Free banking services like cheque book issuance and ATM withdrawals is likely to remain out of the ambit of the GST, a senior finance ministry official said.
The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of Goods and Services Tax (GST) on some of the free services offered by banks to their customers.
“The revenue department is likely to tell the financial services department that GST will not be levied on free banking services,” an official told PTI. Click to read more
The Directorate General of GST Intelligence (DGGI) has arrested two persons, marking the first GST fraud-related arrests from the city since the new tax regime rolled out last July. S K Bhuwalka and Neeraj Jain are in judicial custody for GST evasion to the tune of more than Rs 40 crore, but sources suggested that the real magnitude of the fraud could be well over Rs 100 crore. Click to read more
After clocking a double-digit 11% volume growth in the December quarter, the Street was expecting Hindustan Unilever Ltd’s (HUL) volume growth for the March quarter to tone down to around 7%. After all, the base in the third quarter was low with a 4% de-growth in the year-ago period, while volumes had grown 4% in the year-ago March quarter. Click to read more
State-run telecom operator Bharat Sanchar Nigam Limited (BSNL) and SAP have inked a Memorandum of Understanding (MoU) to jointly offer GST solutions to enterprises across India. The collaboration leverages the capabilities of BSNL as GST Suvidha Provider (GSP) and SAP as Application Service Provider (ASP).
“As an intrinsic part of the Government’s Digital India initiative, we see GST as an important tool in the process for nation-building. Our mission is to ensure that every business in every town & village in the nation successfully adopts GST. Click to read more
Free banking services like cheque book issuance and ATM withdrawals are likely to remain out of the ambit of the Goods and Services Tax, a senior finance ministry official said.
The Department of Financial Services had approached its revenue counterpart to clear the confusion over the levy of GST on some of the free services offered by banks to their customers. “The revenue department is likely to tell the financial services department that GST will not be levied on free banking services,” an official told PTI. Click to read more
The Congress government in Punjab was gung-ho about the goods and services tax (GST), with both chief minister Capt Amarinder Singh and finance minister Manpreet Singh Badal calling it a “game changer” for the fund-crunched state when it was rolled out in July last year.
But GST has been anything but that so far. Punjab is among the states with maximum shortfall in revenue collection under GST in the first nine months after rollout of the new indirect tax regime across the country. Click to read more
A ministerial panel on imposing cess on sugar today decided to seek the law ministry’s opinion on the legality of such a levy. The panel, chaired by Assam Finance Minister Himanta Biswa Sarma, will also seek a report from the food ministry on the final utilisation of the proceeds from the levy.
“The first question is whether the Council at all has the power to impose cess. We have decided to refer that to the law ministry,” Sarma told reporters after the first meeting of the panel. “If the law ministry says there is power, Council will exercise that power when it serves public interest,” he added. Click to read more
Union minister of state for finance Shiv Pratap Shukla on Monday said that the centre is trying to build consensus on bringing petrol and diesel prices under Goods and Services Tax (GST) but there is no breakthrough so far.
“We have asked GST Council to bring petroleum products under its fold but states did not agree. States are not in favour of bringing petroleum products under GST at present,” Shukla told mediapersons at BJP office. Click to read more
Assam and Rajasthan are set to roll out e-way bill for intra-state movement of goods from this week, taking the total number of states and union territories which have implemented the system to 20, said an official on Monday. While Assam will implement it from Wednesday, Rajasthan will join the bandwagon on Sunday, according to an official statement. Click to read more