Union petroleum minister Dharmendra Pradhan said last week that petroleum products should be included under the goods and services tax (GST). That should help consumers pay a rational price at a time when diesel and petrol prices are touching multi-year highs.
This makes sense. Even if petrol and diesel are taxed at the highest GST slab of 28%, it would be lower than taxes already being paid and result in lower retail prices, helping consumers. Also, those industries which might be using them as inputs could claim input tax credit if these are bought under GST. Click to read more
PHD Chamber of Commerce and Industry urged the GST Council to consider further reduction of GST at a slab of 5% from prevailing 8% for affordable housing, arguing that conformant of infrastructure status on affordable housing would only serve the intended cause.
With GST slab staying onto 8% for affordable housing would partly defeat the efforts to provide for housing for all by 2022 in this category, therefore, it has become imperative to curtail it at 5% slab, contended the Chamber. Click to read more
The process of the government acquiring controlling stake in the Goods and Service Tax Network (GSTN) has been put in motion, government officials familiar with the matter said, asking not to be identified.
According to them, finance minister Arun Jaitley has approved the increase of the stake of the central government and the state governments in GSTN to at least 60% from the current 49%, to address fears that the ownership of a company that handles the IT infrastructure and systems related to the Goods and Services Tax, should reside with the state. Click to read more
The move to GST and emergence of new growth centres in Thane, Navi Mumbai, Vasai and Kalyan seems to have fuelled the sale of automobiles as the collective revenue at these four RTO offices touched an all-time high of over 1,388 crore in the last fiscal.
The registration of new vehicles and collection of taxes and fines by the transport frpartment in all four offices. Click to read more
The Mumbai Central Goods and Service Tax (CGST) has detected tax evasion amounting to Rs 509 crore and have recovered Rs 381.57 crore from non-filers of tax since the implementation of CGST in the country.
Taking up an anti-tax evasion stand, the Mumbai CGST zone has so far identified over 47 thousand entities who are not paying any taxes since the CGST has been launched in the country. The number indicates that the amount of tax evasion in the Mumbai zone can go in thousands of crores. Click to read more
Finance Minister Altaf Bukhari today launched The J&K Bank Add on Working Capital-GST Scheme’ aimed at facilitating the Business Community particularly industry sector in J&K state at a function held at the convention centre, Jammu.
The finance minister who was chief guest on the occasion launched the scheme in presence of Minister of Industries & Commerce Chandra Prakash Ganga (Guest of Honor) and Principal Secretary Finance Navin Choudhary and JK Bank Chairman Parvez Ahmad. Click to read more
The government has decided to implement generation of e-way bill for intra-state movement of goods in five states — Andhra Pradesh, Gujarat, Kerala, Telangana and Uttar Pradesh — from April 15.
Generating an e-way bill for inter-state movement of goods was made mandatory from April 1.
E-way or electronic way bill system under the Goods and Services Tax (GST) regime promises to enable faster movement of goods through a seamless portal-driven payment system, without lorries having to wait at state borders. Click to read more
The Goods and Services Tax Council is planning to take up a proposal to give a discount in the tax imposed on a transaction, if the payment for the same is made in electronic mode, the government said.
“An agenda note, proposing certain concession in GST rate on supplies made to end consumers, for which payment is made through digital mode was placed for consideration before the GST Council in its meetings held on 10.11.2017 and 18.01.2018,” said Shiv Pratap Shukla, minister of state for finance, government of India. Click to read more
E-way bill for movement of goods within the state will be rolled out from April 15, starting with 5 states including Gujarat, UP and Kerala. From April 1, the government had launched the electronic-way or e-way bill system for moving goods worth over Rs 50,000 from one state to another. The same for intra, or within the state movement, will be rolled out from April 15. Click to read more