The Centre and the states may settle for 4% goods and services tax (GST) on bullion and opt for a special rate for financial services, amid intense lobbying from the two sectors in the run up to the rollout from July.
In addition, the GST Council — the apex decision-making body comprising state finance ministers and headed by Union finance minister Arun Jaitley — is discussing whether to include handloom and handicrafts as well as bidis in the tax net, although the house is still divided. Click to read more
The revenue department on Thursday said that 60.5 lakh entities have enrolled themselves with the GSTN system and for the remaining tax payers it will reopen for 15 days from June 1.
The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal was suspended on April 30.
The government intends to roll out the Goods and Services Tax from July 1. “As on April 30 2017, when Phase-1 of enrolment was closed, 60.5 lakh taxpayers out of 84 lakh had enrolled. The enrolment window will be re-opened for 15 days from 1st June, 2017 to give another opportunity to taxpayers to enrol,” an official statement said. Click to read more
With one-fourth of taxpayers yet to enroll for the Goods and Services Tax (GST), the government has decided to reopen the IT window from June 1, so as to help firms switch over to the new regime from July.
The finance ministry on Thursday said that 60.5 lakh entities out of 84 lakh have enrolled themselves with the GSTN system and for the remaining tax payers it will reopen for 15 days from June 1.
The process to enrol taxpayers on the Goods and Services Tax Network (GSTN) portal was suspended on April 30. Click to read more
Businesses that did not enrol for the Goods and Services Tax in the first phase will get a second chance. The government will re-open the enrolment window from June 1 for another 15 days.
The issue was discussed at a review meeting by Revenue Secretary Hasmukh Adhia on the administrative and IT preparedness for GST.
The enrolment window was open between November 8 last year and April 30 this year. In this phase, 60.5 lakh taxpayers out of the total 84 lakh had enrolled for GST. The government plans to roll out GST from July 1 this year despite concerns by some States and industry that it may have to be a race to the finish. Click to read more
Odisha government today approved a proposal to enact new legislation for levy and collection of tax on supply of Goods and Service (GST) in the state besides giving nod for amendment of the Odisha Value Added Tax Act, 2004.
The State Cabinet meeting chaired by Chief Minister Naveen Patnaik today approved 11 different proposals which included exemption of VAT on procurement of Green Gram (moong) under Price Support Scheme (PSS) Operation. Click to read more
After the MET department predicted a normal monsoon this year, the fertilser stocks have been buzzing in trade. Moreover, the Pan India rollout of the Direct Benefit Transfer too will kick off at the start of June this year.
To discuss what is going right for the sector and the economy, CNBC-TV18 spoke to Anand Mohan Tiwari, MD of GSFC and Satish Chander, Director General of Fertiliser Association of India. Click to read more
The coming national goods and services tax (GST) will, says the cigarette industry, help curb smuggling of items in the segment.
Cigarettes, both duty paid and tax paid, comprise 15 per cent of the entire tobacco market in India, which was estimated at Rs 144,000 crore in 2015.
The Tobacco Institute of India (TII), representing 98 per cent of duty-paying cigarette makers, says the country has become the fastest growing and fourth largest illegal cigarette market in the world, on account of excessive taxation. Click to read more
Manufacturers and traders who have not got their Goods and Service Tax (GST) registration done by April 30 are facing a tough time, since the official website for the GST has ceased the registration.
No new registrations are being done on the website after April 30 and there is no scope of registrations being opened for the next fifteen days.
Traders and manufacturers were supposed to get themselves registered on the GST website after getting login IDs and passwords from the state and Central Excise Department. Click to read more
Gujarat legislative assembly on Tuesday passed the Gujarat Goods and Services Tax (GST) Bill 2017, thus withdrawing the Value Added Tax (VAT). Though industry stakeholders have welcomed uniform taxation, many fear they might be brought under 18% tax slab along with the entire service industry. Reeling under the same uncertainty, restaurant owners feel that they deserve being placed under the 5% GST slab, and anything higher will force them to increase prices. Click to read more
Despite petrol and petroleum products, including diesel and natural gas, being exempt under the GST, filling stations will come under the tax ambit as they also sell lubricants and distilled water, which are not exempt, leading to an increase in compliance costs, industry stakeholders and experts have said.
India currently has over 45,000 petrol pumps.
“All petrol pumps are selling lubricants and it is under GST. Many of the petrol pumps also sell distilled water and other merchandise due to which each and every petrol pump will come under GST,” Punjab Petroleum Dealers Association President Sandeep Sehgal told IANS. Click to read more