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GST - Discussion on all aspects.

The Technology & Economic Forum is a venue to discuss issues pertaining to Technological and Economic developments in India. We request members to kindly stay within the mandate of this forum and keep their exchanges of views, on a civilised level, however vehemently any disagreement may be felt. All feedback regarding forum usage may be sent to the moderators using the Feedback Form or by clicking the Report Post Icon in any objectionable post for proper action. Please note that the views expressed by the Members and Moderators on these discussion boards are that of the individuals only and do not reflect the official policy or view of the Bharat-Rakshak.com Website. Copyright Violation is strictly prohibited and may result in revocation of your posting rights - please read the FAQ for full details. Users must also abide by the Forum Guidelines at all times.
disha
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Re: GST - Discussion on all aspects.

Postby disha » 15 Sep 2017 02:23

Manish_Sharma wrote:https://swarajyamag.com/economy/the-nightmare-called-gstn-implementation-issues-can-derailindias-biggest-tax-reform

The Nightmare Called GSTN: Implementation Issues Can Derail India’s Biggest Tax Reform
Aashish Chandorkar
- Sep 12, 2017, 3:00 pm


^^What are all the IT-Vity colleges doing in India? And all the It-vity companies like infosys/tcs/wipro - sucking thumbs?

#Blow2Modi #MudiShudRezin

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Re: GST - Discussion on all aspects.

Postby Prasad » 16 Sep 2017 00:42

Bunker sales fall 90% post-GST
http://www.thehindubusinessline.com/eco ... 861664.ece

“Bunker sales have dropped by as much as 90% with the introduction of GST,” said an industry official. “Sales are happening only on account of emergency situations where ships are stuck due to wrong calculations on bunker requirements,” he added.

Sales in Mumbai dropped from 8,000-10,000 tonnes a month to about 500-1,000 tonnes post-GST, said industry officials.

In Kochi, monthly bunker sales have tanked to 3,000-4,000 tonnes from about 25,000-30,000 tonnes.


Assuming an MOPS of 300, the VAT was $1.5 a tonne in Kochi at a VAT rate of 0.5 per cent. With GST at 18 per cent, the VAT on bunker has jumped by $54-60 per tonne in Kochi.

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Re: GST - Discussion on all aspects.

Postby tandav » 17 Sep 2017 08:35

JayS wrote:
Schmidt wrote:
------------------------------------------------------------------------------------------------------------------
Would the billing ( based on the work contract ) be done in stages depending on completion of the work ?

If any billing is done after 1st July , then GST would be applicable for that portion ( as the work contract would only specify a basic rate on top of which appropriate taxes would be applicable )

As a comparison , when we quote for any product , we always quote Basic Rate and specify taxes would be charged as applicable ( be it ED / VAT or GST now ).


Contract done in June. Partial payment in June. Rest in July. So the quandary. I am not sure how it works for "work contract".


No idea on how the Works contracts that we were doing business as are going to be handled
+1

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Re: GST - Discussion on all aspects.

Postby Manish_P » 18 Sep 2017 15:10

50,000 co-op housing societies in Mumbai and suburbs in GST net

As many as 70,000 co-operative housing societies (CHS) in the state, including 50,000 in the Mumbai Metropolitan Region (MMR), will have to register under the Goods and Services Tax (GST) regime as their annual collections (turnover) are likely to exceed the threshold of Rs 20 lakh.


Once a society is registered under GST, it has to meet various filing obligations. It also has to comply with the provisions of the reverse charge mechanism. Under this mechanism, if it makes payments to unregistered service providers such as cleaners, electricians and plumbers, it will have to bear the GST of 18% on such payments and also have to file relevant forms on the GSTN portal.


Maintenance charges are typically collected by a CHS for various purposes like providing security, lift maintenance, maintenance of common areas like a lobby or a garden and are typically a reimbursement for expenses incurred. As explained by TOI earlier, taxes like property, water, or electricity charges collected by the CHS from its members on behalf of local authorities or power entities will not be subject to GST.


According to a government circular, co-operative housing societies under GST are entitled to input tax credit (ITC) in respect of taxes paid by them on capital goods (such as generators, water pumps, lawn furniture), goods (such as taps, pipes, other sanitary/hardware fillings) and against input services such as repair and maintenance services.

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Re: GST - Discussion on all aspects.

Postby Prasad » 22 Sep 2017 08:13

Prasad wrote:On exporters finding things difficult under GST -
http://economictimes.indiatimes.com/new ... s?from=mdr

From what is reported, it appears that as usual our systems are not up to scratch from the get-go. Lots of dekha jayega, we'll figure it out when we go live type nonsense. Jetli's "please don't all of y'll file at the last minute" nonsense on top of it. Why would anyone have any confidence in govt function if they do such a shoddy job.

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Re: GST - Discussion on all aspects.

Postby guru.shetty » 22 Sep 2017 08:24

Prasad wrote:
Prasad wrote:On exporters finding things difficult under GST -
http://economictimes.indiatimes.com/new ... s?from=mdr

From what is reported, it appears that as usual our systems are not up to scratch from the get-go. Lots of dekha jayega, we'll figure it out when we go live type nonsense. Jetli's "please don't all of y'll file at the last minute" nonsense on top of it. Why would anyone have any confidence in govt function if they do such a shoddy job.


Something as simple as obamacare insurance website couldn't handle a few million transaction when it came out. It was a major embarrassment for US govt. They had to fly in engineers from Google and facebook to sort it out. With GST, apparently they hadn't done _any_ scale testing. It is pretty much the same mediocrity that average software engineers are happy with everywhere in the world.

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Re: GST - Discussion on all aspects.

Postby Prasad » 22 Sep 2017 08:46

Don't blame the engineers. Blame lies with whoever is at the top. Start there.

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Re: GST - Discussion on all aspects.

Postby Aditya_V » 22 Sep 2017 12:58

I Agree Blaming CA's, Blaming engineers but not blaming the Politcos and Babus and the TOP executives of GSTN are equally to blame. But GST is a very disruptive system. The income of lakhs of Babus in VAT departments has been affected.

There should have been a slower transition involving more Agencies , CA's etc to make sure that the portal worked for everyone and different scenarios rather than just hiring infosys and Big 4's who have messed up.

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Re: GST - Discussion on all aspects.

Postby tandav » 24 Sep 2017 12:34

There is no issue with the portal itself? I have never had problems in making payments or creating challans etc. Though I have very little idea on what the our CA is doing in creating GSTR1 or GSTR3 filings etc... don't know if I really need a CA to handle this stuff?

1) The GST portal should simply offer the ability to directly bill clients by having a create invoice feature which will be served to the Client directly.
2) GST backbone can also have a payment feature wherein the payment to vendors and GST for a particular invoice can be can be made directly via the backbone, bypassing all the gobbledegook.

Apparently all this is in the works in the backend. Hope it happens... the massive problem of companies cheating other companies on non payment of invoices for services rendered will start getting tamed.

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Re: GST - Discussion on all aspects.

Postby geeth » 24 Sep 2017 21:43

As I know it, the 'electronic book' is not updated automatically. Withe result that the pluses and minuses have to be calculated manually and fed to get the final tax due. After all features are incorporated, all these things for tax book keeping will be automatically updated from different sources of purchase/sale/way bill etc and final tally will be displayed.

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Re: GST - Discussion on all aspects.

Postby vish_mulay » 26 Sep 2017 10:36

http://economictimes.indiatimes.com/new ... 834155.cms
Traders may get IGST exemption on imported inputs that currently don’t face basic customs duty

Read more at:
http://economictimes.indiatimes.com/art ... aign=cppst

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Re: GST - Discussion on all aspects.

Postby Yagnasri » 26 Sep 2017 21:42

http://economictimes.indiatimes.com/new ... 843635.cms

Collection figures. But lot of people not submitted returns which is a worrying thing.

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Re: GST - Discussion on all aspects.

Postby hanumadu » 26 Sep 2017 22:00

How come GSTN was not ready with most of the features in nearly 2 years and 3,000 crores later? 3,000 crores should go a long way in India. Infosys has a reputation to keep and they messed up.

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Re: GST - Discussion on all aspects.

Postby vimal » 26 Sep 2017 22:50

I am not sure if Infy is to be blamed entirely for the GSTN mess. The law was in draft and had to go through many revisions to sooth the nerves of the states. With requirements changing so much any software project would be difficult to implement.

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Re: GST - Discussion on all aspects.

Postby disha » 26 Sep 2017 23:41

^^Changing requirements does not mean that the portal will go down! Or obvious glitches in the parsing of the GSTN forms.

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Re: GST - Discussion on all aspects.

Postby jpremnath » 19 Oct 2017 14:18

Is this so called "gaming" possible? Or is the scribe getting too excited?

https://www.bloombergquint.com/gst/2017/10/16/bid-to-game-gst-may-be-behind-september-exports-surge

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Re: GST - Discussion on all aspects.

Postby A_Gupta » 19 Oct 2017 14:44


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Re: GST - Discussion on all aspects.

Postby A_Gupta » 24 Oct 2017 16:46

http://indianexpress.com/article/busine ... s-4904281/
Earlier in the day, Jaitley said the government has decided to waive late fee on the filing of GSTR-3B for August and September. “To facilitate taxpayers, late fee on filing of GSTR-3B for August and September has been waived,” Jaitley tweeted. He added that the late fee which has been already paid will be credited back to the taxpayers’ accounts.

The Ministry of Finance also released GST-related data through its Twitter handle. It said that the total revenue of GST paid under different heads upto October 23, 2017 for the month of September 2017 is Rs 92,150 crore. While the total CGST revenue stands at Rs 14,042 crore, the SGST and IGST revenue are Rs 21,172 crore and Rs 48,948 crore respectively.

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Re: GST - Discussion on all aspects.

Postby Suraj » 06 Nov 2017 23:29

GST Council may remove some common-use items from 28% bracket
The 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.

The Council, headed by Finance Minister Arun Jaitley, is scheduled to meet on November 10 to consider lowering of the 28 per cent 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 attracted lower VAT rates in the previous indirect tax regime.

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

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Re: GST - Discussion on all aspects.

Postby Suraj » 07 Nov 2017 00:32

Telangana Metrology department cracks down on traders levying GST on packed goods
The Telangana Legal Metrology Department which has taken up a special drive across the state following complaints of levy of GST on packed goods having MRP, has registered over 1,000 cases and imposed fines to the tune of over Rs 10 lakh, said a senior official. The department found that small traders to big shopping malls and even multiplexes and prominent MNC food chains were allegedly indulging in this fraud, he said.

Commissioner for Civil Supplies, Legal and Metrology Controller C V Anand, had last month warned manufacturers, packers, importers against collecting GST in addition to the MRP on packaged goods. On receiving several complaints from people, special teams with Legal and Metrology Department officials were formed to make checks statewide and cases were booked against those indulged in malpractice or deceptive act.

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Re: GST - Discussion on all aspects.

Postby Katare » 07 Nov 2017 01:16

What are the GST collections for Sept and October?
The first month collections were Rs 92K corers with 80% filings received by the due date.

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Re: GST - Discussion on all aspects.

Postby Suraj » 07 Nov 2017 02:01

Datelined Oct 24:
Govt collects ₹ 92,150 crore revenue in September
Revenue collection under the goods and services tax (GST) remained robust with ₹ 92,150 crore collected for the month of September. This is marginally higher than the mop-up in August which was estimated at ₹ 90,669 crore.

Data released by the Finance Ministry on Tuesday showed that the total Central GST revenue is ₹ 14,042 crore in September while the mop up from State GST is ₹ 21,172 crore.

The government also collected ₹ 48,948 crore from Integrated GST last month of which the tax from imports is ₹ 23,951 crore. Receipts from compensation cess in September amounted to ₹ 7,988 crore of which ₹ 722 crore is from imports. “The total number of GSTR 3B returns filed for the month of September is 42.91 lakhs by October 23,” said the Ministry.

With taxpayers still facing difficulties in filing returns, the government has also decided to waive the late fee on filing of GSTR-3B for the months of August and September.

Over 1.5 crore GSTR-3B returns filed till September
As many as 1.5 crore GSTR-3B returns have been filed between July and September, a notification from the Central Board of Excise & Customs, Ministry of Finance said.

While 56.8 lakh returns were filed in July and 54 lakh in August, the number came down to 47.4 lakh in September.

The decline could be attributed to the extension of the last date for filing GSTR-2 and GSTR-3 by the Ministry of Finance.

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Re: GST - Discussion on all aspects.

Postby Suraj » 09 Nov 2017 01:39

GST Council likely to slash tax rates on 80% items in top slab: Sushil Modi
Bihar Deputy Chief Minister Sushil Kumar Modi, who is also a member of the GST council, today said tax rates on 80 per cent items of top 28 per cent slab are likely to be slashed at the council's meeting starting tomorrow.

"Tax rates on 80 per cent of 227 items falling in top slab is likely to be reduced from 28 per cent to 18 per cent in the next GST council meeting. The GST fitment committee has also recommended reducing tax rates from 18 per cent to 12 per cent on a number of goods", Sushil Modi said at a function at the Bihar Chamber of Commerce here.

"So far, tax rates have been slashed on more than 100 items", he added.

The GST Council will meet on November 9 and 10 in Assam's capital Guwahati.

Hiccups in GSTN portal's one year
Now a year old, the Goods and Services Tax Network (GSTN) portal has drawn both praise and criticism.

Made operational on November 8 last year, it had covered all the states by March 2017 in terms of registration and given out provisional identifications to taxpayers, much before the GST rollout in July, say officials.

However, tax filers had to face a number of issues with the portal. The system crashed a couple of times in September, which led to the setting up of a group of ministers (GoM) to examine why and what to do, led by Bihar finance minister Sushil Modi.


"The journey has been both exciting and challenging," says Prakash Kumar, chief executive of GSTN, the information technology network for the new levy. Many blame continuous change in the GST laws for gaps on the portal, not GSTN itself. The GoM had identified 27 technical glitches on the portal, which it wanted Infosys, which had won a contract to maintain GSTN for five years, to fix by end-October.

However, only 18 of these had been operationalised by the deadline. Kumar refuses to call these glitches. He tells Business Standard, "First of all, these are not glitches. There were lots of functionalities they (GoM) asked us to incorporate or make available. They wanted certain new things to be added or certain others to be expedited on the portal."

He terms these as priority items the GoM had identified. "Of that, two-thirds were completed by that date. Most of the remaining ones will be completed by the time the GoM meets next," says Kumar.

Others say GSTN should be given more time to prepare itself. Bipin Sapra of consultancy EY says GSTN has had to provide a compliance portal for an evolving and complex law; more time is required to get the system right. "It makes sense to give GSTN the due time by maximising the compliances for the next six months and allowing the portal to reach its true potential," he adds.

Rshmi Khetrapal, founder of Countmagic, a GST software company, says though the creation of the portal and implementation
of the taxation system created initial hiccups, the move has over time been accepted and appreciated by accountants and businesses, across sectors.

GSTN had crashed in September when the initial deadline for the July returns was approaching. GSTN officials explained that a tax filer had submitted around 2.5 million invoices; in each, he gave the receivers' numbers. The GSTN system had a mechanism whereby filers have to first put the tax identification number (TIN) and then details of all invoices relating to that number. For instance, if you have 5,000 invoices relating to a particular buyer, you put the TIN of that buyer and then those invoices.

GSTN had fixed this issue by September 8 night but by that time, all the damage had been done, they say. The government has had to postpone the filing of returns for July a number of times. Even last month, the last day for filing of input returns, GSTR-2, was put off to November 30, from October 31. Also, the deadline for filing input-output returns, GSTR-3, was postponed to December 11, from November 10.

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Re: GST - Discussion on all aspects.

Postby Supratik » 10 Nov 2017 18:37

A lot of changes in GST rates have been made today. Please post reports.


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Re: GST - Discussion on all aspects.

Postby Supratik » 10 Nov 2017 20:05

GST rates on restaurant cut to 5%.

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Re: GST - Discussion on all aspects.

Postby Aditya_V » 10 Nov 2017 20:28

Lets wait for the official notifications tomorrow

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Re: GST - Discussion on all aspects.

Postby nelson » 10 Nov 2017 20:49


chetak
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Re: GST - Discussion on all aspects.

Postby chetak » 10 Nov 2017 20:58

Supratik wrote:GST rates on restaurant cut to 5%.


Many rapacious states and many greedy political parties had wantonly jacked up the GST rates to pressurise the Modi govt and blackmail them by giving it a bad name apart from having high hopes of collecting tonnes of money to spend on local bodies and frittering it away in the name of welfare by giving away free gas stoves, cookers and other high value articles to bribe voters and create vote banks for themselves.

Carefully, none of them are blaming the govt now by pointing fingers at them and saying that it was modi who insisted on the high rates. The very adverse public reaction and rage at toothpaste, shaving cream, chocolates and biscuits and AC vs non AC restaurants ittiyadi being in the 28% category has put the fear of god into all of them. Certain channels are insisting on giving credit to the congis for bringing down the rates whereas in actual fact they were the prime movers in buggering up the entire GST system. They all know that Modi will take them apart in rally after election rally if they dared to get into specifics.

This 28% GST on restaurants was a particularly unkind cut and it actually felt like both the state and central govts were your uninvited guests everytime you paid the bill at some decent hotel.

I have a strong feeling that this rate reduction was entirely orchestrated by a chanakyan govt to outmanoeuvre the opposition.

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Re: GST - Discussion on all aspects.

Postby Supratik » 10 Nov 2017 21:50

To be fair to them they had no idea as to the level of tax evasion and there was fear of loss of revenue. Now that they have an idea of amount of tax collection they can re-evaluate taxation rates. Now they need to decide on petroleum products and alcohol and further prune the 18%, 28%, cess rates.

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Re: GST - Discussion on all aspects.

Postby hanumadu » 10 Nov 2017 22:55

chetak wrote:This 28% GST on restaurants was a particularly unkind cut and it actually felt like both the state and central govts were your uninvited guests everytime you paid the bill at some decent hotel.


GST on restaurants was never 28%. The highest rate was 18%.

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Re: GST - Discussion on all aspects.

Postby Suraj » 10 Nov 2017 23:00

I agree with Supratik. Some slack ought to be given to states. This was an enormous exercise in modifying the tax system, and most states simply padded themselves with extra revenue options as a buffer. Now that the dust has settled, the GST Council convened and came up with more realistic rates so that the people would get relief. It's compelling to give everything a huge political color, but in reality this is also just an incredibly complex tax measure implemented just 4 months ago, and the first rationalisation of rates is now done.

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Re: GST - Discussion on all aspects.

Postby chetak » 11 Nov 2017 10:55

hanumadu wrote:
chetak wrote:This 28% GST on restaurants was a particularly unkind cut and it actually felt like both the state and central govts were your uninvited guests everytime you paid the bill at some decent hotel.


GST on restaurants was never 28%. The highest rate was 18%.


Sorry for the mistyping. I meant 18%

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Re: GST - Discussion on all aspects.

Postby Mollick.R » 11 Nov 2017 13:26

Full News Report Here .....

132 days after rollout, GST cut on over 210 items – 180 of them in top 28% slab

https://timesofindia.indiatimes.com/business/india-business/132-days-after-rollout-gst-cut-on-over-210-items-180-of-them-in-top-28-slab/articleshow/61600959.cms

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Re: GST - Discussion on all aspects.

Postby Mollick.R » 11 Nov 2017 13:29

Graphics Courtesy Times of India

Image

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Re: GST - Discussion on all aspects.

Postby Mollick.R » 11 Nov 2017 13:31

Graphics Courtesy Times of India

Image

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Re: GST - Discussion on all aspects.

Postby Mollick.R » 11 Nov 2017 13:34

Graphics Courtesy Times of India

Image

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Re: GST - Discussion on all aspects.

Postby manjgu » 11 Nov 2017 18:15

i mean was the GST team on drugs when they decided to have 28% on so many items !!! which are of daily use..non luxury. toothpaste..soap...fan..pumps..shitpots ( and this when we wanna encourage Swach Bharat and no open defacation) !!! I dont believe it. generally the lowest and highest tax slab will have less no with a bulge in between...but looks it was skewed so muchhh. Cement and paints still in 28% category... come on.

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Re: GST - Discussion on all aspects.

Postby manjgu » 11 Nov 2017 18:21

today i was watching a vid on GST ...a cloth market in Gujrat... the shopkeeper was saying I have opted for the composition scheme and when i charge GST from customers they object. Whats the position? if a shopkeeper is under compostion scheme..who pays GST?? customer or shopkeeper. and for a shopkeeper under Composition scheme how do they calculate volume of turnover??

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Re: GST - Discussion on all aspects.

Postby Gyan » 11 Nov 2017 18:49

12% and 18% rates can be easily combined at 15%. If required 28% can be hiked to 30%. So we will get 5, 15 and 30% rates.


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