Admission ticket to amusement parks, including theme parks, water parks and merry-go-rounds, will attract 18 per cent GST with effect from January 25, lower than 28 per cent earlier, the Finance Ministry said today.
“It is expected and hoped that states do not raise the tax on entertainment and amusement levied by the local authorities (Panchayats/ Municipalities/ District Councils) so as to increase the tax burden on the amusement parks,” said the Finance Ministry statement. Click to read more
Tickets to amusement parks, including theme parks, water parks and merry-go-rounds, will have 18 per cent GST with effect from January 25, lower than 28 per cent earlier, the Finance Ministry said on Wednesday.
The ministry hoped that states through authorities, like panchayats and municipalities, would not increase the local taxes on entertainment and amusement and help keep the tax burden low. Click to read more
The government today asked builders not to charge any GST from home buyers as the effective GST rate on almost all affordable housing project is 8 per cent which can be adjusted against the input credit.
It said builders can levy GST on buyers of affordable housing projects only if they reduce the apartment prices after factoring in the credit claimed on inputs.
In its last meeting on January 18, the GST Council had extended the concessional rate of 12 per cent GST for construction of houses under the Credit Linked Subsidy Scheme (CLSS) to promote affordable housing, which has been given infrastructure status in 2017-18 Budget. Click to read more
GST returns filed by companies opting for the GST composition scheme has left the government surprised as 5 lakh companies reported such a turnover which works out to annual sales of Rs 5 lakh only.
Businesses with turnover up to Rs 20 lakh are exempt from the Goods and Services Tax (GST) regime, which kicked in from July 1, 2017.
Out of 10 lakh businesses that opted for the composition scheme during the July-September period, about 7 lakh have filed GST returns for the quarter. Click to read more
Tamil Nadu’s fears over the GST have been proven to be unfounded as eight months after its roll out, GST has raked in more money for the state exchequer than the erstwhile conventional VAT-based taxation system. Data of the state commercial tax department show that the state received Rs 23,317.76 crore under GST from July to December 2017, as against Rs 19,017.87 crore under VAT during the corresponding period the previous year.
The state GST, called SGST, was around Rs 15,008.10 crore between July and December last year. The state will add a few more crores to its coffers from the inter-state GST as many assessees are yet to file their returns. Click to read more
The government has unearthed Goods and Services Tax (GST) evasion to the tune of Rs 5.70 crore in 16 cases in just five months of the ongoing financial year.
GST was introduced on July 1, 2017. It subsumed over a dozen central as well as local taxes, including excise and service tax, taking the country to one-nation, one-tax regime.
As per the inputs provided by the finance ministry, the government has detected GST evasion to the tune of Rs 5.70 crore in 16 cases during July-November 2017-18, Minister of State for Corporate Affairs PP Chaudhary said in a written reply to Rajya Sabha. Click to read more
While maintaining a status quo, the Reserve Bank of India (RBI) today provided major relief to MSME borrowers, registered under the Goods and Services Tax (GST), by extending their repayment of debt deadline.
RBI said, “It has been represented to us that formalisation of business through registration under GST had adversely impacted the cash flows of the smaller entities during the transition phase with consequent difficulties in meeting their repayment obligations to banks and NBFCs.” Click to read more
The Maharashtra government has assured businesses and traders that technical glitches in the e-way billing system for movement of goods under the new Goods and Services Tax (GST) regime will be removed soon.
The State government had, in late January, deferred a plan to launch the e-way Bill system for movement of goods within the State from February 1 to May 1. Click to read more
The Narendra Modi government has budgeted for Rs 900 billion to be paid as compensation to states to make good their losses on account of the goods and services tax (GST) in 2018-19.
This represents a 47 per cent increase over the Rs 613 billion it plans to distribute in 2017-18.
The compensation comes to 3.6 per cent of the 2018-19 Budget size of Rs 24.4 trillion. Click to read more