GST gets its first dispute resolution tribunal

GST gets its first dispute resolution tribunal

Feb 5, 2019 | Blog, Goods and Services Tax (GST)

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 months after the GST Council, in its July 2018 meeting, had approved setting up one national and three regional benches of the appellate tribunal (GSTAT). This would be the first dispute resolution tribunal under the GST regime, on similar lines with the erstwhile central excise and service tax appellate tribunal (CESTAT). Currently, disputes between tax authorities and taxpayers are handled by the Commissioner Appeals in respective states.

Turnover limit for registration in inter-state supply of services raised to 20 lakhs for 5 special category states
Govt. has increased the threshold limit for taking GST registration in the states of State of Jammu and Kashmir, States of Arunachal Pradesh, Assam, Himachal Pradesh, Meghalaya, Sikkim and Uttarakhand on Inter-State supply of services from Rs. 10 Lakhs to Rs. 20 Lakhs. The said amendment will be applicable from February 1, 2019.

Soon, No E-way Bills if GST Returns Not Filed for 6 Mths
Non-filers of GST returns for six consecutive months will soon be barred from generating e-way bills for movement of goods. The Goods and Services Tax Network (GSTN) is developing an IT system that will bar businesses which have not filed returns for two straight return filing cycle, which is six months, from generating eway bills, an official said.“As soon as the new IT system which will ensure barring of e-way Bill generation if returns are not filed for six months is put in place, the new rules will be notified,” an official said.

Fewer Exemptions Hold the Key to Widening Tax-to-GDP Ratio
India may be eyeing further reforms to lift the tax-to-GDP ratio after putting in place the goods and services tax (GST), one of the country’s biggest policy changes ever. The tax-GDP ratio is expected to cross 12% in FY19, a new high in over a decade, but lower than emerging market peers. This means expanding a tax base that’s been eroded by large exemptions and carve-outs. A simpler, non-adversarial tax regime can help in this regard. From all accounts, there is likely to be increasing pressure on government expenditure from 2019 onwards as competitive politics will compel enhanced spending on various social and agrarian sector areas.This would mean renewed efforts of broadening the tax base and enhancing revenues.

Tax officials may probe high usage of input tax credit
Concerned over decline in GST revenues, tax officials are likely to examine the high usage of input tax credit to set off tax liability by businesses, sources said. The issue of high input tax credit was flagged at the meeting of the Group of Ministers.

Put Fiscal Infusion, Fibre Network Rollout on Speed Dial: Telecom Sector
The next government should restore the sheen of India’s beleaguered telecom industry by expediting steps to revive financial health and bolster fibre networks, bracing for 5G. Phone companies and analysts said the immediate telecom agenda must be to cut hefty levies telcos face, exempt spectrum and licence fee payouts from goods and services tax (GST), price spectrum more affordably, make network gear (now attracting 20% import duty) duty-free and rapidly implement the new telecom policy — NDCP 2018. The next government, they said, should also create a $10-billion fund to support fibre broadband network rollouts and explore ways to handhold young tech startups with cash to develop data-intensive content, along with music, movies and sports apps in local languages to ensure rapid adoption of 5G.

    captcha

    Recent Blogs

    How Can NRI Transfer Money to India? A Complete Guide

    For Non-Resident Indians (NRIs), transferring money to India is a common necessity, whether for family support, investments, or property purchases. With numerous transfer options available today, NRIs can find a suitable method that offers both convenience and...

    Why a Tax Advisor is Essential for Your Business

    Running a business involves a multitude of responsibilities, from managing finances and scaling operations to ensuring compliance with ever-evolving tax laws. While tax season can be a daunting time for business owners, partnering with a tax advisor can transform the...

    Who Needs an Internal Audit in India?

    In India, internal audits are becoming more of a necessity than a choice for organizations of all types and sizes. Whether you’re running a listed company, a private firm, or even a non-profit organization, the role of internal auditing in ensuring financial...

    The Role of Accounting in Business Decision Making

    In today’s fast-paced and ever-evolving business environment, accounting plays a pivotal role in guiding businesses toward sound decisions. Whether you're running a small startup or a large corporation, understanding the financial health of your business is crucial....

    Effective Strategies for Managing Business Debt

    Running a business often involves taking on debt to fuel growth, manage operations, or navigate tough times. But if not managed properly, business debt can become overwhelming and hinder your success. In this article, we'll explore effective strategies for managing...

    Taxation of Expatriate Employees in India

    Understanding the taxation of expatriate employees in India is crucial for both individuals and businesses. Navigating the complex tax laws can be daunting, but it's essential for compliance and financial planning. Who is Considered an Expatriate in India? Definition...

    Choosing Between the New Tax Regime vs. Existing Old Regime

    Introduction Navigating the complexities of income tax in India can be daunting, especially with the introduction of the new tax regime. As a taxpayer, deciding between the new tax regime and the existing old regime can significantly impact your financial planning and...

    Complete Understanding About GSTR-1A

    Introduction to GSTR-1A When it comes to Goods and Services Tax (GST) compliance, there are numerous forms and procedures businesses need to be familiar with. One such form is GSTR-1A. But what exactly is GSTR-1A, and why is it important? GSTR-1A is a GST return form...

    Tax Planning Strategies for NRIs Returning to India

    Introduction Tax planning can be a complex process, especially for Non-Resident Indians (NRIs) who decide to return to India. As you prepare to transition back to your home country, understanding the tax implications is crucial to ensure you don’t end up overpaying or...

    MAKE AN IMPRESSION WITH US