GST Current Affairs

GSTN launches excel-based offline tool to file initial GSTR-3B returns

The Goods and Services Tax Network (GSTN) has launched excel-based offline facility to allow taxpayers to finalise their GSTR-3B forms on their own computers before uploading it onto the portal in order to minimise chances of errors before uploading on portal. Taxpayers have to file the summary GSTR-3B forms each month till January.

Key Facts

This Excel based offline facility will provide an opportunity to the taxpayer to verify the details of GSTR 3B before filing and minimise chances of error. It will make the process of filing returns simpler. The offline utility is designed to help taxpayers to prepare their GSTR-3B return on their computer system. The taxpayer can download the offline utility from the GST Portal under the Download Section. Using it, taxpayers can fill data and then create json file for uploading the same on GST Portal.

Goods and Services Tax Network (GSTN)

GSTN is a not for profit, non-Government, private limited company incorporated in 2013. It has been set up primarily to provide IT infrastructure and services to the Central and State Governments, tax payers and other stakeholders for implementation of Goods and Services Tax (GST).

The Union Government holds 24.5% equity in GSTN. All States including two UTs (Delhi and Puducherry) and Empowered Committee of State Finance Ministers (EC) together hold another 24.5%. Balance 51% equity is with non-Government financial institutions-HDFC Bank Ltd (10%), HDFC Ltd (10%), ICICI Bank Ltd (10%), NSE Strategic Investment Corporation Ltd (10%) and LIC Housing Finance Limited (11%).

The Revenue Model of GSTN after GST rollout consists of User Charge to be paid by stakeholders who will use the system and thus it will be a self-sustaining organization

Tags:

IMF lowers India’s growth forecast to 6.7 %

The International Monetary Fund (IMF) in its October World Economic Outlook (WEO) has lowered India’s economic growth forecast at 6.7% in 2017 and 7.4% in 2018.

It is slower than 0.5 and 0.3 percentage points projected earlier by IMF. In April 2017 forecast, IMF had revised upwards India’s growth performance for 2016 to 7.1% as opposed to 6.8%

Key facts

The report has cited impact of demonetisation and implementation of Goods and Services Tax (GST) for expected slowdown during the current and the next year. It also held that India’s slowdown is happening even as the world economy is picking up steam. But it expects revival of growth in future due to structural reform.

India will regain fastest growing major economy tag next year when it is forecast to grow 7.4%, slower than earlier estimate of 7.7% but higher than China’s 6.5%. It also expects that the Indian economy to grow 8% in the medium term on the back of reforms undertaken so far.

Comment

IMF forecast is latest in series of downgrades in India’s growth prospects unveiled by other multilateral agencies such as World Bank, Asian Development Bank (ADB) and OECD.  Earlier, RBI had lowered its growth forecast for 2017-18 to 6.7% from 7.3%.

World Economic Outlook (WEO)

The WEO is survey conducted and published by IMF. It is published biannually and partly updated two times a year. It portrays the world economy in the near and medium context, with growth projections for up to four years into the future. WEO forecasts include key macroeconomic indicators, such as GDP, inflation, fiscal balance and current account of more than 180 countries around the globe. It also deals with major economic policy issues.

Tags:

12345...10...16