Goods and Services Tax (GST) Archives - Page 4 of 5

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

No GST Credit If Vendors Are Not Paid in 90 Days.

The Government circulated draft of the GST Model Law requesting for suggestions from the industry. The industry and experts have been poring over the draft. The article seeks to highlight the need to reconsider one of the provisions related to input tax credits. The proposed GST Legislation appears to deny tax credit in relation to input services for which payments are made after three months of the date of the invoice of the supplier. In fact the proposal mandates payment …

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

New GST Rules May Impact Auto Consumer Durables

After getting hit by the transition of new fuel technology — from Bharat Stage-III (BS-III) to BS-IV — the automobile sector in the country may be awaiting yet another shocker. The proposed taxation format under the upcoming goods and services tax (GST) is likely to fuel inflation, and increase the tax burden of secondhand car buyers and those opting for exchange offers. It may also increase the working capital of dealers of used vehicles. Earlier the tax used to be …

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

Now, Apple INC,s iPhone Plans in India Hit GST Hurdle

Until it is clear whether, and how, the domestic tax incentives will be accommodated in the forthcoming goods and services tax (GST) regime, the government won’t take a call on US tech giant Apple’s wish-list in the context of its plan to set up an iPhone/iPad manufacturing unit in India, reports fe Bureau in New Delhi.
Ministry of electronics and IT secretary Aruna Sundarajan on Friday said a decision on incentives to Apple can be taken only after tax rates …

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 …