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Parliament panel seeks changes in GST regime for exporters NEW DELHI: A parliamentary panel has recommended several changes in the  GST architecture, including exemption from tax payment on goods and services used for exports, while noting that teething troubles have resulted in a perception that implementation has not been proper despite the new tax regime being structurally better than the earlier system. While making several observations related to the technology, the standing committee on commerce headed by  Naresh Gujral  has suggested the government to extend the pre-GST duty drawback rates until June next year or till the revenue department comes out with the revised rates for exporters. It said that the move will enable the exporters to overcome the problems being faced by them currently besides helping them to take a long-term view while negotiating orders. Recommended By Colombia "The committee finds that the problem of delayed refund to exporters ...

Parliament panel seeks changes in GST regime for exporters NEW DELHI: A parliamentary panel has recommended several changes in the  GST architecture, including exemption from tax payment on goods and services used for exports, while noting that teething troubles have resulted in a perception that implementation has not been proper despite the new tax regime being structurally better than the earlier system. While making several observations related to the technology, the standing committee on commerce headed by  Naresh Gujral  has suggested the government to extend the pre-GST duty drawback rates until June next year or till the revenue department comes out with the revised rates for exporters. It said that the move will enable the exporters to overcome the problems being faced by them currently besides helping them to take a long-term view while negotiating orders. Recommended By Colombia "The committee finds that the problem of delayed refund to exporters ...

India To Adopt E-Way Bill Under GST Regime Starting Feb India will trial a new system that will enable goods to be sent to other Indian states without border checks under the country's new goods and services tax (GST) regime from February 2018. Following the 24th meeting of India's GST Council, it was announced that the system set out in the so-called e-way bill would be trialled, with the legislation to enter into force on January 16, 2018. The e-way bill provides that taxable persons will have to declare ahead of time consignments worth at least INR50,000 (USD780). A delay to the regime's implementation was announced in October 2017. The system is intended to enable the removal of non-tariff barriers to trading between states, to establish a single market across India, similar to that in place in the European Union. It will require pre-registration of goods prior to transportation, to eliminate the need for checks at border checkpoints between states. The GS...

Oppn attacks Govt over demonetisation, GST in LS New Delhi, Dec 21 () The opposition in the Lok Sabha today came down heavily on the government over the impact of demonetisation and introduction of the GST, saying the economy was in a bad shape, the growth rate had slowed down and joblessness was growing. Initiating a debate on the Supplementary Demands for Grants - Second Batch for 2017-18, senior Congress leader M Veerappa Moily said the Prime Minister's Economic Advisory Council (PMEAC) has "conceded that various reasons had contributed to the slowdown" of the growth rate to 5.7 per cent in the first quarter. "It is not my allegation but admission on the part of the Economic Advisory Council," he said. Moily was speaking after the Congress members had staged a walk-out protesting against the Prime Minister's remarks against Manmohan Singh. However, Leader of Congress Mallikarjun Kharge said "we are participating (in the discussion) becau...

India Growing At "New Normal" Growth Rate Of 7-8%, Says Arun Jaitley Replying to a debate on the second batch of supplementary demands of grants in the Lok Sabha, he said the decision to bring petroleum products under the Goods and Services Tax (GST) will be taken by the GST Council. NEW DELHI:   Finance Minister Arun Jaitley today exuded confidence that the upward movement of the global economy will also help India which has been growing at the "new normal" growth rate of 7-8 per cent. Replying to a debate on the second batch of supplementary demands of grants in the Lok Sabha, he said the decision to bring petroleum products under the Goods and Services Tax (GST) will be taken by the GST Council. The lower house later approved the supplementary demands envisaging a total additional expenditure of about  R s.  66,113 crore, of which net outgo would be  R s.  33,379 crore. The minister also took a dig at the Congress, saying that there was n...

GST, a work in progress We need to immediately move towards three tax slabs, and eventually two The  introduction of the Goods and Services Tax (GST)  raised much hope that it would herald the emergence of a ‘good and simple tax’ with ‘one nation, one market, one tax’. However, there has been considerable concern with the new tax, both in its structure and operational details, including the ease of paying the tax and filing returns. Trade and industry have been grappling with the problem of payment, filing the returns and claiming input tax credit, and exporters have been facing liquidity crises as the zero-rating of the tax has not worked and refunds have not been forthcoming, with difficulty in filing returns. Of course, the GST Council has been quite responsive to tweak the structure and operational details to make it simpler. Yet, considerable work needs to be done to ensure a smooth transition and to reap the revenue and productivity gains to the economy. ...

GST better than demonetisation to track black money: Harvard University’s Gita Gopinath Mumbai:  If there was no demonetisation, the government would have been able to implement the goods and services tax (GST) in a better manner, said Gita Gopinath, professor of international studies and economics at Harvard University, in an interview. She said that among other government reforms, the PSU bank recapitalisation plan and the implementation of the insolvency and bankruptcy code are steps in the right direction. Edited excerpts: There have been some big-bang reforms since November last year. How do you think the government has fared on executing them? As far as demonetisation is concerned, the expectation that the currency would not come back was misplaced. The idea that the RBI (Reserve Bank of India) will be able to make a big transfer to the government was misplaced. It was a very good signalling device that the government was very serious about cracking down on c...

Consensus will never emerge on petrol under GST: ASSOCHAM Hyderabad, Dec 22 () Consensus with states on inclusion of petroleum products in the ambit of GST would never emerge as they and the Centre are over-dependent on the sector for revenue collection, says industry body ASSOCHAM. Finance Minister Arun Jaitley told Rajya Sabha on December 19 that the Centre favoured bringing them under GST but it would want a consensus with the states before taking such a step. ASSOCHAM (The Associated Chambers of Commerce and Industry of India) today said it is always desirable for petroleum to be brought under the GST for effecting overall efficiency in the fuel value chain and reducing tax burden on consumers. "However, realistically speaking both the Centre and States have been over-depending on petroleum sector for their revenue collection. Collectively, they impose over 100-130 per cent taxes on petrol and diesel", it said. "So, while it is desirable, the resistanc...

IMF says demonetisation, GST brought short-term pain but long-term benefits: Report New Delhi: Rejecting claims that  goods and services tax  (GST) and  demonetisation  of old Rs 1000 and Rs 500 notes have permanently slowed down the Indian economy, the International Monetary Fund (IMF) has said that these are just “short-term pain”. In an interview to  CNBC-TV18, an IMF official said that demonetisation and GST has brought “short-term pain but long-term benefits”. He said that IMF expects India's growth to be 6.7 percent this year and 7.4% next year. The Goods and Services Tax (GST) was implemented in India from July 1 this year. It brings the economy under a uniform tax regime The Indian government scrapped Rs 500 and Rs 1,000 currency notes on November 8 last year, claiming that the move would eradicate black money, fake currency and corruption. Speaking about  India's growth rate  vis-a-vis the rest of the world, he said, “India not gr...

GST regime to stabilise in next 18 months: Niti Aayog Bengaluru:  The goods and services tax (GST) regime would get stabilised in the next 18 months, Niti Aayog vice chairman Rajiv Kumar said on Friday. “Give us time and you will see that in the next 18 months, GST will get stabilised, and this is where I think your (chartered accountants or CAs) role is critical,” he said while addressing the southern regional conference of the Institute of Chartered Accountants of India (ICAI) in Bengaluru. “Unfortunately, some of you are trying to scare investors away from GST rather than helping them. I think it is rather unfair,” he added. Kumar said if CAs do not extend cooperation, India will not be able to erase dualism in terms of organised and unorganised sectors, which is not good for the economy. “Formalisation of the economy will give a fillip to tax compliance. At present, tax compliance is between 40 to 43%. It must increase to 90%. The role of CAs becomes that much im...