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<keyword id="6354512" type="CITY" weightage="100" keywordseo="Infosys">Infosys</keyword> has beaten big names in the IT sector to get the high-profile contract to develop and operate the technology platform for the proposed <a href="http://www.businessinsider.in/searchresult.cms?query=goods+and+services+tax+%28GST%29" target="_BLANK￿￿￿￿">goods and services tax (GST)</a>. 
 
The Bengaluru-based company has bagged the contract with a bid of Rs 1,380 crore. 
 The <keyword id="6354679" type="ORGANIZATION" weightage="100" keywordseo="GST">GST</keyword> IT system will provide a standard interface for the taxpayer including registration, filing of returns and payment of tax and a common and shared IT infrastructure between the centre, states and other bodies such as the <a href="http://www.businessinsider.in/searchresult.cms?query=Reserve+Bank+of+India+%28RBI%29" target="_BLANK￿￿￿￿">Reserve Bank of India (RBI).</a> 
 It is true that Infosys has bagged the contract and will develop the system and operate it for five years, informed <keyword id="185277" type="PERSON" weightage="40" keywordseo="Navin-Kumar">Navin Kumar</keyword>, chairman of the Goods and <keyword id="645517" type="COMPANY" weightage="100" keywordseo="services-tax">Services Tax</keyword> Network (GSTN), which was incorporated in March 2013 as a not-for-profit, non-government, private limited company. 
 
However<a href="http://www.businessinsider.in/searchresult.cms?query=Infosys" target="_BLANK￿￿￿￿">, Infosys</a>, India's second-largest software exporter has declined to comment over the development. 
 
Bigger rival <a href="http://www.businessinsider.in/searchresult.cms?query=Tata+Consultancy+Services" target="_BLANK￿￿￿￿">Tata Consultancy Services</a>, Wipro and <keyword id="43217" type="CITY" weightage="40" keywordseo="Tech-Mahindra">Tech Mahindra</keyword> were also said to be in the race for the prestigious contract, which entails designing, developing and maintaining the GST system. 
 
The central government holds 24.5% equity in GSTN and all states, including Delhi and Puducherry, and the Empowered Committee of state finance ministers together hold another 24.5%. The remaining 51% equity is with non-government financial institutions. 
 GST, hailed as a comprehensive reform of indirect taxes that could lift country's GDP by 1-2%, is stuck with the main opposition <keyword id="1575" type="ORGANIZATION" weightage="60" keywordseo="Congress">Congress</keyword> stalling the Constitutional amendment bill in the upper house of Parliament, where the ruling NDA doesn't enjoy a majority. 
 
The proposed GST would replace a plethora of indirect taxes at the central and state levels with a single levy and create a unified national market in the country from April 1, 2016, a deadline that may be missed if the Congress continues to oppose the bill. 
 
Tax experts are of the opinion that the award of this contract displays the government's intent to push the new tax. 
 "GST can only be successful if the technology backbone is strong. Recent experience in <keyword id="8695" type="COUNTRY" weightage="60" keywordseo="Malaysia">Malaysia</keyword>, which implemented GST from April this year, further amplifies it," said <keyword id="191474" type="PERSON" weightage="40" keywordseo="Pratik-Jain">Pratik Jain</keyword>, a partner at <a href="http://www.businessinsider.in/searchresult.cms?query=KPMG+" target="_BLANK￿￿￿￿">KPMG</a> in India. 
 
He said the award of the contract in the face of the delayed passage of the bill shows the government is serious about implementing the new tax as early as possible. 
 
"With ongoing work on drafting of GST law, this further gives assurance to the industry that GST is not far away. One would hope that the GST network would be ready for testing in time," he said. 
 
All states will use common IT processes under the GST and most are revamping their systems. Registrations on the portal are expected to begin from January. 
 
(Image: Indiatimes)

Infy bags the GST deal

<ul><li>The <keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword> Council has levied a 28% rate to casiones, <keyword id="149956" type="General" weightage="20" keywordseo="horse-racing" source="Orion">horse racing</keyword>, etc on the amount the gaming company earns from its users. </li><li>The GST Council has recommended removing the critical distinction between game of skill and <keyword id="10751675" type="General" weightage="20" keywordseo="game-of-chance" source="Orion">game of chance</keyword>. </li><li>The decision is expected to hit the <keyword id="6422069" type="General" weightage="20" keywordseo="online-gaming" source="Orion">online gaming</keyword> industry hard and the shares of listed players has taken a nosedive. </li></ul>The online gaming industry woke up expecting a bad day on Dalal Street after the 50th GST Council announced its decision to levy a 28% GST on online gaming, along with horse racing and <keyword id="71409" type="General" weightage="20" keywordseo="casinos" source="Orion">casinos</keyword>. As expected, shares of listed players like Nazara Tech and Delta Corp took a major hit with the latter nosediving 20%. The online gaming industry stakeholders have termed the 28% GST on the full value of gaming as "irrational and egregious", saying that the move is a self goal that will kill the skilled online gaming sector in the country. <cmsannotation type="cmsannotation" annotationid="But first, what is the dispute" comment="subhead" text="But first, what is the dispute">But first, what is the dispute</cmsannotation> The main debate has been about online gaming categorisation, whether it is a game of skill or a game of chance. “The Government is saying that if it is a game of chance, it will come under the category of betting, gambling, so there will be a GST of 28% on the gross value. The industry is saying that it is a game of skill and should be liable to18% GST, not on the gross value, but only on the commission component,” explains Pratik Jain, Partner, PwC India, a professional services firm. Roland Landers, CEO of the All India Gaming Federation, said that the decision ignores over 60 years of settled legal jurisprudence and lumps online skill gaming with gambling activities. "We believe this decision by the GST Council is unconstitutional, irrational, and egregious. This decision will wipe out the entire Indian gaming industry and lead to lakhs of job losses and the only people benefitting from this will be anti-national illegal offshore platforms," reads his statement. <cmsannotation type="cmsannotation" annotationid="The impact on the online gaming industry" comment="subhead" text="The impact on the online gaming industry">The impact on the online gaming industry</cmsannotation> Experts and gaming company owners agree that this is going to adversely impact the gaming industry in a major way. “It will be interesting to see the business impact for the online gaming sector considering that this sector has been touted to have significant growth potential,” says Shilpy Chaturvedi, Partner, Deloitte India, a professional services firm. Joy Bhattacharjya, Director-General, Federation of Indian <keyword id="34077" type="General" weightage="20" keywordseo="fantasy" source="Orion">Fantasy</keyword> Sports (FIFS), says that as pointed out by FIFS and many of its members on numerous occasions, change in valuation to tax on the total consideration will cause irreversible damage to the industry, loss of revenue to the exchequer and loss of employment for lakhs of skilled engineers. “The decision will have a chilling effect on the $2.5 billion of FDI already invested by investors and jeopardise potentially any further FDI in the sector. Further, this decision will shift users to illegal betting platforms leading to user risk and loss of revenue for the government,” says Bhattacharjya. Experts say that the higher tax burden will also put a blocker on India’s expanding gaming industry, and deter the new player from entering the industry. Industry insider, Mitesh Gangar, the co- founder and director of PlayerzPot, a fantasy gaming company, says that the move will corner the gaming industry in a big way. “The overall operations will not be feasible. The high tax burden will completely restrict the cash flow, limiting a company’s ability to invest in research, innovation, expansion or survival,” he said. The government on its part has said that the move isn’t targeting any particular industry. Finance Minister Nirmala Sitharaman said, “The decisions were intensive and were taken after consultation with all the members, including those representing states like Goa and Sikkim where casinos form a key part of the tourism sector."

Online gaming industry says 28% GST makes operations unfeasible

<ul class="summary-list"><li><keyword id="3658" type="COUNTRY" weightage="60" keywordseo="India">India</keyword>'s second coronavirus wave has overwhelmed hospitals.</li><li>But the government is focused on censoring discussion of its failures on <keyword id="6354632" type="UNKNOWN" weightage="60" keywordseo="social-media">social media</keyword>.</li><li>A new law threatens social media employees with prison if firms don't comply with takedown orders.</li></ul>For countless Indians, <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword> has been a way to track down medical supplies for friends and family sick with <keyword id="8763838" type="UNKNOWN" weightage="60" keywordseo="covid-19">COVID-19</keyword>, as a second wave overwhelmed hospitals.But when one man appealed for oxygen for <a href="https://www.bbc.com/news/world-asia-india-56894757">his sick grandfather</a> in April, he was arrested and charged with spreading misinformation. Authorities in Uttar Pradesh, where the man lived, claimed there was no shortage, dismissing "rumors and propaganda on social media."One head of an NGO in New Delhi, who asked for anonymity for fear of reprisal, told Insider he was called by police and told to shut down a Telegram channel he was running to procure medical supplies for those in need.Authorities have been going after the platforms themselves too. Earlier this week, police went to Twitter's offices in Delhi after the company labelled tweets by ministers from Prime Minister Narendra <keyword id="6354642" type="PERSON" weightage="60" keywordseo="Modi">Modi</keyword>'s ruling <keyword id="14666" type="ORGANIZATION" weightage="60" keywordseo="BJP">BJP</keyword> party as <a href="https://timesofindia.indiatimes.com/india/tweets-posted-by-five-more-bjp-politicians-tagged-as-manipulated-media/articleshow/82850940.cms">"manipulated media."</a><div type="image" title="Tweet manipulated media BJP member" height="1084" width="1084" msid="83062766" hostid="261"></div>They are also clamping down on more trivial matters. Last week, the government <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/india-asks-social-media-firms-remove-reference-indian-variant-coronavirus-2021-05-21/">ordered</a> <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword> and Twitter to remove references to the "Indian variant" of coronavirus - despite the fact the government itself was happy to call<a href="https://www.pib.gov.in/PressReleseDetail.aspx?PRID=1712312"> another variant "South African."</a>Indian authorities' attempts to censor criticism have become more pronounced in recent months.A flashpoint came during anti-government farmers' protests in January, when <a href="https://www.businessinsider.com/how-twitters-india-standoff-dragged-in-journalists-and-activists-2021-2">Twitter refused a government request to permanently ban accounts on free speech grounds</a>.At that time, COVID-19 cases were low and ministers encouraged people to resume normal life. But a more severe second wave struck. Earlier in May, the country set a global record for cases recorded in one day - 414,188 - and its seven-day average of daily cases is still more than 200,000, more than double the peak of the first wave in September.<div type="image" title="India COVID daily cases May 28" height="2400" width="3400" msid="83062768" hostid="261"></div>Ministers have been condemned for not only failing to prepare for second wave, but allowing and even staging mass gatherings. In late April, Twitter, Instagram, and Facebook were asked to <a href="https://www.reuters.com/world/india/india-asks-twitter-take-down-some-tweets-critical-its-covid-19-handling-2021-04-24/">censor dozens of tweets and posts</a> that criticized such failures.This week, the standoff is coming to a head. A new law came into force Wednesday that threatens tech companies and their employees with prosecution and potentially imprisonment if they don't comply with takedown orders within 36 hours.Twitter issued a statement Thursday condemning "intimidation tactics" against their employees and the new rules' "potential threat to freedom of expression."The statement vowed to continue a "constructive dialogue with the Indian Government" but added: "We plan to advocate for changes to elements of these regulations that inhibit free, open public conversation."Platforms like Twitter and Facebook have been refuges for dissent in India. <a href="https://www.state.gov/wp-content/uploads/2021/03/INDIA-2020-HUMAN-RIGHTS-REPORT.pdf">A US State Department report</a> noted in March that Indian government officials were "involved in silencing or intimidating critical media outlets" through physical attacks, pressuring owners, as well as targeting sponsors and "encouraging frivolous lawsuits."Raman Jit Singh Chima, the Asia Policy Director at Access Now, a non-profit promoting digital civil rights, said the government's actions were creating a "chilling impact on free speech."He added the repressive action tended to happen "when they think they are under pressure or come under more online criticism."Pratik Sinha, who founded one of India's leading fact-checking platforms, AltNews, said the government had been content to leave social media alone before the farmers' protests, when it was enjoying praise and <a href="https://www.businessinsider.com/why-indias-farming-protests-didnt-become-covid-superspreader-events-2021-2">India appeared to have avoided a COVID-19 disaster</a>.<div type="image" title="Indian Farmers Protests" height="3322" width="4983" msid="83062773" hostid="261"></div>But Sinha said: "As soon as the narrative changed, people started using the very medium that has benefitted the ruling party for such a long time to voice their discontent ... they don't want these critical voices to come out." "These are clearly diversion tactics that the government is adopting in the middle of a pandemic."Samir Jain, policy director at digital rights think-tank the Center for Democracy and Technology, said threats of imprisonment were akin to "hostage provisions."He added the new rules would "only empower the government to escalate its attempts to stifle legitimate speech and further imperil the future of online free expression in India."Facebook and <keyword id="6355629" type="DEFINITION" weightage="60" keywordseo="google">Google</keyword> have both issued carefully-worded statements in response to the new rules, in contrast to Twitter's strongly-worded response.Google said it would "ensure that we're combating illegal content in an effective and fair way, and in order to comply with local laws in the jurisdictions that we operate in."A Facebook spokesperson told Insider that the company would "comply with the provisions of the IT rules and continue to discuss a few of the issues which need more engagement with the government."<a href="https://techcrunch.com/2021/05/25/whatsapp-sues-india-government/">WhatsApp, which belongs to Facebook, is suing the government</a>, saying the rules would allow authorities to trace the source of messages, a violation of the app's end-to-end encryption.Senior BJP member of parliament and former party vice-president Dr. Vinay Sahasrabuddhe, whose tweet was among those labelled "manipulated media" by Twitter, told Insider in a statement: "The refusal and reluctance of social media platforms to abide by the rules and regulations made applicable by the government is inexplicable.""Law of the land is supreme and nobody can disregard India's constitution," he added."Besides, the opaqueness of their algorithms and lack of transparency in their decision making makes their case of taking a unilateral decision of flagging some Tweets totally undemocratic."India is a robust and institutionalized democracy and the Government cannot allow any company to take us for granted."AltNews's Sinha said the government could not continue to suppress its failures over the pandemic."People are grieving. There's anger," he added. "You can't just suppress anger, it's bound to come out."

Social media was a lifeline for Indians as COVID-19 overwhelmed hospitals. But the government wants to censor it.

Come July, when GST gets roll out, you would need to shell some extra bucks to buy a phone that is priced Rs 25,000 plus. Not just smart phones, consumer durables that have a chassis number or any other identification for tracking the product would have the benefit of the special credit transfer scheme n restricted to manufacturers. This would make all imported products claim deemed credit of 60% or 40% of the central GST paid, depending on the tax rate levied on the products, according to Economic Times report. The sellers cannot claim credit of the total amount of countervailing duty and additional customs duty paid on such imported goods. "If the intention is to neutralise the impact of existing central taxes paid on transition stock of high-value items, then logically even imported goods should be covered,” Pratik Jain, leader, indirect taxes, PwC told the ET. "The disparity would mean that consumer electronics, durables and cell phones which are imported would suffer more tax than ones manufactured domestically. The government should surely review this.”

Imported phones above Rs 25,000 to cost you more after GST

The government wants to ensure that the benefits of the Goods and Services Tax (GST) are enjoyed by the consumers also and is mulling over adding an anti-profiteering clause. 
 
Finance Minister Arun Jaitley said the matter will be discussed so that the prices are not hiked when GST is implemented. 
 
The GST Council will take up the matter if it is brought up before it. 
 
"This will entail detailed audit of financial data of companies and would lead to avoidable disputes. Instead, the government should focus on engaging with industry so that they understand the benefits of input credits and pass on the benefit to consumers," Pratik Jain, partner and leader, indirect tax, PwC India, told ET. 
 
"Currently, what the taxpayers are paying is phenomenally much higher. For almost 60-70% of the commodities on a weighted average, you are paying 27% plus a large number of other small taxes. In some instances, states say it's even higher at 30-32% or more," said Jaitley. 
 
GST will have a three-slab structure with most goods and services at the standard rate in the middle. A lower rate will be imposed on essential items to protect the poor and a higher rate on luxury items.

Government wants to make sure GST benefits reach consumers, may discuss anti-profiteering clause

<ul><li>Companies won’t be allowed e-way bills if they fail to file their GST returns for 6 months. </li><li>The e-way bill is required for businesses transporting goods worth in excess of ₹50,000 across state borders. </li><li>The move is aimed at plugging a shortfall in GST receipts. </li></ul>The Indian government is planning to prohibit companies from generating e-way bills for the transport of goods in the event that they fail to file their GST returns for six months in succession, or two consecutive filing cycles, officials told the news agency, Press Trust of India (PTI). The e-way bill, or electronic way bill, came into force in April 2018. It is required for businesses that are transporting goods between states with a value in excess of ₹50,000. The e-way bill system will also be implemented into the National Highway Authority’s <a href="https://economictimes.indiatimes.com/news/economy/policy/e-way-bill-to-be-integrated-with-nhais-fastag-to-track-gst-evasion-from-april/articleshow/67541384.cms">Fast Tag </a>programme, an electronic toll system, in order to prevent trucks from making multiple trips on the same bill. The Goods and Services Tax authorities are currently in the process of developing the IT infrastructure to enable the revocation of e-way bill privileges. A formal notification is reportedly expected soon. The move is aimed at preventing businesses from evading taxes. Since the GST was implemented in April 2017, there have reportedly been over 3,600 instances of tax evasion and a violation of compliance norms. The policy will likely help plug the leakages as the government tries to bridge a shortfall in GST receipts. At ₹968 billion, the monthly average collections between April and December 2018 have consistently come in below the government’s target of <a href="https://www.thehindu.com/opinion/editorial/gst-shortfall/article25892792.ece">₹1.06 trillion</a> owing to both evasion and reductions in tax rates on various products. A similar attempt to penalise alleged tax evaders by the then government in Madhya Pradesh (MP), led by the Bharatiya Janata Party (BJP), led to severe unrest from the state’s business community. A lobby representing nearly a million truck operators, the All India Motor Transport Congress, called for a <a href="https://www.financialexpress.com/economy/whopping-rs-1-3-crore-fine-for-e-way-bill-error-triggers-transport-strike-just-a-day-before-gst-council-meet/1249415/">nationwide strike</a> in July 2018 against the MP government’s hefty penalty of ₹1.35 lakh crores ($19.2 billion) for lapses in e-way bills. Less than six months later, the incumbent state government under Shivraj Singh Chauhan lost the elections to rival Indian National Congress (INC). The Narendra Modi government may want to avoid the risk of losing further ground among its core voter base, the trading community, in an election year. Therefore, there is a chance that the policy to penalise non-compliance with e-way bills may be enforced after general elections. The issue with e-way bill is at times more than an intent to evade taxes. “Currently, in many companies, there is a confusion as to whether these compliances should be undertaken by the supply chain team or the finance/ tax teams and in the process, chances of error is high. Given these developments, treating the e-way bills as merely a ‘procedural’ requirement would be fraught with risk,” Pratik Jain, Indirect Tax Partner at PwC, told the Financial Express in July 2018. The government is trying to<a href="https://www.businessinsider.in/author_articles_all.cms?query=%22Dilsher%20Dhillon%22&amp;author=Dilsher%20Dhillon"> secure the votes of small business owners</a> with rate cuts and less stringent filing norms. Earlier this year, the GST Council decided to double the minimum revenue threshold for compliance with the tax to ₹4 million for producers of goods. At the end of 2018, Finance Minister Arun Jaitley also said the government was mulling the possibility <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">of merging two tax rates on standard items</a>, which are 12% and 18%, into a single rate of 15% to make the filing of returns easier. SEE ALSO: <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">India’s Finance Minister moots the possibility of a single tax rate on standard items amid continued criticism of the government’s GST regime</a> <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>

The Indian government is risking a tighter noose on 'tax evaders' as GST collections remain short of target

With the <keyword id="6355040" type="ORGANIZATION" weightage="20" keywordseo="gst-council">GST Council</keyword> recently setting up a new advisory group, the Goods and Services Tax could be in for a revamp that is more comprehensive than the tweaks made thus far. The new panel will have former revenue service officer <keyword id="5163468" type="PERSON" weightage="20" keywordseo="gautam-ray">Gautam Ray</keyword> as co-convener and will include representatives of small businesses and retail. The group will specifically look at the central, state and integrated <keyword id="6354679" type="ORGANIZATION" weightage="20" keywordseo="GST">GST</keyword> laws and problems faced by stakeholders due to their provisions. According to experts, among the key points that may be addressed in a revamp are rules that deal with input tax credit, how to arrive at the value of goods and services for taxation purposes, invoices and determining from where a service is provided. The panel will give its report to the law committee of the council by November 30. This will be reviewed by the committee and forwarded to the GST Council for speedy action. This, however, is in addition to the changes proposed to the composition scheme to bring relief to small businesses and traders that could be taken up by the GST Council at its upcoming meeting on November 10. The council could also reduce the rate of tax on some goods from 28% to 18% at this meeting. Traders and small businesses have been complaining about provisions in GST, which was rolled out on July 1 to replace multiple state and central taxes and cess. They have sought the simplification of various rules in multiple representations to the government. Prime Minister <keyword id="6354477" type="PERSON" weightage="20" keywordseo="narendra-modi">Narendra Modi</keyword> had even indicated on Saturday that the government could take up more measures to ease problems faced by small businesses. Earlier, the GST Council had raised the turnover threshold for the composition scheme to Rs 1 crore from Rs 75 lakh. It had also set up a group of ministers under Assam finance minister Himanta Biswa Sarma to look at other issues related to taxation under the composition scheme and GST for restaurants. The council is expected to lower the flat tax rate for traders availing of the composition scheme to 0.5% from 1% if they include both taxable and tax-exempt goods in their turnover. “Till now, the changes have been carried out by way of notifications and instructions,” Pratik Jain, indirect tax leader, PwC told in an interview to ET recently. “There is a need to do a comprehensive review of changes required in the legislation as well, based on issues that have already been highlighted by industry,” he said. (Photo courtesy: The Hindu)

GST could soon be in for the biggest revamp since its launch this year

The government wants to get everything under the tax ambit and now is planning to bring barters and exchanges under the <keyword id="6359833" type="ORGANIZATION" weightage="20" keywordseo="Goods-and-Services-Tax">Goods and Services Tax</keyword> (GST). 
 
So, if the bill gets passed in Rajya Sabha, exchanging smartphones and vehicles with new ones will no more be an advantage. 
 
If barters come under GST, consumers will have to pay tax on the full value. 
 
The government wants to put a clean chain without disruption in payments to ensure tax credit flows seamlessly. 
 
"It would have an impact on consumer electronics and automobile sectors, wherein old items or cars are exchanged with a new product at a reduced price. It would need to be seen how goods under barter or exchange would be valued," Pratik Jain, partner, KPMG India, told ET. 
 
But for this, government will have to mention clear guidelines. 
 
Reportedly, GST will be levied on supply of goods and services as against provision of service, sale or manufacture of goods presently. Supply will include barter, exchange and licences such as those for mining or spectrum.

GST will make sure everything is taxed, even exchange of smartphones, vehicles

The ‘Buy One, Get One’ offer that lured you to buy most of the products may no longer attract you as the Indian government is thinking of levying <a href="http://www.businessinsider.in/searchresult.cms?query=GST&amp;sortorder=effectivedate">Good and Services Tax</a> (GST) on the free product. 
 
Yes, this means your free product will also be <a href="http://www.businessinsider.in/searchresult.cms?query=tax&amp;sortorder=effectivedate">taxed</a>. 
 
Under the Section 3 of the proposed GST bill, the <a href="http://www.businessinsider.in/searchresult.cms?query=government&amp;sortorder=effectivedate">government</a> has stated that the supplies specified in Schedule I, made without a consideration, are also liable to GST. 
 
Meanwhile, tax experts have called for some clarity on the same. 
 
"Any form of direct or indirect GST on free supplies could have a significant impact on the sales &amp; marketing spend of companies, specifically those dealing in consumer products," Pratik Jain, national indirect tax leader at PwC, told ET. 
 
Tax experts say the Entry 5 of Schedule I states "supply of goods and/or services by a taxable person to another taxable or non-taxable person in the course or furtherance of business". 
 
"While the GST law clearly lays down that supplies for business promotion without a consideration would be a supply, yet it fails to provide a clarity whether it would be treated as an exempt supply for reversal of credits," Bipin Sapra, partner at EY, told ET. 
 
The Indian government has been doing everything to get the GST bill passed, which will bring state and central taxes with a single GST. However, <a href="http://www.businessinsider.in/searchresult.cms?query=Congress&amp;sortorder=effectivedate">Congress</a> has opposed the move.

Nothing is going to come for free after GST is implemented. Here’s why

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Goldman Sachs announced its 2019 class of managing directors, with 465 new promotes getting the nod.</li><li>Of the 465 promoted, 29% are women, and 34% identified as an ethnic minority or LGBTQ.</li><li>The firm announces managing-director promotions every two years.</li><li>It's one of the most coveted positions on Wall Street, a step below partner at the premier investment bank.</li></ul><a href="http://markets.businessinsider.com/stock/GS-Quote"> Goldman Sachs</a> just announced a new class of 465 managing directors, and millennials comprised nearly two-thirds of it. The promotions, which are announced once every two years and are among the most coveted on Wall Street, put recipients one step <a href="https://www.businessinsider.com/goldman-ceo-solomon-offering-buyouts-to-partners-shrink-senior-ranks-2019-9">below partner</a> at the prestigious investment-banking firm.The 2019 class is smaller than the record-setting class of 509 in 2017, but larger than the class of 2015, which had 425 new MDs.It's also one the youngest classes the bank has promoted - 62% are millennials, up from 44% in 2017 and <a href="https://www.businessinsider.com/goldman-managing-director-list-2015-11">30% in 2015</a>.Other headline stats about the class:<ul><li>66% started their careers as analysts or associates at Goldman Sachs, equal with 2017.</li><li>29% of the class is women, up from 24% in 2017.</li><li>34% of the identified as an ethnic minority or LGBTQ: 26% are Asian, 4% are black, 2% are hispanic/Latino, and 2% are LGBTQ. </li></ul><h2>Here's the full list of all 465 new managing directors:</h2>Rashid Abdalla Angela Abramian-Katz Meredith Adams Keren Adan Vikas Agrawal Mike Ahern Edward Ainsworth Danny Akerman Temidayo Akinola Aaron Albert Eyas Aldossari Marsha Alexander Daniel Alger Asad Ali Brendan Ames Dipam Amin Rebecca Anderton-Davies Junnosuke Ando Ash Ang Timothy Arblaster Kenan Arkan Patrick Armstrong Cameron Arrington Cindy Au Anne-Victoire Auriault John Aurre Frederick Baba Andrew Bailey Tanya Baker Victoria Baker-Duly Venkatesh Balasubramanian Nick Baltas Maria Barron Baratech Luke Barrs Robert Bartlett Dennis Beeson Angus Bell Bob Bengtson Kerryann Benjamin Jeff Bernstein Adam Berry Michel Beshara Justin Betzen Praveen Bhagavathula Peter Biggs Ersen Bilgin Nathan Bird Simon Birtwistle Barnali Biswal Brittany Boals Moeller David Bodenstein Vanessa Bogaardt Kevin Boova Andrea Bora Said Boujnah Jeff Boyd Rachel Boyd Glyn Braganza Joyce Brayboy Pierre Brunet Keith Brunini Steven Budig Francisco Cabeza Kimberly Carabetta Sarah Card Marie Cardoen Gloria Carreno Jonathan Carter Osmar Castellani Junior Lucia Catalan Federico Ceresole Jeffrey Chao John Chappell Yogesh Chati Frank Chen Selina Chen Hakim Cherrouk Christopher Yiu Chung Cheung Tak Cheung Siddharth Chhabria Liz Chick James Chilcott Jon Child Naveen Choppara Leonard Chung George Cole Greg Collett James Colletti Kevin Conniff Simon Constant Charles Corke Krystal Cowan Ben Coward-Talbott Nerissa Cumberbatch Ryan Cunn Nadim Daban Brook Dane Abigail Darby Michael Daub Bill Davis Christopher Dawe Jeffrey Dawkins Adam Dawson Philipp de la Chevallerie Camille de Lamotte Frederik De Neree Joaquin de Soto Dan Deighton Manuel Deijk Stefanie D'Elia Lena Demashkieh Michael Dente Philippe Derimay Bradley Diener Michel Dimitri Angelo Diotisalvi Natalia Dobrinskaya John Doherty Matthew Doherty Jerome Dortmans Hamish Douglas Crista Downey Andre D'Souza Alexander Dupont Brett Durick Tsuyoshi Egawa Gaudenz Eichenberger Nnaemeka Eke Bill Elfsten Abel Elizalde Russell Elliott Scott Epperson Robert Fama Meriem Feghoul Xinyi Feng Roger Fenningdorf David Fernandez Morgan Fitzpatrick Ryan Flanagan John Flood Kellan Florio Kerry Flynn Jeremy Follett Anneliese Foster Fabrice Francois Marissa Freund Anders Furuhed Sebastien Gagnon Timothy Galligan Francesca Gardner Raj Garigipati Brian Garrett Douglas Gilman Aaron Goldman Jeremy Goldman Sanyam Goyal Ricky Grant Steven Gray Jules Gruner Shao Ping Guan Anushka Gupta Sonia Gupta Arvind Guruprasad Itir Guvenc Mungan Raymond Haagen Andrew Haave Sylvia Hadjimamas Terry Hagerty Sharon Hall Jeff Haller Scott Hankey Sara Hanlon Tom Haraldsson Alex Harman Lauren Havens Ken Hayahara James Hayward Tom Healy Victoria Hegan Michael Heller Paula Hendrickson Evan Herring Schuyler Heuer Daniel Hibbert Andrew Hine Megan Hogan Yoomin Hong John Hooton George Horton Dan Howard Christine Hu Katie Hyde Nicole Irvin Ahmed Ismail Kumar Iyer Philip Jacob Raphaelle Jacquemin Rajan Jain Rich James Marene Jennings Kyle Jessen Natasha Jhunjhunwala Brandon Johnson Geddes Johnson Milind Joshi Sojin Jung Amy Jupe Michael Kagan William Kallop Jordan Kaufman Charlotte Keenan Maxime Kennel Aron Kershner Ronald Keung Eugene Khafizov Feroz Khosla Kieron King Tom Knott Simon Knowles Sarah Kong Scott Konicki Robert Koslow Kunal Koya Elisabeth Kozack Joanna Kozlowski Kristin Kramer Jason Kreuziger Daniel Krinsky Kristin Kuney Casey Laflamme Beyrouthawit Lakew Mikael Lang Mark Langham Francesca Lau Karmen Lau Victoria Ledda Adrian Lee Sara Lee Niall Leguillon Chip Lemkau Marie Claire Lennon Matthew Leskowitz Ryan Lester Curtis Leung Jacky Leung Giulia Lewandowski Christian Lhert Aihua Liang Chi-Yu Liang Mony Lim Nyan Lin Tobias Lindemann Jon Lindgren Ada Liu Adrian Loh Syida Long Lorenzo Pasquale Longo Alexandre Lucas Michelle Luk Amanda Lynam Chris Lyon Srivats Madhavan Alok Madhukar Devasish Majumdar Salome Makharadze Shun Manabe James Mann Todd Mansfield Corey Maple Ivan Martinez Farzad Mashayekhi Morad Masjedi Michael Mastropaolo Moe Matar Colin Mathews Ritesh Mathur Brooke Mayne Jordan McCallum Mark McCaskill Catherine McCormack Paul McGregor Andrew McLennan Brian McMahon Nehal Mehra Ramiro Menchaca Mark Midle Giuseppe Milicia Kristin Milot Yusuke Minowa Aric Mizrahi Sherry-Ann Mohan Stacy Mohr Mohammed Mohsinali Helen Moloney Matthew Mottram Richard Mulley Ken Murata Sarah Murray Usman Naeem Soumik Nandy Satish Narang Vijay Narayanan Jamil Nathoo Joseph Natoli Sean Navin Aziz Ndiaye Ryan Newman Sara Nielsen Eyal Nirenberg Quinn O'Bryen Joanna Obstoj Jackie O'Connor Nonso Ogbonna Laide Oginni Mari Oishi Scarlett Omar-Broca Enrico Orlandi Jean Otrakji Edouard Panie Francesco Papa Pratik Pareek Gemma Parrott Atul Pawar Arnaud Payement Yuriy Podoshev Mitesh Popat Matthew Popper Arnaud Porchet Nicole Poulson Joseph Pozzi Anant Prasad Frederic Pripp Chaitra Purushotham Benny Quek Conor Quinn Thomas Radberg Stephanie Raimo Kamal Ramnani Michael Rand Olivia Rascoe Jibraan Rasheed Varun Rastogi Seth Reagen Nikhil Reddy Adil Rehman Elaine Rene Salveen Richter Fabian Riedel Helen Rigley Joe Ritchie Ilan Rochman David Rockliff Pearl Rodrigues Mark Romanczuk Mairin Rooney Delia Rosoga Ranjith Roy Mark Ruffles Benjamin Runnacles Ashley Ryan Eric Ryckman Takeshi Saito Sushil Sancheti Neha Santiago Vijay Saraswat James Sarvis Christian Schaefer Heather Schuyler Katelyn Seager Gowri Sekar Chris Semones Vikram Sethi Hui Shan Adi Sharma Praharsh Sharma Nicole Sharp Inna Shaykevich Jenna Shen David Shih Michael Shin Aekloveya Shyam Haris Siddiqi Adam Siegler John Sienkiewicz Craig Singer Peter Smith Brian Snyder Tejas Sodha Doug Spencer Mark Spitzer Anushree Srivastava Christian Stassen Holger Staude Emily Stecher Becky Steinthal Samuel Su Vivek Sukhatme Danny Suwanapruti Andy Tai Stephanie Tan Kei Tanaka Jacky Tang Hekmat Tannous Michael Tarulli Luigi Tavella Archana Tayade Emma Taylor Lori Taylor Asher Teren Gurtaran Thethi Jonathan Thomas Neil Thomas Bryn Thompson-Clarke Todor Todorov Steven Torbeck Sidney 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