Implementation of goods and services tax (GST) will have a positive impact on state governments’ finances in the medium to long term, according to a report by ratings firm India Ratings. Even in the short term, the impact on individual states varies across states, it said .
GST, a process towards standardisation of taxes across the country, is being criticised for its near term impact on inflation and to some extent impacting states’ autonomy in deciding tax rates. Click to read more
Rent paid by patients for hospital rooms will be exempted from the Goods and Services Tax (GST), the government said today.
Issuing clarifications on levy of GST on the tariff for various accommodation services, the Central Board of Excise and Customs (CBEC) said the tax on rooms in the hotel, guest house or inns will be payable on the actual amount charged and not on declared or published tariff.
“Declared or published tariff is relevant only for the determination of the tax rate slab,” the clarification issued in form of Frequently Asked Questions (FAQs) said. Click to read more
Big Boy Toyz, a Gurugram-based firm that specializes in selling used super luxury cars such as Lamborghinis, Ferraris and Bentleys, has put its expansion on hold because of a goods and services tax (GST) structure that treats pre-owned cars on par with new ones.
Big Boy Toyz, along with other firms in the organized used car market, such as Maruti True Value, Mahindra FirstChoice Wheels Ltd and Tata Motors Ltd, have made individual and group representations to the GST Council to revisit the tax structure. Click to read more
Finance Minister Arun Jaitley on Tuesday said that the government has collected Rs 92,283 crore in Goods and Service Tax (GST) for the month of July so far.
The total amount collected includes the Central GST of Rs 14,894 crore, State GST of Rs 22,722 crore and integrated GST of Rs 47,469 crore. He further said that the Integrated GST will be allotted between the states and the Centre. Within the IGST, the tax collected from imports stands at Rs 20,964 crore. Click to read more
Aug 29 India’s maiden GST collections hit Rs 92,283 crore in July, surpassing the target, Finance Minister Arun Jaitley said today.
The tax mobilisation so far is from 64.4 per cent of the 59.57 lakh taxpayers registered with the new Goods and Services Tax (GST) and the number is likely to go up after all taxes are accounted for, he said.
Of the tax collected, Jaitley said, Rs 14,894 crore have come in as Central GST, Rs 22,722 crore as State GST and Rs 47,469 crore as Integrated GST, which is levied on inter-state movement of goods and imports. Click to read more
The government has extended the date for filing goods and services tax (GST) for those providing online information and database access or retrieval services from outside India to a non-taxable online entity.
They can now file their July return (GSTR5A) by September 15, according to notification by the central government. This covers central GST as well as integrated GST. States would separately issue their respective notifications for SGST. Click to read more
Going by the initial trend of tax collections under the goods and services tax (GST), the government seems to have little to worry about on the revenue front. The new regime could be revenue-neutral, if not revenue-enhancing. Even as 40% of the 87 lakh taxpayers registered on the GST Network (GSTN) filed their returns and paid taxes, about Rs 65,000 crore was collected, PTI reported early on Monday. Extrapolating this figure for all 87 lakh GSTN registrants, the collections would reach Rs 1,62,500 crore. And these pertain to July, the first month after the GST roll-out, which followed May and June, two months that saw heavy discounting by vast sections of businesses to de-stock. Click to read more
Prime Minister Narendra Modi on Tuesday hailed the Goods and Services Tax (GST) as a “unique reform” that changed the tax procedure overnight in the country. Addressing a huge rally at Khelgaon here, he said GST helped reduce transport cost and increase the earning of drivers of trucks and tractor trolleys. “We are working to bring in a transformation in transportation in India,” he said. Click to read more