The government has vowed that the goods and services tax (GST) will transform the economy by bringing more businesses into the digital system and filling state coffers, but for shopkeeper Sanjay Kumar Rai, who has never used a computer, the transition is terrifying. Rai is one of hundreds of thou…
Tag: GSTN
‘Govt won’t pull down prices, companies to pass on GST gains to consumers’
The government does not intend to use the “hammer” immediately to pull down prices, leaving it to market forces to guide companies to pass on the benefits of goods and services tax (GST) to consumers. “Competition will force them to fall in line. You don’t have to use the …
Moglix launches SAAS based GST solution to empower $300 b manufacturing segment in India
Ratan Tata-backed B2B e-Commerce marketplace Moglix announced the launch of ‘Green GST’ – a SAAS-based GST application solution for manufacturing units across India. Aimed at improving transparency and digitization in the manufacturing space, the tool will provide organisations with end-to-end Go…
Don’t wait for last day to file returns, cautions GSTN Chairman
New Delhi: Despite the GST Council giving a one-month extension in filing returns under the new indirect tax regime, businesses should start uploading invoices much earlier, says Goods and Services Tax Network (GSTN) Chairman Navin Kumar. He cautioned against delays on the portal near the deadlin…
4 days to GST: Firms stumble upon last-mile challenges
In the last-minute rush for GST-compliance businesses are stumbling upon challenges ranging from accountants’ fees to the need for new email IDs. At a meeting of small and medium enterprises (SMEs) in Noida last week, a businessman said his chartered accountant had increased fees from Rs 5,000 to…
Leniency in GST laws for genuine mistakes initially: Hasmukh Adhia
With the countdown to GST rollout underway, government has promised leniency in enforcing penal laws for violations during the initial period of implementation of the new national sales tax regime. Revenue Secretary Hashmukh Adhia said a distinction would be made between genuine mistakes in …
Diamond traders fear the rough edge of GST
India’s diamond industry fears that the Goods and Services Tax on each level of the supply chain will starve firms of cash for daily operations, crippling businesses in the $20 billion export-driven sector. “We work on thin margins and the working capital requirement is high given the cost of dia…
GST Jet Set Go: 30 MSME DIs & 18 Tool Rooms assisting MSMEs get GST-ready
The Ministry of Micro, Small and Medium Enterprises is leaving no stone unturned to simplify the Goods and Services Tax (GST) for MSME sector. The Ministry has initiated several schemes to simplify the registration of MSMEs under GST. As per the data provided by Ministry, 54 workshops have been o…
Readying for GST: A peek inside frantic preparations for the massive revamp
India will adopt its most comprehensive indirect tax reform—the goods and services tax (GST)—on July 1. As the deadline draws closer, there is a mad rush to get ready for a revamp which most find too complex and tedious. From the government to small businesses, all stakeholders are anxious for a …
‘E-way bill will be a litmus test for Indian logistics industry’
Indian logistics players concerns over the imposition of e-way bill (an electronic way bill), as the policy determines the validity of the bill depending upon the distance the goods are to travel. Adding to the woes is a rule that every change in the medium of conveyance will require generating n…