Sporting a kurta imprinted with a demand for the rollback of GST on langar, the free community kitchen at the famed Golden Temple, Congress MP from Amrtisar Gurjeet Singh Aujla stood out in the Lok Sabha on April 4.
Amid the din in the House with AIADMK members demanding immediate constitution of the Cauvery Water Management Board, Mr. Aujla made many heads turn with the colourful message printed on his white kurta. Click to read more
Demonetisation and the implementation of goods and services tax (GST) have helped formalise the economy, finance minister Arun Jaitley said on Tuesday, a day after data showed a sharp increase in the number of tax returns filed last fiscal year.
He also attributed the rise in filings to the efficiency of the tax department and increase in the number of honest taxpayers. Click to read more
Collections under the goods and services tax (GST) were marginally lower by some Rs 100 billion, compared to the original target set by the government for the first eight months of the roll-out of the new indirect tax.
The mop-up was subdued in October, November and January, and that has led to some shortfall. Click to read more
The Andhra Pradesh government today said the Centre ‘grossly failed’ in effectively implementing the Goods and Services Tax (GST) and accused it of ‘sidetracking’ the new taxation system.
It demanded that the Centre review the various slabs in GST and ensure that traders did not face any problems with the new structure. Speaking in the state assembly on a short discussion on implementation of GST. Click to read more
The Directorate General of Safeguards (DGS) has served a notice to Jubilant FoodWorks under the GST anti-profiteering rules for allegedly not passing on tax reduction benefit to consumers of its Domino’s Pizza.
Jubilant is among the 15 companies to have got notice from DGS so far since the implementation of GST regime. Click to read more
The Ministry of Finance has decided to put in place an IT-Grievance Redressal Mechanism to address the difficulties faced by taxpayers on account of of technical glitches on the Goods and Services Tax portal. An official statement said, “The GST Council has delegated powers to an IT Grievance Redressal Committee to approve and recommend to the GSTN (Goods and Services Tax Network) the steps to be taken to redress the grievance and provide relief to the taxpayer. The relief could be in the nature of allowing filing of any form or return prescribed in law or amending any form or return already filed.” Click to read more
With an aim to light up the country with solar power, Narendra Modi-led government plans to achieve the target of 175 GW of installed renewable energy capacities by 2022. However, the road ahead doesn’t appear to be trouble-free for the government’s pet National Solar Mission (NSM) especially after the implementation of goods and services tax (GST) and possibility of anti-dumping duty. “As India focusses on installation of 175 Gigawatt of renewable energy by 2022, power purchase cost is expected to rise as solar modules becomes costlier following the levy of Goods and Services Tax, customs duty and potential levy of anti-dumping duty,” CRISIL report said. Click to read more
Finance Minister Arun Jaitley on Tuesday said demonetisation and the Goods and Services Tax (GST) led to higher formalisation of economy resulting in higher direct tax revenue and greater number of income tax return filings.
“The impact of demonetisation and GST implementation has resulted into higher formalisation of economy. This is further substantiated by filing of more than one crore (new) income tax returns by tax payers during FY 2017-18 in comparison to FY 2016-17,” Jaitley tweeted. Click to read more
The number of new income tax filers for 2017-18 increased by 26% to 6.84 crores, thus enabling the government to meet direct tax collections for the fiscal year, the Ministry of Finance announced in a statement on Monday.
Additionally, gross collections (before refunds) for the fiscal year were recorded to have increased by 13% to Rs 11.44 lakh crore. Net collections for Corporate Income Tax and Personal Income Tax also increased by about 17% and 19% respectively. Click to read more
The GST roll-out on 1st July 2017 has paved the way for realization of the goal of One Nation – One Tax – One Market. GST is expected to benefit Indian economy overall with most tax compliant businesses getting favourably impacted. It should in time reduce the cost of goods & services, giving a boost to the export of products and services. It would also foster ‘Make in India’ initiative. GST promotes the concept of common market with common tax rates & procedures and removal of economic barriers thus improving ease of doing business. Click to read more