The idea of goods and services tax (GST) was first mooted in India in the year 2000. It took nearly 17 years of herculean effort on the part of a number of political leaders, senior officers, tax experts and other stakeholders before GST was launched on 1 July 2017.
Implementation of GST has been full of challenges due to the federal structure enshrined in our Constitution. The Seventh Schedule of the Constitution delineates division of powers between the centre and the states through three lists —the Union list, the state list and the concurrent list. Click to read more
Even though there were promises made prior to the implementation of Goods and Services Tax (GST) and the E Way Bill norm that things would change, transporters are yet to see an end to inspector raj, All India Motor Transport Congress (AIMTC) informed.
Talking to KNN, Naveen Kumar Gupta, Secretary General of All India Motor Transport Congress (AIMTC) said that ‘ease’ for transporters still seems a far-fetched reality. Click to read more
In what could come as a relief to some taxpayers, the indirect tax department on Wednesday said it would allow those who couldn’t file the TRAN-1 form on the GST Network portal for claiming transitional credit due to IT glitches to complete the process by the end of the month. However, this facility will be restricted to those who can demonstrate clear IT-related issues for not being able to comply. “GSTN shall identify such taxpayers who could not file TRAN-1 on the basis of electronic audit trail,” the circular issued by the department said. Click to read more
Telangana’s growth in tax collection is unstoppable and it is the highest in the country. The State collected Rs 904 crore State Goods and Services Tax (SGST) in March, 2018, a record of sorts after the implementation of GST from July, 2017.The State collected Rs 853 crore SGST in January, 2018. Surpassing this, in March 2018, the State collected Rs 904 crore. In fact, the SGST collections of neighbouring AP are falling, whereas SGST collections in Telangana are going up. Click to read more
In its first order on anti-profiteering under goods and services tax (GST), the National Anti-Profiteering Authority (NAA) has dismissed the complaint against Vrandavaneshwaree Automotive Pvt Ltd, a Bareilly-based Honda car dealer, by concluding that it did not contravene the anti-profiteering provisions of the Central GST Act. Click to read more
Cutting across party lines, Punjab MPs on Wednesday held a protest outside the Parliament over the refusal of the central government to grant GST exemption on goods required to prepare ‘langar’ at the Golden Temple.
Gurdaspur MP and Punjab Congress chief Sunil Jakhar flayed the Centre for refusing to understand the sentiments of Punjabis. Click to read more
Congress President Rahul Gandhi on Wednesday continued his attack on the RSS and the Narendra Modi government.
Rahul, while interacting with traders, small businesses and employees of the unorganised sector, as part of the ‘Jana Aashirwada Yatre’, at Davangere in central Karnataka, said Modi’s resistance to listening to the popular opinion on the economy and the tax regime (GST) led to various problems leading to bank scams. Click to read more
Heads of leading global hotel brands are expressing concerns about the 28% tax slab levied on luxury hotels in India with some saying it will impact their expansion plans in the coming years.
Global heads of chains like HiltonNSE -1.71 % and Radisson Hotel Group who congregated in Mumbai for the 14th Hotel Investment Conference-South Asia (HICSA) organised by consulting firm Hotelivate said the rates make India one of the highly taxed countries in the world. Click to read more
Despite facing initial hiccups in the tax collections after the introduction of single tax regime on July 1 last year, the State government registered 19.42 per cent growth in the revenues generated through sales taxes in 2017-18. The total revenues generated by the State was Rs 42,074 crore (including GST) as against Rs 35, 231 crore earned in 2016-17.
Revenue collected from liquor, petrol, and diesel was phenomenal and all thanks to the constant increase in the fuel prices and abnormal growing liquor consumption. Click to read more
The commerce ministry is working on several measures, including formulating an integrated plan and setting up of a digital platform, to promote growth of the logistics sector, a top government official said today.
Commerce Secretary Rita Teaotia said that the sector holds enormous opportunities to boost economic growth of the country and these measures would also help cut transaction costs and time of traders. Click to read more