Increase of GST collections can’t be taken as return of normalcy yet: CIA

While saying it is happy to note the increase in the October 2020 GST collections as compared to October 2019 to an extent of over 10 per cent, Consortium of Indian Associations (CIA) has however said it should have been much more if the economy and business sales had returned to normal. Continue Reading

No industry shut in TN due to covid-19: Palaniswami

Chief Minister Edappadi K Palaniswami today said no micro and small scale industries have been closed due to coronavirus. He was responding to a special calling attention motion moved by the main opposition DMK in the Assembly. Continue Reading

Research firm reports 2020 will be a year of rebound for India’s IT spending

IT spending in India is forecast to cross $94 billion in 2020, up 6.6 per cent from $88.5 billion in 2019, research firm Gartner said on Monday. “2020 will be a rebound year for India’s IT spending as consumers return to purchasing mobile phones after sitting on the sidelines in 2019,” Gartner research vice president John-David Lovelock said. Continue Reading

Nirmala Sitharaman seeks inputs to correct GST flaws

Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman asked tax professionals not to curse it and sought their help to make it better. The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was “cursing” the government over how the GST was implemented. Billed as the biggest reform in indirect taxation, the goods & services tax, which does away with a host of levies from the federal to the local government levels, was implemented in July 2017. Continue Reading

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

TN CM goes to Delhi, to raise key issues during Niti Aayog meet 

Chief Minister Edappadi K Palaniswami today left for New Delhi to take part in the Niti Aayog meeting to be held tomorrow. This is the first Niti Aayog meeting after Prime Minister Narendra Modi was elected for the second consecutive term. Continue Reading

Rollover of capital gains is big boost for Real Estate: Karle Group CFO

The real estate sector reeling under the effects of government measures like GST and RERA has impacted the business of small players heavily. However, big real estate businesses have found the government’s moves quite to their advantage. Speaking to News Today, Karle Group CFO Gururaj Bhat talked how such implementations have turned out to be fruitful for them and property buyers.  Continue Reading

GST Council to look at simplifying housing, MSME sector tax rates

Finance Minister Arun Jaitley announced the details and said, the Goods and Service Tax Council, in its next meet in January would consider rationalisation of tax rates on residential properties and raising the threshold limit for MSMEs from the current Rs 20 lakh. Continue Reading