Tax dept clears Rs 7,000 crore GST refunds of exporters

Source: The Economic Times, Jun 09, 2018

Over Rs 7,000 crore or half of the pending GST refunds of exporters has been cleared in the first nine days of the ongoing special refund fortnight.

“More than Rs 7,000 crore of IGST/ ITC refunds sanctioned till now during the ongoing Special Refund Fortnight,” the Central Board of Indirect Taxes and Customs (CBIC) said in a tweet late last night.

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GST notices to pharma firms on free supply to have wider ramifications

Source: Business Standard, May 31, 2018

New Delhi: Notices sent by the tax department to major pharma companies over not cutting the Goods and Services Tax (GST) on free supplies to retailers are likely to have repercussions on fast-moving consumer goods (FMCG) companies as well, warn tax experts, who found no ground for the notices.The notices sent by the Directorate General of Goods and Services Tax Intelligence (DGGI) say that some free supplies of drugs – injections, tablets, syrups – have been made to stockists and retailers without charging GST on them.

Abhishek Rastogi, partner with Khaitan & Co said: “The issue of free supplies will have wider implications on diverse sectors, including FMCG and apparels. This means that the implications could arise whenever discount is offered by way of a quantity discount.”

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Govt owes exporters ₹20,000 cr in refunds under GST, ITC heads

Source: The Hindu Business Line, May 29, 2018

New Delhi: Pending refunds to exporters under Integrated GST and Input Tax Credit (ITC) heads total ₹20,000 crore, the industry has estimated.

“Many exporters have not been able to file for refund of ITC due to technical glitches as input tax credit and exports happened in different months,” according to the Federation of Indian Export Organisations (Fieo). “The GST refund process has considerably slowed down after the clearance fortnight. Refund of over ₹20,000 crore is still pending on account of IGST and ITC.”

Despite the snag, India’s exports could touch $350 billion in 2018-19 from $302 billion in 2017-18, clocking a 15-20 per cent growth, FIEO President Ganesh Kumar Gupta told a press conference on Tuesday. Read the rest of this entry »

GST collections during FY 18 reach ₹ 7.19 lakh cr

download (2)Source: The Hindu Business Line, Apr 30, 2018

New Delhi: Goods and Services Tax (GST) collections during financial year 2017-2018 stood at ₹ 7.19 lakh crore. This collection includes the August 2017 to March 2018 period and ₹ 1.19 lakh crore of Central GST, ₹ 1.72 lakh crore of State GST and ₹ 3.66 lakh crore of Integrated GST.

The IGST collections include ₹ 1.73 lakh crore tax on imports and ₹ 62,021 crore of cess. A Finance Ministry statement said, “For this eight months, the average monthly collection has been ₹ 89,885 crore.”

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Simplified GST returns form in the works

Source: The Economic Times, Apr 17, 2018

NEW DELHI: A new simplified form is in the works for filing goods and services tax (GST) returns and could be taken up for consideration at the next meeting of the GST Council.

“A new form incorporating best features of a ‘fusion’ of two models that have been under discussions will be prepared. This will also take into account all suggestions that have come from the stakeholders,” said Sushil Modi, Bihar deputy chief minister and chairman of the group of ministers tasked by the GST Council to look at the IT issues.

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Government mulls to convert GST Network into 100% state-owned company

downloadSource: Business Standard, Apr 10, 2018

New Delhi: The government is considering converting GST Network- which is handling the IT infrastructure of the new indirect tax regime – into a state-owned company, an official source said.

Currently, private financial institutions are the majority owners in GSTN with 51 per cent stake, while the centre and states together hold 49 per cent.According to the source, Finance Minister Arun Jaitley has asked Finance Secretary Hasmukh Adhia to “examine the possibility” of converting GSTN into a majority government company or a 100 per cent government company.

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Microsoft looks to expand partner ecosystem to tap India’s digital transformation

images.jpgSource: The Economic Times, Apr 11, 2018

NEW DELHI: Microsoft is looking at expanding its partner ecosystem – both in terms of numbers as well as domain expertise – given the huge potential of digital transformation in the country, Anant Maheshwari, president of Microsoft told ET.

It currently has the largest partner ecosystems with 9,000 partners across 250 cities in India. He added that though the company has partners who have deep expertise in areas such as finance, human resource, operations etc, going forward they will also need the “breadth” and very deep domain expertise in sectors such as banking.

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