Airlines can annually earn combined input tax credits of Rs 5,220 crore – more than five times of what they are getting now – if jet fuel is bought under the ambit of goods and services tax (GST).
Also, contrary to fears that the government will lose out on tax revenue, it will actually earn Rs 10,353 crore, 7% more than what it gets now if the fuel becomes a GST item.
These assessments were given to the ministry of civil aviation last week in a presentation by top executives at Indian carriers. The meeting was chaired by minister of state for civil aviation Jayant Sinha. Click to read more
The Authority for Advance Rulings (AAR) has ruled that payments in respect to nonperformance of a contract would be liable to goods and services tax (GST). This has made multinational companies, especially those executing infrastructure projects, and the mining sector jittery, and it could have implications on mergers and acquisitions, franchise arrangements too.
Liquidated damages are payments in lieu of non-performance of a contract. Click to read more
Airlines could earn five times more of the input tax credit that they get currently if jet fuel is brought under the ambit of GST (goods and services tax). Moreover, contrary to concerns that the government will lose out on tax revenue if this is levied, the government is likely to earn 7% more than what they are getting if jet fuel come under GST.
According to a report in The Economic Times, the government could earn Rs 10,353 crore – 7% more than what it earns now – and airlines could earn a combined annual input tax credit of Rs 5,220 crore. Click to read more
Spiralling petrol and diesel prices are burning a hole in people’s pocket with no signs of recovery. With this, the debate around excise duty cut and the inclusion of automobile fuel under the GST has emerged again with India Inc asking the government to take immediate measures.
India’s top industry bodies Assocham and Ficci have said it is important the government cut excise duty on petrol and diesel and also consider including automobile fuel under the GST. Click to read more
Despite having features like a single tax rate for all which, in theory at least, made Malaysia’s GST less complex and superior to India’s version of the indirect tax system, it did not serve the South-East Asian nation well. This turned out to be politically costly for the Najib Razak government, and Mahathir Mohamad returned to power earlier this month on the promise of scrapping GST. All this matters because there has been some resentment about the GST design in India. Click to read more
The government has extended the due date for filing GST summary sales returns for April by two days till May 22.
An official statement said that certain technical issues are being faced by the taxpayers during the filing of GSTR-3B for April.
“In order to resolve the same, emergency maintenance is being carried out on the system. Therefore, in the interest of taxpayers it has been decided to extend the last date for filing of returns in GSTR-3B for the month of April by 2 days. Click to read more
With the commencement of Ramzan, the markets in Aurangabad, Maharashtra have been decked up with varieties of dates, food and other needs for the festivities. However, the increase in the price of festive products like dates and other food items, due to the implementation of GST, has dull the markets’ spark. The shopkeepers selling varieties of dates are facing a lot of problems due to the increased price. Click to read more
When India entered the daily revision dilemma for petrol and diesel prices, it was under the belief that things will turn out for the better for consumers, because that’s what the government had then assured. But what was supposed to be a major booster became a nightmare soon enough for Indian citizens, as they are now paying record high petrol and diesel prices. Petrol price was ruling at an all-time high of Rs 76.57 per litre in Delhi, having crossed the record set in September 2013 of Rs 76.06. Click to read more
Powerloom weavers have written to the National Anti-Profiteering Authority to take strict action against yarn spinners for artificially increasing prices by almost 35% and demanded that they be asked to repay the difference amount of GST reduced from 18% to 12% to them.
Powerloom weavers have stated that the spinners were selling yarn at Rs 118 per kg when GST rate was 18%. Click to read more
Coaching centres providing tuition to prepare students for entrance examination are liable to pay 18 per cent GST, according to the Authority for Advance Rulings (AAR).
An application was filed before the Maharashtra bench of the AAR to seek an advance ruling on whether the services related to providing the coaching for entrance examination will come under the ambit of the Goods and Services Tax (GST). Click to read more