Businesses are supposed to file monthly sales returns and pay due taxes online under the new tax regime – GST
…
GST News Feed
Manufacturers’ body writes to Fin Min as GST remains a worry
The Micro, Small and Medium Enterprises (MSME) sector is yet to solve the issues related to the Goods and Services Tax (GST) even after 50 days since it was implemented, All India Manufacturers’ Organisation (Aimo) said. The sector faced problems on basic issues like filling GSTR-3 B …
GST: Data shows new tax regime widely adopted
The Goods and Services Tax (GST) is one of the biggest tax reforms in India. Though only a few weeks old, the latest tax is now firmly embedded in the millions of transactions happening all over the country every day, since the historic first of July, 2017, a watershed in Indian taxation history.…
GST input tax credit form to be available from August 21
The form for claiming transitional input tax credit will be available on the GSTN website from August 21, reported a leading business daily. The transitional credit is the carried forward input tax credit from the earlier central excise and service tax regime. Taxpayers who wish to claim the cred…
GST triggers consolidation in warehousing industry
New Delhi: A wave of consolidation is sweeping over the Rs 50,000-crore warehousing industry, thanks to the goods and services tax (GST). The rollout of the tax reform measure could reduce total number of warehouses in the country by at least 40% in the coming months, top industry executives said…
GST Impact: SMEs still working hard to sort out teething troubles
Large percentage of businesses not in position to comply with GST ahead of Aug 20 deadline for filing self-assessed returns, says GSTN Chairman
…
MSME Ministry asks FinMin to consider exemption of Khadi sector from GST
The MSME Ministry has asked its Finance counterpart to consider exemption of Khadi sector from GST or ensure a seamless flow of input tax credit for Khadi Institutions to claim it, the government said in Parliament on August 10. At present only Khadi yarn produced in the sector is exempted, while…
MSMEs can now create GSTR-1 using Offline Tool & Excel Worksheet
The governmenment has taken another step to make it easy for MSMEs to create their GSTR-1 using Offline Tool and Excel Worksheet. The procedures are made available in the government website www.gst.gov.in and it is free of cost. This, would be beneficial for MSMEs sector as facilities are availab…
SAP plans to digitise 1 lakh companies in India
Technology major SAP plans to digitise 1 lakh companies in India as it believes an increasing number of small businesses will have to comply with the new tax era. The company, however, did not give a timeline by which it plans to achieve this number. This development comes close on the heels of G…
Digital payment of GST concerns SME enterprises
Newly appointed NITI (National Institution for Transforming India) Aayog Vice Chairman Dr. Rajiv Kumar on August 8 addressed the issue of digital payment of the Goods and Service Tax (GST) by the Small and Medium Enterprises (SMEs) in the national capi…