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GST Council meet: Rollout to rule changes, decisions explained in 12 points

The government would allow companies to file late returns for the first two months after the implementation of the Goods and Service Tax (GST) regime on July 1, Finance Minister Arun Jaitley said on Sunday after a meeting of the GST Council. This would help companies adapt to the new online filing system. GST, arguably the biggest tax reform in 70-year history of independent India, will require companies to file three online returns each month. Some industry bodies had earlier urged that the rollout of GST, scheduled for July 1,…

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Bad news for small biz: GST forces you to file 37 tax returns instead of 13

A small-scale manufacturing company with operations in only one state will have to file a minimum of 37 returns instead of the current 13 once the goods and services tax (GST) goes live from July 1, 2017, increasing work for industry, accountants and banks, according to an IndiaSpend analysis. With the deadline for the GST less than a month away, finance professionals, banks and industry seem unprepared for the challenges of implementing the one nation-one tax idea, work towards which began 13 years ago. “The entire ecosystem needs to be…

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