GST Ready India

GST Ready India’s Latest News and Updates

Suppliers to pay penalty for not passing GST rate cuts

Sep 11, 2018

MP: Number of traders registered under GST crosses 4 lakh

The number of traders who have joined the Goods and Services Tax (GST) regime in Madhya Pradesh has reached over four lakh, a senior state commercial tax official said.

Joint Commissioner of MP Commercial Tax department, Sudip Gupta, told PTI that by the end of the current financial year, the number of registered businessmen under GST could further increase to 4.60 lakh. Click to read more

Maharashtra pushes for petroleum products under GST

The Maharashtra government wants petroleum products, including petrol and diesel, to come under the purview of the Goods and Services Tax (GST).

Maharashtra’s Finance Minister Sudhir Mungantiwar said the state government has already indicated to the GST Council comprising representatives of all the states and the Central Government about its support for such a measure. Click to read more

Bharat Bandh: Cong demands inclusion of fuel under GST

Addressing a presser after the culmination of the Bharat Bandh, Congress general secretary Ashok Gehlot said, “Today’s Bharat Bandh was a success and I thank everyone who participated in it. The main objective for this was the rising fuel prices and the broken promises of Prime Minister Modi. When fuel prices were rising during the United Progressive Alliance regime due to rising global oil prices, we reduced VAT to take off the burden from the common people.” Click to read more

GST body alleges Rs 25 cr tax evasion at RBL Bank

The anti-evasion wing of Central GST (Goods and Services Tax) and central excise in Mumbai has alleged a tax evasion of around 25 crore by RBL Bank over fees charged by banking correspondents (BCs) in transactions spanning three years.

The ‘cut and pay’ model of the bank undervalued the domestic money transfer services, a source at the GST body said.

RBL Bank provides the domestic money transfer services to customers through their corporate BCs and further agents of these BCs. Click to read more

Suppliers to pay penalty for not passing GST rate cuts

In a first of its kind ruling, the National Anti Profiteering Authority (NAA) on Monday ruled that suppliers will be liable to pay penalty for not passing the benefits of GST rate reduction on sale of goods.

The NAA gave its ruling in a case against Jaipur-based Sharma Trading Company, wherein it was alleged that the supplier had not reduced the price of ‘Vaseline’ in line with the reduction of GST rate and thus indulged in profiteering in contravention of Scetion 171 of CGST Act. Click to read more

Alstom flags GST issues for inflating costs

Competition in the metro rail engineering and construction sector is intense and the only way to be price competitive is to manufacture locally but the anomalies in GST are taking that advantage away from local manufacturers, Alain Spohr, managing director of Alstom India & South Asia, told ET in an exclusive interaction.

On Monday AlstomNSE -1.25 % India officially received an order worth €315 million (Rupees 26.5 billion) to supply 248 metro cars for Mumbai Metro Line 3 from Mumbai Metro Rail Corporation. It is the biggest urban rolling stock order for the company in India and it sees huge opportunity in the sector, given the government’s thrust on infrastructure and smart cities. Click to read more

Ministers urge Congress to support bringing fuel under GST

Minister for Finance Sudhir Mungantiwar urged the Opposition party, Congress to direct its governments in the states to support Maharashtra government’s proposal to bring petroleum products under the purview of Goods and Services Tax (GST) in order to bring down the multiple taxes.

The minister said, their government has done its bit in reducing state taxes on petrol and diesel. He added, “Some of the Congress-ruled states were not supporting the state proposal to bring petroleum products under GST,” Mungantiwar said prior to an important meeting of GST Council scheduled to be held on September 28. Click to read more

Maharashtra in favour of bringing petroleum products under GST, says state Finance Minister

As the Bharat bandh called by Opposition parties protesting the fuel price hike got a lukewarm response in the state today, Maharashtra Finance Minister Sudhir Mungantiwar said the state was in favour of brining petroleum products under the purview of the Goods and Service Act (GST).

He appealed to the Congress to ask the governments run by the Opposition parties to support his proposal. Click to read more

KCCI demands zero GST on handicrafts

A delegation of Kashmir Chamber of Commerce and Industries (KCCI) called on Advisor to the Governor, BB Vyas on Monday to discuss different issues confronting the business community .

A statement issued by the chamber said the advisor was convinced that GST rate on handicrafts must be brought down to zero and  promised to take it up with the GST council in its next meeting. “Although the KCCI is with roll back of GST which is supported by all trade bodies but keeping in view the drastic reduction of exports. Click to read more

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