The implementation of the Goods and Services tax (GST) will have a positive impact on state governments’ finances in the medium to long term, domestic rating agency India Ratings and Research (Ind-Ra) said on Monday.
Even in the short term, the impact on aggregate state finances will be positive but calculations show that the picture may vary from state to state, it said in a report. Click to read more
Over 36 lakh businesses have so far filed their first tax returns under the Goods and Services Tax (GST) regime, a top tax official said Monday. Tax collected in the maiden filings under the GST regime, which kicked in from July 1, are still being compiled as the last date for filings under different rules is not yet over, he said.
The revenue department had estimated collection of around Rs 65,000 crore from maiden GST, the official said. The deadline for filing first monthly return and payment of taxes under GST – the new indirect tax regime that unifies over a dozen state and central taxes, including excise duty, service tax and VAT – ended on August 25. Click to read more
The new Goods and Services Tax (GST) will be applicable on any non-monetary fringe benefit an employee gets from his employer, the government said today.
Monetary compensation paid to employees is not considered supply and will not attract GST, the Central Board of Excise and Customs (CBEC) said in the latest round of clarification issued in form of frequently asked questions (FAQ). Click to read more
The Cabinet may this week consider issuing an ordinance to increase the cess on mid- size, large cars and SUVs to 25 per cent from 15 per cent under the GST regime at present.
The GST Council, the apex tax rate setting body under the Goods and Services Tax regime, had on August 5 approved raising cess on SUVs, mid-sized, large and luxury cars that had become cheaper post GST rollout on July 1.
But, for raising the cess requires an amendment to the Schedule of section 8 of the GST (Compensation to a State) Act, 2017. Click to read more
You may soon need to shell out less if you pay digitally. The government is looking at giving a 2% incentive over the applicable GST tax rate in case of digital payments where the bill is up to Rs 2,000, in a move aimed at discouraging cash payments.
According to sources, the proposal – which may give the benefit in the form of a discount or cash-back – is being discussed between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. Click to read more
Is input tax credit available for the input tax paid on use of mobile phones and laptops given to employees? Under the goods and services tax (GST) law, input tax credit is available for all inputs used in the course or furtherance of business, unless tax credit in respect of such inputs has been specifically restricted. If laptops and mobiles are given to employees for use in the course or furtherance of business, you should be entitled to claim input tax credit, as input tax credit for laptops and mobile is not specifically restricted. Click to read more
Now that the goods and services tax (GST) has been in place for over a month, more aspects of it are becoming clear. One of the questions that have come up is what it means for the affordability of medicines. GST replaces a whole host of taxes – and chiefly of relevance to medicines, the old value added tax and excise duty. All invoices – of medicine manufacturers and traders – only reflect a GST from July 1, 2017. But what does that mean in practice? Click to read more
The newly created GST intelligence arm, Directorate General of Goods and Service Tax Intelligence, has been named the regulator for dealing with money laundering cases in the gems and jewellery sector.
The Finance Ministry last week amended the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 to make the Directorate General of Goods and Service Tax Intelligence (DGGSTI) as the regulator with respect to the gems and jewellery sector, said the notification.
The regulator under PMLA issues guidelines and prescribes measures to establish client identity in different transactions. Click to read more