Billing Software In Kollam

Industry Exporters’ GST refund piling up since July NEW DELHI: Since August, S C Ralhan, chief executive of Ludhiana-based Sri Tools Industries, is awaiting refund of the goods and services tax(GST) that his company paid on inputs that went into exports. The arrears now add up to over Rs 2 crore. “There is a system error as two ports are involved. As a result, we have not received any refund for exports that we made since July (when GST was launched),” Ralhan told TOI over the phone. The exporter explained that goods from Ludhiana are dispatched from an inland container depot, before being shipped from a port in Mumbai and the system does not allow his company to generate two export general manifest, documents needed to claim refunds. Like Ralhan, there are thousands of exporters, large and small, who have not received refunds. Despite several complaints, the Central Board of Excise & Customs (CBEC) has not been able to address the concern, resulting in an uproa...

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 ...

Government Using Data Analytics To Track Leakages In GST The NDA-led Narendra Modi government may have got the country’s One Nation, One Tax policy up and running, but the Goods and Service Tax (GST) revenue collection is not so encouraging. After generating over ₹90,000 crore from GST revenue in the first three months, the collection slipped to ₹83,346 in October and further dipped to ₹80,808 crore in November 2017. Since then it has hovered around ₹86,000 in the recent months. However, with the help of data analytics, the Union Ministry of Finance has found out the reason behind the revenue leakage in GST collection. On its 26th meeting on Saturday, GST Council highlighted a number of major data gaps between the self-declared liability in FORM GSTR-1 and FORM GSTR-3B. Stating the outcome of preliminary data analysis, the GST council has said that the Central Board of Excise and Customs and the GST Network (GSTN) have found variance between the amount of Integ...

Not by fear alone: on GST e-way billing With the GST e-way billing set for April 1, firm timelines and simplification will be key  The GST (goods and services tax) Council chaired by Finance Minister Arun Jaitley has decided to stick to the prescriptions of the group of ministers on the rollout of the e-way bills system. So, starting April 1, all inter-State movement of goods above the value of ₹50,000 will require the generation of an e-way bill to help track their movement. The original rollout plan for February 1 had to be aborted as the IT system couldn’t handle the lakhs of e-way bills being generated by consignors and transporters. As proposed by the ministerial group, the e-way bill system for tracking intra-State movement will be launched in a phased manner, with all States to be on board by June 1. From April 1 onwards, every week a few States will start the system for internal trade. While such an approach may give the government an opportunity to fi...

States issued Rs 283.98 bn as GST compensation till Dec: Arun Jaitley As per the Budget estimates, over Rs 9.26 trillion was to be collected from indirect taxes The Centre has released Rs 283.98 billion as GST compensation to states for July-December, with Karnataka getting a major pie.In written reply to a Rajya Sabha question, Finance Minister Arun Jaitley said states are protected from any revenue loss on account of implementation of the new indirect tax regime under the Goods and Services Tax law.”… A total of Rs 283.98 billion has been released to the states as compensation for the period July-December 2017,” he said.The government has lowered the indirect tax revenue collection forecast in the revised estimates by Rs 518.56 billion to Rs 8.75 trillion in the current fiscal. As per the Budget estimates, over Rs 9.26 trillion was to be collected from indirect taxes.During July-December 2017, Rs 41.30 billion has been released ...

India’s garment industry suffocates under GST bottlenecks Apparel Export Promotion Council of India has sounded alarm on the continued decline in apparel production in India and said India won’t be able to meet the garment export target of $20 bln this year. “If the capital blockage continues and the cost competitiveness of the industry is not restored, the slippage in exports will continue, with long term adverse impact on India’s positioning in this sector,” the council said. Apparels are one of the country’s largest providers of organized employment, and provide livelihood to lakhs of families. Apparel production has been on the decline since May last year due to lower export demand and tight working capital conditions. “From a positive growth 1.3 % in April, the next month (May) saw a fall of 5%.In June the decline was 3.2 % while in July, it was 5.1 %. “August, September, October, November and December recorded 6.4 %, 7.2 %, 11 %, 13.1 % and 13.5% dip respecti...

Only 16% of initial GST returns filed for July-Dec matched with final returns HIGHLIGHTS 34% of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return Initial returns filed and taxes paid by just 16.36% of businesses have matched with their final returns and tax liability “84 per cent of taxpayers reporting incorrect revenue statements is a matter of concern,” an expert said. NEW DELHI: With only 16 per cent of the summary sales returns under GSTmatching with the final returns, the revenue department has started to analyse major gaps with a view to check any possible tax evasion. According to the GST returns data, 34 per cent of businesses paid Rs 34,400 crore less tax between July-December while filing initial summary return (GSTR-3B). These 34 per cent of the businesses have paid Rs 8.16 lakh crore to the exchequer by filing GSTR-3B, whereas analysis of their GSTR-1 data show that their tax liability shou...

Refund relief Centre clears the air on GST refunds on exports  An editorial in this newspaper on February 22 aptly captured the issues plaguing small units that have applied for a refund of GST and concluded with a plea to the Centre to address the concerns of small units quickly. The Centre appears to have listened and has issued Circular No. 37/11/2018-GST dated March 15 apart from other initiatives. The eight-page Circular has responded to 13 issues that have prevented processing of the refunds quickly. Other initiatives taken include observe a special drive refund sanction fortnight (March 15-19) on an all India scale for which additional staff and infrastructure have been mobilised. Special refund cells manned by experienced staff are being put in place all over the country. The finance ministry has said the delays in refunds were primarily because of incorrect filling of the forms. Refund circular Circular No. 37/11/2018-GST is unique in that it has managed to...

Telcos get notices on inflated input credit claims under GST Under current rules, service companies can seek tax credit on capital expenditure — there was no such concept for services earlier. MUMBAI: Telecom operators including Bharti AirtelBSE -0.35 %, Vodafone India, Idea Cellular and Reliance Jio Infocomm have been served notices for exaggerated credit claims under the Goods and Services Tax, said two people familiar with the development. The indirect tax department has issued notices to all the major telecom companies, including tower companies, for claiming additional transitional credit for capital expenditure incurred under GST. The companies also got separate notices for adding education, Swachh Bharat and Krishi Kalyan cess to their transitional credit balances. The department suspects the companies may have claimed credit even in cases where they are not eligible, such as for capital expenditure incurred prior to July 1, 2017, when GST was introduced. Under cur...

Punjab govt waives its half of GST on langar items at Golden Temple The CM announced this waiver also for two Hindus shrines, besides declaring that respective community leaders can choose a mosque and a church, too, for the benefit. In seven months from July 1, 2017, when GST was started, to January 31, 2018, SGPC has paid Rs 2 crore in GST for purchase of langar items at the Golden Temple Punjab chief minister Capt Amarinder Singh on Wednesday announced in the Vidhan Sabha that the state will forgo its half of the goods and services tax (GST) levied on food items coming into the Golden Temple, Amritsar, for langar (community kitchen). While putting the emotive issue of taxing items at the prime Sikh shrine into the central government’s court now, on a further demand by legislators, the CM announced this waiver also for two Hindus shrines — Amritsar’s Durgiana Mandir and Ram Tirath Temple — besides declaring that respective community leaders can choose a mosque and a church,...

Affordable Housing: Will lower GST on affordable homes help revive the segment? 2017 saw a myriad of landmark reforms such as Real Estate Regulatory Act (RERA), Goods and Services Tax (GST), Real Estate Investment Trusts (REITs), and Infrastructure Investment Trusts (INVITs) being introduced by the government to revitalize the real estate sector and address issues such as red tape, lack of transparency, delay in approvals, etc., which have been plaguing the sector for decades. This, in turn, envisaged to redevelop the sector as an engine of country’s growth by causing global players to stand up and take notice. Furthermore, the government has given a strong impetus to affordable housing to achieve its ‘Housing for all’ by 2022. In the past fifteen months, the real sector has witnessed a multitude of initiatives such as infrastructure status to affordable housing segment, credit linked subsidy schemes with Pradhan Mantri Awas Yojana (PMAY) in order to provide the much-needed fillip...