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<ul><li>The Indian government may ask foreign crypto exchanges to pay 18% Goods and Services Tax (GST) on transactions with its citizens.</li><li>For local crypto exchanges, the 18% tax is usually built into the trading fee charged to customers — akin to how brokerages change conventional stock trading.</li><li>India was also reportedly mulling over charging a 2% equalisation levy on transactions with foreign crypto exchanges earlier this month.</li></ul>With the Indian government mulling over new laws to regulate <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">cryptocurrencies</a> in the country, the indirect tax department is looking into whether overseas exchanges need to pay the Goods and Service Tax (GST) at 18%. The 18% slab is meant for capital goods and industrial intermediaries, among other times, while the highest slab of 28% applies to luxury goods, like automobiles. It’s the same as the tax on brokerage with trading in conventional shares on the stock market. Indian <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">crypto exchanges</a> already charge their users GST. The tax is built into the trading fee that exchanges add to the buying price of Bitcoin, Ethereum and more. The exchanges pay GST to the government as part of their general tax payments. However, crypto exchanges based outside of India are currently curtailing paying these taxes, according to the Economic Times (<a href="https://economictimes.indiatimes.com/tech/tech-bytes/crypto-tax-overseas-crypto-exchanges-may-face-18-additional-gst-in-india/articleshow/84045569.cms">ET</a>). And, in order to bring them under the tax umbrella, the Indian government could categorise overseas crypto exchanges with Indian users as Online Information Database Access and Retrieval (<a href="https://www.cbic.gov.in/resources//htdocs-cbec/gst/OIDAR.pdf;jsessionid=387EC0A82F9E043A07073C92159199EB">OIDAR</a>) services. What is OIDAR? OIDAR rules <a href="https://www.cbic.gov.in/resources//htdocs-cbec/gst/OIDAR.pdf;jsessionid=387EC0A82F9E043A07073C92159199EB">state</a> that any digital or data service provided to Indians or people based in India should be taxed, even if there’s no physical interface. This way the supplier of a service from a non-taxable territory can be liable for GST payments. The government justifies the tax as a way of leveling the playing field. If a service is being provided by local players, and by overseas players, one should not be paying more tax than the other. “The overseas suppliers of such services would have an unfair tax advantage should the services provided by them be left out of the tax net,” says the government circular. The only thing that is required for the law to come into effect is that the ‘subject’ of the supply — that is, the consumer — should be located in India. Questions still unanswered While it may make sense to have local and overseas crypto exchanges on the same level, there is still an ongoing debate over whether cryptocurrencies are a financial asset, security or a currency. It’s also unclear whether the 18% GST slab will be applicable to all transactions or only on the margins. Right now, the 18% GST charged by conventional brokerages is only on the margins or the commission taken by the company — not the entire transaction. A report from last month had also argued that exchanges outside the country may be subject to a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite">2% equalisation levy</a> as well, which would raise the price of cryptocurrency for Indian buyers. This tax is meant to have foreign entities doing business in India pay tax to the country, instead of only paying in their home countries. The race to bring in taxes for cryptocurrencies comes after the industry saw a boom of interest during the pandemic. Bitcoin hit an all time high earlier this year behind the fear, uncertainty and doubt (FUD) about its future in India. Several ministers have mentioned the fact that cryptocurrencies do not fall under any regulatory purview. In February, Minister of State for Finance and Corporate Affairs, Anurag Thakur, had <a href="https://www.businesstoday.in/latest/corporate/story/cryptocurrencies-are-neither-currency-nor-commodity-will-bring-bill-soon-anurag-thakur-287072-2021-02-09">said</a> that neither the Reserve Bank of India (RBI) nor the Securities and Exchange Board of India (SEBI), have regulatory oversight over these assets, since they aren’t issued by an identifiable user. This means that tomorrow if there is a scam or huge loss of wealth, these authorities may not be able to do much about it since the nature of cryptocurrencies is still undefined — akin to the conundrum <a href="https://www.businessinsider.in/cryptocurrency/news/south-africas-4-billion-in-crypto-scams-has-regulators-scrambling-to-bring-in-new-regulations-within-the-next-three-to-six-months/articleshow/84015957.cms">South African financial authorities are currently facing</a> after the largest crypto heist in history. A solution for this could be to classify crypto as an asset class, which would put it under the purview of various authorities — an idea that other central banks and authorities have also been <a href="https://www.businessinsider.in/cryptocurrency/news/south-korea-is-open-to-cryptocurrencies-and-making-an-effort-to-regulate-them/articleshow/83986459.cms">exploring</a>. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/google-is-working-on-a-new-app-to-let-you-store-your-medical-records/articleshow/84059948.cms">Google is working on a new app to let you store your medical records</a> <a href="https://www.businessinsider.in/tech/apps/news/battlegrounds-mobile-india-official-download-link-how-to-update-bgmi-rewards/articleshow/84058116.cms">Battlegrounds Mobile India launched officially – here’s how to update, claim rewards and more</a> <a href="https://www.businessinsider.in/business/startups/news/failure-to-pivot-covid-19-blues-force-amazon-backed-shuttl-to-look-for-a-buyer/articleshow/84056797.cms">Failure to pivot, COVID-19 blues force Amazon-backed Shuttl to look for a buyer</a>

Foreign crypto exchanges in India may have to pay 18% GST as the government mulls over taxation

Simplification of GST, reforms in small savings rate and implementation of <keyword id="46572" type="COMPANY" weightage="20" keywordseo="Direct-Tax-Code">Direct Tax Code</keyword> (DTC) were some of the suggestions given by economists during their customary pre-Budget consultation with Finance Minister Nirmala Sitharaman here on Friday. Among other key suggestions were to attract more investments to support growth; streamlining policy matters and faster resolution of policy issues in all sectors; fiscal management and reforms in the power sector. The economists were optimistic about the India growth story and put forward ways through which the country can achieve the goal of USD 5 trillion economy.
 "We have bottomed out as far as growth reduction is concerned...what can be done to accelerate growth to 7-7.5 per cent," former chief economic adviser Arvind Virmani said after the meeting.
 Implementation of DTC is very important for all the small business, he added.
 He also pitched for simplification of GST and rationalisation of slabs.
 The main focus areas of the meeting included steps needed to achieve USD 5 trillion economy, job-oriented growth with focus on manufacturing and services, transparency of fiscal arithmetic, monetary transmission, government's fiscal prudence and fiscal stimulus, revival of NBFCs and inflation targeting, among others, the finance ministry said in a statement.
 There were also suggestions with regard to ways to enhance rural demand; improving oversight of financial markets; boosting agricultural exports and simplifying procedures to give financial savings a shot in the arm.
 Along with the finance minister, the meeting was attended by Minister of State for Finance Anurag Thakur, Finance Secretary Rajiv Kumar, Economic Affairs Secretary Atanu Chakraborty, Revenue Secretary Ajay Bhushan Pandey, and other senior officials of the ministry.
 Some of the economists who were part of the meeting included Rathin Roy, Director, NIFP; Shekhar Shah, Director General, NCAER; Surjit S Bhalla, Managing Director, Oxus Investment; Ajit Mishra, Director, Institute of Economic Growth and Sachin Chaturvedi, Director General, RIS. See also: <a href="https://www.businessinsider.in/policy/economy/news/income-tax-slabs-for-2020-and-cuts-proposed-by-finance-minister-nirmala-sitharaman-in-next-budget/articleshow/72975148.cms">Income tax cuts and new tax slabs ⁠— here’s how Indian Finance Minister Nirmala Sitharaman wants to make people shop more</a> <a href="https://www.businessinsider.in/business/news/niti-aayog-member-bats-for-2-gst-slabs-says-rates-should-not-be-revised-frequently/articleshow/72965580.cms">NITI Aayog member thinks that India should have only two GST slabs</a>

Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes

<ul><li>Flipkart has announced a collaboration with ClearTax, an online tax and investing platform. </li><li>The Indian e-commerce platform plans to connect its sellers to chartered accountants (CAs) to help them be Good and Services Tax (GST) complaint.</li><li>This is the second announcement by the Walmart-owned enterprise for micro, small medium businesses on its platform.</li></ul>Flipkart, Amazon's primary competitor in the Indian e-commerce market, is all set to woo sellers. This time around, it is taking care of their most taxing problem — tax payments. The partnership between <a href="https://www.businessinsider.in/indian-unicorn-flipkarts-board-approves-15-billion-deal-with-walmart/articleshow/64027810.cms">Walmart-owned</a> <a href="https://www.businessinsider.in/amazon-vs-flipkart-house-of-flagships-for-new-smartphones-in-india/articleshow/69408528.cms">Flipkart</a> and Cleartax — an online tax and investing platform — will connect the platform's 100,000 plus sellers with chartered accountants (CAs), who will in turn, help sellers with their tax and accounting needs. "Our aim is to make selling on our platform as easy and hassle-free for sellers as possible," said Nishant Gupta, Head of Marketplace at Flipkart, adding, "With this ClearTax partnership, we are helping thousands of small sellers in non-metro markets overcome a significant hurdle, so they can so they can concentrate on scaling their businesses." Navigating the tax maze The will help Flipkart's sellers with the basics like registering their companies to pay the <a href="https://www.businessinsider.in/gst-to-be-rolled-out-by-july-1-this-is-how-it-will-be-different-from-uk-canada-other-countries/articleshow/57392589.cms">Goods and Services Tax (GST)</a>, understanding the GST software and filing returns. The CAs will also help <keyword id="2684425" type="PERSON" weightage="20" keywordseo="Flipkart-sellers">Flipkart sellers</keyword> maintain their accounts and avail services from the Registrar of Companies (ROC). Each seller will also have his own 'GST Health Check' report to ensure that their businesses are GST compliant. India's GST — '<a href="https://www.businessinsider.in/indias-finance-minister-moots-the-possibility-of-a-single-tax-rate-on-standard-items-amid-continued-criticism-of-the-governments-gst-regime/articleshow/67253716.cms">One Nation One Tax</a>' — came into effect two years ago on 1 July 2017. Since then, it has been an upward battle for traders to figure out how the tax is implemented. "Small businesses in the e-commerce space find it challenging to understand and implement GST changes and adapt to them quickly. Instead of letting that be a barrier to their business, we are coming together with Flipkart to help entrepreneurs comply with GST using our technology and advanced automation," shared Aprit Gupta, Founder and CEO of Cleartax. GST was aimed at making the taxation system simpler and more transparent but businesses that operator in multiple locations, like sellers on Amazon that ship all over India, have been <a href="https://www.businessinsider.in/low-india-gst-rates-will-not-help-evasion/articleshow/68281274.cms">finding it difficult</a> to navigate the waters. The frequent changes and 'updates' to the system hasn't helped the confusion either. Wooing sellers This move is only one of the many programmes it has, to woo sellers in an intensely competitive e-commerce market. Earlier this month Flipkart announced an initiative — 'Growth Capital' — tailored for its sellers that would allow traders on its platform to get loans from the market at competitive rates. The company partnered with 10 banks and non-banking financial institutions promising businesses loan approvals within 24 hours, and money in their bank accounts in another 48 hours. Both announcements to support sellers come within days of Flipkart announcing that it is reducing seller's commissions in order to attract new sellers. Growing competition Ever since <a href="https://www.businessinsider.in/companies-that-mukesh-ambani-owns-a-complete-list/articleshow/69870533.cms">Mukesh Ambani</a>'s <a href="https://www.businessinsider.in/e-commerce-wars-amazons-jeff-bezos-vs-mukesh-ambani-in-india/articleshow/67620116.cms">announced his plans</a> to launch Reliance Retail as an e-commerce platform in India, products from global brands under the Reliance umbrella have reportedly <a href="https://www.businessinsider.in/mukesh-ambani-versus-amazon-walmart-in-india/articleshow/68918092.cms">started disappearing</a> from Flipkart and Amazon. India's <a href="https://www.businessinsider.in/walmart-flipkart-acquisition-could-fall-through-report/articleshow/67849413.cms">new e-commerce rules</a> haven't helped local operations for foreign companies like Walmart either. Amazon keeps pumping more money into India, with the <a href="https://timesofindia.indiatimes.com/business/india-business/amazon-top-ups-payments-business-with-rs-450-crore-infusion/articleshow/69894102.cms">latest infusion</a> of ₹4.5 billion, and Flipkart is looking for ways to make more money from its operations in the country. See also: <a href="https://www.businessinsider.in/flipkart-deep-discounting-ban-on-goqii-products-from-new-e-commerce-rules/articleshow/69552174.cms">Flipkart's continued deep discounting could mean more trouble in the future</a> <a href="https://www.businessinsider.in/flipkart-announces-delivery-robots-automation/articleshow/68493938.cms">Flipkart is bringing in robots to help it sort through packages</a> <a href="https://www.businessinsider.in/amazon-walmart-seek-us-help-against-indias-new-draft-e-commerce-policy/articleshow/65228547.cms">Amazon, Walmart seek US help against India's new draft E-commerce Policy</a>

Flipkart is wooing sellers with a collaboration that will help them file their taxes online

Betting on your luck is about to get costlier as the <a href="http://www.businessinsider.in/politics/modi-government-to-start-spending-suggests-deutsche-bank/articleshow/58492030.cms">Indian government</a> has decided to levy 28%, the maximum possible rate of goods and services tax (<a href="http://businessinsider.in/topic/GST">GST</a>) on lottery tickets, a business worth Rs 5000 crore. Up until now, states that allow lotteries have had minimal or zero tax levied on them. Also read: <a href="http://www.businessinsider.in/No-surprises-in-GST-rates-promises-Jaitley/articleshow/58416741.cms">No surprises in GST rates, promises Jaitley</a> "The taxation has to be logical," Rahul Tangri, president, Playwin, an <keyword id="4492496" type="UNKNOWN" weightage="100" keywordseo="electronic-lottery">electronic lottery</keyword> provider told <a href="Lottery%20India,%20GST%20India,%20lottery%20business,%20electronic%20lottery,%20gst%20slabs">ET</a>. "It would be very unfair if the government levies tax on the face value of the lottery." This face value that Tangri is talking about consists of three parts, the prize money, government taxes and the operators' margin. Also read: <a href="http://www.businessinsider.in/You-are-paying-more-than-100-tax-on-oil-prices/articleshow/58363463.cms">You are paying more than 100% tax on oil prices</a> "<a href="http://www.businessinsider.in/Afraid-of-GST-retailers-are-limiting-their-purchases/articleshow/58417777.cms">GST</a> should only be levied on the operators' margin. The prize money part comes under direct tax (income tax paid by the winner)," said Tangri. If applicable, this 28% tax would impact the revenue of the state governments that either have lotteries or allow licensed agencies to run them on their behalf. The lottery industry is not openly accepting the move. "Any irrational tax structure would kill the industry," said Kamlesh Vijay, CEO of Sugal &amp; Damani, one of India's largest lottery and gaming operators. "Lottery is a well-regulated industry. It provides direct employment to over 10 lakh people. Higher tax slabs would force lottery companies out of business. It will also spawn a large number of underground, illegal lottery schemes," he said. Also read: <a href="http://www.businessinsider.in/Trump-might-be-eyeing-a-tax-overhaul-in-the-US-but-heres-why-GST-is-more-important/articleshow/58342028.cms">Trump might be eyeing a tax overhaul in the US, but here’s why GST is more important</a> However, one problem that this levy would face is that Indian courts have stated that lotteries are neither goods nor services, so implementing a tax meant for these two is not ideal, as per many states and the <keyword id="3320466" type="UNKNOWN" weightage="100" keywordseo="lottery-business">lottery business</keyword>. (Image source YouTube)

Lottery tickets to attract maximum GST rates

<keyword id="6359833" type="ORGANIZATION" weightage="100" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST) is the biggest tax reform introduced in India since independence, and is certainly a game changer. However, the process undertaken by the government to implement GST was no less than a game changer itself. 
 
Several aspects had to be taken care of, and the most important part of the whole process was to stay focused on the bigger picture, not bowing down to the political and administrative negotiations that came with it. 
 
It was <a href="http://www.businessinsider.in/topic/Narendra-Modi">PM Narendra Modi </a>who was the leader of the process, along with finance minister <keyword id="42575" type="PERSON" weightage="100" keywordseo="Arun-Jaitley">Arun Jaitley</keyword>, who served as the bridge between him and the stakeholders. 
 
How often does it happen that the key members of the leading party of world’s biggest democracy meet up with the opposition leaders and that too a month after losing elections in a key state. However, it was the commitment that BJP had for GST that made him, along with Jaitley and parliamentary affairs minister Venkaiah Naidu had a meeting with former PM Manmohan Singh and Congress President Sonia Gandhi, a month after BJP lost Bihar elections. 
 
The PM, sources say, said that India needed GST and then the FM took over, explaining to the opposition why their positions, like capping tax rate at 18% in the GST statute, had to be reconsidered. He added that while a poor GST was not an option, their other demands will be duly considered. 
 
Also read: <a href="http://www.businessinsider.in/removal-of-cesses-for-gst-would-cost-government-rs-65000-crore/articleshow/57793686.cms">Removal of cesses for GST would cost government Rs 65,000 crore</a> 
 Ever since then, the <keyword id="117924" type="UNKNOWN" weightage="100" keywordseo="GST-Rollout">GST rollout</keyword> became a big puzzle with several tangled knots, which could be and was solved keeping in mind one thing, that GST was too big a reform to fail. The idea was to unite the country in a fundamental way, and before a deadline but only after clearing every doubt that anyone had. 
 
As per officials that <a href="http://economictimes.indiatimes.com/news/economy/policy/how-modi-government-managed-to-solve-the-gst-puzzle/articleshow/57980627.cms">ET </a>contacted, Modi referred to GST as more than a tax reform at Cabinet meetings, exemplifying India's "unity in diversity," asking his team to prioritise GST. The FM, very smartly negotiated the terms so that political rivalries didn’t hinder the implementation process. 
 
In total, <a href="http://www.businessinsider.in/gst-council-clears-almost-allrules-except-for-remaining-four/articleshow/57959857.cms">GST council </a>had 12 meetings; however, from the second meeting itself, there were signs of political bitterness raising its head, which is why the government decided to seek consensus and encourage everyone to offer solutions. 
 
While taking care of the taxation, the government had to get into intense detailing with the tax administration, which is when it demonstrated that it had no intention of cornering states. 
 
Also read: <a href="http://www.businessinsider.in/markets/economy/gst-to-keep-an-eye-on-your-perks-outside-ctc/articleshow/57889157.cms">GST to keep an eye on your perks outside CTC</a> 
 
In the whole process, the leading party is said to have never shied away from reaching out to rivals, just so the GST could be passed without fail. It involved reaching out to CPM's Sitaram Yechury, SP's Ram Gopal Yadav, TMC's Derek O'Brien, BJD's Dilip Turkey, NCP's Praful Patel, and several other point-persons from <a href="http://www.businessinsider.in/politics/delay-in-implementing-gst-during-nda-government-led-to-rs-12-lakh-crore-loss-says-congress-party/articleshow/57892537.cms">Congress party</a>. 
 
The PM had a message for his team working on GST, which was to work at top speed without compromising with the quality. The team included hundreds of officials spread in small groups, solving difficult questions of both producing and consuming states and working for a period of more than eight months, including holidays and weekends. 
 
"It took us several months and many informal discussions to reach a consensus on how the final draft should look like," said a top official. 
 
Also read: <a href="http://www.businessinsider.in/no-gst-for-education-and-healthcare-this-year/articleshow/57972964.cms">No GST for education and health care this year</a> 
 
The work of these teams should be credited for the fact that the GST framework is ready three months before the <a href="http://www.businessinsider.in/markets/economy/eyeing-july-1-rollout-arun-jaitley-introduces-four-bills-on-gst-in-parliament/articleshow/57851897.cms">July 1 deadline</a>. 
 
(Image source GST Taxation)

Here’s how difficult the GST process was for the Modi government

<ul><li><keyword id="4854" type="COMPANY" weightage="20" keywordseo="JW-Marriott">JW Marriott</keyword>’s Chandigarh hotel is facing a probe for overcharging <keyword id="143" type="CITY" weightage="20" keywordseo="Bollywood">Bollywood</keyword> actor <keyword id="3194" type="PERSON" weightage="20" keywordseo="Rahul-Bose">Rahul Bose</keyword> for two bananas. </li><li>The hotel had charged the actor ₹442.50 for just two bananas, calling it a fruit platter. </li><li>According to the law, fresh fruits can’t be charged GST. </li></ul>India’s premier hotel chain JW Marriott is now in trouble, thanks to a tweet by actor Rahul Bose. After Bose’s tweet on how he was overcharged for two bananas went viral, it caught the attention of the city’s tax department. Mandip Singh Brar, the Chandigarh Deputy Commissioner of Excise and Taxation, ordered an investigation on the hotel for charging illegal GST on fresh fruits. “Taking cognisance of the video and bill posted by the actor, I have ordered an investigation. I have directed Assistant Excise and Taxation Commissioner (AETC) Rajeev Chaudhary to conduct a thorough probe on how the hotel had charged GST on fresh fruits. Strict action will be taken if found guilty,” Brar told the Indian Express in an <a href="https://indianexpress.com/article/chandigarh/probe-ordered-jw-marriott-hotel-bills-rahul-bose-rs-442-for-two-bananas-5849957/">interview</a>. Actor Rahul Bose recently took to Twitter to show how the hotel charged ₹442.50 for the ‘fruit platter’ which included just two bananas. In the market, a kilogram of bananas would cost you barely ₹60. It means two of them cost less than ₹20. He wrote, “You have to see this to believe it. Who said fruit wasn’t harmful to your existence? Ask the wonderful folks at @JWMarriottChd #goingbananas #howtogetfitandgobroke #potassiumforkings” Since then the Tweet went viral, and the Internet trolled the hotel for its exorbitant prices. Meanwhile, the hotel which had shared a photo with Rahul Bose on Twitter, later took it down after all the trolling.

Rahul Bose’s tweet lands Marriott in trouble as taxman will probe the case of ‘expensive bananas’

The Goods and Services Tax (<keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword>), India’s biggest tax reform which is expected to roll-out from July 1, is going to impact several items and services, one of which is <keyword id="35450" type="COMPANY" weightage="20" keywordseo="insurance">insurance</keyword> and <keyword id="6357979" type="ORGANIZATION" weightage="20" keywordseo="mutual-funds">mutual funds</keyword>. The GST Council set a GST rate of 18% on financial services industry, which is going to make your mutual funds a tad expensive. “Both general insurance and life insurance premiums will hike up by a small amount due to the increase in tax rates,” said Archit Gupta, Founder &amp; CEO ClearTax.com. Presently, the tax on financial services is 15% and after the increase, the returns will also get affected. Here are 4 pointers on how GST is going to impact your insurance, and mutual fund returns

Plan Ahead: Here’s how GST is going to impact your mutual funds, insurance premiums

<ul><li>India’s ministry of commerce and industry has launched an online export awareness course to support future exporters. </li><li>The government also reportedly launched an app dedicated to update exporters on trade practices and share their grievances. </li><li>The online course is launched in collaboration with Indian Institute of Foreign Trade (IIFT).</li></ul>In a bid to boost international trade opportunities for potential exporters in India, the Ministry of Commerce and Industry has <a href="https://www.financialexpress.com/industry/sme/government-launches-online-course-app-to-support-potential-exporters/1490218/lite/">launched</a> an export awareness course. Once the course is complete, candidates will be awarded certificates in export-import management by the government under the ‘Niryat Bandhu Scheme’. The program titled, 'Anytime-Anywhere,’ is a reportedly a joint effort between the government and Indian Institute of Foreign Trade (IIFT). Commerce and industry minister, Suresh Prabhu reportedly said that the course is aimed at training, mentoring and supporting prospective exporters and traders in India. Stressing the need for spreading awareness on trade, commerce secretary Anup Wadhawan reportedly said the government has been able to stem decline in exports hurting the Indian market by facilitating trade combined with the growing technology and implementation of goods and services tax (GST). India’s Directorate General of Foreign Trade (DGFT), responsible for fostering the exports sector, is also trying to make the export sector more digital-savvy. According to Director General, Alok Chaturvedi, the DGFT has <a href="https://knnindia.co.in/news/newsdetails/sectors/prabhu-launches-anytime-anywhere-export-awareness-course-to-hand-hold-exporters">reportedly</a> approved to rebuild its entire IT infrastructure to go paperless and attain end-to-end IT enablement. It has also launched a DGFT's mobile app dedicated to trade practices, for a smooth sailing of the process. The app is designed as a communication platform that will let exporters apply for licences and stay updated on latest trade notices including <keyword id="35067" type="ORGANIZATION" weightage="20" keywordseo="foreign-trade-policy">Foreign Trade Policy</keyword> and international trade affairs. According to<a href="http://pib.nic.in/newsite/PrintRelease.aspx?relid=188641"> media reports</a>, <keyword id="147907" type="PERSON" weightage="20" keywordseo="Indias-exports">India's exports</keyword> faced a major slowdown in trade in the recent years. However, in the last three years, the country witnessed a slight increase in exports reaching $26.36 billion in January compared to $25.4 billion last year during the same time. See also: <a href="https://www.businessinsider.in/indian-government-maintains-ban-on-foreign-investments-in-multi-brand-retail/articleshow/67375565.cms">Indian government maintains ban on foreign investments in multi-brand retail</a> <a href="https://www.businessinsider.in/the-indian-government-may-roll-back-tax-on-angel-investments-that-is-said-to-be-hurting-the-countrys-startup-ecosystem/articleshow/67177981.cms">The Indian government may roll back a tax on angel investments that is said to be hurting the country’s startup ecosystem</a> <a href="https://www.businessinsider.in/india-to-make-a-renewed-push-for-an-important-regional-trade-treaty-that-will-create-the-worlds-largest-trading-bloc/articleshow/66602874.cms">India to make a renewed push for an important regional trade treaty that will create the world’s largest trading blo</a>

Fancy a career in exports? Indian government is offering an export awareness course

(Image Credit- IANS) <ul><li><keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> rate cuts will cover nearly 25 categories under the country’s Goods and Services Tax (GST) that fall under the highest tax slab of 28%. </li><li>An estimated 1,200 items will remain in the highest tax category that most include luxury or ‘sin’ items. </li><li>Items that could become cheaper may include cement, certain television sets, digital cameras and movie tickets.</li></ul> Ahead of elections, Indian Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="Narendra-Modi">Narendra Modi</keyword> has promised further cuts on nearly 25 categories under the country’s Goods and Services Tax (GST) that fall under the highest tax slab of 28%. On Tuesday, Modi <a href="https://indianexpress.com/article/india/pm-narendra-modi-simplifying-further-99-per-cent-items-can-soon-be-in-18-per-cent-gst-slab-or-less-5499646/">said </a>that his government is working towards making only 1% of items in the highest tax category of 28% and all other consumer goods and services will attract GST tax rates of 18% or less. An estimated 1,200 items will remain in the highest tax category that most include luxury or ‘sin’ items including luxury cars, aircraft, televisions, alcohol and tobacco products. Other items that could become cheaper may include cement, certain television sets, digital cameras and movie tickets, Indian Express <a href="https://indianexpress.com/article/india/pm-narendra-modi-simplifying-further-99-per-cent-items-can-soon-be-in-18-per-cent-gst-slab-or-less-5499646/">reported</a>. Earlier this year, India’s GST Council removed about 14 items from the highest tax category. India currently has four slabs for GST: 5%, 12%, 18% and 28%. About 40% of products and services fall under the 18% tax category. The move comes just months ahead of India’s general elections and in the wake of the <keyword id="58687" type="ORGANIZATION" weightage="20" keywordseo="Bharatiya-Janata-Party">Bharatiya Janata Party</keyword> losing important <a href="https://www.businessinsider.in/we-accept-the-peoples-mandate-indias-state-election-results-prove-a-huge-setback-for-pm-narendra-modis-bjp/articleshow/67053526.cms">ground </a>in three important state elections recently. The tax cut will, however, be a hit on indirect revenue collection for the government at a time when it is struggling to meet its fiscal deficit <a href="https://www.businessinsider.in/indian-government-may-not-meet-its-fiscal-deficit-target-because-of-lower-tax-collections-india-ratings/articleshow/66824092.cms">target</a>. The implementation of the GST, India’s biggest tax reform since independence, was one of the biggest items on Modi’s economic reform agenda. See also: <a href="https://www.businessinsider.in/indian-government-may-not-meet-its-fiscal-deficit-target-because-of-lower-tax-collections-india-ratings/articleshow/66824092.cms">Indian government may not meet its fiscal deficit target because of lower tax collections: India Ratings</a> <a href="https://www.businessinsider.in/with-a-new-governor-in-place-indias-government-looks-likely-to-get-a-payout-from-the-central-bank-before-the-end-of-financial-year/articleshow/67144051.cms">With a new governor in place, India’s government looks likely to get a payout from the central bank before the end of financial year </a> <a href="https://www.businessinsider.in/indias-largest-fuel-retailer-is-undertaking-its-biggest-share-buyback-since-2001-in-order-to-help-the-central-government-meet-its-disinvestment-target/articleshow/67090226.cms">India’s largest fuel retailer is undertaking its biggest share buyback since 2001 in order to help the central government meet its disinvestment target</a>

Indian PM Narendra Modi promises his government will slash GST rates on over two dozen consumer items in the highest tax category

With the global cyber attack by malware Petya occuring days before <keyword id="912223" type="ORGANIZATION" weightage="100" keywordseo="goods-and-services">goods and services</keyword> tax (<keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword>) rollout date, GST Network (<keyword id="6356840" type="UNKNOWN" weightage="100" keywordseo="GSTN">GSTN</keyword>) has assured that its operations have not been affected and there has been no impact on registrations. GSTN Chief Executive Prakash Kumar said that the IT company took all necessary precautions in case such ransomware attacks happen, ensuring the safety of all data. GSTN will be handling the mammoth IT back office with over 3 billion invoices per month. "We have taken all care and there is nothing to worry about. Our system is run on Linux software and all data are safe and operations are going on smoothly," Kumar said. It was last night that the global malware attack named Petya started disrupting functioning at some central banks and many large corporations in Europe. The Indian shipping industry was affected by the attack as it hit the functioning of one of the terminals of India's largest container port JNPT at Nava Sheva. Out of 80 lakh excise, service tax, and value-added tax (VAT) assesses, more than 66 lakh have enrolled on the GSTN portal. (Image source GST India Expert)

Took all precautions to prevent GSTN from global malware attack, says CEO Prakash Kumar

(Image source- Reuters) <ul><li><keyword id="42575" type="PERSON" weightage="20" keywordseo="Arun-Jaitley">Arun Jaitley</keyword> has said the government is mulling the possibility of merging two tax rates on standard items, which are 12% and 18%, into a single rate of 15%. </li><li>At present, the <keyword id="6354679" type="DEFINITION" weightage="20" keywordseo="gst">GST</keyword> regime has four separate <keyword id="293369" type="ORGANIZATION" weightage="20" keywordseo="SLABS">slabs</keyword> - 5%, 12%, 18% and 28%, the last of which is reportedly on its way out and will only be levied on “luxury and sin goods” in the future. </li><li>The GST regime has not resulted in the accumulation of increased tax revenues as hoped. The average monthly tax collected this year is around ₹971 billion, which is less than the ₹1 trillion the government was targeting. </li></ul>Between the demonetisation initiative and the ostensibly botched implementation of the Goods and Services Tax (GST) regime, the <keyword id="6354642" type="PERSON" weightage="20" keywordseo="Modi">Modi</keyword> administration’s most strident critics have had plenty of fodder. However, in a Facebook post entitled “<a href="https://www.facebook.com/notes/arun-jaitley/eighteen-months-of-the-gst/932255003629715/">Eighteen Months of the GST</a>”, India’s finance minister, Arun Jaitley, looked to dispel some oft-levied gripes against the policy, which includes a claim that the 28% slab is too high. Jaitley explained that prior to the reform’s implementation, the value-added-tax regime levied a 31% indirect rate on most items in addition to state-specific cesses and excise duties. The prior taxation system included as many as 17 different rates on the same product. He also said that the government was mulling the possibility of merging the two tax rates on standard items, which are 12% and 18%, into a single rate of 15% in order to make the enforcement and compliance of the taxation system simpler. This is part of the “one nation, one tax” approach envisioned under the reform. At present, the GST regime has four separate slabs - 5%, 12%, 18% and 28%. At the time, the government justified the multiple rate system by saying it ensured that the <keyword id="6354678" type="DEFINITION" weightage="20" keywordseo="Indirect-Tax">indirect tax</keyword> rate on an item did not fall significantly. The 28% slab is also reportedly on its way out, and will only be levied on “luxury and sin goods” like large televisions and cigarettes. Only 27 items remain in the highest slab, a drastic decline from the 228 items when the GST was introduced in July 2017. Jaitley’s comments followed the revision of rates this past weekend. The rates <a href="https://www.livemint.com/Politics/7tlDmqPtOqmCfhuhBDm1AN/GST-Council-cuts-tax-rate-on-22-items-seven-items-go-out-of.html">on 22 items </a>were reduced, a nice sweetener ahead of national elections next year. Seven commodities including cameras and farming implements, were taken off the 28% slab. Cement and auto parts were supposed to be taken off the 28% slab as well, but the government decided against this for the time being as the resulting decline in tax revenues would be too much to stomach. Despite its suggested benefits, the GST regime has not resulted in the accumulation of increased tax revenues as hoped. While the average monthly tax collected has increased to <a href="https://economictimes.indiatimes.com/news/economy/policy/sun-is-setting-on-the-28-gst-slab-arun-jaitley/articleshow/67226303.cms">₹971 billion</a> in the financial year so far compared to ₹897 billion in 2017-18, this is significantly less than the ₹1 trillion the government was targeting. In a radio interview yesterday, Jaitley said that the central government was having a difficult time meeting its collection targets owing to lower contributions from the <a href="https://www.livemint.com/Politics/ICGM59ixWTfZ3GNEppC0FN/Stress-in-telecom-aviation-and-real-estate-affecting-revenu.html">telecom and airline sectors</a>, both of which feature a high level of price competition between incumbents resulting in lower prices. SEE ALSO: <a href="https://www.businessinsider.in/heres-how-the-proposed-changes-to-gst-could-affect-businesses/articleshow/64935707.cms">Here’s how the proposed changes to GST could affect businesses</a> <a href="https://www.businessinsider.in/complaints-rise-against-indian-companies-that-havent-passed-on-the-benefits-of-lower-gst-to-consumers-report/articleshow/66822554.cms">Complaints rise against Indian companies that haven’t passed on the benefits of lower GST to consumers: Report</a>

You Searched For "GST India" and got 11 results

Foreign crypto exchanges in India may have to pay 18% GST as the government mulls over taxation

BI India Bureau

Indian economists tell Finance Minister Nirmala Sitharaman to simplify GST and direct taxes

PTI

Flipkart is wooing sellers with a collaboration that will help them file their taxes online

Prabhjote Gill

Lottery tickets to attract maximum GST rates

BI India Bureau

Here’s how difficult the GST process was for the Modi government

BI India Bureau

Rahul Bose’s tweet lands Marriott in trouble as taxman will probe the case of ‘expensive bananas’

Sanchita Dash

Plan Ahead: Here’s how GST is going to impact your mutual funds, insurance premiums

Akanksha Jain

Fancy a career in exports? Indian government is offering an export awareness course

BI India Bureau

Indian PM Narendra Modi promises his government will slash GST rates on over two dozen consumer items in the highest tax category

BI India Bureau

Took all precautions to prevent GSTN from global malware attack, says CEO Prakash Kumar

BI India Bureau

India’s Finance Minister moots the possibility of a single tax rate on standard items amid continued criticism of the government’s GST regime

Dilsher Dhillon

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