GST to have significantly smaller assessee base despite high exemption threshold
By: Sumit Jha | New Delhi | Updated: May 11, 2017 7:49 AM
To start with, the goods and services tax (GST) will have an assessee base significantly smaller than the combined universe of central excise, service tax and state VAT, the three principal taxes to collapse into GST. The shrinking of the base has primarily to do with the GST turnover threshold (Rs 20 lakh), which has kept lakhs of the existing service tax and VAT assessees out of the proposed comprehensive indirect tax’s ambit.
So, Goods and Services Tax Network (GSTN) chairman Navin Kumar told FE, the 60 lakh GSTN registrations so far is closer to potential than many would think.
The excise/VAT/service tax base is around 80 lakh at present and two-thirds of these units won’t have to pay GST given the higher threshold. That shows how lakhs of small businesses have scrambled to join the new system, even as their tax liability will be nil…(see more)
New e-way bill: Transporters sore with more documentation that will cut speed
Next week when the Goods and Services Tax (GST) council meets, transport operators might expect it to take a re-look at the draft electronic-way (e-way) bill rules.
The draft regulation states that for consignments worth over ₹50,000 in value, raising an e-way bill (with vehicle particulars) is mandatory before commencement of movement, inter- or intra-State. Transferring goods from one vehicle (conveyance) to another — during the course of transit — would require raising a new bill from the online platform…(see more)
GST rollout in India is a bonanza for global accounting firms
What is taxing for some in India has become brisk business for others.
With seven weeks to go before the nationwide goods and services tax (GST) is implemented, Indian companies are rushing to bring in experts to help prepare the accounting and information technology systems for the tax-system overhaul. That’s created a windfall for international professional services firms, including PricewaterhouseCoopers LLP and KPMG LLP.
Providing advice on everything from taxation regulations to business finance will generate as much as Rs15,000 crore($2.3 billion) in extra consulting fees, according to a council member of India’s accounting regulator, the Institute of Chartered Accountants of India…(see more)
Siemens India Q4 net profit drops 1% to Rs186 crore
Wed, May 10 2017. 05 44 PM IST
Siemens Ltd reported about 1% fall in standalone net profit to Rs186.26 crore in the quarter ended 31 March. The company’s standalone net profit in the quarter ended 31 March 2016 was Rs 188.14 crore, Siemens said in a BSE filing on Wednesday.
The total income of the company was Rs3,104.07 crore in the quarter under review compared to Rs 2,927.75 crore in the year-ago period, it said. The company said that it registered 96% increase in new orders from continuing operations to Rs 4,725 crore in the second quarter of of FY2017 compared to Rs 2,410 crore in same period a year ago…(see more)