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Goods and Service Tax (GST) News
Goods and Service Tax (GST)
FICCI congratulates Modi government on 2nd anniversary of GST, calls it landmark taxation reform
Mon, Jul 01, 2019
Federation of Indian Chambers of Commerce & Industry (FICCI) congratulated the government on the second anniversary of the Goods and Service Tax (GST).
Housing prices up 7 pc, sales down 28 pc, supply dips 64 pc in last five years: Anarock
Sun, Mar 24, 2019
"Like it or lump it, but (Prime Minister Narendra) Modi's victory in 2014 ushered a new era in Indian real estate starkly marked by his vision to set the 'house' in order and alter the scarred face of an unorganised sector beset by unscrupulous activities," Puri said.
Planning to buy a luxury car, jewellery this year? Here's good news for you
Sun, Mar 10, 2019
In a relief to buyers of high-value cars and jewellery, the CBIC has said that the TCS amount would be excluded from the value of goods for computing GST liability.
BLACK Money Fear BACK: Input tax credit removal on select items against GST spirit, say experts
Mon, Mar 04, 2019
After the rate cut and removal of ITC, developers may have to take a hit in their profit-margins, inducing them to resort to cash payments while purchasing inputs or raw materials.
GST revenue shortfall drags down tax revenue estimates
Sat, Feb 02, 2019
Last week, the IANS had reported that the government may miss the GST collection target set in the Budget estimates by as much as Rs 1.5 lakh crore based on collection trends till December.
Reversing declining trend, GST revenue Rs 1,02,503 cr in January
Sat, Feb 02, 2019
The revenue collected in January relates to transactions made in December. The collection in December (for November transactions) was Rs 94,726 crore, down from Rs 97,637 crore in November.
Man arrested in Gujarat for Rs 177-crore GST fraud
Sat, Jan 26, 2019
A man has been arrested for allegedly issuing fake invoices to claim Rs 177.64-crore input tax credit, the Central GST department said Saturday.
Toyota Baleno, ITC, Infosys to Fiscal deficit target, here are top business highlights
Mon, Jan 14, 2019
A number of top happenings in the business sphere on Sunday hit the headlines on Sunday and the top one among these were that a fiscal deficit of 3.3% would be a challenge for the Centre amid low GST collection, the market cap of top-10 most valued firms added up to Rs 43,689 cr and more.
Suresh Prabhu to meet banking, financial services secretaries next week to resolve credit Supply issues to exporters
Sun, Jan 06, 2019
He also said the issue regarding GST credit/refunds that exporters have been facing is also addressed "to some extent," after his ministry raised it with the finance ministry recently.
Solar industry demands uniform GST rate of 5 pc
Sun, Dec 30, 2018
The government has set a target of 175 GW of renewable power by 2022 which includes 100 GW of solar power.
Tax evasion: GST fraud detected, Gujarat man caught using fake invoices; how he did it
Mon, Dec 24, 2018
The accused Paresh Patel was picked up by Central GST Commissionerate in Vadodara Friday, and was sent to judicial remand till January 3 by a Kapadvanj court, they said.
India should brace itself for slowdown for some time: Ex-CEA Arvind Subramanian
Mon, Dec 10, 2018
With regard to the economy, he said, "we have to brace ourself for a slowdown for some time. I say that for a combination of reasons. First of all, the financial system is under stress, financial conditions are very tight. This is not conducive for rapid growth."
Shocking! Cake shops find a plan to bolt GST? Your neighbourhood pastry shop may turn into a restaurant soon; Know how and why
Sat, Dec 08, 2018
According to the revenue department if the shopkeeper starts the restaurant in the same premises then they will get 7-13% of tax arbitrage. Currently, the shopkeepers pay 12% and pastries/cakes are taxed at 18%. Whereas the GST rate for restaurants is 5%.
GST likely to have 3-rate structure in future: Bibek Debroy
Sat, Oct 27, 2018
In his address at the launch here of "GST: Explained for Common Man" written by former Central Board of and Excise and Customs Chairman Sumit Dutt Majumder, the PMEAC Chairman noted that only very few countries that have implemented GST follow the principle of "dual GST" (Goods and Services Tax) whose "terminal role from an economists point of view is to have a single tax structure."
Dual jurisdiction under GST opens door for traders' harassment: CAIT
Fri, Oct 19, 2018
Traders' body CAIT Friday warned that allowing central as well as state tax administrations to initiate action against any taxpayer irrespective of jurisdiction would lead to harassment of traders and complicate the tax system.
Good news for businesses: GSTR 1 due date extended, do this to avoid penalty
Sat, Sep 15, 2018
Further, the Ministry said those taxpayers migrating to GST as per procedure specified in notification No. 31/2018-central tax the last date for furnishing the details of outward supplies of goods or services or both in GSTR-1 and filing for the return in FORM GSTR-3B for the months of July 2017 to November 2018 has been extended till December 31, 2018.
FinMin crafting strategy to boost GST revenues, engaging with states to identify issues
Sun, Sep 09, 2018
The Centre paid Rs 14,930 crore to compensate states for revenue loss incurred in June and July, a nearly four-fold jump compared to Rs 3,899 crore paid for the months of April and May.
GST on overseas air tickets violates intl norms: IATA chief
Tue, Sep 04, 2018
He also flagged various concerns about the Indian aviation sector, including high jet fuel prices, infrastructure woes and privatisation of airports.
Availing latest migration window, 1,800 businesses migrate to GST regime
Tue, Sep 04, 2018
“About 1,800 businesses have migrated to GST regime availing the latest migration window. The number could go up as the state tax officers are still compiling data,” an official told PTI.
GST council to discuss cruise shipping industry's demand of Waiver at next meet: Nitin Gadkari
Fri, Aug 31, 2018
The ministry is investing hundreds of crores of rupees for upgrading facilities and terminals at ports so that they can cater to cruise tourists, Gadkari said.