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National E-way Bill System to be rolled out by 16-Jan

GST Press Release, Dated 16.12.2017 The 24th Meeting of the GST Council held today through video conference under the Chairmanship of the Union Minister of Finance and Corporate Affairs, Shri Arun Jaitley. It discussed about the implementation of e-way Bill system in the country. Till such time as the National e-way Bill is ready, the [...]

Government ignored warnings over GST roll out – ET

[Source: economictimes.indiatimes.com] The Indian government ignored several warnings from private companies that the complex technology required for a nationwide goods and services tax (GST) to work smoothly was not ready for launch, several people who worked on the project said. Weeks before the July 1 start of India’s biggest tax overhaul in decades, the government [...]

Companies will have to declare job creation estimates to avail benefits under Startup India

[Source: economictimes.indiatimes.com] Companies eyeing benefits under the Startup India programme will soon have to declare upfront how many jobs they will create in order to qualify as the government moves to make employment generation the guiding principle for all its major programmes. "We will soon notify the new definition for startups, which goes beyond innovation," [...]

Zoho fires the first salvo–launches GST ready accounting solution

[Source: inc42.com] “Accounting should not be tactical. Accounting should be strategic. It should not be isolated but connected.” It is with these thoughts in mind and an India getting ready to enter a new single taxation GST (goods and services tax) regime in July of this year, that enterprise software pioneer Zoho launched its GST-compliant [...]

Centre mulls hike in service tax rate if GST rollout is delayed

[Source: www.thehindubusinessline.com] The Centre could consider increasing the service tax rate in the coming Budget as a fallback option in case the rollout of the Goods and Services Tax (GST) is delayed beyond April 1. “There is some thinking of an increase in the service tax rate in case the GST is not implemented from [...]

Equalisation Levy is going to create a huge problem for startups

[Source: www.forbesindia.com] Tax lawyer Nishith Desai believes the Equalisation Levy, also known as ‘Google Tax’, will have important repercussions for the Indian startup ecosystem As part of the continuing opposition from industry bodies to the ‘Equalisation Levy’ that came into effect earlier this year, the Internet and Mobile Association of India (IAMAI) and law firm [...]

GST set to miss the April 1, 2017 deadline

GST set to miss the April 1, 2017 deadline

GST may trigger consolidation in warehousing space

[Source: economictimes.indiatimes.com] The goods and services tax (GST) regime could usher in consolidation in the Indian warehousing space, property consultants and analysts said. With the government pushing for an April 2017 rollout of the single tax structure, many manufacturers who had built or leased warehouses in nearly every state to avoid duplication of taxes don’t [...]

ECB for startups to be allowed

[Source: www.thehindubusinessline.com] Overseas loans at lower rates may help start-ups stay afloat In a bid to give a further impetus to the growing start-up ecosystem in the country, the RBI has allowed them to raise up to $3 million a year through external commercial borrowings (ECBs). In his first Monetary Policy speech, RBI Governor Urjit [...]

Why India’s GST is one of the world’s most complex tax reforms

[Source: www.bbc.com] Will India, a $2 trillion (£1.5tn) economy with 1.3 billion consumers, now become a truly single market? Many believe the landmark goods and services tax bill – passed by parliament on Wednesday evening, after years of filibustering by the ruling BJP and main opposition Congress – is a key step in that direction. [...]