Mid and large sized cars, luxury vehicles, hybrids as well as SUVs are likely to cost more as the Cabinet cleared the issuing of Ordinance to raise the GST cess on them to a maximum of 25 per cent, from 15 per cent at present. Car prices had dropped by up to Rs 3 lakh following the implementation of the Goods and Services Tax (GST) from July 1 and the ordinance is being seen as an attempt to rectify the anomaly where rates of certain common use items had gone up but luxury cars were costing less under the new regime. Click to read more
Affecting mid-size, luxury cars and SUVs, the Cabinet has cleared promulgation of an Ordinance to increase the GST cess from current 15 per cent under the new tax regime. The proposal before the cabinet was to hike the GST cess rate on premium cars to 25 per cent and the ordinance is the first step in that direction. In July this year, the new GST taxation regime rolled into the country bringing a host of state and central taxes under one umbrella. This led to a reduction in taxes over premium vehicles. Click to read more
The Cabinet today cleared promulgation of an Ordinance to increase the cess on mid-size, large cars and SUVs from current 15 per cent under the new GST regime.
The proposal before the Cabinet was to hike the cess rate on these cars to 25 per cent.
“The proposal of imposition of higher cess has been cleared,” a source said after the Cabinet meeting.
The GST Council had on August 5 approved raising cess on SUVs, mid-size, large and luxury cars that had become cheaper post GST rollout on July 1. Click to read more
Two months after the rollout of GST, Prime Minister Narendra Modi today said apprehensions with regard to the indirect tax regime have been proven to be unfounded and a smooth transition has happened.
He asked chief secretaries of all states to further boost efforts to increase registration under GST (Goods and Services Tax) and to achieve a quantum jump in this regard within a month, a PMO statement said. Click to read more
India’s past and future are colliding in Anand Ghugre’s family jewellery shop in Mumbai.
“We still operate the way my father did for 50 years,” said Ghugre, 52, explaining that transactions were typically in cash and were not always recorded. “For small jewellers and the unorganized sector, most of our sales happen through personal connections. Sometimes they don’t want bills, but the jewellers can’t say no to them.” Click to read more
When demonetisation move was announced, analysts and economists predicted that India’s Gross Domestic Product (GDP) will be impacted in the coming quarters as consumption demand of various sectors was hampered severely during the period.
However, India’s GDP data in last quarter of FY17 defied the impact of demonetisation.
In Q4FY17, India’s GDP numbers missed estimates and dropped to 6.1%. While Real GDP at constant (2011-12) prices for FY17 is estimated at Rs 121.90 lakh crore showing a growth rate of 7.1% over the year 2015-16 of Rs 113.81 lakh crore, as per CSO. Click to read more
In a respite for companies with big claims of input tax credit for pre-goods and services tax (GST) stocks, the government is likely to allow rectifications of returns filed. The revenue department is consulting the law committee on the matter.
Although companies have been given 90 days to file the TRAN 1 form to claim input tax credit for stocks bought before July 1, the last date for filing it was August 28. Click to read more