GST council to take strong stance against tax evaders

Goods and Services Tax (GST) Council, the federal indirect tax body, is set to take several steps to curb tax evasion in its first meeting to be chaired by new finance minister Nirmala Sitharaman on 21 June. The government plans to increase scrutiny on businesses amid lower-than-expected GST collections after handholding them through the first two years of the tax reform. Continue Reading

Year-ender: GST, NPAs, MSME loans and more made the limelight in 2018 biz

It is cliched to say the year was action-packed in the business world. But action-packed it was, what with RBI governor resigning well before his tenure expired, IL&FS shocking the nation with its management issues, right to the fact that depite efforts, the government found no bidders for Air India. Continue Reading

12, 18 per cent GST slabs to be merged with rise in revenues: Jaitley

Finance Minister Arun Jaitley Monday hinted at further rationalisation of GST by merging the 12 and 18 per cent slabs, while criticising Congress for oppressing the country with a high indirect tax rate of 31 per cent. With an increase in revenue, India will eventually have a standard goods and services tax (GST) rate between 12-18 per cent for commonly used goods. This would be in addition to 0 per cent and 5 per cent for essential items and a higher rate for luxury, sin and demerit goods.

Continue Reading

GST rate cut will boost economy, say chiefs of business bodies

India Inc cheered the GST Council’s decision to slash tax rates on 23 goods and services and said the move will push demand and boost the economy. Continue Reading

Sale of flats after issue of completion certificate not to attract GST: FinMin

However, Goods and Services Tax (GST) is applicable on sale of under-construction property or ready to move in flats where completion certificate is not issued at the time of sale, it said. Continue Reading