Snehal khanna Blog

The GST Council is also considering a 'staggered' system where bigger companies would be allowed to file their taxes first BUDGET 2018 : In what may be the single biggest new year gift to businesses, the GST filing process may be reduced to a single stage process, reported the Times of India. The GST Council meeting scheduled on January 18 will consider amendments in the filing process. Initially, filing the GST was a three-step process. A seller had to fill up a form (GST-R1) about output supplies, another about inward supplies(GSTR-2) and at last the tax liability is calculated and paid (GSTR-3). However, the government has already suspended the need to fill up the GSTR-2 and GSTR-3 forms indefinitely to ease the compliance burden. The ToI quotes a source as saying that those with no tax liability would be able to proceed to the third stage directly. Moreover, the GST Council is considering a 'staggered' system where bigger companies would be allowed ...

PM Modi said those who looted the country could only think of dacoits LATEST NEWS  : Continuing his high decibel campaign in poll-bound Gujarat, Prime Minister Narendra Modi on Wednesday attacked Congress leader Rahul Gandhi for calling GST 'Gabbar Singh Tax' and said those who looted the country could only think of dacoits. In a stinging rebuttal to Gandhi's repeated criticism of the Goods and Services Tax, a key economic reform of the NDA government, Modi said a recently emerged "economist" was propagating a "grand stupid thought" by suggesting that GST rate be capped at 18 per cent. Making a fresh bid for power in his home state, where the BJP has ruled for over two decades, Modi also listed various development works by the government on water conservation, agriculture and development of the Saurashtra region. ALSO READ: Gabbar Singh Tax? Congressmen in 'Sholay' attire rally against GST in Surat Addressing a huge ral...

About three-fourth items in the highest tax slab may move to lower brackets LATEST NEWS  :  Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati. At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite. Some common items might also have their rates slashed from 18 per cent to 12 per cent, as demanded by states such as West Bengal. At the Friday meeting, the Council will also have a presentation about the inclusion of real estate u...

GST Rates Finder app is available on the Google Play store LATEST NEWS :     To end the confusion around the multiple tax slabs, Finance Minister Arun Jaitley on Friday launched an app called the Goods and Services Tax (GST) Rates Finder , along with Central Board of Excise and Customs (CBEC) officials. The app, available on the Android platform, is expected to assist users in finding accurate rates under the new tax regime. According to CBEC, the GST Rate Finder app will soon be available on the iOS platform as well. The app is available on the Google Play store and its description reads: 'A simple app to search through the various goods and services and their respective GST Rates and details. Search the entire list or respective categories of taxes for Goods and Services'. How does the GST Rate Finder app work? To find out the required tax rate: 1. Enter the name or chapter heading of the commodity or service in the search box provided 2...

Lowering of these levies can generate Rs 20,000-25,000 cr additional EBITDA for industry Latest news : Mukesh Ambani-owned Reliance Jio on Monday said telcos not investing in new technology and instead leveraging their balance sheet are themselves to blame for financial difficulties. Newcomer Reliance Jio, which met the Interministerial Group (IMG) on Monday said operators need to raise funds by selling stake or invest in new technology through internal accruals. "Operators (excluding Jio) need to invest Rs 1,25,000 crore, payback debt and they need to invest in technology, as growth is happening in data...They can do this by selling stake," said a senior Jio official who did not want to be named. Stating that the financial stress being faced by operators was "their own creation", the official said the only policy intervention required is in form of reduction in GST rates, licence fee and USO levies. Raed this: No duplicate beneficiaries: For ...