GST Ready India

GST Ready India’s Latest News and Updates

GST exemption on sanitary napkins offers no significant cost benefit to consumers: FICCI

Aug 10, 2018

GST rate on more items to be cut if revenue increases, says Piyush Goyal

Days after Bihar Deputy Chief Minister Sushil Modi hinted that GST Council may replace 12 per cent and 18 per cent slabs with 14-15 per cent, the officiating Finance Minister Piyush Goyal on Thursday said the capacity to slash the GST rates on more items would go up as Goods and Services Tax revenues and the compliance rate increases and the economy formalises. Click to read more

GST rate-cut pause to stay; here is reason why

The implementation of what has been touted as the boldest tax reform since independence, the Goods and Services Tax (GST), has not been all that smooth. The GST regime has been facing many bumps, such as inadequate collections compared to the target set out initially, non-compliance by stakeholders and frequent changes in slabs leading to a revenue shortfall. According to recent reports, the government will take a ‘pause’ in further rate cuts. This has come even when the shortfall each month between the target and actual collection has begun narrowing since the beginning of fiscal 2019. Click read more

GST on more items to be slashed if revenue increases: Goyal

Finance Minister Piyush Goyal today said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.

Goyal was speaking in the Lok Sabha after moving four bills seeking to amend the Goods and Services Tax (GST) laws for consideration and passage. The bills were Central GST (Amendment) Bill, Integrated GST (Amendment) Bill, GST (Compensation to States) Amendment Bill and Union Territory GST (Amendment) Bill. Click to read more

GST exemption on sanitary napkins offers no significant cost benefit to consumers: FICCI

Industry body FICCI has told the Finance Ministry that exempting sanitary napkins from Goods and Services Tax (GST) does not result in ‘significant cost benefit’ to consumers as companies will not get input tax credit for manufacturing.

The industry body has suggested levying GST at nominal rate like in goods supplied to the merchant exporters. The GST Council, in its meeting on July 21, decided to exempt sanitary napkins from GST. Earlier, this essential item for the hygiene and health of women, used to attract GST at the rate of 12 per cent. Click to read more

Lok Sabha passes bills to amend GST laws

The Lok Sabha on Thursday passed four bills amending laws relating to the Goods and Services Tax (GST). The move aims at plugging loopholes in existing laws and reducing the compliance burden for taxpayers. The Central GST (Amendment) Bill, 2018, Integrated GST (Amendment) Bill, 2018, The Union Territory GST (Amendment) Bill, 2018 and the GST (Compensation to States) Amendment Bill, 2018 got the Lower House’s nod. Click to read more

GST compensation of Rs 520 bn paid to states/UTs in 11 months: Govt

The Union government on Friday said a GST compensation totalling Rs 520.77 billion has been paid to states and UTs during the 11-month period through May 2018.

Under the Goods and Services Tax (GST), implemented on July 1, 2017, the Centre has to compensate states/UTs for loss of their revenue on account of implementation of the new indirect tax regime. Click to read more

GST slabs to be slashed? Consumers may get poll 2019 bonanza

Consumers may get a bonanza from the government by end of the year or before the general elections that are scheduled to be held in 2019. Actually, the government is planning to rationalise the existing GST tax slabs and reduce the number of tax slabs by merging the slabs of 12 per cent and 18 per cent to create 15 per cent slab. The decision can be taken by end of the year or before elections. Click to read more

Centre may not lift GST rate-cut in a hurry

The implementation of what has been touted as the boldest tax reform since independence, the Goods and Services Tax (GST), has not been all that smooth. The GST regime has been facing many bumps, such as inadequate collections compared to the target set out initially, non-compliance by stakeholders and frequent changes in slabs leading to a revenue shortfall. According to recent reports, the government will take a ‘pause’ in further rate cuts. This has come even when the shortfall each month between the target and actual collection has begun narrowing since the beginning of fiscal 2019. Click to read more

Government notifies due date for filing GST returns from July’18-March’19

The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month.

Currently, such businesses are required to file GSTR-1 or final sales return of a particular month by the 10th day of the succeeding month.

In a notification issued today, the Central Board of Indirect Taxes and Customs (CBIC) has stipulated that details of outward supplies for July 2018 to March 2019 has to be filed by the 11th of the succeeding month. Click to read more

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