Finance Minister Arun Jaitley today said the states are not in favour of including petrol and diesel into GST at the moment, ruling out any immediate levy of the new indirect tax on these petroleum products.
While GST was rolled out on July 1, real estate as well as crude oil, jet fuel or ATF, natural gas, diesel and petrol were kept out of its purview. This meant that the products continued to attract duties like central excise and VAT. Click to read more
Finance Minister Arun Jaitley on Monday said sticking to the fiscal deficit target will be much easier from next year because of the implementation of new indirect tax regime.
“As the GST software system matures, with two-three anti-evasion measures put in place, compliance will automatically improve. That will improve (tax) collections. Therefore, sticking to fiscal deficit target will be much easier than current year,” Jaitley said at a post-budget industry interaction session. Click to read more
Finance minister Arun Jaitley on Monday hinted at the possibility that the government may soon bring cooking gas and real estate under the ambit of the goods and services tax (GST), to be followed by a similar move with regard to petrol, diesel and potable alcohol.
“So far the mood of most states is not to include petrol and diesel in GST. I’m sure as the GST experience moves on, I think natural gas, real estate which includes land… these are areas which are to be brought in and then probably at some stage we will try for petrol and diesel and then of course potable alcohol,” Jaitley said, addressing a post-budget event organized by industry lobby Federation of Indian Chambers of Commerce and Industry (Ficci). Click to read more
Finance Minister Arun Jaitley on Monday expressed hope that the Centre would be able to meet its fiscal deficit target in 2018-19 with improved tax buoyancy, including stability in receipts from the Goods and Services Tax (GST).
In Union Budget 2018-19, Jaitley pressed the pause button on fiscal consolidation with the deficit estimated at 3.5 per cent in 2017-18 and at 3.1 per cent next fiscal year. It was originally pegged at 3.2 per cent for 2017-18 and 3 per cent next fiscal. Click to read more
As direct tax collection soared up 18% to Rs 6.56 lakh crore in the first nine months of the fiscal year 2017-2018, which the government said is “well ahead of its Budgeted target” of Rs 9.8 lakh crore for full year, Finance Minister Arun Jaitley explained the curious relationship between the Goods and Services Tax (GST) and the direct taxes. During an interactive session at FICCI, the finance minister said that the GST has a direct impact on income tax. Click to read more
Fearing that anti-profiteering mechanism may be triggered against them, many companies that are primarily in B2B (business to business) segments are asking their vendors to certify that they are passing on the benefits accrued under goods and services tax (GST).
These companies — in sectors such as shipping, ports, electricity distribution and oil and gas — also suspect vendors may not be passing on benefits as prices in several cases haven’t changed despite rate reduction under GST, said people in the know. Under anti-profiteering rules, any company or vendor whose profits jump due to the new tax regime must pass on benefits. Click to read more
India’s complex indirect tax structure became simpler and integrated with the new tax reform-GST. Experts believe that the Indian economy will get a boost with the cascading effect of GST in the long run. The successful GST implementation with a unified tax structure across diverse Indian regions is a daunting task, especially when not all Indians are completely yet aware of the benefits and processes related to GST.
To simplify and automate processes related to GST filling and adherence, a GST software is a must for all industries so that the new tax process doesn’t divert them from their core business processes. This article will elaborate few reasons why businesses should look out for a complete GST solution which complies with all GST norms. Click to read more
The government on Monday deferred implementation of requirement to carry e-permits for inter- state transportation of goods following technical glitches. GST provision requiring transporters to carry an electronic waybill or e-way bill when moving goods between states was to be implemented from today to check rampant tax evasion. “In view of difficulties faced by the trade in generating e-way bill due to initial technological glitches, it has been decided to extend the trial phase for generation of e-way bill, both for inter and intra state movement of goods. It will be applicable from a date to be notified,” the Central Board of Excise and Customs (CBEC) tweeted. 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