Goods and Service tax

GST Council Approves Simpler Tax Filing System

6May By Lavina TolaniNo Comments

INDIA

GST Council Approves Simpler Tax Filing System

The Goods and Service Tax Council (GST Council) has approved of a simpler tax return filing system under the new indirect tax regime and has also given approval for conversion of GST Network into a government holding as per information from Finance Ministry of India. The new return filling form will reduce the compliance burden for taxpayers involving submission of only one monthly return application and upload of invoices by the sellers. As per the GST Council, the existing GSTR 1 and GSTR 3B forms will be continued for next six months. After this period, taxpayers will need to file only one monthly return with composition dealers. On the other hand, dealers filing no tax returns will need to file only quarterly returns. The government has retained the right to cover dues for ...

1May By Lavina TolaniNo Comments

INDIA

Exclusive: GST Collections Exceeds Rs 1 trillion in India for First Time

The Goods and Service Tax Collections have crossed Rs. 1.03 trillion in the month of April superseding the Rs. 1 trillion mark for the first time post the new tax regime which was rolled out on 1 July last year. As per the statement released by the finance ministry, the buoyancy in tax collections is being attributed to economic recovery and improvement in compliances. However, it is also being cautioned that the higher numbers could be partly attributed to the payment of tax arrears in the month for the last financial year. Further, market analysts believe that there will be a further improvement in GST revenue buoyancy post implementation of the e-way bill or electronic tracking of movement of goods from 1 April. GST Collection Break-Up Of the total revenue of Rs1.03 tr...

17Apr By Lavina TolaniNo Comments

INDIA

World Bank predicts 7.3% growth for India in 2018

The World Bank has predicted a growth rate of 7.3 percent for India for the current year and 7.5 percent for 2019 and 2020 and has observed that Indian economy has recovered from the effects of demonetization and Goods and Service Tax (GST). In its South Asia Economic Focus Meet held twice a year, World Bank said, Growth is expected to step up from 6.7 in 2017 to 7.3 percent in 2018 and will subsequently get stabilize supported by a sustained recovery in private investment and private consumption. In its report, it was also stated that India should now strive to advance investments and exports so that it can benefit from its recovery in global growth. Within the Indian section of the report, the bank also approved that disruptions from demonetization and implementation of GST creat...

15Oct By Press Trust of IndiaNo Comments

INDIA

Indian Economy On ‘Very Solid Track’: IMF Chief Lagarde

IMF chief Christine Lagarde has said the Indian economy is on a "very solid track" in the mid-term, days after the International Monetary Fund lowered its growth forecast for the current and the next year. Describing the two major recent reforms in India - demonetisation and Goods and Services Tax (GST) - as a monumental effort, Lagarde said it is hardly surprising that there "is a little bit of a short-term slowdown" as a result. The IMF last week lowered India's growth projection to 6.7 per cent in 2017, 0.5 percentage points less than its previous two forecasts in April and July, attributing it to demonetisation and introduction of the GST. RELATED Indian Government Makes Changes in GST, Relief to SMEs and Exporters It also lowered the country's growth for 2018 to 7....