• About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST
TFI Official Merchandise
हिन्दी
Thursday, January 21, 2021
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka, Uddhav Tahckeray, Maharashtra, Shiv Sena

    Shiv Sena has not done anything to uphold the Maratha pride but has done everything to hurt the Kannadigas

    Tandav, I&B Ministry, Prakash Javadekar

    I&B Ministry only gave directions to the makers of Tandav to change certain scenes. That’s what lip service looks like

    Netaji Subhash Chandra Bose, PM Modi

    After Patel, PM Modi is all set to resurrect the legacy of Bose, whom congress belittled when he was alive and ignored after he disappeared

    Paul Dhinakaran, IT department

    IT raids at Rich evangelist Paul Dhinakaran’s 28 properties, looks like he is on his way to salvation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Adani, Total, Reliance

    Adani leads India’s alternate energy revolution as Total SE makes a mammoth $2 Billion investment

    Bengaluru, IT Sector, tech

    Bengaluru leaves behind London and many other European cities to become the leading tech hub

    Indian rice, import

    From Southeast Asia to Europe: The World is hungry for Indian Rice and India is ready to feed them

    stock, Modi, economy

    Indian stock market adds $1.3 trillion in just nine months, thanks to the reforms

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    india indian army ladakh drones

    Amid standoff with China, India puts the Ladakh region under drone surveillance. More Made-In-India drones to follow

    drdo

    For 6 decades DRDO was not up to the mark. Today it is making one missile after another. What really changed

    ghatak drone

    GHATAK- How India’s stealth combat drone programme promises to make it a military superpower

    Turkey, US, Russia

    Turkey may be sanctioned by US for using F-16s as target practice for Russian S-400s

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    UK, India, G7

    Ahead of Biden presidency, UK invites India to G7 summit amid talks of expansion

    India, China, Al-Qaeda

    China stops India from heading Al-Qaeda sanctions committee that would have given it immense leverage over Pakistan

    Africa, India, Chinese, vaccine

    As Africa distrusts the Chinese vaccine, India has the golden opportunity and the perfect resources to expand its soft power

    France, India, EU

    France invites India to join European naval missions in the Persian Gulf, the most important oil route in the world

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    sister nivedita

    Sister Nivedita – The friend of all

    Tanishq

    A stupid Ad and a dumb explanation: What Tanishq lost in last 48 hours?

    Coco island, islands, Nehru

    Nehru’s massive strategic blunder – How Nehru gave Coco Islands to Burma that China later grabbed

    Turkey, Hagia Sophia

    Hagia Sophia is not the only one: Turkey has a shameful history of desecration

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Satire
    • Sports
    • technology
    • Travel
    whatsapp signal brian acton

    He was forced to sell WhatsApp to Facebook. Now, he has come back with Signal to dethrone WhatsApp

    fan

    Here’s Why Finding the Right Ceiling Fan is Important

    coolie no. 1

    This is not even about nepotism; Coolie No. 1 remake is plain horrible and a huge insult to Govinda

    ajinkya rahane

    Ajinkya Rahane – One of the best test captains India NEVER had

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Newswire
No Result
View All Result
TFIPOST
  • Politics
    • All
    • Analysis
    • Opinions
    • Trending
    Karnataka, Uddhav Tahckeray, Maharashtra, Shiv Sena

    Shiv Sena has not done anything to uphold the Maratha pride but has done everything to hurt the Kannadigas

    Tandav, I&B Ministry, Prakash Javadekar

    I&B Ministry only gave directions to the makers of Tandav to change certain scenes. That’s what lip service looks like

    Netaji Subhash Chandra Bose, PM Modi

    After Patel, PM Modi is all set to resurrect the legacy of Bose, whom congress belittled when he was alive and ignored after he disappeared

    Paul Dhinakaran, IT department

    IT raids at Rich evangelist Paul Dhinakaran’s 28 properties, looks like he is on his way to salvation

    • Analysis
    • Opinions
    • Trending
  • Economy
    • All
    • Business
    • Economy1
    • Finance
    Adani, Total, Reliance

    Adani leads India’s alternate energy revolution as Total SE makes a mammoth $2 Billion investment

    Bengaluru, IT Sector, tech

    Bengaluru leaves behind London and many other European cities to become the leading tech hub

    Indian rice, import

    From Southeast Asia to Europe: The World is hungry for Indian Rice and India is ready to feed them

    stock, Modi, economy

    Indian stock market adds $1.3 trillion in just nine months, thanks to the reforms

    • Business
    • Finance
  • Defense
    • All
    • Defence
    • Strategy
    • Weaponry
    india indian army ladakh drones

    Amid standoff with China, India puts the Ladakh region under drone surveillance. More Made-In-India drones to follow

    drdo

    For 6 decades DRDO was not up to the mark. Today it is making one missile after another. What really changed

    ghatak drone

    GHATAK- How India’s stealth combat drone programme promises to make it a military superpower

    Turkey, US, Russia

    Turkey may be sanctioned by US for using F-16s as target practice for Russian S-400s

    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • All
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
    UK, India, G7

    Ahead of Biden presidency, UK invites India to G7 summit amid talks of expansion

    India, China, Al-Qaeda

    China stops India from heading Al-Qaeda sanctions committee that would have given it immense leverage over Pakistan

    Africa, India, Chinese, vaccine

    As Africa distrusts the Chinese vaccine, India has the golden opportunity and the perfect resources to expand its soft power

    France, India, EU

    France invites India to join European naval missions in the Persian Gulf, the most important oil route in the world

    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • All
    • Culture
    • History
    • Indology
    sister nivedita

    Sister Nivedita – The friend of all

    Tanishq

    A stupid Ad and a dumb explanation: What Tanishq lost in last 48 hours?

    Coco island, islands, Nehru

    Nehru’s massive strategic blunder – How Nehru gave Coco Islands to Burma that China later grabbed

    Turkey, Hagia Sophia

    Hagia Sophia is not the only one: Turkey has a shameful history of desecration

    • Culture
    • History
    • Indology
  • Lounge
    • All
    • Books
    • Cinema
    • Food
    • Health
    • Satire
    • Sports
    • technology
    • Travel
    whatsapp signal brian acton

    He was forced to sell WhatsApp to Facebook. Now, he has come back with Signal to dethrone WhatsApp

    fan

    Here’s Why Finding the Right Ceiling Fan is Important

    coolie no. 1

    This is not even about nepotism; Coolie No. 1 remake is plain horrible and a huge insult to Govinda

    ajinkya rahane

    Ajinkya Rahane – One of the best test captains India NEVER had

    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Newswire
No Result
View All Result
TFIPOST
No Result
View All Result
  Newswire
Even tiny gender bias in hiring may impact employers 8 hours ago
Rahul Gandhi wishes US President Biden, VP Harris 8 hours ago
Democracy has prevailed, says US President Joe Biden 8 hours ago
Why not repeal 3 farm laws instead of suspending them: Cong 8 hours ago
SEBI approves Future-Reliance deal 8 hours ago
Amit Shah to preside over NEC plenary session in Shillong 8 hours ago
Next
Prev

Government to bring amendments in GST during the Monsoon session, aims to simplify the filing process.

Amit Agrahari
by Amit Agrahari
11 June 2018
in Economy
0
GST, Amendments, tax evasions, gst, tax base

PC: India.com

1.4k
SHARES
15.6k
VIEWS
Sharre via FacebookShare via Twitter

GST is most comprehensive indirect tax reform in the country since the independence but the government and economists agree that it is not a perfect system. Some changes will always be needed in GST law to keep it relevant to the needs of business community. The government is set to table amendments to goods and service tax laws in the monsoon session of Parliament to simplify GST return filings and modify the composition scheme. “There are several amendments to the GST which is proposed to come up during the Monsoon Session of Parliament,” said GST Council special secretary Arun Goyal. The composition scheme is a simple and easy step under GST for small taxpayers who can get rid of tedious GST formalities and pay GST at a fixed rate of turnover.

Earlier, GST returns filing was complicated consisting of three types called GSTR-1, GSTR-2, GSTR-3. Now through the amendments in GST law, the government will create a single tax return filing for all goods and services transactions. The government will also modify the composition scheme where small businesses need to file quarterly returns. The changes in composition scheme were needed because there has been many instances of tax evasion wherein large registered buyers pay tax on behalf of small unregistered sellers. Earlier, the government was focusing on changing the tax rates but now the focus has changed to make the returns simple and broadening the compliance base.

The reason behind the change in plan may be because in recent months the average GST collection has declined despite the fact that the number of filings has gone up. Many household goods were brought to a lower tax rate of zero percent or 5 percent at the beginning of this year that’s why the average tax collection has gone down. Now the government is making efforts to bring more taxes to its coffers because they want to meet their fiscal deficit target which were looking a bit difficult given the rising oil prices. The RBI has increased the policy repo rate by 0.25 basis points in its latest bimonthly monetary policy review in June which in turn will make government borrowings from the market costlier. Therefore, to reach its fiscal deficit target the government has broadened its tax base and has kept the rates unchanged. Modi government has a conservative stance on the fiscal deficit since coming to power which helped to bring macroeconomic stability in the country and made it an attractive investment destination.

The single indirect tax regime brought by Modi government has revolutionized the taxation system in the country. It transformed India in a single market without any discrimination to people living in any part of the country. The reform was hailed by national and international organizations as most important step taken for economic transformation of the country since the liberalization in 1991.   On the upcoming changes in GST, M.S. Mani, a partner at Deloitte India said, “Several amendments including those that will simplify GST compliance and improve ease of doing business, are expected to be taken up in the monsoon session.” An official in the ministry confirmed that the government has shifted the focus on broadening the tax base “Now the focus is on ensuring timely disbursal of tax refunds and encouraging compliance,” said the official.

Tags: GST BillIndian EconomyModi Government Updates
Share1372TweetSend
Previous Post

Kapil Mishra sues CM Arvind Kejriwal for his poor attendance in Delhi Assembly

Next Post

Season of humiliations for Trudeau, now President Trump shows Trudeau his place.

Amit Agrahari

Amit Agrahari

Engineering grad but Humanities and social sciences are my forte. Avid reader of religious Scriptures (Especially Hindu), Lord Shiva devotee

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms of use and Privacy Policy.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

  • Most Read
  • Latest
Xi Jinping, coronavirus, Shinzo Abe, china, Japan, coornavirus, COVID-19, Wuhan Virus

‘Pack up and get out of there,’ Japan to spend $2.2 billion to get Japanese companies to exit China

9 April 2020
ajay devgn karan johar

The man who bullied the Bully – How Ajay Devgn made Karan Johar’s monopoly a joke and forced him to apologize

22 June 2020
Huawei, China, Trump, USA, Xi Jinping

‘Our survival is at stake now,’ Chinese Telecom giant Huawei crumbles after US ban on Semiconductor exports

19 May 2020
T-Series Sonu Nigam Divya Khosla Kumar Bhushan Kumar

T-Series forced to take down Atif Aslam’s video, Divya Khosla trolled. T-Series has a bad day in office

25 June 2020
Karnataka, Uddhav Tahckeray, Maharashtra, Shiv Sena

Shiv Sena has not done anything to uphold the Maratha pride but has done everything to hurt the Kannadigas

20 January 2021
Tandav, I&B Ministry, Prakash Javadekar

I&B Ministry only gave directions to the makers of Tandav to change certain scenes. That’s what lip service looks like

20 January 2021
Netaji Subhash Chandra Bose, PM Modi

After Patel, PM Modi is all set to resurrect the legacy of Bose, whom congress belittled when he was alive and ignored after he disappeared

20 January 2021
Paul Dhinakaran, IT department

IT raids at Rich evangelist Paul Dhinakaran’s 28 properties, looks like he is on his way to salvation

20 January 2021

Popular This Week

Arnab Goswami, Modi, Pulwama Attack
Trending

It was not just Arnab but 1.3 Billion Indians who knew that PM Modi was going to do something “big” after the Pulwama attack

by Sanbeer Singh Ranhotra
18 January 2021
Nidhi Razdan, Harvard, associate professor
Trending

Nidhi Razdan quit NDTV to join Harvard University as Associate Professor. Turns out, it was all fake

by Sanbeer Singh Ranhotra
15 January 2021
whatsapp signal brian acton
technology

He was forced to sell WhatsApp to Facebook. Now, he has come back with Signal to dethrone WhatsApp

by Abhinav Singh
15 January 2021
Imran Khan, Balakot Airstrike, Pakistan, PM Modi
Trending

Imran Khan was trying to “rip into PM Modi”, ended up accepting that IAF bombed the poop out of Pakistan

by Sanbeer Singh Ranhotra
18 January 2021
whatsapp india
Opinions

WhatsApp’s honeymoon period in India is officially over

by Sanbeer Singh Ranhotra
15 January 2021

©2021 TFI Media Private Limited

  • Terms of use
  • Privacy Policy
  • Sitemap
No Result
View All Result
  • Politics
    • Analysis
    • Opinions
    • Trending
  • Economy
    • Business
    • Finance
  • Defense
    • Defence
    • Strategy
    • Weaponry
  • Geopolitics
    • Africa
    • Americas
    • Asia Pacific
    • Europe
    • South Asia
    • West Asia
  • Knowledge
    • Culture
    • History
    • Indology
  • Lounge
    • Books
    • Cinema
    • Food
    • Health
    • Sports
    • technology
    • Travel
    • Satire
  • Newswire
TFI Official Merchandise
हिन्दी
  • About us
  • Columnists
  • Careers
  • Brand Partnerships
  • rightlog is now TFIPOST

©2021 TFI Media Private Limited