The small and medium enterprises in Uttar Pradesh have pilloried the Yogi Aditya nath
government for purportedly breaching the spirit of ‘One Nation, One Tax’ theme of the Goods and Services Tax
(GST) by mandating e-Way Bill for goods of smaller value.
E-Way Bill is an electronic bill required for the movement of goods above the value of Rs 50,000 under GST. However, the Yogi government has mandated it even for transporting goods of the value of Rs 5,000 and above, which the entrepreneurs claim violated the GST rules, since the threshold is 10 times less than as provided under relevant rules.
Claiming that the e-Way Bill decision had been taken in haste, Micro, Small and Medium Enterprises (MSME) chamber, Indian Industries Association (IIA) has asserted it would hit the state’s small and medium businesses hard, while impairing their competiveness as well.
IIA has submitted its representations to the GST Council chairman, Centre, UP finance ministers, UP Tax department etc seeking the rollback of the decision for providing succour to the sector.
The MSME space in UP is estimated at over 4 million units and the sector contributes almost READ MORE
Under the VAT and Service Tax regime, TIN number and Service Tax Registration Number were issued by the state and the Centre. However, under the Goods and Services Tax
(GST) regime, all taxation will get consolidated into a single platform and taxpayers will be registered under a single authority.
All the taxpayers who migrate and register under GST will receive a GSTIN — Goods and Service Tax Identification Number. Here is what the GSTIN
format looks like-
Under the GST regime, every business providing goods and services with a turnover exceeding Rs 20 lakh is required to register as a normal taxpayer. This registration is important because only a registered business can avail benefits like the seamless flow of Input Tax Credit (ITC) on their raw material purchases.
The GST registration process has been reopened from June 25 and will continue for the next 3 months
How to get a GSTIN
2. Go to ‘Register Now’ and fill in Part A of the application with your name, e-mail ID and mobile number
3. The portal will verify your details by sending an OTP to your mobile and email
4. Once the verification process is completed, you will receive the Application Reference Number (ARN) via mobile or email
Now you can fill Part B of the application using the ARN. The documents you will require READ MORE
Implementation of the GST is a step towards corruption free nation and will end the shadow economy, Union minister Arjun Ram Meghwal said today.
Meghwal was addressing representatives of various business organisations, central and state officials in an event on the Goods and Services Tax.
The Union government is committed to tax reforms and to speed up the economic growth, Meghwal said while assuring that the GST will benefit people from all sectors.
The central government has directed officials and ministers to tour to different parts of the country to educate people about GST and address problems post its implementation, the minister of state for finance said.
Change is the sign of development and the technical transformation is heading the country towards progress, Meghwal said, adding that India would soon be the country with strong economy in the world.
The minister also said that five petroleum products that are out of GST would also be put up in the GST Council to gradually bring those under the new tax regime, read more
Digital payments company MobiKwik has partnered Samsung Pay, under which consumers will be able to make payments with a single tap using select Samsung handsets.
As part of the tie-up, MobiKwik wallet is now integrated with Samsung Pay Mini to enable one-tap payments at more than 1.4 million MobiKwik-powered merchants across the country, the digital payments firm said in a statement.
MobiKwik’s mobile wallet will also be available soon to Samsung Pay users, it added.
“The future of digital payments in India will thrive only by collaborating with various ecosystem partners to drive acceptance. More than 55 million users and 1.4 million merchants will benefit from this association,” MobiKwik Head of Growth Daman Soni said.
There has been a massive growth in number of transactions using digital platforms in the country, especially after the government’s move to scrap high-denomination notes in November.
The government has also introduced a number of schemes to promote adoption of e-payment methods like mobile wallets, debit/credit cards and Unified Payment Interface (UPI).
Samsung Pay, the mobile payments service of the world’s largest handset maker, was launched in India in March this year.
It allows users to just tap and pay using the debit/credit cards and wallets stored on their mobile devices. Currently, Samsung Pay is available for users of devices like Samsung S8,Samsung S7 Edge, S7, J7 Max and J7 Pro among others.
Samsung had unveiled a ‘Mini’ version of the platform that integrates UPI and mobile wallets to work on mid-range priced smartphones. It, however, read more
The government on Monday clarified that gifts worth up to Rs 50,000 by an employer to its employees as also free membership of clubs, health and fitness centres will not attract the Goods and Services Tax
Also, the services by an employee to the employer in the course of or in relation to his employment is outside the scope of the new indirect tax regime, it said.
Any club, health and fitness centre membership provided by an employer to its all employees free of charge will not be subject to the GST.
The same would hold true for free housing as part of cost-to-company (C2C) package.
Commenting on reports of gifts and perquisites supplied by companies to their employees being taxed under GST, the finance ministry in a statement said gifts up to a value of Rs 50,000 in a year by an employer to his employee are outside the ambit of GST.
“However, gifts of value more than Rs 50,000 made without consideration are subject to the GST, when made in the course or
furtherance of business,” the statement said.
While the GST law does not define gifts, the ministry said for tax purposes gift is something that is made without consideration, is voluntary in nature and is made occasionally.
“It cannot be demanded as a matter of right by the employee and the employee cannot move a court of law for obtaining a gift,” it said.
On the issue of taxation of perquisites, the ministry said
The government is all set to roll out the goods and services tax (GST) at the stroke of the midnight on June 30, 2017.
All states/union territories, except Jammu & Kashmir, have approved the state goods & services Act (SGST) for ensuring the roll out.
Here are five things you must know ahead of the big change in indirect taxation across the country
GST is paid when a consumer buys something (even a company buying inputs). The tax is levied on every transaction in the supply of goods and services, barring certain exempted items such as petroleum products. The tax levied at one stage can be set off or deducted from the tax to be paid at the next stage.
India has a dual GST–Central GST (CGST) and State GST (SGST). There is also an integratedGST (IGST) on the inter-state supply of goods and services, which can be set off against CGST and SGST that is to be paid.
From July 1, 2017, India will move to a one-tax, one-nation regime. All goods and services will be READ MORE