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Goods and Service Tax (GST) News
Goods and Service Tax (GST)
Series of reforms transformed economy: Arun Jaitley
Mon, Aug 27, 2018
The finance minister said the International Monetary Fund (IMF) holds bilateral discussions with its members usually every year.
GST refunds: Rs 10K cr stuck, Small and medium exporters facing working capital crisis
Wed, Aug 22, 2018
Liquidity crunch is threatening to severely cripple micro, small and medium enterprises (MSMEs) exporters with their input tax credit (ITC) refunds under the goods and services tax (GST) regime still stuck and raising bank credits proving to be a major challenge.
No GST on petrol, diesel in near future as Centre, states not in favour
Wed, Aug 22, 2018
Petrol and diesel will not come under the purview of Goods and Services Tax (GST) in the immediate future as neither the Central government nor any of the states is in favour on fears of heavy revenue loss, a top source said today.
Reporting of GST, GAAR details in tax audit report deferred till Mar 2019
Sat, Aug 18, 2018
The revenue department deferred implementation of a reporting norm for tax auditors wherein they were required to furnish details of Goods and Service Tax (GST) and general anti-tax avoidance rules (GAAR) till March 31, 2019.
Ready-to-move-in flats: DLF expects sales bookings may double this fiscal to Rs 2,250 cr
Mon, Aug 13, 2018
The country's largest realty firm had achieved bookings of only Rs 1,000 crore during 2017-18 as sales were suspended for six months to comply with the provisions of new real estate law RERA that came into force from May last year.
Govt notifies due date for filing GST returns from July'18-March'19
Sat, Aug 11, 2018
The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month.
GST slabs to be slashed? Consumers may get poll 2019 bonanza
Fri, Aug 10, 2018
Sources aware of the development have informed Zee Business that the finance ministry is in favour of merging the two slabs of 12 per cent and 18 per cent. The two slabs will be merged to bring a new GST tax slab of 14-15 per cent. With this merger, the five slab structure will decrease to a four slab structure of 0 per cent, 5 per cent, 14-15 per cent and 28 per cent. Presently, there are five GST slabs of 0, 5, 12, 18 and 28 per cent.
Good News! GST impact to be less on aam aadmi, but there's a catch
Mon, Aug 06, 2018
Volunteer states would therefore roll out incentives on pilot basis for digital payments, and the GSTN, the IT backbone of the GST network, and the National Payments Corporation of India will develop a system soon for the same, Finance Minister Piyush Goyal had told reporters after the GST Council meeting.
GST rate cut coming? Here is what is on the cards for security industry
Sat, Aug 04, 2018
The finance ministry will examine the demand of private security industry for reduction of GST from the existing level of 18 percent, Minister of State for Finance Shiv Pratap Shukla said today.
Arun Jaitley sees GST rate cut on cement, ACs, TVs with rise in revenue
Fri, Jul 27, 2018
Union Minister Arun Jaitley today exuded confidence that GST rates on cement, ACs and televisions will be cut as tax revenues increase, and only luxury and sin goods will attract the highest slab of 28 per cent.
GST replaced ''Congress legacy tax'' with ''good and simple tax'': Jaitley
Fri, Jul 27, 2018
Union Minister Arun Jaitley on Friday said the GST has replaced the `Congress Legacy Tax` -- which was 31 per cent for most goods -- with a `good and simple tax`, adding that the existing 28 per cent slab will be phased out following further improvement in revenue collections.
States to reach out to traders, industry to list out GST grievances
Thu, Jul 26, 2018
The Central Board of Indirect Taxes and Customs (CBIC) had earlier this week written to the GST Council secretariat asking them to write to states and UTs asking them to contact MSME taxpayers and their trade and industry associations in their respective states and UTs, collect their grievances/issues related to GST along with suggestions thereof for mitigating the issues.
Jyothy Laboratories Q1FY19 results: Net profit rises 57.1% to Rs 32.38 crore
Wed, Jul 25, 2018
FMCG firm Jyothy Laboratories today reported a 57.1 per cent rise in standalone net profit at Rs 32.38 crore for the first quarter ended on June 30.
India can't have single rate GST, 3-slab structure possible: CEA
Thu, Jul 12, 2018
Ruling out a single rate GST, Chief Economic Advisor Arvind Subramanian today pitched for a three rate structure going forward as revenues stabilise. He said Goods and Services Tax is a "work in progress" and there is a need for further simplification of rates with fewer exemptions and simpler policies.
GST Council to consider rate cut on items with low revenue impact on Jul 21
Thu, Jul 12, 2018
The GST Council may consider reduction in tax rates on host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods, besides certain services.
One year of GST: MSMEs revenue rose 27% in FY18, vibrancy returning to sector, says report
Fri, Jun 29, 2018
A study has revealed that revenues of micro, small and medium enterprises surged by 27 per cent and operating profit by 66 per cent in 2017-18, signaling that vibrancy is returning to the sector after challenges posed by GST rollout and to an extent demonetization.
Taxpayer panic to fulfill GST criteria, as I-T dept asks to submit documents in 7 days
Sun, Jun 24, 2018
In GST, businesses are allowed to claim credit for excise and service tax paid for the stock that was bought before GST came but were sold when GST came (July 1). As such credits, a huge amount of Rs 1.6 lakh crore was claimed by nearly 9.5 lakh assessees till the December 27 deadline. For claiming credits there are forms like GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A and GSTR-6.
There are no free lunches under the GST, literally; here is why
Thu, Apr 12, 2018
It was not clear whether GST would be levied at 5 per cent (without input credit) as canteen shall apply on all such recoveries from employees or a residual rate of 18 per cent will be applicable, treating it as outdoor catering services.
FM says GST stabilised in short time, hints at further rate rejig
Sat, Jan 27, 2018
Finance Minister Arun Jaitley today said the Goods and Service Tax (GST) has stabilised in a very short time that provides an opportunity to widen its base and further rationalise the rates in the future.
61 lakh taxpayers enrolled under GST, says Hasmukh Adhia
Thu, May 11, 2017
He was briefed about the software system being developed for GST, training of tax officials and outreach program being undertaken by Tax Departments across the nation.