Both Goods and Services Tax (GST) collections as well as its compliance in the first four months since the rollout of the new tax regime remain well below the target, and the situation is unlikely to improve in the near- term, says a report.
This is excluding the Excise duty collections on petroleum products and the basic Customs duty both of which have been on an uptick due to the spike in crude prices, says a report by brokerage Kotak Securities on Tuesday. Click to read more
The Centre compensated states for a shortfall in their goods and services tax (GST) revenue in April-November, enabling states to meet their target for the period.
But the Centre’s own receipts fell short of target, as taxpayers used outstanding tax credits from the previous indirect tax regime to set off part of their central GST liability, a finance ministry statement said on Monday. Click to read more
New Delhi, The Goods and Services Tax (GST) will transform the entire business landscape of FMCG (fast moving consumer goods), retail and logistics into a modern and efficient model, a survey said here on Tuesday.
An Assocham-MRSS India joint study on the FMCG sector’s logistics said big corporations are remodelling their operations into bigger logistics and warehousing under the uniform tax regime.
“All big corporations with positive impact for their supply chain are remodelling their operations into bigger logistics and warehousing,” said the joint study. Click to read more
As many as 17 days have passed since the GST Council slashed tax on as many as 200 items, and the latest GST collections figures are here. A finance ministry statement said the total collection on the Goods and Service Tax (GST) for October slipped by almost 10 per cent to Rs 83,346 crore as compared to Rs 92,000 crore in the previous month.
In a major rejig of GST rates, Finance Minister Arun Jaitley on November 10 announced a 10 per cent cut in tax on over 200 goods ranging from chocolates to cosmetics to artificial fur coats and wrist watches. As many as 50.1 lakh Goods and Services Tax (GST) returns were filed for October. Click to read more
Last week, Sushil Modi, a key member of the Goods and Services Tax (GST) Council, said 80 per cent of all issues relating to GST rates had been addressed, with only a few more rate changes before the next financial year begins.
He also said the focus shifts now to simplifying the process on filing of returns and removing of legal glitches, for which expert panels have been constituted. Perhaps it is necessary to constitute an expert panel to write a new GST law itself, the way one has been constituted to write a new law for direct taxes. Click to read more
Oil Minister Dharmendra Pradhan today made a strong case for inclusion of natural gas in the Goods and Services Tax, saying that if polluting coal can be included, then the environment-friendly fuel certainly deserves a place in the new regime.
“Coal has been included and levied with 5 per cent tax but gas is outside GST, how fair is that,” he said at the KMPG Energy Summit here. Click to read more
Prime Minister Narendra Modi has directed the Ram Vilas Paswan-led consumer affairs ministry to have a “special focus” on complaints from consumers regarding the goods and services tax (GST) and overcharging by retail outlets.
The directions were issued last week when the public grievances received by the ministry were reviewed by the PM and senior officials of the Prime Minister’s Office (PMO). Click to read more