GST draft rules propose advance ruling mechanism

Taxpayers can ascertain liabilities beforehand

by Natasha Nadkar

GST draft rules have proposed advance ruling mechanism to allow all categories of taxpayers to ascertain liabilities before undertaking any transaction related to supply of goods. This system allows taxpayers to approach the authority and seek clarifications regarding the decision provided by the authority on matters specified in the GST laws. The ruling aims to reduce litigation and attract foreign direct investment. The advance ruling will be treated as a revenue function and carried out directly by revenue authorities without being passed on to any quasi-judicial entity. An application for advance ruling or appeal has to be submitted online with fees amounting to Rs.5,000 or Rs.10,000, respectively.

References
1. http://economictimes.indiatimes.com/news/economy/policy/friendly-advance-ruling-mechanism-to-smoothen-ride-under-gst-regime/articleshow/58288584.cms
CMIE STATISTICS
Unemployment Rate
Per cent
4.0 +0.0
Consumer Sentiments Index
Base September-December 2015
99.3 +0.2
Consumer Expectations Index
Base September-December 2015
101.5 0.0
Current Economic Conditions Index
Base September-December 2015
96.0 +0.5
Quarterly CapeEx Aggregates
(Rs.trillion) Jun 16 Sep 16 Dec 16 Mar 17
New projects 1.45 2.35 1.42 2.80
Completed projects 0.90 2.19 0.87 1.38
Stalled projects 1.40 0.64 1.01 0.32
Revived projects 0.43 0.51 0.17 0.62
Implementation stalled projects 0.50 0.57 0.80 0.26
Updated on: 26 Apr 2017 12:20PM
Quarterly Financials of Listed Companies
(% change) Mar 16 Jun 16 Sep 16 Dec 16
All listed Companies
 Income -0.1 -0.9 2.1 6.4
 Expenses 0.9 -0.3 1.9 6.7
 Net profit -29.1 -4.1 14.7 36.5
 PAT margin (%) 4.9 6.9 6.9 6.0
 Count of Cos. 4,516 4,487 4,471 4,433
Non-financial Companies
 Income -2.1 -2.5 0.6 6.1
 Expenses -3.9 -2.9 -0.2 7.6
 Net profit 5.0 9.6 26.8 20.6
 PAT margin (%) 6.2 7.4 6.9 6.1
 Net fixed assets 4.0 -9.2
 Current assets 3.2 8.1
 Current liabilities 10.7 11.6
 Borrowings 6.9 3.1
 Reserves & surplus 7.8 8.4
 Count of Cos. 3,518 3,497 3,482 3,459
Numbers are net of P&E
Updated on: 26 Apr 2017 12:29PM
Annual Financials of All Companies
(% change) FY13 FY14 FY15 FY16
All Companies
 Income 12.0 9.6 4.9 0.8
 Expenses 12.2 9.5 4.9 1.0
 Net profit 1.2 -3.7 2.2 -13.7
 PAT margin (%) 3.6 3.2 3.2 3.1
 Assets 14.1 12.3 9.1 8.2
 Net worth 9.5 9.6 8.5 7.2
 RONW (%) 6.8 6.0 6.0 5.4
 Count of Cos. 23,921 21,271 20,226 16,111
Non-financial Companies
 Income 11.3 9.3 4.0 -0.3
 Expenses 11.6 8.9 4.1 -1.0
 Net profit -8.5 -5.0 -4.1 11.3
 PAT margin (%) 2.4 2.1 2.1 2.8
 Net fixed assets 12.8 11.5 12.9 12.4
 Net worth 7.7 8.5 7.0 6.5
 RONW (%) 5.5 4.8 4.8 5.7
 Debt / Equity (times) 1.1 1.1 1.1 1.0
 Interest cover (times) 2.1 1.9 1.9 2.1
 Net working capital cycle (days) 72 69 68 68
 Count of Cos. 18,454 16,748 15,978 13,008
Numbers are net of P&E
Updated on: 21 Apr 2017 9:39AM

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