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Whether ITC for FY 2017-18 can be availed only till October 20, 2018

Considering the first year of implementation of GST, major challenge is being faced by the Industry Inc in availing GST input tax credit (ITC) for the financial year 2017-18 after implementation of GST (i.e. July 2017 to March 2018) and lot of divergent views are floating with respect to the last date till which such […]

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Delhi HC allows manual GSTR-3B filing to enable Transitional credit claim

Indusind Media Communications Ltd. & Anr Vs Union Of India & Ors. (Delhi High Court) The GSTR-3B form – in the relevant table dealing with eligible ITC, talks of total ITC available; ITC reversed and the net ITC available. As the deadline for completing this form and availing the credit is 20.10.2018, the respondents are […]

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GST: Overseas medical tourists look elsewhere on higher costs

India is losing its sheen as a destination for medical tourism as factors such as costly hotels are prompting patients to turn to countries such as China, ThailandNEW DELHI: India is losing its sheen as a destination for medical tourism as factors such as costly hotel rooms are prompting patients to turn to countries such as China and Thailand.A considerable number of medical tourists from countries such as Kenya, Nigeria, Afghanistan and Uzbekistan used to avail facilities in India but the flow has declined, according to the latest data available with the tourism ministry.Medical tourists from Afghanistan fell from 61,231 in 2016 to 55,681 in 2017. Similarly, medical tourists from Uzbekistan declined from 9,564 in 2016 to 8,309 last year. A total of 5,530 and 7,496 medical tourists travelled from Nigeria and Kenya respectively in 2017, lower than 2016’s 9,277 and 8,701 respectively.The numbers from neighbouring Pakistan also came down from 3,955 in 2016 to 1,785 last year.“One of the…

E-way bill: 11 goods off Rs 1 lakh exemption list

LUDHIANA: In the state versus the Centre deadlock on changes done in the e-way bill by the Punjab taxation department without consulting Central GST (CGST) department, the former has softened its stand on the issue. Central GST department had objected to Punjab doubling the exemption limit of intrastate e-way bill from Rs 50,000 to Rs 1 lakh on all items. In the latest notification issued by the state taxation department, 11 items have been put in the negative list, which means the exemption of Rs 1 lakh will not be applicable on them. Some of the items put in this list include iron and steel in all forms, non-ferrous metals, tobacco and its products, pan masala, cigarettes and timber.However, the development is seen as a victory for the CGST department, as sources said it had recently demanded putting certain items in negative list, saying exemption would lead to increase in malpractices.In the fresh notification, which has been approved by state excise and taxation commissioner Vive…

Double blow of demonetisation and GST has TN businessmen struggling to dole out bonus

With Deepavali round the corner, the workers in Coimbatore district are looking forward to bonus, while the dull markets has the industrialists worried.It’s that of the year again when workers expect bonus and with Deepavali round the corner, the workers in Coimbatore district are looking forward to bonus, while the dull markets has the industrialists worried.Coimbatore is known for manufacturing textiles, castings, automobile spare parts, engineering products, wet grinders, motor pump sets and various other products. There are more than one lakh registered industries and 20,000 micro units in the district, providing employment to over seven lakh people.The workers get bonus on the occasion of Deepavali. The industries, especially the textile mills, offered huge bonus until 20 years ago and a job in the spinning mill was considered equivalent to or even more than a government job mainly due to handsome salary, lumpsum bonus and other attractive perks.But in the due course, mills faced…

GST: India’s steel demand expected to move back to higher growth track, says worldsteel

India’s steel demand is expected to move back to a higher growth track as the country recovers from “twin shocks of demonetisation and GST implementation”, global industry body World Steel Association (worldsteel) said Tuesday.India’s steel demand is expected to move back to a higher growth track as the country recovers from “twin shocks of demonetisation and GST implementation”, global industry body World Steel Association (worldsteel) said Tuesday. In its October 2018 Short Range Outlook, worldsteel said it projects global steel demand at 1,657.9 million tonne (MT) in 2018, an increase of 3.9 per cent over 2017. The demand for steel in the developed world remains healthy, while in the developing countries steel demand will continue to recover amid challenges.“As India recovers from the twin shocks of demonetisation and GST implementation, India’s steel demand is expected to move back to a higher growth track. The demand will be supported by improving investment and infrastructure pr…

Arun Jaitley hits back at Rahul Gandhi, gives five-pronged reply on Rafale deal, GST and Nirav Modi issue

In his post, with a headline that reads, “Is the ‘Clown Prince’ out-clowning himself”, Arun Jaitley said, “The onus to substantiate my words now lies on me.” He then answered the Gandhi scion’s charges point-by-point.Replying to incessant attacks by Congress President Rahul Gandhi on him and PM Narendra Modi over Rafale deal, Finance Minister Arun Jaitley today posted a detailed five-point rebuttal on social media. Calling Rahul Gandhi ‘weak on both facts and law’, Jaitley said that he is ‘repeating the false narrative’ and is trying to ‘convince himself of a falsehood’ so that he can ‘live in self-delusion’.In his post, with a headline that reads, “Is the ‘Clown Prince’ out-clowning himself”, the FM said, “The onus to substantiate my words now lies on me.” He then answered the Gandhi scion’s charges point-by-point.Replying to Congress president’s charge that a particular private business house, which has no experience compared to HAL, has got an advantage of Rs. 38,000 crore to Rs. 1…

Permit availment of GST input tax credit of FY 2017-18 till 31.12.2018: ICAI

ICAI Requesed Government for permitting availment of input tax credit under GST pertaining to Financial Year 2017-18 till 31st December, 2018

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Indian industry needs to follow ethical practices for growth: Naidu

He says that amid various reforms in the country, business and economy are growing, and in this background, the industry needs to follow it up with ethical governance and behaviourIndian businesses need to follow ethical corporate practices and behaviour for economic growth as few examples are spoiling the image of the industry, Vice President Venkaiah Naidu said Tuesday.Addressing members of industry body Assocham, Naidu said that the chambers have the responsibility to promote ethical governance.“This is the point I want to stress today. This is the need of the hour,” he said, adding that with opening up of the economy and improvement in ease of doing business, people are expecting ethical conduct and behaviour.“Industry also has the responsibility particularly in view of some black sheeps here and there, doing some mischief, doing some thing here, looting here and then going out of the country, avoiding the law. So, that has sent a very wrong message. May be (there are ) few exampl…

Extend time limit to Furnish Form GSTR–1 & GSTR-3B: GSTBA

GSTBA has requested Finance Minister to extend the due dates for filing Form GSTR-1 and GSTR-3B. Last date of filing the Return GSTR -1 of October 2018 is 10th of November and filling of Form 3B and payment of tax is 20/11/2018 which are falling during Diwali.

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