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Hello Jammu News at 10:50:00 PM 0


Srinagar, July 03  :   State Taxes Department today issued advisory for the new GST Return System which will be in implemented shortly in Jammu and Kashmir.

According to advisory there are three main components to the new return — one main return (FORM GST RET-1) and two annexures (FORM GST ANX-I and FORM GST ANX-2).

From July, 2019 users would be able to upload invoices using the FORM GST ANX1 offline tool on trial basis for familiarisation. Further, users would also be able to view and download. The summary of inward supply invoices would also be available for view on the common portal online. “They would also be able to import their purchase register in the Offline Tool and match it with the downloaded inward supply invoices to find mismatches from August 2019,” reads the advisory.

Between July to September, 2019 (for three months), the new return system (ANX-1& ANX-2 only) would be available for trial for taxpayers to make themselves familiar. This trial, according to advisory would have no impact at the back end on the tax liability or input tax credit of the taxpayer. In this period, taxpayers shall continue to fulfil their compliances by filing FORM GSTR-1 and FORM GSTR-3B Le. taxpayers would continue to file their outward supply details in FORM GSTR-! on monthly /quarterly basis and return in FORM GSTR-3B on monthly basis. Non-filing of these returns shall attract penal provisions under the GST Act.

According to the advisory issued from October, 2019 onwards, FORM GST ANX-1 shall be made compulsory and FORM GSTR-1 would be replaced by FORM GST ANX-1. The large taxpayers (i.e. those taxpayers whose aggregate annual turnover in the previous financial year was more than Rs. 5 Crore) would upload their monthly FORM GST ANX-1 from October. 2019 onwards.

However, the first compulsory quarterly FORM GST ANX-1 to be uploaded by small taxpayers (with aggregate annual turnover in the previous financial year upto Rs. 5 Crore) would be due only in January, 2020 for the quarter October to December, 2019. “It may be noted that invoices etc can be uploaded in FORM GST ANX-1 on a continuous basis both by large and small taxpayers from October, 2019 onwards. FORM GST ANX2 may be viewed simultaneously during this period but no action Shall be allowed on such FORM GST ANX-2,” it said.

Furthermore, for October and November 2019, large taxpayers would continue to file FORM GSTR-3B on monthly basis. They would file their first FORM GST RET-01 for the month of December. 2019 by 20th January, 2020.

Similarly, the small taxpayers would stop filing FORM GSTR-3B and would start filing FORM GST PMT-08 from October, 2019 onwards. They would file their first FORM GST-RET-01 for the quarter October, 2019 to December, 2019 from 20th January,

From January, 2020 onwards, all taxpayers shall be filing FORM GST RET-01 and FORM GSTR-3B shall be completely phased out, reads the advisory.
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Hello Jammu News at 8:59:00 PM 0

Bengaluru, Jun 25  :   Finance Commission Chairman N K Singh Tuesday stressed the need for a dialogue between the commission and Goods and Services Tax (GST) council to address various concerns on the taxation regime.

He said the Commission had requested the Finance Minister, who is the Chairman of the GST council, regarding this, and has received a favourable response.

"One of our areas is how do we engage, how purposeful can the finance commission engage with the GST to be able to bring the concerns to the notice of that constitutional body- that what can done to improve the outcome of the GST, and what can be done to improve the quality of compliance , also fixation of rate structure," Singh said.

Speaking to reporters here, he said the mechanism fordialogue between the finance commission and the GST council was an area that deserves greater attention.

The chairman said he had written to the previous finance minister Arun Jaitley about the need for suitable consultative mechanism between the finance commission and GST council.

"..I have reiterated this request to the present Finance ministerNirmala Sitharaman.

I have received very positive and favourable response and we hope that the commission can havethe dialogue with the GST council at an early date to address the concerns," he said.

The 15th Finance Commission, which is on a visit to Karnataka, Tuesday held discussions with Chief Minister H DKumaraswamy, his cabinet ministers and state government officials.

Singh said Karnataka was upfront in pointing out to the commission that in the era prior to the GST their performance on VAT presented very high revenue growth and thishad got somewhat halted after the application of GST.

"Along with exemptions and the systemic relentless drive to fix rates, which are not revenue neutral, far from being revenue friendly is an area of worry for Karnataka, indeed the commission believes this is an area of worry for India as a whole," he said.

During his meeting with the commission, Kumaraswamy highlighted thatthe base tax rates in the VAT regime in Karnataka were much higher and today on account of reducing the GST rates in several items, the actual tax collection for Karnataka had been adversely affected.

"I urge the Commission to recommend to the Central Government to continue the compensation for another 5 years beyond 2022 or at least protect the compensation level of the year 2022 for an additional 5 years," he said.

Pointing out that both the Commission and the GST council were constitutional bodies, Singh said, "We have sought the Chairman of the GST council, who is the Finance Minister, to facilitate some dialogue between the two entities." 

Stressing on the need for a tax buoyancy, a member of the finance commission said, while the direct tax buoyancy seemed to be doing well, it was the indirect tax buoyancy "thatworries us."

"Key for that is a dialogue between Finance Commissionand the GST council, and try to see how we can fix this mechanism," he said.                                               [Agencies]
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Hello Jammu News at 5:16:00 PM 0


New Delhi, June 20 :  The government will continue to take steps for further simplification of the Goods and Services Tax (GST), President Ram Nath Kovind said Thursday.

Addressing the joint sitting of both Houses of Parliament, the president said the indirect tax system is being made simple and effective.

"With the implementation of GST, the concept of 'One country, One tax, One market' has become a reality. Efforts to further simplify the GST will continue," he said.

The GST, which subsumed over a dozen local taxes, was rolled out on July 1, 2017.

He said that keeping in mind the interest of traders, accident insurance of up to Rs 10 lakh will also be provided to all traders registered under GST.

Kovind also said for small traders, the government will soon constitute the National Traders Welfare Board and formulate a National Retail Trade Policy to promote retail business.

The taxation regime, he noted, plays an important role in accelerating economic development.

"Along with continuous reform, simplification of taxation system is also being emphasised. Exemption to persons earning up to Rs 5 lakh from payment of income tax is an important step in this direction," he added.                    [Agencies]
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Hello Jammu News at 6:49:00 PM 0


Jammu, Oct 04: Sunil Dimple President Jammu west assembly movement along with hundreds of irate angry people , traders, held massive protest rally on Janipur high court road, against the central Narinder Modi  govt for failure to control the rising prices, hike in petrol Rs 87/- , diesel 76/- per litter In jammu , LPG gas, vegetable, essential commodities prices and no Ration on the ration depots, for which people voted Narinder Modi Govt and BJP for the aschey din.



Addressing protestors Sunil Dimple said that it is surprising that the PM Narinder Modi  govt hasbadly failed to bring under the GST and the prices in Jammu of the Petrol is 87/- Rs , diesel 76/- Rs , LPG gas beyond the reach of the common man.

Sunil Dimple in the protest rally rejected Arun jaitely press conference.

He said press conf announcement made by Jaitely is like Joke “Uunt Ky muu myy Zira”, this formula is not acceptable to us .

He said we want all the petrol diesel, LPG should be brought under the GST, previously also the centre said the state govts to exempt VAT , but no of the state even the j&k state BJP-PDP govt refused  and also not accepted this directives of the central govt.

He demanded the prime minister Narinder Modi to bring the Petrol, diesel, LPG gas under the GST.

Dimple said Modi Govt is increasing the prices of petrol and diesel every day which has badly break the back bone of the people of the country. In this way in the coming days the petrol prices will become 100/- per litter.

He demanded prime minister Narinder Modi and the Governor Satyapal Malik to take effective steps exempt sale tax on the sale of LPG Gas, petrol and diesel to relieve the common man of the country and the J&K State.

He said in the international market the prices are low but in our india the prices are increasing every day under the new Narinder Modi policy.

He demanded to exempt the VAT, sale tax and other taxes on the sale of the petrol, diesel, LPG gas and bring all this under the GST.

Dimple warned if the petrol diesel prices, not taken back, the prices not controlled stopped we will start the Janandolan against the rising prices in the country and the state.

Dimple alleged that the Modi govt has started to snatched the food, meals, from the plates of the common poor man as the prices of the essential commodities have also reached beyond the reach of the poor man and people of the country.

He alleged the central Govt is shifting the responsibility to state govts now and state Govt is shifting responsibility to central Govt and are being crushed between the central and state Govts for the rising prices of the petroleum products.

He further blamed the state and the central Govt has failed to provide the ration atta, rice , sugar, kerosene oil is also not available on the govt depots and the weaker section is facing lot of problems for the ration on depots.

He said the Narinder Modi Govt has failed in its four years performance and the people of the country gives Modi govt zero marks out of ten in the four  years governance and no aschey din came this proved only a hollow slogan of the BJP.

The prominent leaders are Rakesh Pandoh,  Dev Raj, Jag Mohan Gupta, Viky, Babu, Kulwant Sharma, Divanshu Kapai,  Ram Kumar Das, Ashok Khana , Kala Kumahar, Rakesh Sharma Vinet, jetinder  and many others.

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Hello Jammu News at 6:18:00 PM 0


New Delhi, Oct 1 (PTI) GST mop-up rose to Rs 94,442 crore in September, from Rs 93,690 crore in the previous month, the Finance Ministry said Monday.


As many as 67 lakh Goods and Services Tax (GST) returns were filed in September.

Of the Rs 94,442 crore collected last month, Central GST (CGST) mop-up is Rs 15,318 crore, State GST (SGST) is Rs 21,061 crore, Integrated GST is Rs 50,070 crore (including Rs 25,308 crore collected on imports) and cess is Rs 7,993 crore (including Rs 769 crore collected on imports), the ministry said. 

"The total revenue earned by Central Government and the State Governments after settlement in September, 2018 is Rs 30,574 crore for CGST and Rs 35,015 crore for SGST," it added.
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Hello Jammu News at 7:29:00 PM 0


Orders fresh survey of commercial units registered with Deptt
SRINAGAR, SEPTEMBER 18: Commissioner Secretary, Labour and Employment, Saurabh Bhagat, today ordered a cross-verified survey of the commercial establishments registered with the department for effective implementation of labour laws and better revenue realization.
          “A fresh survey attested by Assistant Labour Commissioners will be carried out to determine the actual number of commercial establishments registered with the department. Once the numbers are obtained, they should be cross-verified the PDD bills or GST numbers available with the Commercial Tax department,” Bhagat said. 
          He ordered the officers to complete the entire exercise in three months, “The Department will put an effective monitoring and punitive mechanism in place to deal with the offenders,” he said.
          Bhagat was chairing a meeting at the Banquet Hall here to review the functioning of the department days after taking over the charge. The meeting was also attended by Labour Commissioner, Bashir Ahmad Khan, Director Labour Department and CEO of Labour Board.
          The Commissioner Secretary sought details about the vacancies in the Department which he said will be filled up soon after getting consent of concerned authorities for smooth functioning of the department. He was informed that the Department is involved in enforcement of 29 labour laws which include both central and state laws. 
          Expressing dissatisfaction with some areas of functioning of the Department, Bhagat said the slow pace of disposal of cases reflects poorly not only on the government but also in the Annual Performance Report of the officers. “There should be no compromise on speedy disposal of cases,” he said, adding that the Department will have a system for rewarding officers who perform better in their service.
          Bhagat also expressed dissatisfaction over the delay in finalization of online portal for commercial establishments which will link them with the Labour Department by the way of various services under Labour Laws like registration of factories and shops, etc.
          Regretting the absence of law officers in the Department, Bhagat said he will take up the matter with the Law Department to ensure that at least one law officer each is posted in Jammu and Kashmir regions, “The department must pursue litigations in courts aggressively and ensure their prompt disposal,” he said while reviewing pendency of court cases.
          The Commissioner Secretary was informed about some interventions required for increasing the revenue realisation by the Department. He said except for cases where land or a building owned by Labour Department has been transferred through a cabinet order, rental will be sought from other departments.
          “The assistant labour commissioner will prepare a list of such properties, including land and buildings occupied by other departments, and share it with Labour Commissioner after which it will be taken up with the concerned authorities,” he said.
          Bhagat urged the officers to undertake field visits aggressively to ensure enforcement of labour laws and also to eradicate the menace of child labour in Jammu and Kashmir. The Commissioner Secretary also reviewed the steps taken for construction of ESIC Model Hospital at Shalteng by relocating Model Hospital at Ompora Budgam and issues related to Employees Provident Fund Organisation. 
          He directed the officers to make all-out efforts for highlighting various schemes of the government for labourers, “All ALCs are directed to revisit the commercial centres registered with the department and check whether the data provided by the employers is correct. This process of validation will ensure that the benefits of welfare schemes reach to all sections of labourers without any pilferage,” he said. 
          Bhagat also called for aggressively pursuing the issue of recovery of Provident Fund contribution and administrative charges from the defaulting PSUs and private sectors.
          While reviewing the functioning of J&K Building and Other Construction Workers Welfare Board, the Commissioner Secretary asked the officers to provide chip-based digital cards to over three lakh workers registered with it while calling for digitization of labour records. The meeting was also attended by senior officers of the department. 

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Hello Jammu News at 8:42:00 PM 0


BARAMULLA, SEPTEMBER 11: Legal Metrology Department Baramulla has launched a massive anti-profiteering drive in the district after the decision of the Government of India with regard to reduction of Goods & Services Tax (GST) on various goods and services. 
          The drive included a check on footwear, sanitary napkins, paints and varnishes, electronic goods and other packaged goods.
“During the inspections, it was observed that while manufacturers of the goods that were checked have revised their maximum retail price and affixed stickers on the packages with revised lower MRP, the retailers are taking an undue advantage of the peculiar situation and are not always passing benefits of GST reduction to consumers,” a statement of the LMD said. 
Taking cognizance of the offence, Legal Metrology Officer Sopore booked a pharmacy for not passing benefits of GST reduction to consumers in the sale of sanitary napkins which have now been exempted from GST.
In Baramulla, a case was booked against a mobile phone dealer by the Legal Metrology Officer Baramulla for overcharging on mobile phones.
The LMD Baramulla has asked the traders to pass on benefits of GST reduction to the consumers wherever applicable.
Any consumer grievance in this regard may be brought into the notice of the Department at email id: aclmbaramulla@gmail.com for speedy redress, the statement added.

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Hello Jammu News at 3:48:00 PM 0

New Delhi, Sept 4: Senior Congress leader P Chidambaram Tuesday blamed the NDA government for rise in petrol and diesel prices, saying it was happening due to "excessive taxes".

In a series of tweets, the former finance minister also demanded that petrol and diesel be brought under the GST immediately.

"Relentless rise in prices of petrol and diesel is not inevitable. Because, the price is built up by excessive taxes on petrol and diesel. If taxes are cut, prices will decline significantly," he said.

Chidambaram said the central government blaming the states is a "spurious argument".

"The BJP forgets that its boast that BJP is ruling 19 States. Centre and States must act together and bring petrol and diesel under GST. Congress demands that petrol and diesel be brought under GST immediately (sic)," he tweeted.

Petrol and diesel prices in the country touched their highest levels Monday mainly due to fall in rupee and a sharp rise in crude oil rates.

Petrol price in Delhi rose to a record Rs 79.15 a litre and diesel climbed to a fresh high of Rs 71.15, according to price notification of state-owned fuel retailers.

This follows ?a 31 paise/litre hike in prices on Monday. Rates have breached the previous high of Rs 78.43 a litre hit on May 28. On that day, the rate in Mumbai was Rs 86.24 per litre.

A litre of petrol in Mumbai costs Rs ?86.56 on Monday. (PTI)
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Hello Jammu News at 2:42:00 PM 0

New Delhi, Sep 4: Levying GST on overseas air tickets violates international norms and also weakens the competitiveness of carriers, IATA chief Alexandre de Juniac said Tuesday.

He also flagged various concerns about the Indian aviation sector, including high jet fuel prices, infrastructure woes and privatisation of airports.

The International Airport Transport Association (IATA) is a grouping of more than 280 airlines. Air India, Jet Airways and Vistara are also members.

Speaking at a conference here, de Juniac said goods and services tax (GST) on international air tickets violates International Civil Aviation Organization (ICAO) norms and also weakens the competitiveness of carriers.

The ICAO, part of the UN, is a global aviation body.

The GST rate is 5 per cent and 12 per cent on economy and business class tickets, respectively.

The IATA's Director General and CEO also said that India's aviation sector is projected to see 500 million trips "to, from and within" by 2037.

India's civil aviation sector has recorded 50 months of double-digit growth and it can be "very easily maintain (that) for next 50 months, provided that all nuts and bolts are in place", Civil Aviation Secretary R N Choubey said. (PTI)
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Hello Jammu News at 12:57:00 PM 0

Washington, Aug 8: The IMF today described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.

In its annual country report, the International Monetary Fund also said that a dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality.

The GST is an indirect tax levied on the supply of goods and services in India. It came into effect on July 1, 2017.

The IMF said that GST is a milestone reform in India's tax policy, taking the important step of unifying and harmonising numerous indirect taxes across all states of the federation and the central government.

"Yet, the GST has a complex structure with a relatively high number of rates (and exemptions), which could be simplified without sacrificing progressivity of the current GST and with potentially significant gains from lower compliance and administrative costs," it said.

A dual rate structure with a low standard rate and an additional higher rate on select items can be progressive and preserve revenue neutrality, while streamlining exemptions would further contribute to progressivity and reduce compliance and administrative costs, the IMF recommended.

The IMF said that with the consumption basket of the rich taxed at higher rates than that of the poor, the GST as presently designed has an effective tax rate rising with household consumption. A revenue-neutral reduction in the number of rates would raise the effective rates for poorer households while reducing those for richer households. This is the key cost of moving to a simpler system, it argued.

In its report the IMF said the implementation of the GST led to the key step of harmonising indirect tax rates on goods and services that previously differed across different states and the centre, and brought services into the state tax net.

However, India belongs in a small group of five countries having four or more GST rates: four non zero rates of five per cent, 12 per cent, 18 per cent, and 28 per cent; special low rates of three per cent on gems and jewelry and 0.25 per cent on rough diamonds; and a GST "cess" levied on demerit goods. In comparison, among 115 countries with VATs, 49 have a single rate, and 28 have two rates, it noted.

"The multiple rate structure and other features of India's GST environment could give rise to high compliance and administrative costs, it said.

The goods and services tax created a unified national market for the first time by lowering internal barriers to trade - effectively establishing a free trade agreement for a market of over 1.3 billion people, said Ranil Salgado, IMF mission chief for India.

The tax is also expected to increase the amount of economic activity taking place in the formal sector of the economy - leading to better quality and more reliable jobs, he added.

"As a result, the goods and services tax should improve productivity and boost medium term potential growth, while also creating room for the government to increase much needed social and infrastructure spending," Salgado added. (PTI)
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Hello Jammu News at 6:10:00 PM 0

New Delhi, Aug 1: GST collections rose to Rs 96,483 crore in July from Rs 95,610 crore mopped up in the previous month.

The total number of sales return GSTR 3B filed for the month of July is 66 lakh compared to 64.69 lakh filed in June.

"The total gross GST revenue collected in July 2018 is Rs 96,483 crore," a finance ministry statement said.

Of this, collection on account or Central GST is Rs 15,877 crore, State GST (Rs 22,293 crore), Integrated GST (Rs 49,951 crore) and Cess is Rs 8,362 crore (including Rs 794 crore collected on imports).

"This (the revenue collection) is broadly on expected lines," it said.

?Besides, Rs 3,899 crore has been released to States as GST compensation for April-May, 2018, it added.

The revenue collection figures do not reflect the impact of the recent tax rate cuts on 88 items.

Tax rates on consumer durables like washing machine, mixer grinder, fridge, as well as footwear up to Rs 1,000, paints and varnishes and sanitary napkins have been cut with effect from July 27. (PTI)
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Hello Jammu News at 4:50:00 PM 0

New Delhi, Aug 1: The Cabinet today approved GST laws amendments which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things.

The government will now table amendments to the Central GST law, Integrated GST law, Compensation Cess law in the ongoing monsoon session of Parliament.

GST laws amendments have been cleared, an official source said after the Cabinet meeting chaired by Prime Minister Narendra Modi.

In all, there are 46 amendments, which among other things, will allow employers to claim input tax credit on facilities like food, transport and insurance provided to employees under any law.

It also provides for modification of reverse charge mechanism, separate registration for companies having different business verticals, cancellation of registration, new return filing norms and issuance of consolidated debit/credit notes covering multiple invoices. (PTI)
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Hello Jammu News at 8:31:00 PM 0

Several deputations call on Advisor
SRINAGAR, JULY 30: For speedy and result oriented resolution of grievances, Advisor to Governor B B Vyas convened public outreach programme here on Monday under the aegis of JK Governor's Grievance cell.
More than 400 delegations and 60 individuals apprised the Advisor with their issues and sought the intervention of the government in ensuring redressal of them on a time-bound manner
Trade bodies including PHD Chamber of Commerce and Industry Kashmir chapter, Kashmir Traders and Manufacturers Federation and Kashmir Youth Entrepreneurs Federation raised various issues related to the payment of power tariffs, industry registration, exemption of GST in certain sectors, reimbursement on the pattern of northeast industry policy package of GOI, flood rehabilitation of traders, commercial taxes, extending more sectors under various incentive through different schemes.
Similarly, Jammu Kashmir Central Trade Union Coordination Committee sought the implementation of SRO 520 so that the services of various employees of different categories are regularized.  They also raised several issues like the settlement of pay anomalies of various cadres.
A group of artisans who were affected due to 2014 flood sought relief for their damages and called for adopting a holistic approach for the solution of their cases.
The Kashmir Youth Entrepreneurs Federation also raised the issue of blanket ban on the plantation of female species of Russian popular in the state and sought its cultivation in non-populated areas.  They also projected several issues related to catalyzing the industrial scenario and extending the same to the aspiring entrepreneurs.
Numerous delegations from different areas of Srinagar especially the old city raised the drainage system issues in their respective areas including Malbagh, Botshah Mohalla Lal Bazaar, Shalteng, Bemina.
Different delegations from Tral, Ganderbal, Shangu, Bijbhehra, Behibagh Kulgam, Lethpora, Batpora Tangmarg Kunzer, Marhama Kupwara raised the developmental issues of their respective areas. The Advisor passed on spot instructions to the concerned officer for speedy redressal of their grievances.
A delegation led by MLA Shangus Gulzar Ahmed Wani raised different developmental issues of his constituency and sought the intervention of Government in their speedy redressal.  A delegation from Tral raised the issue of slow pace of work on Hazarat Ameer Kabeer Shrine besides creation of Tral Tourism development authority particularly promotion of Shikargah as a tourist destination.
A delegation of Liason officers of Kashmir University raised the issue of pay anomalies and sought his intervention for speedy redressal.
Many delegations of employees working under MGNREGA and Integrated Watershed Management Programme (IWMP) scheme in different capacities raised their job-related issues.
A delegation of disaster management degree holders sought introduction of the subject in school and college curriculum.
PSC Lecturers Association sought to encompass their services under the Assured the Career Progression (ACP) scheme.
Jammu Kashmir State Road Transport Employees Association sought early redressal of their grievances like pension etc.
A Deputation of Jammu Kashmir diploma association working in PDD raised several issues related to their service matters and sought early redressal of issues.
The Advisor gave a patient hearing to their demands and assured due consideration in a phased manner. He also passed on the spot directions with regard to various grievances flagged by the delegations. He said the government has tagged public welfare and equitable development as thrust areas and it will continue with its policy of reaching out to the people to mitigate their sufferings.
He also assured that the issues pertaining to departments other than his purview will be forwarded to the concerned for timely action.
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Hello Jammu News at 2:56:00 PM 0

New Delhi, Jul 26: Tax officers in states and union territories will reach out to trade and industry bodies, MSMEs, to understand their issues and grievances relating to GST and would place them before the Council on August 4.

The Central Board of Indirect Taxes and Customs (CBIC) had earlier this week written to the GST Council secretariat asking them to write to states and UTs asking them to contact MSME taxpayers and their trade and industry associations in their respective states and UTs, collect their grievances/issues related to GST along with suggestions thereof for mitigating the issues.

The GST Council secretariat have been tasked to compile the suggestions and responses and send to the CBIC, which is the apex body for Indirect taxes in the country, by tomorrow.

Also Director General GST in the CBIC has been asked to collect information from Goods and Services Tax (GST) zones across the country and report to the GST policy wing in the board.

The 29th GST Council meeting, to be held on August 4, will discuss issues faced by the micro, small and medium enterprises (MSME) and ways to solve their problems.

Finance Minister Piyush Goyal had last week said that the next meeting of the Council will focus on simplification, rationalisation and relief to small tax payers.

The Council has already allowed companies with turnover of up to Rs 5 crore to file GST returns quarterly. This was hiked from Rs 1.5 crore decided earlier. (PTI)
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Hello Jammu News at 1:11:00 PM 0

New Delhi, Jul 19: Led by India, South Asia will continue to be the fastest growing economic area despite new trade tensions in Asia and Pacific region, Asian Development Bank (ADB) said in a new report today.

Growth in Asia and the Pacific's developing economies for 2018 and 2019 will remain solid as it continues apace across the region, despite rising tensions between the US and its trading partners, said a supplement to the Asian Development Outlook (ADO).

"South Asia, meanwhile, continues to be the fastest growing sub-region, led by India, whose economy is on track to meet fiscal year 2018 projected growth of 7.3 per cent and further accelerating to 7.6 per cent in 2019, as measures taken to strengthen the banking system and tax reform boost investment," it said.

The ADO published in April had said that India's economic growth will rise to 7.3 per cent this fiscal and further to 7.6 per cent in the next financial year, retaining the fastest-growing Asian economy tag, on back of GST and banking reforms.

"Although rising trade tensions remain a concern for the region, protectionist trade measures implemented so far in 2018 have not significantly dented buoyant trade flows to and from developing Asia, said ADB Chief Economist Yasuyuki Sawada.

Prudent macroeconomic and fiscal policy-making will help economies across the region prepare to respond to external shocks, ensuring that growth in the region remains robust. (PTI)

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Hello Jammu News at 7:33:00 PM 0

SRINAGAR, JULY 12: Much to the relief of businessmen, traders and industrialists of the state, Advisor to Governor B. B. Vyas today ordered extension of GST amnesty scheme by 30 days.
The decision was taken by the Advisor during a meeting with the representatives of the Kashmir Chamber of Commerce and Industry (KCCI).  The trade body had sought intervention of the Governor and had called on the Advisor for the same.
The Government had earlier issued a formal order no 39-FD of 2018 dated 05-02-2018 and today extended it further by 30 days on the request of the trade body. 
During the meeting with the representatives of the Chamber, Vyas said that amnesty scheme provides for grant of amnesty for settlement of unresolved issues in the old tax regime for smooth implementation of the Goods and Services Tax (GST).
He added that it offers an opportunity for all those traders who had earlier failed to avail the benefits of the GST scheme.
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Hello Jammu News at 5:47:00 PM 0

New Delhi, Jul 12: Cooking gas (LPG) subsidy has jumped by over 60 per cent in last two months as the government maintains price line despite rising international rates, Indian Oil Corp (IOC) Chairman Sanjiv Singh said.

All LPG consumers have to buy fuel at market price. The government, however, subsidises 12 cylinders of 14.2-kg each per households in a year by providing the subsidy amount directly in bank accounts of users.

"Subsidy amount (transferred in bank accounts) was Rs 159.29 per cylinder in May and it was raised to Rs 204.95 in June and to Rs 257.74 per cylinder this month," he said.

The higher subsidy was meant to keep rates of subsidised LPG in check, Singh added.

International rates of LPG, which was used as a benchmark for pricing of domestic fuel, have been on the run since June. Non-subsidised or market priced LPG price was Rs 653.50 per 14.2-kg bottle in the national capital in May, which rose to Rs 698.50 (Rs 48 pr cylinder) in June.

This month price has further risen by Rs 55.50 to Rs 754 in Delhi.

Non-subsidised LPG is the one that consumers buy after exhausting their quota of below market rate fuel. It is also bought by those who have voluntarily given up subsidy and by commercial establishments.

"While LPG prices have shot up, subsidised LPG rates havent," Singh said, adding that only the minor tax part has been passed on to consumers.

As per tax rules, GST on LPG has to be calculated at market rate of the fuel. The government may choose to subsidise a part of the price but tax will have to be paid at market rates.

This has meant that GST is calculated every month on the rate at which domestic non-subidised LPG is priced. With rates on the rise, the tax has also risen, resulting in a minor increase in rates for subsidised users, he said.

Subsidised LPG was priced at Rs 491.21 per cylinder in May, which rose to Rs 493.55 in June and Rs 496.26 this month, Singh noted.

"The increase is mainly on account of GST on the revised price of Domestic Non-Subsidised LPG," he said.

As a result of higher global rates, the price of non-subsidised LPG in Delhi will increase by Rs 55.50 per cylinder.

"The balance Rs 52.79 (Rs 55.50 minus Rs 2.71) is being compensated to the customer by an increase in subsidy transfer to their bank account. Accordingly, the subsidy transfer in the customer's bank account has been increased to Rs 257.74 per cylinder in July as against Rs 204.95 per cylinder in June. Thus the domestic LPG customer is protected against the increase in international prices of LPG," he said.

Oil firms revise LPG price on 1st of every month based on average benchmark rate and foreign exchange rate in the previous month. (PTI)
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Hello Jammu News at 2:04:00 PM 0

Ahmedabad, Jul 3: Prime Minister Narendra Modi has executed a "lethal surgical strike" on 125 crore Indians by not providing jobs and implementing the note ban and the Goods and Services Tax (GST), Dalit leader Jignesh Mevani has said.

His comments came days after TV channels aired footage of the September 2016 surgical strikes by the Indian Army on terror launch pads across the Line of Control (LoC).

Demonetisation and implementation of the GST were bigger "surgical strikes" than what was carried out by the Army in Pakistan-occupied Kashmir, he alleged.

"Modiji did a more lethal surgical strike on the people of this country by imposing GST and demonetisation. He had promised to double farmers' income. By not doing so, he did a surgical strike on farmers," he said.

The MLA from Vadgam seat in Gujarat was speaking to reporters at Palanpur town in Banaskantha district yesterday.

"Modiji had promised to give jobs to two crore people. By not providing those jobs, he did surgical strike on youths. He also did it on the media by not ensuring the implementation of the Majithia Commission's recommendations," the Dalit leader claimed.

"This way, Modiji's surgical strike is far more lethal because such strike was done on 125 crore people of this country," he charged.

Mevani was elected as an Independent MLA from Vadgam seat with the support of the Congress as the opposition did not field any candidate from there.

The Congress had earlier accused the Modi government and the BJP of politicising the surgical strikes after a video footage of the same was released last week. (PTI)
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Hello Jammu News at 4:05:00 PM 0

Washington, Jun 29: To sustain its high growth rate, India should carry out banking sector reforms, continue with fiscal consolidation and simplify GST as well as renew impetus to reforms of key markets, the IMF suggested today.

India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter, IMF Communications Director Gerry Rice told reporters at his fortnightly news conference.

"We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 per cent in FY 19-20, respectively," Rice said.

In order to sustain the high growth rate, Rice suggested three steps for India to follow.

To revive bank credit and enhance the efficiency of credit provision by accelerating the cleanup of bank and corporate balance sheets and enhancing the governance of public sector banks, he said.

India should continue fiscal consolidation and lower elevated public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure, he said.

"And thirdly, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India," Rice said.

The IMF Board is tentatively scheduled to meet on July 18 for its annual meeting on India.

"We will be releasing the staff report in relation to that Board meeting and it will have details (about GST)," he said when asked about simplifying and streamlining of the goods and services tax structure.

It (GST) is a complicated tax to administer and to implement, so some suggestions for streamlining can be important, he said.

The IMF is scheduled to release on July 16 the update on World Economic Outlook. (PTI)
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Hello Jammu News at 1:01:00 PM 0

Washington, Jun 29: To sustain the high growth rate India has achieved, the country should carry out banking sector reforms; continue with fiscal consolidation, simplify and streamline GST; and renew impetus on reforms, the International Monetary Fund (IMF) said today.

India's growth accelerated to 7.7 per cent in the fourth quarter of Financial Year (FY) 2017-18. That was up from 7 per cent in the previous quarter.

"We expect the recovery to continue in FY 2018-19. Growth is projected at 7.4 per cent in FY 2018-19 and actually 7.8 percent in FY 19-20, respectively," IMF Communications Director Gerry Rice told reporters at his fortnightly news conference.

In order to sustain the high growth rate, Rice suggested three steps for India to follow.

"One, to revive a bank credit and enhance the efficiency of credit provision; by accelerating the cleanup of bank and corporate balance sheets and enhancing the government of public sector banks," he said.

"Point two, to continue fiscal consolidation and to lower elevated public debt levels supported by simplifying and streamlining the goods and services tax (GST) structure," he added.

He then suggested India to renew impetus to reforms of key markets over the medium-term.

"And thirdly, over the medium-term, renew impetus to reforms of key markets, for example, labour and land, as well as improving the overall business climate would be crucial to improving competitiveness and again, maintaining that very high level of growth in India," Rice said in response to a question.

The IMF Board is tentatively scheduled to meet on July 18 for its annual India meeting.

"We will be releasing the staff report in relation to that Board meeting and it will have detail (about GST)," he said when asked about simplifying and streamlining the goods and services tax structure.

"It (GST) is a complicated tax to administer and to implement, so I think some suggestions that streamlining can be important. There will be more on that in the context of the Article IV," Rice said.

The IMF is scheduled to release on July 16 the update on World Economic Outlook. (PTI)
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