The 28% GST tax on luxury hotels with tariffs of Rs 7500 and above is likely to stay despite the hotel industry lobbying to reduce the tax rate as the government is unlikely to amend the tax slab now, officials familiar with the matter told ET.
The 28% tax on luxury hotels with tariffs of Rs 7500 and above makes India one of the most taxed countries in the world for hotels but the government is of the view that the slab applies to very few hotels in the country. Click to read more
Ever since the introduction of GST, Tollywood has been vocal in its protest over the new tax regime on regional film industries.
To address these concerns, Priya cinema owner Arijit Dutta and other exhibitors met I&B minister Smriti Irani to discuss slashing of GST on the regional industry. “Along with exhibitors from four regions and the Film Federation of India president, we met her at Shastri Bhawan. I suggested a 5% GST on the regional industry. She spoke to us in Bengali and was very sympathetic,” Dutta said. Click to read more
The tax department’s soft approach towards non-compliance under the GST may be coming to an end as the indirect tax regime enters into the new financial year. This is reflected in the spurt of notices received by assessees at the start of this month, urging them to explain mismatches of details in two different returns filed for the same period. Notices issued in the first week of the month have asked taxpayers to explain discrepancies in monthly summary return (GSTR-3B) and GSTR-1 (outward supply details) for the same period. Click to read more
A business is required to register under the goods and services tax (GST) even if it qualifies to be exempted according to the GST Act, but has liability to collect tax under the reverse charge mechanism (RCM), the authority for advanced ruling (AAR) on GST in Delhi said in a ruling. The GST Act provides exemption to businesses with less than Rs 20 lakh annual revenue from paying indirect taxes. Further, exemption from registration is also available to companies which are exclusively engaged in supply of goods and services that are not liable to tax or are completely exempt from tax. Click to read more
Having failed to get any respite from the GST Council, the aviation maintenance, repair and overhaul (MRO) industry has decided to approach the Prime Minister’s Office (PMO) for a reduction in the tax burden on the sector, currently levied at 18 per cent.
The MRO Association of India has warned that the industry could face a closure if the Goods and Services Tax (GST) “anomaly is not set right”. Click to read more
The Shiromani Gurudwara Parbandhak Committee (SGPC) has revealed that they again wrote to the Centre, demanding exemption of the Goods and Services Tax (GST) being levied on ‘langar’ (community meal) service at Gurudwaras across the country, but received no reply.
“We’ve written letters to the government, but haven’t got any reply. We want the Goods and Services Tax (GST) to be removed from the langar service,” Daljit Singh Bedi, Additional Secretary of SGPC, told ANI. Click to read more
Congress president Rahul Gandhi has rightly termed GST as “Gabbar Singh Tax” since it is not the one adopted worldwide nor the one proposed by the Congress that was stalled for three years by the BJP, the former Union Finance Minister P. Chidambaram has said.
Speaking to reporters here on Wednesday, Mr. Chidambaram noted that even Government Chief Economic Advisor Arvind Subramanian wanted a simpler GST, as against the present regime where multiple tax slabs exist. The ideal tax slab should have between 15 % and 15.5 %, he quoted Mr. Subramanian. Click to read more
In what could come as a relief to owners of old commercial vehicles, the Ministry of Road Transport and Highway has asked the GST Council to consider lowering the tax rate on replacement vehicles to 18 per cent from 28 per cent.
A positive decision will benefit around seven lakh CV owners, said a senior official in the Ministry. Click to read more
The Indian economy is gradually coming out of the twin shock of demonetisation and GST rollout, which temporarily derailed growth, India Ratings said.
It, however, cautioned on the possible widening of current account deficit (CAD) due to rising oil prices, which was creating pressure on the currency. “Our research has shown that major macro parameters like manufacturing, capital goods production, non-food credit and comsumption are showing signs of recovery,” India Ratings chief economist Devendra Pant said. Click to read more
The commercial taxes department collected 8.14 per cent higher revenue in the financial year 2017-18 over the previous fiscal.
A total of Rs 20,277 crore in taxes was collected by the department in 2017-18. For the current fiscal (2018-19), a target of Rs 27,000 crore has been set, which is 35 per cent more than what had been collected in 2017-18. The numbers came to the fore during a review meeting of the commercial taxes department chaired by deputy chief minister Sushil Kumar Modi on Wednesday. Click to read more