Bill Recently . The much-awaited GST now becomes a law with President signing the GST Bill after more than 16 States (BJP-ruled Assam being the first one) ratified it in chartered accountant firm.

The introduction of GST is expected to not only make the …

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

Centre States Make Headway On Key GST Issues.

A meeting of the empowered committee of state finance ministers convened by finance Minister Arun Jaitely also agreed to include in the constitutional Amendment bill the mechanism of compensating states for any loss of revenue in first five years of GST subsuming all indirect taxation firms in India levies including VAT.

Making headway on the long pending Goods and services tax auditing firm in delhi (GST) bill the centre and states have agreed on the principle that the tax rate …