Skip to main content

GST enrolment driveled by 4 BJP-ruled states

By
Four  Bharatiya Janata Party- ruled states— MadhyaPradesh,Gujarat and Chhattisgarhand Rajasthan —are leading the race ins hifting those who pay the value-added tax(VAT) to the goods and services tax network (GSTN),with more than 70 percent of the dealers enrolled.
Despite the uncertainty over the GSTroll-out,theGSTN,which stands for the platform aswellas the body administering it,is in the process of being made ready on April1.
The GSTN plans to move most of  the eight million tax payers to the portal by the end of January.
Withtheenrolmentdrivestartinginall statesandUnionterritoriesinphases fromNovember8,roughlyhalftheVAT dealersinthecountryhaveregistered withtheGSTNportal.Of5.8million uniqueVATpayers,2.6millionhave listedthemselveswiththeGSTN.
“Our idea is to complete the enrolment process by end-January.We are on course to providing backend support by April1,” said a GSTN executive.
MadhyaPradesh and Gujarat have reported the most robust response,with78.3percent and 78.1percent of the people concerned enrolled on the platform.Enrolmentinthetwostates startedonNovember30.InPuducherry and Sikkim, the enrolment started onNovember8,butthetwohaveso far managedtoget 57 per cent and 44percentoftaxpayers,respectively,on board.Itwillbecompulsoryfordealers withanannualturnoverofmorethan Rs.20lakh to register with the GSTN.In the Northeasternstatesandhillystates,itis mandatoryforthosewithmorethana Rs.10lakhturnover.
Unitswithanannualturnoverof around~10lakhareexemptfrompaying theVAT,andthosehavinganannual turnoverofupto~20lakhwillnotbe requiredtoregisterunlesstheywantto availthemselvesoftheinputtaxcredit facilitybybeingintheGSTnet.
“One-thirdofthetaxpayersarebelow theexemptionlimit,butmanyofthem willregistertoavailthemselvesofthe inputtaxcredit.So,weexpecteightto10 percentpeoplewillnotregister,asthey willutilisetheexemption,”saidtheGSTN official. The laggards are Jammu & Kashmir,Assam,ArunachalPradeshand Meghalaya,withjustundera10percent enrolmentsofar.
Jammu&Kashmirhasmanagedjust 0.01percentregistrations.
TheGSTNhasgivenatimelineto switch all payers of the VAT, excise dutyandservicetaxtotheGSTNby March 20. Although the time given toenrolis15days,theGSTNhasdecided to keep it open-ended as of now to encouragemoreplayerstoregister.
“We will soon specify a deadline.But fornow,wewanttogiveeveryonea chancetoapply,”saidaGSTNofficial.
Under the enrolment procedure, tradersaresupposedtosubmittheir documentsandfulfiltheknow-yourcustomer norms and will get the registrationanduniqueidentity—GST identitynumbers—fromtheGSTN.
The GST Councilis yet to break the deadlock on key issues,including the division of control between the Centre and the states.Only after the Council passes the GST laws can they be table din Parliament and the assemblies.The next meeting is scheduled for January16.
The enrolment for the excise dutystartedonJanuary9andthatfor servicestaxwillbegininafewdays.
There are 2.2 million service tax payers.The GSTN is a private body developing the front-end infrastructure with the help of Infosys.It will provide a common plat form for registration,return filing and e-payment.It will also integrate the common GST portal with the tax administration systems of the Centre and states IthastakenaRs.550-crore loan from IDFC Bank on a government guarantee.
Business Standard New Delhi,11th January 2016

Comments

Post a Comment

Popular posts from this blog

Govt’s gamble on GST cuts: What do the bond and currency markets signal?

By
  It’s not just humans who suffer from cognitive biases; markets do too. Interestingly, different financial markets exhibit distinct biases, each interpreting events through its own prism of prejudice. Take the recent announcements on GST reforms: equity markets have chosen to view them through the lens of growth, while bond and currency markets are focusing on potential macroeconomic risks—fiscal pressures and current account challenges. So, which lens captures the true pulse?Equity markets may be right in expecting GST reforms to revive consumption, which has remained lacklustre for a while. But the key question remains—will this revival come at the cost of broader macro stability?It is well known that consumption stocks have rallied since the GST rationalisation announcement. But what about bond markets? What signals are they sending since this rejig was announced from the ramparts of the Red Fort?The signs aren't encouraging. Bond prices have slumped and yields have surged sinc...
Post a Comment
Read more

Luxury carmakers urge clarity on GST rates to boost festive season sales

By
  A clear picture regarding new GST rates at the earliest will help the overall auto industry, including the luxury car segment, to regain momentum in the ongoing quarter, which generally sees enhanced sales on account of the festive season.The high-powered GST Council, chaired by Finance Minister Nirmala Sitharaman, will meet on September 3-4 to discuss moving to a two-slab taxation.In an interaction with PTI, BMW Group India President and CEO Hardeep Singh Brar said the recent speculation about the change in GST rates has caused uncertainty in the minds of consumers.Consumer interest and demand is strong, but they (prospective buyers) have adopted a wait-and-watch approach, and this delayed decision-making is impacting new vehicle sales at a certain level, he noted."Expediting clarity on GST rates is essential to get back to speed and ensure the auto sector's contribution to economic growth during this quarter is robust," Brar stated.He also hoped that the sustainable p...
Post a Comment
Read more

Sebi proposes tighter norms for green bond third-party reviewers

By
  Sebi on Friday said it has proposed to tighten the norms to appoint independent third-party reviewers or certifiers for green debt securities to align them with requirements for other ESG-linked bonds.In a draft circular, Sebi said that the current norms for green bonds, introduced in February 2023, lack detailed requirements around reviewer independence, conflict of interest mitigation, and disclosure standards that are now in place for other ESG-linked securities under a June 2025 circular.The regulator's latest proposal seeks public comments on a revised framework that would bring parity by incorporating comprehensive criteria for third-party certifiers of green bonds on non-convertible securities.Under the proposed norms, issuers of green debt securities will need to appoint reviewers who are independent of their management, directors, and key managerial personnel. These reviewers will be remunerated in a way that prevents any conflicts of interest and possess relevant expert...
Post a Comment
Read more