Fri, Apr 28, 2017 | updated 11:33 PM IST

Provide waiver on unintentional mistakes in compliance of GST during transition: ASSOCHAM

Updated: Aug 26, 2016 15:35 IST      
Provide waiver on unintentional mistakes in compliance of GST during transition: ASSOCHAM

New Delhi [India], Aug. 26 (ANI): ASSOCHAM will bring forth before the Empowered Committee (EC) of State Finance Ministers certain concerns and areas of uncertainties while pleading for waiver of any penalties on unintentional compliance errors which may occur during the transition period of Goods and Services Tax (GST).

Seeking adequate time for preparation of the required compliance systems for the industry, the ASSOCHAM memorandum to the empowered panel on GST has listed issues for the state finance ministers' meeting on August 30.

"While the industry wants the GST to be introduced at the earliest in view of its benefits to all stake holders, the Government and Empowered Committee (EC) should give adequate time for preparation for its smooth transition. Considering significant increase in documentary requirement and digitisation of the entire GST process, industry has to gear up and change their accounting and computer system after the GST Rules are released," said ASSOCHAM president Sunil Kanoria after discussing the issue at its Managing Committee, the top policy making and governing body of the chamber.

"Moreover, the penal provisions for unintended mistake during the transition phase should not be applied as was done in the case of service tax for few years," he added.

The chamber also highlighted concerns over the administrative machinery for implementation of the GST. While the tax base is same for Central GST and SGST, the administration by two authorities may lead to harassment if there is difference of opinion. It is recommended that there should be only one administrative authority. Centre and state can form joint team for such purpose.

There is also concern about the multiple audits and investigations provided in the draft GST Bill spanning over a long period of 3 to 5 years whereas the entire GST process will be fully computerised and each transaction is required to be recorded in the monthly return. These excessive administrative provisions need to critically examine to avoid inspector raj which may be counter-productive to the objective of GST to provide ease of doing business.

There are issues regarding the construction industry as well. Input Tax Credit is not available for inputs/ input services utilised in the construction of immovable property. Tax paid on inputs/ input services would become a cost for the builders/ developers.

Services like fees, user charge or rent or any other manner from use of such buildings or infrastructure would be subject to GST. This will make huge investment required in infrastructure development unattractive. The Draft Legislation does not provide for the abatement of the value of land for levy of GST. "Need clarity on the taxability of the development rights under the Draft GST Legislation".

As regards banking and financial issues, there is no clarity on exclusion of interest from levy of GST. Interest is excluded from the taxable value the world over including in India under the service tax. It is suggested that draft GST law should make it clear. The recipient of service is not clearly defined for taxation of banking and insurance services. Likewise, the valuation of services like currency conversion which forms part of pricing is not provided in draft GST Bill or Valuation Rules.

The chamber would seek clarifications on all these issues from the Empowered Committee (EC) of State Finance Ministers.(ANI)

CBDT inks two APAs with taxpayers

Updated: Apr 28, 2017 20:28 IST     

New Delhi [India], Apr.28 (ANI): The Central Board of Direct Taxes (CBDT) has signed two Unilateral Advance Pricing Agreements (APAs) with Indian taxpayers, strengthening the government's commitment to fostering a non-adversarial tax regime

Full Story >>

UK Iridium brings best of world to Kandivali

Updated: Apr 28, 2017 19:58 IST     

Mumbai [India], Apr 28 (ANI-Businesswire India):At a time when homes in Mumbai are getting more and more unaffordable, comes a breath of fresh air. Right in the heart of this bustling city, is an oasis of peace and comfort. Luxurious homes that are grand like your dreams, and well priced to suit your pockets! UK Iridium, a magnificent dream by UK Realty, brings you a 3.5 acres property that you can now call home!

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): Department of Public Enterprises, Ministry of Heavy Industries and Public Enterprises, Government of India, in collaboration with PHD Chamber and ONGC is organising a mega CSR Fair and Thematic Conferences from 4th to 6th May, 2017 at Pragati Maidan, New Delhi.

Full Story >>

H1B Visa issue might trouble India, says Arvind Subramanian

Updated: Apr 28, 2017 18:37 IST     

New Delhi [India], Apr 28 (ANI): Chief Economic Advisor Arvind Subramanian on Friday expressed his concern over the H1B Visa issue, saying that if we start getting restrictions on the visa then it is going to be a problem for India.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): OTTOEDGE, a full service automotive marketing agency based in India has been assigned as the official Creative, Digital and Media agency by MAN Trucks India which is a 100 percent subsidiary of MAN Truck and Bus AG, Germany, the world's leading manufacturer of trucks and buses.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): IndianBlueBook (IBB), the industry-first 'pricing and analytics' platform for new and pre-owned vehicles in India, today released its study "Residual Value Analysis of the Luxury Car Segment in India - 2017."

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): Spaces, Amsterdam-born creative workspace pioneer, has launched its first location in Gurugram. Located in Cyber City, the newly launched facility marks the company's first Indian entry.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWireIndia): The Ministry of Electronics and Information Technology, Government of India, spearheaded a number of initiatives to promote digital payment solutions and cashless transactions in line with the Prime Minister's Vision of creating a "Digital India."

Full Story >>

OPPLE launches its revolutionary T5 batten

Updated: Apr 28, 2017 16:46 IST     

New Delhi [India], Apr 28 (ANI-NewsVoir): OPPLE, a global integrated lighting solutions company and one of World's Leading LED Lighting brand today unveiled their another revolutionary product, the LED T5 Plastic Batten.

Full Story >>

Washington [United States], Apr 28 (ANI): Price peaks of wheat on the world market are mainly caused by production shocks such as induced for example by droughts, researchers found. These shocks get exacerbated by low storage levels as well as protective trade policies, the analysis of global data deriving from the US Department of Agriculture shows.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWireIndia): Keywa, China's leader in online chemical trading and the pioneer of the Business-to-Platform (B2P) model for resource integration in the global chemical market, today announced plans to establish an IT center for technology research and development in India. Keywa is also evaluating Indian companies for partnerships and investments.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): Govt. of Chhattisgarh's Department of School Education and Wadhwani Operating Foundation recently announced a strategic partnership which aims at enhancing employability through the skills-based training program.

Full Story >>

Chennai [Tamil Nadu], April 28 (ANI): In Chennai this week, representatives of 15 companies based in Tamil Nadu were given an overview of the tourism opportunities available in Kazakhstan.

Full Story >>

NSE IPO to get delayed for few months: SEBI Chairman

Updated: Apr 28, 2017 15:55 IST     

New Delhi [India], Apr 28 (ANI): Securities and Exchange Board of India (SEBI) Chairman Ajay Tyagi on Friday said that the initial public offering (IPO) of National Stock Exchange of India's (NSE) shares are likely to be delayed, till the allegations of providing unfair access to certain brokers in its co-location platform and a full-time chief executive officer in place resolves.

Full Story >>

New Delhi [India], Apr 28 (ANI-NewsVoir): The Fintech Conference 2017 with the theme - Financial Inclusion 2.0 - The Tipping Point - organized by Digital Lenders Association of India (DLAI) in Mumbai on April 26 will offer a forum for financial and professional exchange of knowledge related to the fintech field.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWireIndia): Pawan Munjal, Chairman, MD and CEO, Hero MotoCorp Ltd., was today felicitated by the All India Management Association (AIMA) for the rapid global expansion of Brand Hero.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWire India): "Time is of the essence," urged Lise Kingo, CEO and Executive Director of the United Nations Global Compact, to an audience of more than 300 local and global leaders from business, finance, civil society, Government and the UN, at the conclusion of the UN Global Compact two-day event, Making Global Goals Local Businesses - India, in New Delhi on Friday.

Full Story >>

New Delhi [India], Apr 28 (ANI-BusinessWire India): Grameen Koota, a Bengaluru-based microfinance organisation on Thursday received the ISC-FICCI 2017 award for Best Financial Accessibility for Sanitation for its efforts in providing access to affordable credit to its customers to build toilets.

Full Story >>

New Delhi [India], Apr 28 (ANI): TrendyBharat.com has announced its partnership with Fab Box and Ugaao to extend its offerings in the health and nutrition sector.

Full Story >>

Profiteering not a bad word, 'unfair enrichment' is: Jaitley

Updated: Apr 28, 2017 12:50 IST     

New Delhi [India], Apr 28 (ANI): Union Finance Minister Arun Jaitley has asserted that in order to ensure consumers avail all benefits of the Goods and Services Tax (GST), it is important to take crucial decisions to make India an 'increasingly tax compliant society'.

Full Story >>