The Centre is estimated to save Rs 1,600 crore annually in procurement of foodgrains as its tax expenses have reduced after the introduction of GST, Food Minister Ram Vilas Paswan said today.
Only GST is being levied on procurement and not state taxes, resulting in 18 per cent reduction in taxes on foodgrain procurement, he said.
The government is expected to save Rs 1,600 crore annually, he added. Click to read more
Finance minister Arun Jaitley on Thursday said that despite the noise about demonetisation hurting the economy, the growth rate expected to moderate from 7.1% in FY17 to 6.7% in FY18 and the slowdown was partly due to de-stocking ahead of the GST launch in July.
“Demonetisation had its own disruptive impact. India’s growth rate was 7.1% last year. Was there a two percentage point decline next year?” the minister said in the Lok Sabha, while replying to the Budget discussion. He added that India is projected to regain the tag of being the fastest growing major economy next year. Click to read more
Mahalakshmi has been working in the handloom textile industry in India for close to two decades. A spry, wiry woman in her 40s, Mahalakshmi is a master weaver overseeing the process of cloth production at Charaka – a handloom weavers’ cooperative in Heggodu, a tiny hamlet tucked away in the Western Ghats in Karnataka.
On any given day, Mahalakshmi is responsible for sourcing hank yarn from the cotton mills, overseeing the dyeing of the hank yarn, allocating work to the weavers, monitoring the quality of the cloth produced and ensuring it is released on time to the tailoring unit. Click to read more
Chandigarh, Feb 8 (PTI) The Congress-led Punjab government today criticised the Centre for allegedly delaying the release of more than Rs 630 crore in GST compensation to the state, alleging that it has led to fiscal problems.
The state government had to float development bonds of Rs 700 crore to raise money to pay salaries to government employees after the GST compensation was not disbursed by the Centre.
“We have not been paid GST compensation of Rs 633 crore by the Centre that has led to cash flow problems to the state. It was supposed to be disbursed 15 days ago,” state finance minister Manpreet Singh Badal said. Click to read more
The Goods and Services Tax (GST) Council in its 25th meeting held on January 18, had made several important recommendations for the housing sector which are expected to promote affordable housing for the masses in the country.
These recommendations which came into effect from January 25, include a proposal to extend the concessional rate of GST of 12 percent (effective rate of eight percent after deducting one third of the amount charged for the house, flat towards the cost of land or undivided share of land) in housing sector to construction of houses constructed, acquired under the Credit Linked Subsidy Scheme (CLSS) for Economically Weaker Sections (EWS), Lower Income Group (LIG), Middle Income Group-1 (MlG-1), Middle Income Group-2 (MlG-2) under the Pradhan Mantri Awas Yojana (Urban). Click to read more
Every year the Union Budget attracts a lot of attention from businesses and the public alike because of its potential to affect the prices of commodities through its indirect tax proposals. However, with GST subsuming most indirect tax levies and the GST Council being the decision making body under the GST regime, the Finance Bill, 2018 had limited amendments in relation to indirect taxes. However, certain important developments have taken place in the indirect tax regime which have been encapsulated below. Click to read more
The state government on Thursday assured the 250-odd single-screen theatre exhibitors that their GST rebate will be refunded to them by next month.
Eastern Indian Motion Pictures Association chairman Krishna Daga told TOI, “On Monday, we were assured the GST issue, which had become a huge stumbling block for Bengal exhibitors, will be resolved. At least Rs 10 crore has to be refunded to the exhibitors. The Times of India has been constantly highlighting this issue. We are happy our problems have been heard and the government has taken a proactive stand.” Click to read more
Updating Aadhaar will be costlier from now since Unique Identification Authority of India (UIDAI) announced that it would impose 18% GST for updating Aadhaar information. The UIDAI tweeted the new charges saying that the subscribers will have to pay 18% GST in addition to Rs 25.
Currently, UIDAI charges Rs 25 for updating any pieces of information in aadhaar like address, date of birth, gender, mobile number, and email. It charges the same amount for biometric updates too. If the new changes are implemented, the subscribers have to pay 4.5% extra. Click to read more
The National Informatics Centre (NIC), which has developed the software for issuance of electronic permits for inter-state transportation of goods under the GST regime — or e-way bill — is reviewing the software after the system witnessed glitches on February 1 when the facility was to be rolled out but got deferred. The reason for glitches, according to a senior NIC official, was that the estimation of the expected load was erroneous. Click to read more
Defending the ruling NDA government’s management of the economy as compared to the UPA government’s record in this regard, Finance Minister Arun Jaitley on Thursday ruled out any rollback of the Long Term Capital Gains (LTCG) tax reimposed for the coming fiscal year.
Presenting his last full-year budget before the general elections due in early 2019, Mr Jaitley proposed to tax LTCG on equities exceeding Rs. 1 lakh at 10 per cent, which is expected to bring in revenue of Rs. 20,000 crore. Click to read more
The micro, small and medium businesses, which are saddled with ₹80,000-crore stressed loans, may get a big respite from the relaxed norms for non-performing asset categorisation.
“After the revised norms for NPA categorisation approved by the Reserve Bank of India, MSMEs will be allowed to make payments due between September 1, 2017, and January 31, 2018 within 180 days instead of the earlier 90 days,” said Minister of State (Independent Charge) for Micro, Small and Medium Enterprises, Giriraj Singh. Click to read more