Gst

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GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman
Business

GST Council to discuss Attorney General's opinion on compensation, says Nirmala Sitharaman

The attorney general has said that there is no obligation on the Central government to pay the GST compensation shortfall to the states.

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June
Business

GST collections fall to Rs 87,422 crore in July from Rs 90,917 crore in June

However, July collections are higher than Rs 62,009 crore in May and Rs 32,294 crore in April.

Alcohol-based hand sanitisers to attract 18% GST, rules Goa bench of Authority for Advance Ruling
India

Alcohol-based hand sanitisers to attract 18% GST, rules Goa bench of Authority for Advance Ruling

The authority said that although the MoCA has classified hand sanitisers as an essential commodity, the GST law has a separate list of exempted goods

India's handloom, handicraft sectors have resilience to combat COVID-19 crisis setbacks. But they need calculated support
India

India's handloom, handicraft sectors have resilience to combat COVID-19 crisis setbacks. But they need calculated support

The handloom and handicrafts sectors will be drawing on their rich-but-checkered past, which previously saw them through prejudices and shortsighted policies, to work their way through the crisis posed by the coronavirus outbreak and lockdown as well.

Pune-based startup, Guruji on Demand, to launch online funeral management service in times of social distancing
Business

Pune-based startup, Guruji on Demand, to launch online funeral management service in times of social distancing

Startup Guruji on Demand also plans to assist bereaved families in the rituals to be performed after the last rites, Pranav Chaware, one of the firm's partners, told PTI, adding they plan to start the service by this month-end.

GST Council to discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June
Business

GST Council to discuss waiver of late fee for August 2017 to January 2020; next meeting to be held on 14 June

The CBIC said late fee is imposed to ensure that the taxpayers file return in time and pay taxes on the amount collected from buyers and due to the government.

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items
Business

GST Council to meet in June; finance ministry not in favour of raising rates on non-essential items

The finance ministry is not in favour of increasing goods and services tax rates on non-essential items in the next month's meeting of the GST Council, despite depressed revenue collections due to the nationwide lockdown to contain the spread of COVID-19

Earnings of Sensex companies to decline up to 8% this year on economic concerns; fiscal stimulus may help recovery: Analyst
Business

Earnings of Sensex companies to decline up to 8% this year on economic concerns; fiscal stimulus may help recovery: Analyst

At present, Indian indices are under-performing as compared to others and a package from the government can help cover the ground, he said.

'It’s up to this industry to see how they will leverage the opportunities in new India': Mr Somasundaram talks about future of gold sector, needed policy reforms
India

'It’s up to this industry to see how they will leverage the opportunities in new India': Mr Somasundaram talks about future of gold sector, needed policy reforms

“It’s up to this industry to see how they will leverage the opportunities in new India,” says Mr Somasundaram PR, M.D, World Gold Council, India.

Nearly half of travel, tourism firms staring at complete shutdown risk in next 3-6 months; resumption of flights revive hopes: Report
Business

Nearly half of travel, tourism firms staring at complete shutdown risk in next 3-6 months; resumption of flights revive hopes: Report

The report said that 81 percent travel and tourism companies have lost their revenue up to 100 percent while 15 percent of the companies have witnessed it slide up to 75 percent.

COVID-19 Impact: Retail trade lost business worth Rs 9 lakh cr in 60 days; businessmen facing acute financial crunch, says CAIT
Business

COVID-19 Impact: Retail trade lost business worth Rs 9 lakh cr in 60 days; businessmen facing acute financial crunch, says CAIT

CAIT said domestic trade is facing its worst period as shops and commercial markets across the country since last Monday could register only 5% of business, and only 8% of workforce could resume their duties in shops.

SIAM says auto sector left out in economic package; to seek govt's direct intervention for revival of industry
Business

SIAM says auto sector left out in economic package; to seek govt's direct intervention for revival of industry

SIAM said it had several engagements with the government at various levels and was looking forward to some direct fiscal measures for the auto industry from the Centre in the Rs 20 lakh crore stimulus package.

Centre's adoption of coercive federalism over co-operation with states has hampered response to COVID-19, migrant crisis
India

Centre's adoption of coercive federalism over co-operation with states has hampered response to COVID-19, migrant crisis

In six years of being in power, the present regime has systemically jolted the edifice of India’s federalism.

Kerala to hike IMFL prices steeply, to issue ordinance soon; govt eyes to gain extra revenue during lockdown
Business

Kerala to hike IMFL prices steeply, to issue ordinance soon; govt eyes to gain extra revenue during lockdown

At present, the sales tax on IMFL is 202 percent for brands priced up to Rs 400 and 212 percent for brands above that.

Micro enterprises best placed to help economy come out of COVID-19 crisis; eligible to get financial aid from credit institutions: Report
Business

Micro enterprises best placed to help economy come out of COVID-19 crisis; eligible to get financial aid from credit institutions: Report

The state-run lenders gained market share in 2019, adding that public sector banks now account for 49% of the MSME lending and over 59% of the lending to the micro enterprises.

Govt extends last date for filing annual GST return for FY19 by 3 months till September
Business

Govt extends last date for filing annual GST return for FY19 by 3 months till September

The government has extended the last date for filing annual GST return for the financial year 2018-19 by three months till September 2020

COVID-19: Double stress fund for stalled affordable housing projects to Rs 50,000 cr, says EY
Business

COVID-19: Double stress fund for stalled affordable housing projects to Rs 50,000 cr, says EY

The government has so far cleared Rs 540 crore worth projects and preliminary clearance has been given for due diligence in nearly 14 housing projects.

Govt seeks suggestions from auto industry leaders for resource mop-up; sector demands financial package
Business

Govt seeks suggestions from auto industry leaders for resource mop-up; sector demands financial package

The government of Thursday sought suggestions on methods of resource mobilisation from captains of the automobile industry, who raised several demands for a financial package to overcome the impact of the COVID-19-induced lockdown

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021
Business

Coronavirus Outbreak: CBDT third-time defers GST, GAAR reporting in Income-Tax audit report till March 2021

The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR