GST Billing Software

India's GST 28pct, but M'sians make noise about 6pct - PM Prime Minister Najib Abdul Razak is not in the dark about Malaysians' aversion to paying more taxes. In his officiating speech at the MIC annual general meeting today, Najib took note of MIC president Dr S Subramaniam who had, earlier in his speech, said many Indian students found that their respective National Higher Education Fund (PTPTN) loans have not been sufficient. "I accept the view on PTPTN, and we will look into this in more detail because it is not only an Indian problem, (but affects) all communities.

No tax refund, no working capital: How GST is hurting Indian exporters Delays in processing tax refunds under the new Goods and Services Tax regime has locked up the funds of exporters, hurting their businesses and affecting their ability to be competitive in international markets. On September 19, a delegation of exporters met Revenue Secretary Hasmukh Adhia, who is heading a committee set up to look into the GST-related issues that India’s export sector is facing. During the meeting, the Federation of Indian Export Organisation  reportedly  said that the government should fast-track the refunds process for exporters or as much as Rs 65,000 crore of their money could get stuck in the July-October period, affecting their ability to do business. The Goods and Services Tax, which was implemented from July 1, subsumes all the indirect taxes that businesses earlier paid the Centre and states separately, with the aim of creating a common market. It involved a co...

GST registrations up, but fewer tax returns in August BENGALURU: The tax base or those registered for  GST  has gone up in August but the number of filings so far is lower than the previous month as businesses grapple with technology issues and take advantage of the government's decision to waive penalty for late filing. So far in August, the second month of GST, around 35 lakh tax payers of the 67.73 lakh required to file returns have managed to pay tax and file returns, which is a little over half the population. Data available with GST Network, the agency managing the IT platform, showed that over 87 lakh businesses have registered so far, which includes nearly 25 lakh new players apart from the 63 lakh or so who migrated from service tax, central excise and state VAT. In contrast, in July, 36 lakh out of 45.58 lakh eligible entities paid GST, and the Centre collected over Rs 92,000 crore, which translates into nearly 79% compliance. September 20 was the last ...

The GST Regime is Damaging, Not Helping, India’s Crafts Sector Already struggling to survive and compete with cheaper machine-made goods, the added burden of GST compliance will decimate self-employed artisans. The transition to the Goods and Services Tax (GST) regime was sold as a reform that would transform Indian industry for the better. Two months later, the plight of craftspeople across India tells a different story. Yograj lives and works in Kaziwala village in the district Bijnor of Uttar Pradesh. He makes small hand-made wooden items like  juda  pins which sell for about Rs 25 each. I live in Delhi and work with rural and semi-urban artisans like Yograj, providing them with design and marketing support. I connect them to urban markets directly, and also sell via a network of retail spaces I am a part of. His average bill with me each time is for about Rs 8,000. Over the year, his total billing with me is about Rs 50,000. His total annual turnover...

Industry chamber CII on Sunday said that in view of certain pending issues, the deadline for filing Goods and Services Tax (GST) returns should be further extended by up to a couple of months."In view of the difficulties of online filing, CII suggested that the due dates for filing GSTR-1, GSTR-2 and GSTR-3 should be deferred for another month or two. This will stabilise the system," the Confederation of Indian Industry (CII) said in a release here. "The Finance Ministry has taken cognisance of the initial glitches being faced in online filing of invoices and extended dates for GST returns. CII has now requested for further extension to resolve certain system issues," it said. Last month, the government announced a five-day extension for filing the GSTR-3B form till August 25, after the GSTN return filing portal was hit by a technical glitch and stopped functioning, a day ahead of the last date for filing. Technical issues again earlier this month forced the govern...

A defining feature of India's economy has just fallen prey to the beauty of GST  All that is solid melts into air, all that is holy is profaned, and man is at last compelled to face with sober senses his real conditions of life, and his relations with his kind. Those famous words were not, of course, intended as a description of the impact of the goods and services tax (GST) on India's unorganised sector.  But they would do just as well. GST will put paid to India's informal sect ..  As Sure as Death   Not paying taxes is the holy creed of the unorganised sector, although paying off the rare taxman or the more frequent inspector of labour/factories is accepted as part of the real conditions of life. The small producer supplies parts to other small producers, finished goods for export and to distributors for sale to consumers and parts and services to large firms.  Small producer provide big credit to large producers, by way of accepting dela .....

Exporters urge government panel to speed up GST refunds NEW DELHI:  Exporters  told a high level government panel on Tuesday that that Rs 65,000 crore could get stuck in the July-October period if the current mechanism of refunds for the goods and services tax ( GST ) continues and asked the government to fast track the refund process to improve their  liquidity situation . Exporters flagged their concerns on liquidity crunch and the loss of competitiveness of India's exports due to the GST to a committee headed by revenue secretary Hasmukh Adhia. Members of seven export promotion councils, Federation of Indian Export Organisations and officials from the commerce ministry discussed the issues ailing exports with Adhia, chief economic advisor Arvind Subramanian and GST commissioners of various states. Adhia is also chairman of the Committee on Exports set up by the  GST Council . "If refund does not start flowing immediately then about Rs 65,000 crore would be stu...

Note ban, GST will work in favour of government, feels BJP NEW DELHI: The  Narendra Modi  government's decision to go for demonetisation last year and implement GST (Goods and  Services Tax ) this year, may have brought in some "immediate pains" to people, but the ruling BJP is hopeful that both the policies will eventually help create a robust economic system in the country, the signs for which will start showing in the "long run, that is by 2019." according to party sources. The party believes both the policy decisions will eventually help in cleaning up the system and create a "stronger foundation for the economy, usher in greater transparency and reduce corruption in the system," by 2019 and hence that is going to be the party line to be drawn up at the one-day BJP national executive coming up on September 25. That the "immediate pains" indicated by the present dip in the growth rate is hurting the government as it readies for a...

With Prices Rising Post-GST, Has the Government Taken the Public for a Ride? The Goods and Services Tax (GST) is awfully complex and has confused not only businesses and the public, but also the government. Credit: Reuters Have prices of goods and services risen because the implementation of the Goods and Services Tax (GST) is faulty or because it was not designed properly? Eighteen percent GST is levied on the food in a restaurant. This has raised the cost of eating out. Is this what was intended in the original design of the GST? One of the benefits of the GST touted by the government was that prices would come down, but the opposite has happened. Prices of most services have also gone up as they are now taxed at 18% while they were charged 15% in the pre-GST regime. Hence, insurance, credit card charges, banking charges and so on have all risen. Unfortunately, the wholesale price index (WPI) does not capture much of this price rise since services are not a part of thi...

GST dwarfs Ravana's stature this Dussehra LUCKNOW/KANPUR: The imposition of the Goods and Services Tax has dwarfed Ravana effigies in Lucknow and Kanpur this Dussehra. With the prices of raw materials going up post GST,  Ramlila organisers and craftsmen have been forced to reduce the height of effigies. Two prominent Ramlila committees of Lucknow -Bakshi Ka Talab and Sadar -have curtailed the size of effigies by 10-15 feet. The demon at  Bakshi Ka Talab  Ramlila will stand at 45foot this year as compared to 55-foot last year. Nagendra Chauhan, a member of the organizing committee, said, "Until last year, the effigy cost Rs 50,000, including fireworks. But this year, crafts men told us that they would have to make a shorter effigy , and without fireworks, in the same budget. The organisers are paying extra money for the fireworks," said Chauhan. He said that tax on firecrackers has doubled from 14.5% to 28%, adding that the fabric was not taxable earlier, but n...

States want Centre to compensate loss if petro products brought under GST Amid an outcry over spiraling fuel prices, state governments, including those ruled by the BJP, are opposing petroleum minister  Dharmendra Pradhan’s suggestion  that petroleum products should be brought under the Goods and Service Tax (GST). States say the move would adversely impact their revenue, which has increased by almost 50% for most states in the past three years on account of high value added (VAT) tax. Consumers pay more than 100% tax –central and state levies combined -- on petrol and diesel which actually cost Rs 29.53 and Rs 29.12 after refining. The Centre levies excise duty of Rs 21.14 on petrol and Rs 17.33 on diesel and the states imposes value added tax that ranges between 20-47%. Pradhan has suggested that petroleum products should be brought under GST for uniform tax mechanism across India. “We have appealed to all the state finance ministers to bring petroleum items...