After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase 

  Introduction of GST was a historical step for transforming India into a common national market with a simplified tax regime. GST was implemented w.e.f 1st July, 2017 and was welcomed by industry and corporates. Corporate sector as represented by industry associations such as CII, FICCI, and ASSOCHAM has reacted positively to introduction of GST in India. The total number of companies registered during the period July, 2017 to February, 2018 (post GST) is 68,299. The number of companies registered in the corresponding period of the previous year i.e. from July, 2016 to February, 2017 was 63,106. Thus, the increasing trend in the number of companies’ registrations has been maintained post GST. The Index of Industrial Production (IIP) is a lead indicator of industrial activity based on monthly production data

Read More After introduction of GST, increasing trend in the number of companies’ registrations, industrial activity has accelerated and growth in sales for corporates has also seen a remarkable increase 

GST revenue collections for February 2018 (received in February/March upto 26th March)

  GST revenue collections for February 2018 (received in February/March upto 26th March) stand at Rs. 85,174 crore; Rs. 14,945 crore collected as CGST, Rs. 20,456 crore collected as SGST; Rs. 42,456 crores collected as IGST and Rs. 7,317 crores collected as Compensation Cess.  Total Revenue Collection under GST: The last date for filing of GSTR 3B return for the month of February 2018 was 20th March 2018. The total revenue received under GST for the month of February 2018(received in February/March upto 26th March) has been Rs. 85,174 crores. 1.05 crore taxpayers have been registered under GST so far till 25th March, 2018. Out of these, 18.17 lakh are composition dealers which are required to file returns every quarter and the rest of 86.37 lakh taxpayers are required to file monthly returns. 59.51

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Roll out of GST-1st July 2017

  Roll out of GST-1st July 2017; Draft CGST Law and Draft IGST Law approved in the 11th Council Meeting held on 4 March 2017 The GST Council in its 9th Meeting held on 16 January 2017 took note of the work to be completed for the rollout of GST and after deliberations, agreed to extend the date for rollout of GST from 1st April 2017 to 1st July 2017. Steps taken to ensure rollout of GST by 1st July 2017 include approval of the Draft GST Compensation Law by the GST Council in its 10th Meeting on 18 February 2017 held in Udaipur, Rajasthan. Subsequently, the Draft CGST Law and Draft IGST Law were approved in the 11th Council Meeting held on 4 March 2017 at New Delhi. The

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Goods and Service Tax (GST) Bill

  The 122nd Constitution Amendment Bill, 2014 has been passed by the Parliament and after ratification by fifty percent of the States, the same has been enacted as 101st Constitution Amendment, Act, 2016. No Goods and Service Tax (GST) Bill has so far been passed. The Central Goods and Services Tax (CGST) Bill, Integrated Goods and Services Tax (IGST) Bill and Union Territory Goods and Services Tax (UTGST) Bill will be passed by Parliament. Each State, including Union territory with Legislature will pass its own State Goods and Services Tax (SGST) Bill. It is the intended objective that the GST will simplify the trade and maintenance of accounts (income/ expenditure) and also check tax evasion in the country GST is expected to have positive effect on trade and consumers in, interalia, the following manner:- Simpler

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GST induces conflicts among state governments 

  Even as the government readies itself for rolling out Goods and Services Tax (GST) many Indian companies are worrying that they may be stuck between cross fire of two states fighting for revenues. According to the GST law a state can challenge and demand a separate tax under GST, even if the amount was paid in another territory. Industry trackers say that many states that are set to lose out on revenues could become aggressive and can challenge GST calculations conducted by companies that doesn’t benefit them. The problems say experts, is that currently there is no proper dispute resolution mechanism between the states and they will have to approach the appellate body or the Supreme Court. Industry trackers say that a separate readdressal mechanism is required for GST.

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PM Narendra Modi hopes for breakthrough on GST legislation

  As the Budget session of Parliament resumed on Thursday, Prime Minister Narendra Modi hoped there will be a breakthrough on the Goods and Services Tax (GST) bill and that issues will be discussed in a democratic manner. “We hope that there will be a breakthrough on the GST because all states have positively cooperated. All political parties have also extended cooperation in a positive way,” he told reporters outside Parliament. The second leg of the Budget session resumed today after about a month-long recess. “We are meeting after a break and the budget proposals will be discussed in details,” he said. Hoping for a healthy debate in the House, the Prime Minister said, “I believe that the level of discussion will go to a higher level. Attention will be drawn towards the issues related to

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Treat us like banks on GST, says telecom sector

The telecom sector’s woes are expected to accelerate once the Goods and Services Tax is implemented in July. Given that the industry operates in 22 licensed service areas, it will be faced with multiple jurisdictions while paying GST. In order to avoid this the industry wants to be treated like banks where the revenues are aggregated in one place and then taxed because branches operate in different states. In an interview, Rajan Mathews, Director General of Cellular Operators Association of India, said: “We pay our licence fee and taxes on a LSA (licensed service area) basis. So for the LSA of Delhi, there are three states (Uttar Pradesh, Haryana and Delhi). For Delhi, how many rates would apply given that Delhi is one service area? Similarly, place of origin is

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Extension of Due date to activate account on GST Portal for Maharashtra VAT Dealers

  Office of the Special Commissioner of sales Tax, Maharashtra State, 3rd Fir., Vikrikar Bhavan, Mazgaon, Mumbai-400010 TRADE CIRCULAR No. JCST/Mahavikas/GST Enrollment/2016-17/B-1337 Mumbai, Dt.08/03/2017 Trade Circular No. 7T of 2017 Subject: Extension of dates for disabling Provisional Login Id and Access Token of Phase 1 & Phase 2 dealers. Reference: 1) Trade Circular 35 T of 2016 dt. 12-11-2016 2) Trade Circular 2 T of 2017 dt. 06-01-2017 3) Trade Circular 5 T of 2017 dt. 27-02-2017 4) Trade Circular 6T of 2017 dt. 04-03-2017 As per Trade Circular 5T of 2017, dated 27-02-2017, last date for disabling Provisional Login Id and Access Token of Phase 1 & Phase 2 dealers, who do not activate their account on GST Portal, was declared as 06-03-2017. Many communications have been received from the trade for the extension of dates, as some of them have faced

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ICAI (Institute of Cost Accountants of India ) to train 15 lakh traders in GST basics

  The Institute of Cost Accountants of India plans to train 15 lakh traders across the country over the next one year in GST basics, according to CMA Manas KR Thakur, National President. Addressing a press conference here, he said, “We were among several other professional bodies who have been assigned this job by the Government.” “There were about 22 lakh indirect tax assessees currently across India. And once GST is implemented, this number will go up to 70 lakh. So, the Government wants us to train traders and new assessees in familiarising them with filling in forms etc. We have commenced training and are creating a pool of trainers who would subsequently train others on the fundamental aspects of the Goods and Services Tax,” informed Thakur. Speaking about ICAI’s

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Companies want their vendors to cut price by 10% due to GST benefits 

  Even as the government pushes ahead with the GST framework, some of the biggest companies, especially in manufacturing sector, have started demanding that their vendors pass on the cost benefits resulting from GST to them. According to the people in the know, some of the biggest companies and conglomerates are seeking around 10% cut in the asking price by vendors. Industry trackers say that most of the automobile companies along with a handful of petroleum companies, beginning, February, have started communicating to their vendors about this. The companies have already calculated the exact jump in the vendors’ margins and want that they pass it on to them. “Many big companies have already calculated the exact impact GST would have on their operations and have even reached out to their

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