Private banks that are being charged goods and services tax on transactions undertaken by their business correspondents are starting to increase their charges on remittances, two people aware of the development said.
At least two large private sector lenders in the domestic money remittance business have increased charges by at least 20 basis points, they said, declining to name the banks. A basis point is one-hundredth of a percentage point. Some banks have sought legal opinion on the matter and are looking to arrive at an understanding with tax authorities, ET has learnt. Click to read more
The state government earned Rs 30,321.67 crore in second quarter of the current financial year (2018-19) through goods and services tax (GST). However, the revenue is Rs 5,632.42 crore, or 15.66 per cent, less than compared to the first quarter.
The state government’s target of revenue collection from GST for the entire financial year is around Rs.1.51lakh
The major reason behind the drop in GST collection is a slowdown in sectors such as aviation, real estate, banking and insurance, said a senior official from the state’s finance department. Click to read more
Indian livestock industry has called for an exemption of both oil seeds and oil meals from GST to fuel its growth and help achieve the goal of doubling farmers’ incomes’, said The Compound Livestock Feed Manufacturers Association of India (CLFMA of India).
CLFMA represents over 200 members from all sub-sectors of the livestock industry such as feed producers, animal nutrition and healthcare, veterinary services, processing, distribution and retailing of meat. Click to read more
Finance department on Thursday ordered modification in SRO-GST-12 notification, dated July 8, 2017.
As per a notification issued from the office of principal secretary finance department Navin K Choudhary, “In exercise of the powers conferred by sub-section (3) of section 11 of the Jammu and Kashmir Goods and Services Tax Act, 2017, the state government, on the recommendations of the council, and on being satisfied that it is necessary so to do for the purpose of clarifying the scope and applicability of the notification SRO-GST-12 dated July 8, 2017 hereby inserts the explanation in the notification. Click to read more
Around 100 Ministerial employees of GST (Central Excise) and Customs, Visakhapatnam Zone, held a lunch-our demonstration in front of the GST Bhavan on Thursday, accusing the Central Board for Indirect Taxes and Customs of treating the Ministerial Officers with step-motherly attitude.
The employees demanded that the vacant posts in the Ministerial cadres be filled up and the cadre restructuring be finalised only after taking the Ministerial Federations and Associations into confidence. Click to read more
Over the past couple of years, India has considerably enhanced the levels of transparency in the real estate sector. Thanks to the battery of massive reforms, the investor sentiment is improving consistently both at domestic and global levels. The face of India’s real estate sector is changing, and changing quite fast. Implementation of game-changing reforms such as Real Estate Regulatory Act (RERA), Benami Transactions (Prohibition) Amendment Act, Goods and Services Tax (GST) and demonetisation, one after another, attempts to address the core, systemic issues that persist in the sector for several decades. Click to read more
Passenger vehicle sales declined by around 6% for the third straight month in September, hit by high base last year following the enforcement of GST, higher insurance premiums and Kerala floods during August.
Dispatches in the last month fell 5.61% to 292,658 units against 310,041 units in the year-ago period. In the three months to September, passenger vehicles sales declined 3.6%, according to the Society of Indian Automobile Manufacturers. Click to read more
More than 30 students of SIES Graduate School of Technology (GST), Nerul, an engineering college, are in a fix. Half of them were denied forms to appear for the upcoming final year exam. The other half did not receive their original documents from the college after passing out because the Social Welfare Department of the state government had not paid scholarship fees since 2014 to the college for socially backward category students pursuing Printing and Packaging Technology (PPT) course. Click to read more