GST review committee suggests centralised registration for large service providers

Proposal to be discussed at council meeting on 18 Jan'18

by Nidhi Bhati

The GST council’s law review committee has recommended a centralised registration mode for large service providers in sectors such as insurance, banking, railways and airlines, as per a report in Indian Express. Such large service provides should be operating across 10 or more states and have an annual aggregate turnover of more than Rs.5 billion. The proposal is part of the 16 changes recommended in GST related laws. Among other recommendations, the committee has proposed broadening of certain categories for availing input tax credit, restricting levy of reverse charge mechanism, separate categories of tax invoices for business to business and business to customer firms, de-linking invoice-wise data matching from the GST returns and conducting it over a quarterly period than a monthly system. These recommendations will be taken up for discussion at the 25th GST council meeting to be held on 18 January 2018.

References
1. http://indianexpress.com/article/business/economy/gst-panel-proposes-centralised-registration-of-big-service-providers-5019760/
CMIE STATISTICS
Unemployment Rate
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Consumer Sentiments Index
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Consumer Expectations Index
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Quarterly CapeEx Aggregates
(Rs.trillion) Jun 17 Sep 17 Dec 17 Mar 18
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Completed projects 0.87 1.21 1.02 1.06
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Quarterly Financials of Listed Companies
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All listed Companies
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 Expenses 9.9 9.0 12.9 11.5
 Net profit -19.9 -18.1 -13.9 14.1
 PAT margin (%) 5.3 5.5 4.9 19.5
 Count of Cos. 4,481 4,468 4,430 48
Non-financial Companies
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 Expenses 10.5 8.2 12.3 7.7
 Net profit -25.1 -6.0 12.7 9.7
 PAT margin (%) 5.2 6.2 6.4 19.8
 Net fixed assets 9.2 0.7
 Current assets 78.7 7.3
 Current liabilities 11.0 21.6
 Borrowings 10.4 -5.3
 Reserves & surplus 5.2 -2.1
 Count of Cos. 3,458 3,441 3,426 34
Numbers are net of P&E
Updated on: 23 Apr 2018 12:20PM
Annual Financials of All Companies
(% change) FY15 FY16 FY17 FY18
All Companies
 Income 5.5 1.5 5.1 1.6
 Expenses 5.6 1.7 5.1 0.7
 Net profit 0.0 -10.3 23.7 9.2
 PAT margin (%) 3.1 2.8 3.6 8.3
 Assets 9.5 10.0 6.9 3.3
 Net worth 8.5 11.4 6.0 2.8
 RONW (%) 5.8 4.9 5.9 12.7
 Count of Cos. 25,647 23,668 20,755 19
Non-financial Companies
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 Expenses 4.9 0.0 5.2 0.6
 Net profit -8.6 18.4 18.0 10.7
 PAT margin (%) 2.0 2.5 3.1 7.4
 Net fixed assets 13.3 17.3 5.4 4.4
 Net worth 6.9 12.0 4.4 2.9
 RONW (%) 4.6 5.1 6.0 11.5
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 Count of Cos. 20,897 19,807 17,287 17
Numbers are net of P&E
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