Friday, June 21

Tag: GST

India’s GST Collection is Close 9.71 Lakh Crore
INDIA

India’s GST Collection is Close 9.71 Lakh Crore

GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said Thursday. "The total gross GST Revenue collected in the month of January, 2019 has today crossed Rs 1 lakh crore. This has been a significant improvement over collection of Rs 94,725 crore during last month and Rs 89,825 crore during the same month last year," the ministry tweeted. This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark. Previously in April and October, the collections had surpassed this milestone. "Gross GST Revenue in Jan 2019 crossed Rs 1 lakh crore... This has been achieved despite huge reduction in tax rates for various items benefitting poor, farmers & middle class," Finance Minister Piyush Goyal tweete...
Amazon to Launch Audible Service During Diwali in India
Tech

Amazon to Launch Audible Service During Diwali in India

E-commerce giant Amazon is set to debut its audiobook and entertainment business Audible in India during the Diwali season, as reported by familiar sources. The company has already announced a six-book deal with India's most renowned English author, Chetan Bhagat as a part of which it will publish these books globally in print, eBook and audio formats, with the first title expected to be out in October 2018. Meanwhile, Amazon is also looking for a reduction in GST on ebooks before it can go ahead with locally produced Audible books narrated by Indians. Interestingly, e-books attract 18% GST compared to none in physical books. An Amazon spokesperson's said in an email statement as reported by ET, We are always looking to continue to develop our offerings on behalf of our global me...
India’s GST Revenue Collection Crosses 94,000 Crore
INDIA

India’s GST Revenue Collection Crosses 94,000 Crore

Hasmukh Adhia, the Union Finance Secretary has announced that the revenue collection from the total goods and services tax (GST) for the month of May amounted to Rs 94,016 crores. The news became trending on Friday after the statement given by Adhia. In this context, he quoted, "The total GST collection for May (April revenue collected in May) is Rs 94,016 crore, which is higher compared to average monthly collection of Rs 89,885 crore of 2017-18. This reflects better compliance after introduction of e-way bills." Digging into the details, the Finance Ministry's information as filed in the reports revealed that out of the total amount of revenue, Central GST (CGST) amounted to Rs 15,866 crore while the State GST (SGST) amounted to Rs 21,691 crore. On the other hand, Rs 49,120 crore w...
Amazon Blocks its US Website for Australian Shoppers over GST
USA

Amazon Blocks its US Website for Australian Shoppers over GST

Online E-commerce Giant Amazon has announced that it will block Australian shoppers from its international website to counter new tax laws on online purchases. Australians were free to buy goods from United States i.e via Amazon.com for years. But from 1 July, customers will be able to purchase goods only from Amazon's Australian website that was launched last year. The company has claimed that it will suspend shipments to Australian addresses from now on and will redirect all Australian requests to its local website.   Why has Amazon done this? The Sydney headquarters etailer has said that it is making the change to remain compliant with the new GST collection laws coming into effect from July 1. Until now, a 10 percent GST is applied to items bought overseas for more t...
India to Emerge Fastest Growing Economy in 2018:IMF Report
INDIA

India to Emerge Fastest Growing Economy in 2018:IMF Report

The International Monetary Fund (IMF) has projected that India will be the fastest-growing major economy in 2018, with a growth rate of 7.4 percent that rises to 7.8 percent in 2019 with medium-term prospects remaining positive. The Report on Asia and Pacific Regional Economic Outlook said that the country is recovering from demonetisation and introduction of GST Tax, and "the recovery is expected to be underpinned by a rebound from transitory shocks as well as robust private consumption." Meanwhile, in the broader perspective, IMF has estimated that Asian economies will remain strong within growth outlook but will be vulnerable to a sudden tightening in global financial conditions and a shift towards protectionist policies. In its regional economic outlook update, IMF has project...
GST Council Approves Simpler Tax Filing System
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 ...
Exclusive: GST Collections Exceeds Rs 1 trillion in India for First Time
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...
World Bank predicts 7.3% growth for India in 2018
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...
ClearTax Announced the Acquisition of 2 Startups
ACQUISITION

ClearTax Announced the Acquisition of 2 Startups

ClearTax announced the acquisition of Greeblu Enterprises, which is an app-based startup and TOOTL, an app offering infotainment in the form of personalized content via predictive analysis modeling to its readers. These acquisitions go along with ClearTax’s ambitions of using this innovative technology to incorporate with the personalized tax, finance and compliance related content found on its website. ClearTax specializes in offering a variety of products and services, notably mutual fund investment portal, Goods and Services Tax (GST) software, e-way bill generator, and business compliance services as well while also relying on its core tax filing business where they are the market leader. This algorithm has been a great value add to our existing systems. In the tax and finance s...
India sees growth rebound as businesses adjust to GST
INDIA

India sees growth rebound as businesses adjust to GST

India’s economic growth rebounded in the three months ending in September, halting a five-quarter slide as businesses started to overcome teething troubles after the bumpy launch of a national sales tax. Data released on Thursday showing faster growth could help Prime Minister Narendra Modi, who has been facing criticism over the hasty July launch of a goods and services tax (GST). The tax was aimed at transforming India’s 29 states into a single customs union but it has hit millions of small businesses due to complex rules and technical glitches.  Gross domestic product grew 6.3 percent in July-September, its fastest pace in three quarters, compared with 7.5 percent a year earlier, the data showed. Analysts polled by Reuters had forecast annual growth of 6.4 percent in the q...
Indian Economy On ‘Very Solid Track’: IMF Chief Lagarde
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....
Indian Government Makes Changes in GST, Relief to SMEs and Exporters
INDIA

Indian Government Makes Changes in GST, Relief to SMEs and Exporters

Three months after the rollout of the new indirect tax regime, the GST Council today made sweeping changes to give relief to small and medium businesses on filing and payment of taxes, eased rules for exporters and cut tax rates on more than two dozen items. Businesses with annual turnover of up to Rs 1.5 crore, which constitute 90 per cent of the taxpayer base but pay only 5-6 per cent of total tax, have been allowed to file quarterly income returns and pay tax instead of the current provision of monthly filings. Also, the turnover threshold for businesses to avail of the composition scheme that allows them to pay 1-5 per cent tax without going through tedious formalities, was raised to Rs 1 crore from current Rs 75 lakh. "GST Council has considered the implementation experience of t...