India

India GST rate rationalisation

June 11th, 2018

India is on track to cut the number of Goods & Services Tax (GST) rates from four to three – excluding zero-rated supplies. The current rates are: 28%; 18%; 12% and 5%. The Finance Minister, Shiv Pratap Shukla, said on 8 June that details will be published in the forthcoming weeks. India GST complexity The Indian …


India

India to levy 18% GST on bitcoin Jul 2018

May 23rd, 2018

India’s Central Board of Indirect Taxes and Customs is considering a proposal to make digital currency trading subject to Goods and Services Tax at 18%. The new liability may fall due from 1 July 2018. In this case, India would be classifying cryptocurrencies, such as bitcoin, as a physical asset rather than as a currency for …


India

India GST filings reform

May 7th, 2018

The Indian GST Council, which oversees the operations of the indirect tax regime, agreed last week to reform monthly filings by the end of 2018. It also agreed to bring under full governmental control the GST Network (GSTN), the IT platform tax  payers file through. End of multiple GST Returns filings GST was launched in India in …


India

India relaunches e-way bill GST

April 2nd, 2018

India has relaunched this week its intra-state goods movement recording system, e-way bill. This requires transporters to electronically register with the GST Network any movements of goods across on the Indian 29 states’ internal borders. This system enables states to record GST liabilities since the July 2017 move to taxation in the place of destination. …


India

India GST requires more work

March 22nd, 2018

The July 2017 new Goods and Services Tax (‘GST’) regime was an ambitious reform of a complex, and business unfriendly tax regime. But more reforms to the GST system are required if it is to realise its potential to liberalise intra-state trade in the country. Areas for focus in the next months will include: Simplify …


India

India delays again GST fixes

March 11th, 2018

The Indian GST Council has again delayed fixes to the newly launched Goods & Sales Tax system, introduced on 1 July 2017. Taxpayers will continue the existing GSTR-1 and GSTR-3B filings for a further three months, covering April to June 2018.  A decision on the simplification of the problematic new indirect filings system is still proving …


India

India to relaunch e-Way Bill Apr 2018

March 10th, 2018

India is expected this weekend to announce the relaunch of its e-Way Bill pilot from 1 April 2018. The scheme, which requires the electronic registering of the movement of goods across intra-state borders, was withdrawn within a few days of its launch in February due to excess demand. Simplifications to avoid a further crash in the …


India

India GST e-way bill launch deferred

February 12th, 2018

India has postponed its mandatory e-way bill implementation, and extended the trail process due to technical issues associated with the huge volume of submissions at the 1 February launch. E-way bills are online submissions required to provide details of any cross-state delivery of goods within India. There are 29 states in India. They are required to …


India

India GST flaws may force early reform

February 11th, 2018

The Indian Goods and Services Tax Council may in early March consider simplifying the new, complex Goods and Services Tax (GST) filing requirements in the face of IT difficulties. GST was introduced to India in July 2017, replacing a labyrinth of complex and overlapping indirect taxes. Its aim was to reduce compliance, tax fraud and …


India

India relaxes GST reporting

February 5th, 2018

India last month temporarily relaxed the reporting requirements under the new Goods and Services regime: ·  The monthly summary return in Form GSTR 3B is extended to March 2018 for all taxpayers. ·  Due dates for filing returns in Forms GSTR – 1, GSTR – 4 and GSTR – 5, GSTR – 5A and GSTR …