Expressing satisfaction with GST collection trends, the government on Friday said the states were on the path of meeting their revenue targets by themselves, thereby not needing compensation from the Centre after the five-year period of its implementation.
After a GST Council meeting here, Finance Minister Arun Jaitley said the emerging trend in every state showed that the Goods and Services Tax (GST) collection was better this year (till August) compared to the last year. Click to read more
The Goods and Services Tax Council will reportedly consider an additional cess for a limited period of time when it meets on Friday. Funds raised from the cess are meant to be utilised for rehabilitation works going on states ravaged by natural calamities in the past few months.
Earlier this month, Kerala Finance Minister Thomas Issac had met Union Finance Minister Arun Jaitley, demanding a 10 per cent cess on State Goods and Services Tax (SGST) on all commodities consumed in the state. The proceeds were to be utilised for rebuilding the flood-ravaged state. Issac had not called for a nationwide cess in order to save other states from the discomfort. There, however, is no provision for a state-specific cess in the GST Act. Click to read more
The GST Council on Friday decided to form a group of ministers (GoM) that will devise a mechanism to raise additional funds to help states, if they are affected by natural calamities. It also discussed and analysed the revenue position of the states and possible reasons for a shortfall.
“We will have a seven-member GoM, which will make recommendations (to the Council) in the next few weeks,” Finance Minister Arun Jaitley said, adding that states from the North-East, hilly and coastal states will be a part of the panel as they are often hit by natural disasters. Click to read more
The average revenue shortfall of the states due to the Goods and Services Tax has fallen to 13% in the ongoing financial year, from 16% in 2017-18, Finance Minister Arun Jaitley said on Friday following the completion of the 30th GST Council meeting.
The Finance Minister said that, while most of the meeting was around procedural aspects, there were two main items on the agenda: a review of the revenue position, and the Kerala government’s request for an additional GST rate to finance the relief and recovery efforts in the state following the recent devastating floods. Click to read more
The introduction of GST in India was a dramatic change for taxpayers, tax professionals, revenue authorities and the Courts. GST is one of independent India’s most significant economic reforms. Having said this, the initial days were bound to bring in uncertainty and confusion in the minds of assesses.
In this context, the concept of the advance ruling seems to be the ideal resource for the befuddled taxpayer. The advance ruling mechanism provides a forum whereby any person (whether or not registered under the GST law) may approach the tax authorities to seek an answer to the question regarding tax position such as applicable tax rate, registration requirements and availability of input tax credit. Click to read more
Piling pressure on Indian companies to pass on the benefits of rate cuts under the goods and services tax (GST) to consumers, the national anti-profiteering authority (NAA) has penalized retailer Lifestyle International for not reducing the prices of a product even after a reduction in GST rates. This is the second such order against a company by NAA which penalized Pyramid Infratech last week for failing to pass on GST benefits to homebuyers. Click to read more
Congress president Rahul Gandhi on Thursday said changes will be made to the Goods and Services Tax (GST) to reduce rates on items, if his party comes to power.
On a visit to various places in poll-bound Madhya Pradesh, he also continued his attack on Prime Minister Narendra Modi over the Rafale fighter deal, alleging that “the watchman has indulged in theft.” Click to read more
The goods & services tax (GST) Council at its meeting on Friday is likely to give relief to the exporters who were denied refunds due to changes in the Export Promotion Capital Goods (EPCG) scheme.
The scheme allows import of capital goods at zero duty, subject to an export obligation. Integrated GST (IGST) paid on imports is refunded. However, recently an amendment was carried out in Rule 96 under the Central GST and State GST Acts withdrawing the benefit of refund of IGST to exporters even when a small import has been done against the scheme. Click to read more
The guidelines pertaining to TDS under Section 51 of the Goods and Services Tax Act will come into force on October 1, according to a press release by Joint Commissioner of State Tax (Vijayawada 2nd division) V. Raghunath.
Those deducting TDS should have to make applications on the common portal in Form GST Reg-07 from the above date. Click to read more