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Five things government can do to make GST more effective

The 23rd GST Council meeting in Guwahati on 10 November came as a big relief for most businesses with the council announcing a slew of measures that not only lessen the compliance burden on businesses, but also reduced the tax rates on several consumption goods.

This may be the first step towards the much-awaited overhaul in the Goods and Services Tax (GST), the overhaul is anything but over. There are more other steps that the government must take to make GST indeed a good and simple tax as prime minister Narendra Modi has promised.

Here are some of the steps that government may/should take in future to make GST more effective and hassle-free tax regime:

Move towards simpler tax structure: The government has cut down the number of goods and services in the 28% tax bracket from 228 to just 50. Probably, this is the first step towards doing away with the 28% tax bracket completely. For now, a 3-rate structure -- 5%, 12% and 18% -- would make GST regime much more simpler.

Quarterly filings: For now, the GST Council has given by exempting taxpayers from filing GSTR 2 and GSTR 3 till March 2018. But one of the main demand from industry was to allow quarterly filings for businesses with revenue of more than Rs 1.5 crore. For now, the council is silent on allowing for quarterly filings for all. It may need to consider this demand as and when the invoice matching concept kicks in after March 2018.

Allowing input tax credit for composition scheme: Those businesses availing composition schemes are not allowed to claim input tax credit. This could prove to be a spoil sports for many businesses availing this scheme. Since the government is considering increasing the composition threshold in the future, allowing input tax credit may make the scheme more attractive.

Bringing many exempted goods under GST: There are certain sectors like petroleum, electricity, real estate and liquor out of GST. Keeping them out of GST means businesses operating in these segments would not get the benefit of input tax credit. This is a loss for these businesses. Besides, it means that these sectors would be at the mercy of state government in terms of indirect tax rates. Some of these sectors especially oil and gas sectors have been demanding that they should be included in the GST. Experts say ideally all sectors should be under GST, but doing it would take some time.

Doing away with E-way bill: Another demand of the industry is doing away with e-way bill, which is an electronically generated document for movement of goods worth Rs 50,000 or more. Though implementation of e-way bill has been deferred till April 2018, experts say in GST, which is a consumption tax, there is no need for a check on movement of goods and hence e-way bills. However, Council has been silent on this. Meanwhile, GST Network has been running a pilot in Karnataka and is likely to expand it in other states.

But the industry fears that e-way bills, which have to be uploaded on GST Network, would be another technology mess waiting to happen as an when it is implemented.

Source :- http://www.businesstoday.in

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NEW DELHI: Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi.

"Rationalisation process in a transition (phase) will continue... Such rationalisation in future will depend on revenue buoyancy," the finance minister said.

On Friday, the GST Council, led by Jaitley, slashed rates of over 200 items with the levy on 176 reduced from 28% to 18%, leaving just 50 in the highest slab. While state FMs have said this list will be pruned further, a change in lower slabs of 12% and 18% is also on the cards in the coming months.

Jaitley has repeatedly said over a period of time, these two rates will converge into one, something he reiterated on Monday but linked it to tax buoyancy.

Jaitley hopes GST rate cuts will reduce inflation

In what seemed to be a response to Rahul Gandhi's claim+ that Congress will shift all products to a single bracket, Jaitley said: "Those who are speaking of a singlerate GST have no understanding of the tariff structure... they do not have elementary understanding of GST."

With the rate cuts, the government is expecting the gains on a host of products — from cosmetics and razors to washing powder — to be passed on to consumers.


aitley said GST has brought down inflation. "This actually reduces inflation. This is one of the advantages of a more efficient tax system... Effectively, today, almost all items in the goods category are better off than they were prior to July 1," he said.


The minister said that including central excise, state VAT and central sales tax, the levy on several items added up to 31%, which was reduced to 28% when GST was launched. Elaborating on it, he said the process of reduction in the top slab was under way since August. "This is a threefour month exercise... These are all consensus decisions of the GST Council and process started after GST implementation. It is juvenile politics+ to link it with either elections or political demands," the minister said.
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GST is a big reform, it will take some time to settle down, govt is sensitive and making necessary corrections, even a fresh app comes in play stores, it gets updated every week, so be patient. Gst f... Read MoreChandra Shekhar


He said the GST Council had opted for a structure where food items were exempted, while aam aadmi products were kept in the lowest bracket of 5%. "Wheat, rice or sugar can't be taxed at the same rate as a Mercedes (car) or a yacht or tobacco. So, rates will have to be different." In recent tweets and public meetings in Gujarat, Gandhi has talked about Congress reducing rates to under 18%, something that has been repeated by some of his party colleagues.


Jaitley said revamped filing mechanism that has been put in place, will ease the burden on taxpayers and going forward he wants the system to settle and apprehensions to disappear.

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Hopes rise over GST Council meeting

The Goods and Services Tax Council, which meets in Guwahati on November 9 and 10, is expected to follow through on Prime Minister Narendra Modi’s promise last Saturday to solve all grievances of small businesses under the GST regime and ease the burden on consumers by bringing nearly 80% of all goods taxed at the highest slab of 28% into the 18% tax bracket.

Composition scheme

The council is likely to consider a proposal to allow all taxpayers to file their returns on a quarterly basis instead of every month with easier forms to simplify the fledgling indirect tax regime. A significant expansion of the composition scheme that allows small traders and manufacturers to pay tax at a lower rate on their annual turnover is on the cards.

Inter-State suppliers of goods may be permitted to join the scheme, the turnover limit for which could be raised from ₹1 crore to ₹1.5 crore. The tax rate for manufacturers and restaurants under the scheme is likely to be brought down to 1% from 2% and 5%, respectively.

While traders are already liable to pay a 1% tax on turnover under the composition scheme, the council is likely to endorse a more nuanced approach that allows traders to pay just 0.5% tax if they opt to pay tax on their total turnover or pay 1% if they decide to pay tax only on the turnover of taxable goods, said an official aware of the move.

Higher threshold

The threshold for the composition scheme was initially set at ₹75 lakh and was revised upwards to ₹1 crore at the council’s previous meeting on October 6, which was held two days after an assurance from the Prime Minister about correcting the difficult aspects of the tax regime for small businesses and exporters.

The council had set up a Group of Ministers to recommend steps that can make the composition scheme more acceptable for micro, small and medium enterprises and examine the tax treatment for restaurants, whose interim report is likely to be discussed at the Guwahati meeting.

The GoM is learnt to have suggested that for those struggling to file returns, the penalties for late filing may be reduced sharply from ₹100 per day to ₹25 per day of delay with a proviso for levying zero penalty when a business has no transactions during a reporting period.

On restaurants

Norms may be introduced making it mandatory for the maximum retail price to be inclusive of GST, with the invoice showing the GST calculation. Separately, the tax rate on restaurants will be harmonised to 12%, doing away with differential tax rates for restaurants with air-conditioning and those serving liquor.

“A 12% tax rate has been proposed for all stand-alone restaurants, outdoor catering firms and restaurants within hotels where the tariffs for all rooms is ₹7,500 or lower, for a single night’s stay. For restaurants inside hotels where even a single room may have a tariff over ₹7,500 a night, a higher 18% tax is being considered,” said another senior government official.

While input tax credits will be granted for all restaurants, the revenue department has raised some concerns about the proposal as it could lead to a significant revenue loss of around ₹4,000 crore.

A final decision will be taken based on the deliberations at the council meeting.

Source : http://www.thehindu.com

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The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week.

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The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on November 10 to consider lowering of the 28% GST rate on certain common use items, government officials said.

In further relief to small and medium enterprises, the panel is likely to rationalise tax rate in sectors where the total incidence of taxation has gone up because the goods were earlier either exempt from excise or was attracted lower VAT rates in the previous indirect tax regime.

The Council has been meeting every month since the Goods and Services Tax (GST) regime, which amalgamated over a dozen central and state taxes, was introduced on July 1. The meetings have resulted in an array of changes to ease compliance burden on businesses as well as provided relief to consumers.

“A rationalisation of items in the 28% tax bracket is expected. Most of the daily use items could be lowered to 18%. Also tax rate on items like furniture, electric switches, plastic pipes could be relooked,” an official said.

All types of furniture attract a 28% tax under GST. Wooden furniture is handmade by unorganised sector artisans and is mostly used by middle class families and there have been demands for lowering tax incidence on them.

Also, some items of plastic attract 18% GST but goods like shower baths, sinks, wash basins, bidets, lavatory pans, seats and covers, flushing cisterns and similar sanitary ware of plastics attract 28% levy.

There is a need for rationalisation of tax rates on these items, officials said.

The plastic manufacturers in their representation to the revenue department had said that 80% of the industry is in MSME category.

Besides, the GST rate on weighing machines, compressors may also be rationalised to 18% from 28%.

Officials said 90% of the manufacturers are from small and medium industries who in the pre-GST era were exempt from excise duty on manufactured value of less than ₹1.5 crore. Hence, such machines only attracted VAT of 14.5%.

With regard to compressors, the total pre-GST incidence was 17.5% (12.5% excise duty and 5% VAT), they said stressing on need to rationalise the tax incidence.

The GST Council, which comprises of representatives of all states, have already rationalised tax rates for over 100 items.

The Council has last month approved an Approach Paper to be followed by the fitment committee while deciding on future rate revisions.

Source : thehindu.com

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Relief for Small and Medium Enterprises

Presently, anyone making inter-state taxable supplies, except inter-State job worker, is compulsorily required to register, irrespective of turnover. It has now been decided to exempt those service providers whose annual aggregate
turnover is less than Rs. 20 lacs (Rs. 10 lacs in special category states except J & K) from obtaining registration even if they are making inter-State taxable supplies of services. This measure is expected to significantly reduce the compliance cost of small service providers.

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India Inc discusses GST-related issues with Arun Jaitley (GST Consultant in faridabad)

With teething troubles under the new indirect tax levy yet to be resolved, industry bodies and exporters met the Finance Minister, Arun Jaitley, on Wednesday to discuss their problems under the goods and services tax (GST).

Issues such as implementation challenges, including timely refund for exporters as well as proposals for rate revisions under GST, were discussed at the meeting.

Prime Minister Narendra Modi has also urged the government and States to “handhold” traders who are facing difficulties under GST.

Separately, the government is working closely to address the glitches relating to the GST Network and industry issues through State Finance Ministers and an expert group led by Revenue Secretary Hasmukh Adhia.

“The Minister has taken on board all our points,” said Ganesh Gupta, President, Federation of Indian Export Organisations (FIEO), adding that small exporters have been particularly impacted by GST.

It has called for exemption from GST for merchant exporters, allowing immediate refund to help exporters free up working capital and permitting the use of export benefit scrips for payment of Integrated and Central GST.

Similarly, industry chamber Assocham said companies should get the same benefits they received in the pre-GST era. Further, benefits due to area-based excise exemption unit should be granted at the earliest by settling the refund rate and refunds should be immediately processed.

The chamber also called for easier compliance under GST, including a single return form. “Filing of GST return has become nightmare for taxpayers. Returns filing for at least six months should be deferred though taxpayers can continue to pay tax,” said JK Mittal of Assocham.

Gems and Jewellery Export Promotion Council Chairman Praveenshankar Pandya said the sector is faced with a huge problem as exports are declining.

“Small businesses are getting impacted more. Some have cut their productions also. We have raised the issue of compliance,” Pandya said.

The Institute of Company Secretaries of India (ICSI) Council Member, Satwinder Singh, said concerns related to reverse charge mechanism and refund were raised at the meeting.

While welcoming the roll out of GST, industry chamber FICCI also urged the GST Council to “quickly address the issues that have been thrown up in the implementation process”.

Some of these concerns may also be taken up when the council led by Jaitley meets on October 6.

Representatives from KPMG, CII, FICICI, Gems and Jewellery Export Promotion Council, Laghu Udyog Bharati, GST service providers, ICSI, Institute of Chartered Accountants of India and Amazon were also present.

http://www.thehindubusinessline.com

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CBDT orders taxmen to ensure 1.25 crore new income tax filers are added fast
(GST Consultant in Faridabad)


The Central Board of Direct Taxes (CBDT) has directed the Income Tax Department to make focused efforts to significantly increase the tax base in the current financial year of 2017-18 and add at least 1.25 crore new return filers this fiscal. This has been done as part of the government’s plan to widen the tax base in the country, PTI reported today.

A new income tax return filer is defined as a person who has not filed return in the previous years, but is liable to do so under the law. The I-T Department has to add such entities and get them do the filing of their I-T returns.

As per the PTI report, the Hyderabad and the Pune regions of the I-T Department have been given the highest targets to add 12.8 lakh and 11.8 lakh new filers, respectively. They are followed by Chennai with 10.47 lakh new filers and Chandigarh with 10.41 lakh fresh filers.

The plan to widen the tax base in the country was also discussed and finalised during the recently-concluded ‘Rajswa Gyansangam’ conference of top I-T officials held here. The CBDT had said during the conference that “strategiesing of tax base were discussed in detail with special focus on verification of data collected during demonetisation and statement of financial transactions (SFT).”

Prime Minister Narendra Modi had some time back also exalted the revenue officers to achieve high standards in taxpayer-friendly services towards compliant tax payers. At the same time, he had asked them to knock on the doors of the non-tax payers so as to increase the number of taxpayers. He had also asked the Income Tax Department to widen the tax base and take suitable action against the non-filers and tax evaders.

As per official data, the total number of all returns (electronic + paper) filed during the financial year 2016-17 was 5.43 crore, 17.3 per cent more than the returns filed during the 2015-16 fiscal. Similarly for fiscal 2016-17 (till June 30), 1.26 crore new taxpayers (return filers + non-filers making tax payments) were added to the tax base.

http://www.financialexpress.com

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Simplifying GST: Reducing data entries, educating sales tax officers are key GST measures to make ‘Make in India’ succeed

“Accounting work has increased tremendously after GST” says Gurjit Singh a small entrepreneur based in Noida. “Normally we all used to employ part time accountants. A person working in a nearby Bank used to visit two factories for one hour each day in the evening and make entries for the day. All that boot strapping by small entrepreneurs have gone through the roof. Now even full- time accountants are demanding more money. They are finding it difficult to cope with the amount of GSTN entries”. Software can only integrate output but it cannot reduce the number of entries that must be manually slotted in each category.

Across the manufacturing spectrum we found workload increase

Several businessmen small and big are complaining of the GST accounting and new digital compliance procedures. We have already given examples in the previous article of the multiple heads to be entered in each bill. Indian Express spoke to half a dozen small scale manufacturers, two multinational companies and one Government manufacturer with offices across India.

The GST implementation was hurriedly done due to political compulsions. Nothing wrong with that. We jumped into the water, a little less prepared. But now we need to address the issues quickly. “There are major challenges in GST implementation” says Sunil Khanna President and Managing Director of Vertiv Energy (previously Emerson Power Network) and a multinational in India’s manufacturing sector.

Educating state tax officials is critical

“There is lack of clarity and understanding of the new GSTN Act by the officers themselves. This is seen especially with the State GST officers as they were not exposed to the Excise and Service Tax Laws. Majority of the provisions under GSTN have been picked up from the Central legislation like Excise and Service Tax” clarifies Khanna.

Exporters have teething problems too. This because of the old structure of sales tax officers who are still calling the shots. “Exporters and Deemed Exporters (Exporters from SEZ) are required to submit a Letter of Undertaking (LUT) for supplying under Zero GST Tax. Based on the Letter of Undertaking the GST officer permits the exporter to supply the goods under Zero Tax. None of the State GST officers are aware of this provision and we are particularly experiencing the difficulties in the Northern States. As such many exporters or deemed exporters are suffering” says Khanna

Why ease of business is primary to ‘Make in India’

Correlation and compliance has increased paperwork tremendously. All purchases must be credited at the time of each sale and that must be error free. The monthly payment of GST with complete account details of purchases must be tallied each month.

If you are buying from 5 states then there are 5 separate entry heads unlike one CST entry head applicable earlier. How complicated does it become when you are supplying a partly manufactured and partly assembled product with purchases from several states?

The devil is in the detail. The detailing that is needed today is humongous and it needs to be digitally recorded and filed. This reminds us of the old days of inspector raj when to ensure compliance elaborate procedures were drawn out by the Indian Government that hampered the core business activity. We used to have those compliance registers back in those days.

If you did not comply the inspector would be at your factory in a jiffy. Here with digital compliance it gets worse because if you are late by a day, you are late. On record. Though late fine has now been waived you still can get a digital notice even without the inspectors visit. Digital submissions would be great if the process was made easy.

The fact is that the process is too difficult to comply with and will take its toll in the coming months. Either business costs will increase and small units will start folding up, or India’s enterprising chartered accountants will find an innovative tax evasion procedure.

Source:- http://indianexpress.com

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Startups, unlisted companies on black money radar, probe on 200 entities


Maharashtra : Startups and unlisted subsidiaries of some major Indian companies and multinationals find themselves in the crosshairs of the income tax department for raising funds through preference shares in excess of what it considers the fair market value. The investigation arm of the income tax department has sent notices to about 200 entities under Section 56(2)(vii)(b) of the Income Tax Act, 1961, in August, two people with direct knowledge of the matter told ET. Fair market value is assessed by the tax department based on past transactions and the record of similar, comparable companies.

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GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of July to 10th, 25th and 30th September 2017 respectively.

GIC decides to extend Date of GSTR 1, GSTR 2 and GSTR 3 for the month of August to 5th, 10th and 15th October 2017 respectively.

Tommorrow is the due date for filing of GSTR 1 but due to high traffic on GST portal and error in filing of GST return, today has decided to extend the due date for filing all GST return for july and august month

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