GST making you anxious? Here is a fact-check on how new tax will impact you.
The e-invoicing system will be rolled out in a phased manner from January 1 on a voluntary and trial basis, beginning with firms with a turnover of Rs 500 crore, while businesses with a turnover of Rs 100 crore or more will be required to do it from February 1.
'There were lots of people who told me not to go for a Gujarati serial after Scam.' 'But I went with my gut feeling.'
The collections stood at Rs 98,202 crore in the month, against Rs 1.02 trillion in July. The figures indicate continuation of economic slow down which was reflected in the gross domestic product (GDP) growth which plummeted to a 25-quarter low of 5 per cent in the first quarter of 2019-20, experts said.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
Other decisions piled up include rationalisation of GST rate slabs, correction of inverted duty on certain items and inclusion of petroleum products.
Rationalisation of rates will be taken up for smaller items that do not have major revenue implications but are commonly consumed at the GST Council meet on Saturday
Additional solicitor-general says extra-neutral alcohol liable to new tax
India studied the Malaysian model, which was scrapped on Wednesday, before implementing the GST and borrowed the anti-profiteering clause to ensure GST benefits are passed on to the end-consumer by the industry
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
By November 3, only 17,000 applications with tax payable amounting to Rs 1,100 crore have been received by the government, under the Sabka Vishwas Legacy Dispute Resolution Scheme. The scheme gives a deep discount of 70 per cent for cases pending appeal where tax demand is more than Rs 50 lakh, and 50 per cent waiver beyond that amount.
Govt doesn't buy restaurants' input tax excuse and has swing into action and looking into profiteering complaints on social media against prominent restaurant and franchise chains.
Proposals from the Centre's side include raising the 5 per cent slab to anywhere between 6 and 8 per cent, and doing away with the 12 per cent slab. A few states may oppose such a move because it involves hiking tax on items consumed by the poor. They have instead proposed raising the 18 per cent slab.
With recent rate cuts, November collections could be even less
The focus will be on tackling the unfinished agenda requiring immediate attention like tax structure for solar projects, uniform tax rate on state-organised and state-authorised lotteries, taxing non-potable alcohol besides certain changes in the law, extension for NAA and rate rationalisation.
Experts point out that National Anti-profiteering Authority does not have the power to advise companies on depositing amounts voluntarily.
Restricting the input credit is not a good idea for any sector, particularly real estate which requires more formalisation.
Majority expect economy to slow down, but are satisfied with Modi govt's performance.
Agriculture implements that are currently taxed up to 18 per cent may come under the 12 per cent or the 5 per cent bracket.
Deadline ends, after two extensions and only 70% file detailed return for July
The move will help address apprehensions as well as potential disputes on various computational and transitional issues such as the loss of input credits and pricing that were bound to arise on account of the change.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
Arun Jaitley said he would put the DTC Bill in cold storage.
Aimed at creating a single tax for goods and services across the country, government on Friday introduced the long-pending GST Bill in the Lok Sabha for roll-out of the new regime from April 2016 subsuming various levies like entry tax and octroi.
No mention of cab aggregators in GST bills
Inter-state supply may come under GST composition
Simplifying the processes will lead to greater efficiencies. Bad processes will not help even if implemented well, says T N C Rajagopalan
Group of ministers to review progress every fortnight.
Reaching a consensus might also get tougher, as already seen with issues like inclusion of natural gas in GST and imposition of a sugar cess, both central proposals being resisted.
The hits and misses of the week.
States' demand of compensation from Centre for loss of tax revenue not on agenda.
A slew of challenges that are yet to be resolved include the lack of consensus between the Centre and states over the GST exemption threshold limit, dual control over scrutiny and assessment
The list of exempted goods from central excise duty has shrunk from 400 items in 2011-12 to 300 now.
Putting up an all-round show, Karnataka defeated Mumbai by 5 wickets in their Elite Group B Ranji Trophy game in Mumbai on Sunday, inside two-and-half days. This was Mumbai's second consecutive loss at home, following their defeat against Railways.
This was Mumbai's second successive win after they had beaten Delhi in the lung-opener.
According to the draft, in the northeastern states the threshold is at Rs 500,000.
Mumbai trounced Himachal Pradesh by 200 runs in their final Elite Group D game to remain unbeaten in the league stage
Shikhar Dhawan was all guts and grit while negotiating tough conditions in his comeback game as he boosted Delhi's morale with a well-controlled 137 against Hyderabad in their Ranji Trophy Group A match in New Delhi. A round up of Day 1 of the Ranji Trophy matches played on Wednesday.
Trump hosted Diwali celebrations in the historic Roosevelt Room of the White House which was attended by prominent Indian-Americans, Indian-origin administration and diplomatic officials.
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