Input Tax Credit

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GST rate cut on housing to address needs of home buyers, contribute to job creation: Confederation of Indian Industry
Business

GST rate cut on housing to address needs of home buyers, contribute to job creation: Confederation of Indian Industry

CII Director General Chandrajit Banerjee said GST Council has provided great relief to the sector and is a step towards hastening growth for this very important sector

GST cut on housing sales 'revolutionary step', will help to narrow down demand mismatch gap: Experts
Business

GST cut on housing sales 'revolutionary step', will help to narrow down demand mismatch gap: Experts

Sales of under-construction houses were severely affected as there was no GST on completed homes. Developers had been demanding cut in GST rates

GST council cuts tax rates for under-construction flats to 5%, affordable homes to 1% in bid to boost demand
Business

GST council cuts tax rates for under-construction flats to 5%, affordable homes to 1% in bid to boost demand

Currently, the goods and services tax (GST) is levied at 12 percent with input tax credit (ITC) on payments made for under-construction property or ready-to-move-in flats where completion certificate is not issued at the time of sale.

Ministerial panel favours uniform tax on lottery, GST Council to decide rate on 20 February
Business

Ministerial panel favours uniform tax on lottery, GST Council to decide rate on 20 February

The eight-member group of ministers under Maharashtra Finance Minister Sudhir Mungantiwar favoured hiking GST rate on the state-organised lottery to either 18 percent or 28 percent.

Telecom firms seek GST waiver on spectrum payments to govt, Rs 35,000 cr input credit adjustment
Business

Telecom firms seek GST waiver on spectrum payments to govt, Rs 35,000 cr input credit adjustment

The Cellular Operators Association of India say GST is not applicable to government services internationally, as they are considered 'out of scope' or regarded as non-economic activities or sovereign functions that are outside the ambit of tax.

Declining GST revenues: Tax officials likely to examine high usage of input tax credit
Business

Declining GST revenues: Tax officials likely to examine high usage of input tax credit

During the meeting of the GoM, it was pointed out that as much as 80% of the total GST liability is being settled by ITC and only 20% is deposited as cash

GoM on revenue shortfall to study GST collection on services by states: Bihar deputy CM Sushil Modi
Business

GoM on revenue shortfall to study GST collection on services by states: Bihar deputy CM Sushil Modi

The panel has been formed by the GST Council to look into revenue shortfall being faced by the states post implementation of the Goods and Services Tax (GST)

Demonetisation and GST: Raghuram Rajan quick to discern headwinds, but loath to read straws in the wind
Business

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.

GST annual return forms to help check tax evasion by providing entire financial transactions: Experts
Business

GST annual return forms to help check tax evasion by providing entire financial transactions: Experts

The last date for filing the annual return form for normal taxpayers (GSTR-9) and for composition taxpayers (GSTR-9A) is 31 December.

Petrol, diesel not to come under GST in near future as centre, states not in favour, says source
Business

Petrol, diesel not to come under GST in near future as centre, states not in favour, says source

Mumbai has the highest VAT of 39.12 percent on petrol, while Telangana levies the highest VAT of 26 percent on diesel. Delhi charges a VAT of 27 percent on petrol and 17.24 percent on diesel.

GST Council meeting: Five changes to the tax regime can actually help MSMEs improve compliance
Business

GST Council meeting: Five changes to the tax regime can actually help MSMEs improve compliance

The 29th GST Council (GSTC) meeting on 4 August is expected to focus its energies on the MSME sector.

Govt must make efforts to implement e-wallet scheme for exporters by October, says Parliamentary Panel
Business

Govt must make efforts to implement e-wallet scheme for exporters by October, says Parliamentary Panel

Under the e-wallet mechanism, a notional credit would be transferred to exporters' accounts based on their past record and the credit can be used to pay taxes on inputs.

Government looking at proposal to classify royalties from mines as input cost under Goods and Services Tax
Business

Government looking at proposal to classify royalties from mines as input cost under Goods and Services Tax

Once royalties are considered as input cost, then entities would be able to claim the benefit of input tax credit under the indirect tax regime.

Govt proposes 46 amendments to GST laws; employers may soon get to claim input tax credit on food, transport
Business

Govt proposes 46 amendments to GST laws; employers may soon get to claim input tax credit on food, transport

Govt has proposed as many as 46 amendments to the Goods and Services Tax (GST) laws -- Central GST, State GST, Integrated GST and Compensation of Sates Act

GST a mixed bag for hospitality and restaurant sector; firms expect further rationalisation of tax structure
Business

GST a mixed bag for hospitality and restaurant sector; firms expect further rationalisation of tax structure

the high rate of 28 per cent continues to remain a concern and is expensive for both domestic and international tourists

GST anniversary: A simplified tax regime has improved ease of doing business, but barriers remain: Entrepreneurs
Business

GST anniversary: A simplified tax regime has improved ease of doing business, but barriers remain: Entrepreneurs

The GST has helped organise the unorganised sector to a large extent, and, in many cases, has revolutionised entire industries. But, pain-points remain.

Five structural reforms govt must bring to clear the way for GST bandwagon; tax framework is too control-oriented
Business

Five structural reforms govt must bring to clear the way for GST bandwagon; tax framework is too control-oriented

the Indian GST compliance framework is designed to act more as a watchdog than as a facilitator of information

Some developers not passing on full input tax credit under GST to home buyers: CBRE
Business

Some developers not passing on full input tax credit under GST to home buyers: CBRE

Some developers are not passing on the full benefit of input tax credit under the GST to home buyers who have booked flats in under-construction projects, property consultant CBRE said on completion of one year of the new indirect tax regime.

GST anniversary: Narendra Modi rules out single rate under scheme, says Mercedes and milk cannot have same tax
Business

GST anniversary: Narendra Modi rules out single rate under scheme, says Mercedes and milk cannot have same tax

Prime Minister Narendra Modi on Sunday ruled out a single tax rate under the Goods and Services Tax (GST) and said a Mercedes car and milk cannot be taxed at the same rate.

GST anniversary: Arun Jaitley makes first public address in two months, says best of scheme yet to come
Business

GST anniversary: Arun Jaitley makes first public address in two months, says best of scheme yet to come

Union minister Arun Jaitley made his first public appearance in two months via video conference on Sunday when he addressed the first anniversary of implementation of the Goods and Services Tax (GST), India's biggest economic reform since independence.