New Delhi: Six months into the Goods and Services Tax (GST) regime, and still the teething problems persist. While stakeholders are trying to make sense of the new indirect tax system, businessmen and SMEs are looking to hire GSTprofessionals, who would help them in filing returns easily
To combat those hassles, here are 5 portals, which would help the SME’s get the right professional approach:
Largest B2B marketplace connecting buyers with suppliers has seen traction for GSTbilling software, GST consultation services and GST Registration. The category called ‘GST Suvidha Provider’, has witnessed a growth of around 400 percent in the traffic in the last six months. Currently, there are more than 10000 GST service providers (up from 500 till May 2017) registered on IndiaMART who are offering services like consulting, business advisory, return filing and more. More than 2.5 lakh people have shown interest in GST related products and services on IndiaMART.
Works on developing enterprise automation platforms to help SMEs and startups in the B2B and B2C space eradicate the manual process of tax filing and invoicing, using technology like business intelligence and machine learning.
Aims to help individuals and SMEs e-file their income tax returns. All you have to do is log on to ClearTax and upload your Form 16. We will prepare your income tax return for you automatically. We promise that the whole process will take no longer than 10 minutes.
World class GST return filing solution for GST is here to help you! We believe in making your return filing experience simple and seamless. Our promise is a easy to use software with exceptional support.
An online platform, EasemyGST aims at providing world-class GST compliance technology infrastructure to enterprises and assisting them in adapting to the GSTregime. It has been developed by a team of CA Professionals having solid technology experience, and supported by acclaimed legal professionals and various domain experts.
GST relief for realty sector coming: Goyal
New Delhi:Finance Minister Piyush Goyal said the government is considering giving relief to the real estate sector and the next GST Council meeting could take some steps to address their issues even as he asked the banks to meet the realty sector on stalled projects in two weeks.
At the industry body CREDAI event here, he also advised the realty sector to sell off inventory even in the current pricing about which the realtors complain as being low. Goyal has been asking banks to step up lending to the housing sectors.
The finance minister asked the state-run banks to meet realty sector on stalled projects in two weeks and asked the realtors not to over-leverage the loans and drive away the banks from lending them. SBI chairman Rajnish Kumar was also present in the event.
While crediting the Prime Minister with taking up the problems of the housing sector, Goyal said “The Prime Minister guided us that we must relook at the GST structure. We have been having extensive discussions and last time probably we would have been able to finalise it but for some different view points came out from different quarters which was natural but somewhere you have to come at a consensus.
“I think what the GoM on Housing has decided on the final consensus, I am confident, you will support that and very soon the GST Council meeting has been called for and I am sure the solutions will come out and you all can benefit out of that. Some of you may feel at disadvantage of about 1-2 per cent.
“Here I will seek your support that you accept what the GST Council decides and this is in your interest also. You will be spared of queries from officials over small issues like if you have passed on the input tax credit to the consumers or not, being pushed to the anti-profiteering tribunal. I think that will be the biggest benefit to you all.”
The ailing real estate market is looking to get GST intervention to come out of the slump. Though the Finance Minister did not reveal the relief that is coming from GST, the government is in the process of handing out a big pre-election bonanza to property developers and buyers by reducing GST on under-construction houses, from 12 per cent to 5 per cent. GST on affordable housing, meanwhile, will only be 3 per cent.
The GST Council meeting is slated for February 20 and is expected to take up and pass these proposals. Under-construction houses currently attract 12 per cent GST and 6 per cent stamp duty and registration Goyal had earlier held a meeting with CREDAI, the umbrella body of developers, whereby he had promised that in the upcoming GST council meeting, tax on under-construction houses and affordable housing would be reduced significantly. Even in his Budget speech, Goyal had said his government will reduce GST on under-construction houses.
He further said he and the PM have had extensive discussions in the interim Budget over the housing sector. while the government did not change too much and the major proposals will come in July (in the NDA government again) but it focussed on the affordable housing sector in which it made a few modifications which the government hoped will help in the growth of the sector.
The industry is of the view that people are staying away from investing in property due to heavy taxes. A builder said at 12 per cent GST, if the cost of a house is Rs 1 crore, buyers have to pay Rs 12 lakh as tax plus 6 per cent stamp duty and registration, which means the customer ends up paying Rs 1.20 crore which is a huge amount. It also meant under-construction real estate market was facing troubled times. The industry wants to revive the under-construction market facing the maximum pressure.
Morgan Stanley arm snaps majority stake in KSH Infra for Rs 350 cr
Mumbai: Morgan Stanley’s realty investing arm has infused Rs 350 crore into Pune-based warehousing and industrial logistics park developer KSH Infra for over 50 percent stake.
This is the maiden investment by the Morgan Stanley Real Estate Investing (MSREI) in the country’s warehousing space. KSH Infra operates two warehousing and industrial logistics parks in Pune totalling approximately 1 million square feet, leased to blue-chip multinationals.
KSH Infra was a part of erstwhile KSH Group, a 40-year old established group with multiple businesses such as Internal Container Depot (ICD), manufacturing and logistics. Pursuant to the transaction, KSH Infra was demerged from KSH Distriparks which also operates an ICD out of Pune and has 3PL logistics business pan-India.
“Our engineering team has delivered in excess of a million sqft of industrial and warehousing space which is leased to leading MNCs. We are actively looking at growing our industrial/warehousing verticals and see robust demand from various segments including manufacturing, logistics companies, retailers and e-commerce players,” said Rohit Hegde, managing director, KSH Distriparks.
Avendus Capital was the exclusive financial advisor to KSH Group and its shareholders.
Last year Warburg Pincus-backed ESR Group, along with Germanys Allianz, set up a USD 1-billion investment platform targeting the logistics space in the country.
Similarly, in September 2018, GLP established a strategic joint venture with IndoSpace, marking its entry into India.
Videocon posts Rs 1,023 cr loss in Q3
Mumbai: Debt-ridden Videocon Industries reported a net loss of Rs 1,023.08 crore for the third quarter of the current fiscal.
The company had reported a net loss of Rs 1,314.96 crore in the year ago period.
Its total income fell sharply to Rs 223.73 crore during the October-December of 2018-19 from Rs 864.34 crore in the corresponding period previous year, the company said in a regulatory filing.
The filing further said that manufacturing activity of Glass Shell division, which manufactures panels and funnels used in colour picture tube of colour television, has been suspended from July, 2017 due to poor demand.
“However, the company has not assessed or reviewed the plant and machinery and other fixed assets related to the Glass Shell division for the impairment and the impairment loss, if any, has not been ascertained,” it added.
The company had written off certain loans and advances aggregating to Rs 1,413.35 crore during the nine months ended December, 2018.
Videocon’s scrip closed at Rs 2.02 apiece on the BSE, down 1.46 per cent.