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The Dollar Business Bureau The revenue collection under the Goods and Services Tax (GST) has dropped to Rs.80,808 crore for the month of December, a decline for the second straight month. This is the lowest collections since the new indirect tax regime rolled out on July 1. “The total collection under GST for the month of December 2017 has been Rs.80,808 crores till December 25, 2017,” the Ministry of Finance said in a statement on Tuesday. For the month of August, the collection was more than Rs.91,000 crore. In September, the figure was over Rs.92,150 crore and in October, it was over Rs.83,000 crore. The drop in this month’s collections is due to the impact of rate cut under the GST on more than 200 ...

The Dollar Business Bureau There is a considerable improvement in the number of businesses filing initial GSTR-3B returns, with around 43.67 lakh taxpayers have filed their returns for the month of October within due date, GST Network said on Tuesday. This is highest return filing in a month within the due date, it added. The last date of filing GSTR-3B returns for the month of October was November 20. GSTR-3B is the initial sales return filed by businesses in the GST regime. About 56% of the registered taxpayers have filed the GSTR-3B returns for the month within due date. “The number of taxpayers filing their GSTR-3B returns is showing marked improvement month after month with about 43.67 lakh of ...

The Dollar Business Bureau  Goods and Services Tax (GST), a historic tax reform, will come into effect from tomorrow i.e.1st July 2017. GST will completely transform the Indirect Taxation landscape in the country involving both the Central and State levies. In a departure from the normal practice, GST will be administered together by the Centre and States. Why is GST important? The biggest tax reform since independence - GST - will pave the way for the realisation of the goal of One Nation - One Tax - One Market. GST will benefit all the stakeholders namely industry, government and consumer. It will lower the cost of goods and services, give a boost to the economy and make the products and services globally competitive, giving a ...

By Ranjeet Mahtani & Stella Joseph Till date, eight States have already passed the State Goods and Services Tax (SGST) Act in their respective State Assemblies, including Telangana, Bihar, Rajasthan, Jharkhand, Chhattisgarh, Uttarakhand, Madhya Pradesh and Haryana. There are indications that the other States are likely to pass their State GST enactments by end of this month or beginning of the next month.  Rates The GST Council’s rate fitment committee is said to have deliberated for three days starting May 4, 2017, to align all goods and services to different slabs and decide on bringing more items currently out of indirect taxation at central and state levels into the unified tax net. This fitment is then stated to be approved by the GST ...

Ranjeet Mahtani & Sweta Rajan Prior to its last meeting, the GST Council (a legislative body) had sent the draft GST laws to a legal committee to ensure that the fundamentals agreed upon by the Council were appropriately reflected in the language of the draft laws. During the meeting on February 18, 2017, the GST Council discussed various issues in the legally vetted draft GST laws, finalised some issues, and discussed others without finality. The draft laws are expected to be approved by the Council during its next meeting on March 4 and 5, 2017. If the same get approved, the draft IGST and CGST laws, as also the Compensation laws (which is already approved by the Council) would be presented before ...

The Dollar Business Bureau The government is making all out efforts to fix the problems of delay in tax refunds being faced by taxpayers, a top Income Tax department official said. “If you have excess collected, or if, based upon appeal effect or for whatever reason, refund is due which you have not got for long time, we are trying to resolve these problems,” said Nutan Sharma, Chief Commissioner of Income Tax-TDS (Tax Deduction at Sources). Sharma said that the functionality is already available with TDS assessing officers and it will be operational very soon. “Some issues regarding fate of the old cases and others we have taken up with CBDT (Central Board of Direct Taxes) and very ...