Hinting at further rationalisation in the goods and services tax (GST) structure, the minister of state (MoS) finance Shiv Pratap Shukla said that the government may come up with an announcement soon, ANI reported.
He was speaking at the Delhi SME Finance Summit organised by the Confederation of Indian Industry (CII).
Various industry bodies including the CII have asked the government to rationalsie the GST structure and cut down the number of slabs. Click to read more
The GST Council is working towards rationalising Goods and Service Tax (GST) rates, Minister of State for Finance Shiv Pratap Shukla said on Thursday.
A big announcement from the government regarding GST is imminent, he said at an event.
Currently, the GST has four rates of 5 per cent, 12 per cent, 18 per cent and 28 per cent.
The all powerful GST Council had, in its meeting in January, decided to slash the GST rate on 54 services and 29 items. Click to read more
Fast moving consumer goods (FMCG) is the fourth largest sector in the Indian economy. There are three main segments in the sector – food and beverages which accounts for 19 per cent of the sector, healthcare which accounts for 31 per cent and household and personal care which accounts for the remaining 50 per cent.
The FMCG sector has grown from $ 31.6 billion in 2011 to $ 49 billion in 2016. The sector is further expected to grow at a CAGR of 20.6 per cent to reach US$ 103.7 billion by 2020. FMCG revenue grew 14.8 per cent during October-December 2017. FMCG sector is expected to register net revenue growth of 11.8 per cent in Q4 March 2018. Click to read more
The forthcoming Goods and Services Tax Council meeting is going to propose inclusion of natural gas within the GST purview on an experimental basis, according to Joint Secretary, GST Council, Dheeraj Rastogi.
Speaking at a workshop on Levy of GST, supply, goods, services and time and place of supply – Analysis and open issues organised by the PHD Chamber of Commerce and Industry, Rastogi said that the inclusion of natural gas under GST will be one of the important points for deliberations for all State Finance Ministers. Click to read more
Surface express transporters who move relatively higher value consignments in a time-bound manner are seeing good growth in their businesses. TCI Express Ltd, which reported a strong double-digit growth in revenues in the March quarter (up 23%), said it expects the good performance to continue in FY19 also.
The surface express division of GATI Ltd, another logistics company, registered double-digit volume growth in the second half of FY18 and expects the growth momentum to continue. Click to read more
The Indian Cellular Association (ICA) has asked the government to rationalise the goods and services tax (GST) levied on batteries, seeking lithium-ion batteries to be put under the 12 percent category, according to an Economic Times report.
The ICA wants GST on lithium-ion batteries at the same rate as that of other parts used to manufacture phones. Click to read more
The Group of Ministers (GoM) to look at imposition of a contentious sugar cess under the goods and services tax (GST) regime has mulled on four ways in this regard.
One of these is a rate hike on sugar, which it considerd last Sunday, to raise revenue for helping cane farmers.
It is awaiting the Union attorney general’s opinion on whether such a cess could be levied within the GST structure. Click to read more
The CBIC has allowed the clearance of GST refunds based on PAN of exporters if such refunds are held up due to a mismatch in GSTIN mentioned in shipping bill and return forms.
As much as Rs 14,000 crore worth of refunds to exporters are stuck because of various reasons, and the Central Board of Indirect Taxes and Customs (CBIC) is organising a special refund fortnight from May 31 to June 14 to fast-track the clearance of dues. Click to read more
Haryana Government has issued an advisory for all Government departments to keep in mind the provision of the Goods and Services Tax (GST) Act regarding place of supply while procuring goods and services.
The introduction of GST has brought about uniformity in the indirect taxation regime across the States. The business processes and the rates of tax under GST are uniform throughout the country, said an official spokesman.
He said that there are two basic features of GST to safeguard the State tax under GST while procuring goods and services for the State of Haryana. These are GST is levied on taxable supplies simultaneously both by States or UT Government and Central Government. Click to read more