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GST Council decisions to spur tech exports, enhance ease of biz: Nasscom - The Economic Times

Economic Times

Economic Times · 1m ago

GST Council decisions to spur tech exports, enhance ease of biz: Nasscom - The Economic Times

The GST Council's recent decisions have been hailed by Nasscom as a major boost for IT services and e-commerce. Key measures include easing compliance, enhancing cash flows, and minimizing disputes to strengthen India's tech export capabilities and facilitate business operations. Restorations in export status for intermediary services and streamlined MSME registrations span the reforms. These changes aim to reduce entry barriers, enhance market reach, and introduce clearer GST rules for e-commerce and IT services.

Related News

Nasscom red flags GST tangle in IT's head office-branch deals - The Economic Times

Economic Times

Economic Times · 22h ago

Nasscom red flags GST tangle in IT's head office-branch deals - The Economic Times

Nasscom highlights that current GST rules impose unwanted tax liabilities on IT companies by taxing internal transactions between branches as separate events. These transactions, while not involving different entities, complicate workflows and lead to added tax burdens. Nasscom advocates for amending GST laws to exclude intra-company operations from being treated as exports, thereby easing the tax burden. Interim administrative measures have been suggested to streamline the process until legislative changes are made.

Nasscom bats for Infosys, says Rs 32k Cr GST notice shows lack of understanding of industry model

YourStory

YourStory · 1y ago

Nasscom bats for Infosys, says Rs 32k Cr GST notice shows lack of understanding of industry model

Nasscom, the apex IT association, has voiced its support for Infosys in response to the company's Rs 32,403-crore GST notice. Nasscom argues that the notice displays a lack of understanding of the IT industry's operating model and calls for clarity in compliance obligations to avoid unnecessary litigation. It emphasizes the importance of an enabling policy environment for accelerating service exports and attracting global tech investments to India. The GST notice issued to Infosys covers services availed from its overseas branches, but Infosys contends that these expenses are not subject to GST.

CEO Krishnamurthy spotlights GST booster to consumption as Flipkart preps for annual flagship sale - The Economic Times

Economic Times

Economic Times · 1m ago

CEO Krishnamurthy spotlights GST booster to consumption as Flipkart preps for annual flagship sale - The Economic Times

Flipkart Group CEO Kalyan Krishnamurthy highlighted that GST reforms are crucial for boosting consumption and inclusion. Revised GST slabs are expected to enhance purchasing power, empower sellers, and expand market access. He noted Flipkart’s strong growth, with sales quadrupling and product selection growing 1.3 times. The company's preparations for The Big Billion Days sale include compliance updates and increased seller confidence, attributed to GST adjustments approved by the GST Council, effective September 22.

‘Intermediary’ clause removal unlocks export benefits for IT services, GCCs - The Economic Times

Economic Times

Economic Times · 1m ago

‘Intermediary’ clause removal unlocks export benefits for IT services, GCCs - The Economic Times

India's Goods and Services Tax (GST) Council has removed the location provision for "intermediary services," significantly benefiting the country's outsourcing and technology sectors, including Global Capability Centres (GCCs). This change allows these services to be classified as exports, easing compliance, unlocking working capital, and reducing litigation. The updated rule, where the tax location is now determined by the recipient’s location, enhances global competitiveness and allows Indian service providers to claim export benefits.

GST Council clears process reforms for taxpayers

Economic Times

Economic Times · 1m ago

GST Council clears process reforms for taxpayers

The GST Council has introduced significant reforms to ease compliance for small taxpayers, including auto refunds and prefilled returns. It plans to implement these by October, alongside a simplified registration for small electronic commerce suppliers. The GST Appellate Tribunal is expected to start operations by the end of the year. These measures aim to streamline processes, expand the tax base, and enhance compliance. Additionally, corrections in duty structures are also being addressed to reduce litigation.

Roti, kapda aur makan: The firepower India's common man got as Diwali gift

Economic Times

Economic Times · 1m ago

Roti, kapda aur makan: The firepower India's common man got as Diwali gift

The GST Council has restructured tax slabs by reducing GST on many everyday items, benefitting India's middle class. Household essentials like packaged foods now have lower taxes, easing monthly budgets by 7-8% for urban and 5-6% for rural families. This significant tax reform aims to spur consumption and savings, particularly for the expanding middle-class segment, aligning with India's economic growth and rising consumer spending expectations by 2031.

GST has been contributing a substantial part of revenue kitty: JNU Professor Praveen Jha

Economic Times

Economic Times · 1m ago

GST has been contributing a substantial part of revenue kitty: JNU Professor Praveen Jha

In a recent GST Council meeting, JNU Professor Praveen Jha stated that GST contributes significantly to government revenue, over 50%. A proposed reduction in GST rates could benefit consumers and businesses, but may lead to revenue shortfalls and increased deficits if expenditure levels remain unchanged. While the rate cuts are generally welcomed, there is concern about how the government will offset the reduced revenue, with final decisions pending further council discussions.

GST Council introduces 'Track and Trace' system to curb tax evasion

YourStory

YourStory · 10m ago

GST Council introduces 'Track and Trace' system to curb tax evasion

The GST Council has approved the implementation of a 'Track and Trace Mechanism' to combat leakage in the Goods and Services Tax (GST) system. The mechanism involves affixing a unique mark on specified evasion-prone goods or packages to trace them throughout the supply chain. Additionally, the Council has mandated that bills for online services clearly state the state where the service is provided. This change aims to ensure more accurate tax distribution for inter-state transactions. Furthermore, the Council has made various decisions regarding the GST rate on goods and exemptions for certain services.

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint

Livemint

Livemint · 1y ago

After Infosys, tax authorities may issue GST notices to more IT companies for alleged tax evasion: Report | Mint

Indian tax authorities may issue notices to other IT companies for alleged tax evasion related to work conducted by their overseas offices. This comes after Infosys was recently issued a ₹32,403 crore GST notice. Industry body Nasscom responded to the tax demand, stating that it reflects a lack of understanding of the IT sector's operating model and that multiple companies are facing unnecessary litigation and uncertainty. Infosys argued that GST payments are eligible for credit or refund against the export of IT services. Nasscom called for enforcement mechanisms to honour government circulars and prevent negative impacts on India's ease of doing business.

Nasscom to launch US CEO Forum in NY to boost India-US tech, innovation ties - The Economic Times

Economic Times

Economic Times · 3m ago

Nasscom to launch US CEO Forum in NY to boost India-US tech, innovation ties - The Economic Times

Nasscom is launching the US CEO Forum in New York to enhance India-US tech collaboration. The Forum will involve Indian tech CEOs and US stakeholders in strategic discussions on innovation, enterprise, policy, and talent development. With ongoing engagements planned across US tech hubs, it aims to foster growth, co-innovation, and policy alignment. Positioned as a leadership platform, the Forum seeks to strengthen the India-US tech corridor, promoting digital transformation and economic growth.

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