Just two weeks before the Budget, GST Council is expected to consider a reduction in tax rates for some items, about 80 going by some reports, and the inclusion of real estate in its 24th meeting tomorrow.
The meeting comes amid continuous dip in GST revenue collection in the last two months. The collection registered a sharp dip to Rs 80,808 crore in November, from Rs 94,063 crore in the launch month in July last year. Click to read more
Confederation of Indian Industry (CII) has asked the government for inclusion of oil and natural gas in the new goods and services tax (GST) regime at the earliest.
The GST was rolled out from 1 July 2017 by subsuming most of the central and state indirect taxes into a single tax. But, crude oil, natural gas, diesel, petrol and aviation turbine fuel (ATF) have not been included in the ambit of GST as of now. Click to read more
A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday.
With the aim to boost struggling agriculture and rural economy, and encourage clean energy, the Council is expected to rationalise rates of agriculture implements and unconventional fuel buses. It is the last Council meeting before Finance Minister Arun Jaitley presents his last full Budget on 1 February, before general elections in 2019. Click to read more
With the issuance of one crore GST Identification Numbers (GSTIN), the goods and services tax has become world’s most extensive tax system. In the last six months, the GST Council has lowered rates for many products, extended deadlines for filing of returns, and introduced an exemption system for exports. All these changes were demanded by domestic businesses. These are sure signs of an open and receptive government.
However, the GST remains a work-in-progress despite introducing many positives to doing business in India. Some corrections in five key areas will make it more inclusive and efficient. Click to read more
The Directorate General of Safeguards has slapped notice for profiteering on FMCG firm HUL for allegedly not passing on price reduction benefit to consumers post GST rollout.
The notice seeks details from the company about the pre and post GST prices of its entire products range.
This is the sixth notice under the anti-profiteering rule issued by the DGS, the investigative arm of the finance ministry, to entities for not reducing prices post Goods and Services Tax implementation from July 1. Click to read more
Six Indian states started trial runs for e-way bills on Tuesday under the goods and services tax (GST), taking the number of states who have rolled out the e-way bill system to 10.
While Karnataka, Rajasthan, Uttarakhand and Kerala had already started using e-way bills, Haryana, Bihar, Maharashtra, Gujarat, Sikkim and Jharkhand started the trial runs on Tuesday, the GST Network (GSTN) said in a press statement. Click to read more
Struggling to survive despite the government ‘s clean energy dream, biodiesel industries have demanded the Goods and Service Tax (GST) rate on them be slashed from the current 18 to 5 per cent.
The demand came days after solar industry made a similar pitch, stating while the unrealistic levy on the solar panels is killing the Indian industry and giving an edge to Chinese exporters.
On Tuesday, the Biodiesel Association of India (BDAI) wrote to Union Finance Minister Arun Jaitley and Finance Ministers of West Bengal and Rajasthan seeking a reduction of high GST rate. Click to read more
In line with the government’s thrust on electric mobility, Union Budget 2018-19 must have provisions to aid widespread adoption of electric vehicles in India.
The GST on batteries used in electric vehicles (EV) should be brought down to five per cent from 28 per cent now to increase consumers’ accessibility to batteries. In fact, all electric vehicle components must be taxed at five per cent under GST to promote ‘Make in India’ and create a vibrant electric vehicle ecosystem. Click to read more
A fortnight ahead of the Union Budget, the Goods and Services Tax (GST) Council is likely to take up rationalisation of rates of about 70 items, of which at least 40 are services. Amendment in rules may also be taken up to simplify filing and plug some of the loopholes. A fitment committee of officers has made these recommendations to the Council, which will meet on Thursday. Click to read more