North eastern States registered over 30 per cent growth in GST collection during the first four months of the current fiscal 2019-20, much more than the increase witnessed in larger manufacturing States. Continue Reading
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
According to reports, the move would boost buying of under-construction houses as the current GST rates forced buyers to go for ready-to-move-in properties. Continue Reading
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
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.
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
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
Traders’ body CAIT on Sunday wrote to Finance Minister Arun Jaitley seeking a further extension of the deadline for filing summary sales return GSTR-3B for September till 31 December, claiming issues arising due to technical glitches on the GST portal. Continue Reading
The government has modified the due date for filing of final GST sales returns by businesses with turnover exceeding Rs 1.5 crore to the 11th day of the succeeding month.
Finance Minister Piyush Goyal has exuded confidence that GST revenues will go up in the coming months on improved compliance and market demand. Continue Reading