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With no fixed targets, GST collection not-so-encouraging: Par panel New Delhi, Mar 9 () With no targets fixed, the monthly revenue collections from GST are not encouraging, the frequent revisions in rates has impacted the stability of the new tax system and has adversely impacted the trade and businesses, a Parliamentary panel has observed in its report. “The Committee are constrained to observe the not-so-encouraging monthly revenue collections from GST, which still have not stabilised with frequent changes in rates and issue of notifications every now and then. Further, the Committee are surprised to learn that no GST revenue targets have been fixed by the government,” the Standing Committee on Finance headed by Congress leader M Veerappa Moily said in its report tabled in Parliament today. The Committee also observed that the frequent revisions in rates has “no doubt affected the regime stability, with adverse impact on trade and business.” States have also reported l...

Existing system of filing GST returns extended by three months, says Arun Jaitley NEW DELHI: The existing system of filing GST returns has been extended for another three months, Finance Minister Arun Jaitley said on Saturday after the 26th meeting of the Goods and Services Council. He also said that the Group of Ministers on the Income Tax will look into the GST filing and consult tax experts among others. He added that the e-way bill for movement of goods between states will be implemented from April 1. However, for intra-state movement, the e-way bill would be rolled out in a phased manner beginning April 15 and will cover all the states by June 1. Jaitley had in January, said that the implementation of the e-way bill for intra and inter-state movement of goods would start from February 1, with 15 states agreeing to implement it on a trial basis. However, the trial phase was deferred on account of technical glitches on the official website. Earlier in...

GST: Tax exemption for exporters extended; E-way Bill to be implemented from April 1, says Arun Jaitley GST Council meet: E-way Bill will be implemented from April 1 for inter-state movement of goods, said Finance Minister Arun Jaitley today. “Present system of GST return-filing extended by three months,” Jaitley added. Significantly, FM revealed that  ‘tax exemption for exporters has been extended by 6 months.’ Zee News had earlier reported that traders and businessmen are likely to receive relief in the GST Council meeting on Saturday. The Council, chaired by Jaitley, was expected to extend the final deadline for filing of simplified sales return GSTR-3B by six months. Currently, the last date to file returns is March 31, 2018. Notably, yesterday, over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime and the implementation of the biggest indirect tax reform has been smooth so far, Parliament was informed to...

No decision on GST return simplification, E-Way bill to be implemented from April 1 The 26th GST Council meeting on Saturday failed to come up with any conclusive simplification process after deliberating on two models and has now postponed the decision for next Council meeting, but E-way bill will be implemented from April 1 . According to Finance Minister Arun Jaitley, there is a need to ensure there is no evasion of tax taking place under the new system and hence there is a need for further discussion. “We have decided to form a GoM that will look into the matter and deliberate with IT experts to come up with a possible solution,” said Jaitley. The current system of filing GSTR 3B will stay in place and will stay in place for the next 3 months. The Group of state finance ministers under Bihar Deputy Chief Minister Sushil Modi met on February 24 to discuss the simplification process with Nandan Nilekani making a detailed presentation of what the future tax filing syste...

Throw GST into a bucket, says Kamal Haasan ERODE: Makkal Needhi Maiam leader Kamal Haassancontinued his tirade against the Central government policies for the second consecutive day on Sunday, saying demonetisation was not done “properly”. Talking to reporters here during his two-day visit to the Gounder belt, which is also CM Edappadi K Palaniswami’s turf, the actor said the Goods and Services Tax (GST) should be thrown into the ‘bucket’. “The new tax regime has badly hit many industrial sectors and a large cross-section of people,” he said. Amid the raging controversy over BJP leader H Raja’s disparaging social media post against Periyar, Kamal arrived at the press meet hall only after visiting the DK founder’s birth place in Erode town. “It’s like visiting my father’s house. And it is not my first ever visit to Periyar’s birthplace,” he said. Source: https://timesofindia.indiatimes.com/india/throw-gst-into-a-bucket-says-kamal-haasan/articlesho...

Government grapples with Rs 34,000 crore GST puzzle over tax mop-up NEW DELHI: Tax authorities are grappling with a Rs 34,000-crore goods and services tax (GST) puzzle amid fresh fears in the government of businessmen evading taxes. Preliminary analysis of returns filed between July and December with the GST Network has indicated that the scale of under-reporting of tax liabilities could be as much as Rs 34,000 crore. The issue was flagged at Saturday’s GST Council meeting and notices may be issued to traders and businessmen who have shown different liabilities in GSTR-1, which is largely used for information purposes now, and GSTR-3B. The idea is to focus on those who have shown a wide variance in the two filings, a source told TOI. In many cases, details of the “suspects” will be shared with states for action after analysing details of individual taxpayers. But this is not the only area of suspicion. However, filings data analysed by customs authorities ...