Nirmala Sitharaman attributes GST shortfall to COVID-19 impact, says economy facing 'Act of God' situation
Revenue Secretary Ajay Bhushan Pandey said that of total shortfall of 2.35 lakh crore, Rs 97,000 crore is due to GST shortfall, and rest is due to impact of COVID-19 on the economy
Corporate India welcomes Narendra Modi-led NDA's re-election; seeks more corrective measures to accelerate growth
Harsh Goenka, Chairman, RPG Enterprises, said that the election results show that PM Modi is India’s captain, as state after state shows thumping victories for the NDA.
GST rate cut: Latest round of reduction makes real estate sector very reasonable, simple for home buyers
In this backdrop, a GST rate of 18 percent with a 33 percent abatement for the value of the land, leading to an effective rate of 12 percent was considered very high.
Demonetisation and GST: Raghuram Rajan quick to discern headwinds, but loath to read straws in the wind
Rajan and his ilk alas have missed the wood for the trees. While 8 percent growth is indeed desirable, 7 percent clocked last year is nothing to scoff at.
Goods and Services Tax (GST) is a "work in progress" and there is a need for further simplification of rates with fewer exemptions and simpler policies.
For a wholehearted switch to GST, the government must learn to stop viewing fuel as a milch cow
Touted as an anti-evasion measure, the e-way bill help boost tax collections by clamping down on trade that currently happens on cash basis.
Supreme Court sees rise in cases where Centre is party; law ministry attributes spike to note ban, GST
Number of cases in Supreme Court where govt is a party has seen a spike in the last one year due to note ban, implementation of the GST and taxation issues
Both states and the Centre earn 40 percent of their revenue from petroleum products at present
The multi-slab design of GST in India complicated the anti-profiteering mechanism unlike other countries which had such a mechanism in place
GST: Arun Jaitley terms linking rejig to elections 'juvenile politics', rejects Rahul Gandhi's single rate demand
The GST Council, which Jaitley heads, had last week brought down tax rate on 178 products from 28 percent to 18 percent and pushed down several others in lower bracket. Congress, which has made high tax rates and increased compliance burden in the GST regime an election issue in the run up to the assembly elections in Gujarat, claimed credit for the move.
As per the GST Council 's decision, the hybrid models fall under 28 percent tax slab and another 15 percent is also applicable.
Petrol, diesel price down by over Rs 2: Consumers want deeper cut but govt in tough balancing act on revenue
Sudden cut in fuel prices is due to intense criticism on social media and by the Opposition parties
Currently, the GST regime slots items under rates of 5, 12, 18 and 28 percent. An additional GST compensation cess is also levied on certain products.
GST: Hasmukh Adhia says govt has been flexible with deadline, urges businesses to file returns on time
Sales return or GSTR-1 for July will have to be filed by 10 September instead of 5 September earlier and purchase returns or GSTR-2 can be filed by 25 September instead of 10 September earlier.
It is claimed that companies can be incorporated in less than a week. The reality? In Tamil Nadu, it takes 63 days. In Kerala and Assam, over 200 days.
This will be the first meeting of the Council since the launch of the Goods and Services Tax (GST) on July 1 and the 19th since it was set up in September last year.
The government needs to continuously engage with the trade and industry to remove the pain points in implementation to ensure a smooth transition
Input tax credit will reduce the burden of taxes and, hopefully, prices
The transition to a new tax regime will involve some disruption and this will be more keenly felt by small businesses which have only just started recovering from demonetisation