The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
This is the third time in current fiscal that GST collections have crossed the Rs one lakh crore-mark.
Additional solicitor-general says extra-neutral alcohol liable to new tax
Common use products like hair oil, soaps and toothpaste will be charged with a single national sales tax or GST of 18 per cent instead of present 22-24 per cent
GST rates on under-construction houses maybe reduced from 12 pc with input tax credit to 5 pc without ITC. Similarly, the rate for under-construction affordable houses could come down to 3 per cent without input tax credit, from the current 8 per cent.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said. The committee, comprising senior central and state tax officers, would also discuss the GST fake invoice frauds, further tightening of the GST registration process and work out other legal measures including necessary law amendment required in the GST Act to curb the menace of fake invoicing, they added. Also the provisions related to deemed registration under Goods and Services Tax (GST) law may be tightened to prevent the misuse of such provisions by fake dealers and the provisions related to suspension of registration may also be streamlined to make the procedure of suspension and cancellation of registration more efficient and faster, so that such fraud operators can be prevented in time from continuing to pass on fake credit down the chain.
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
Jaitley said the Congress may be upset with the government for 'political reasons'
By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which Opposition Congress has been blocking the Bill in the Upper House
Actor Vijay, founder of the Tamizhaga Vettri Kazhagam (TVK) party, has declared that his party will challenge the ruling DMK in the 2026 Tamil Nadu Assembly elections. In a general council meeting, Vijay criticized the DMK's dynasty politics, their handling of law and order, and women's safety. He also targeted the BJP-led central government over issues like the Waqf Bill, delimitation, and the three-language policy. Vijay promised his party's support to working classes, government employees, and vowed to oppose projects harmful to natural resources and agriculture. He assured 100% safety for women and strict law and order if TVK forms the government. The party passed resolutions opposing the Waqf Bill, delimitation, and the three-language policy, and also voiced support for the two-language policy, finding a permanent solution for fishermen's issues, and opposing the Parandur airport project.
After the 2019 election, one thing is sure: GST will see a number of changes, explains Indivjal Dhasmana.
Under the GST regime, most manufactured goods will turn cheaper.
A future road map could be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent, he said.
Inter-state supply may come under GST composition
The proposed exemption in customs duty on import of lithium, cobalt and other rare minerals in the Union Budget 2024-25 is likely to lower the battery production cost and help in making electric vehicles more affordable for the buyers, auto industry leaders said on Tuesday.
States are planning to pass resolutions in their legislative assemblies; however, such tactics will be used as the last resort if the Centre continues to stall allocations.
FM said a Constitution Amendment Bill for introduction of GST will be passed soon.
Since its rollout 13 months ago, the new indirect tax has yielded Rs 1 trillion only in in April 2018
The GST's significance for the BJP's politics is as important as its implications for the Indian economy, says A K Bhattacharya.
'Challenge is basically near-term growth as the outlook has turned a bit adverse.'
The new restriction will be challenging for businesses, as they will have to do regular follow-ups with their suppliers.
'At a recent event, says Kishore Singh, almost everyone present lamented art being labelled as 'goods', and therefore the artist its 'manufacturer'.
Manufacturing taxes, VAT will come down, assures Jaitley
Retaining the GST rate assumes importance since states are under pressure to increase their revenues, hit hard by lockdown. Also, the Centre has not fully compensated states for their revenue losses on account of GST for 2019-20.
Amid an outcry over record high petrol and diesel prices, Union Finance Minister Nirmala Sitharaman on Saturday said the Centre and state governments will have to together work out a mechanism to bring retail rates to reasonable levels.
The new tax rates will come into effect from January 1, 2019.
As many as 30 sub-groups and committees worked tirelessly to devise rules and laws as well as fix tax rates for over 1,200 goods and services.
States' demand for 5 years and Constitutional provision ruled out
Any residual amount left in the Compensation Fund after five year compensation period shall be shared equally between the Centre and the states.
Some of his directives had the Supreme Court judges disclose their assets whereas the row over the discovery of cash from a sitting judge's official residence paved way for inquiry.
The broad trends of GST collections will make you wonder if indeed the biggest indirect tax reform in the country has led to a real improvement in revenues, notes A K Bhattacharya.
Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would create procedural and compliance problems.
They've proposed a sub-committee under the proposed GST Council or the Empowered Committee of State Finance Ministers to resolve any disputes in the tax's implementation.
The heavy industries ministersaid that the proposal for the auto scrappage policy was ready and all stakeholders have provided inputs, therefore its announcement was likely very soon.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
Only luxury and 'sin' items could be left in highest slab. 12 and 18 per cent slabs could be merged in the future
Petroleum being out of the goods and services tax initially will create some anomaly as tax credit on some of the inputs to oil industry may not be given, said revenue secretary Hasmukh Adhia.
Strong gains in Vedanta Ltd, Adani Ports, Bharti Airtel and Maruti Suzuki helped the index touch record levels.
The GST Council had given the option to real estate companies to either opt for old rates of 12% (for residential) and 8 per cent (affordable housing) with ITC benefits or the new tax rates of 5% for residential units and 1% for affordable housing without the benefit of adjusting the credit on inputs used during construction.
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