Banks have been demanding a single centralised registration system, like at present, as they feel multiple registrations would create procedural and compliance problems.
This is the third consecutive month when GST mop-up remained below the Rs 1 lakh crore mark, despite the festival season.
GST council may propose a faster refund procedure, deferment of electronic way bill, further simplification of composition scheme
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
'Compare the new slabs with the previous years to understand if your tax liability will increase or decrease after the Budget.'
There is much work to be done to design a good GST.
Its officers would wear black bands on Monday, which is also Martyrs day, the IRS Association (Customs and Central Excise) has said.
The clarification comes amid reports that sweet shops have discontinued chocolate barfis and chocolate sandesh.
The GST Council, that includes representatives of all states, will meet again on November 3-4 to decide on the tax rates
As Centre cedes power to states in indirect tax, it wants to all ystaffers' worry of little work.
He said the multi-party committee formed by the Speaker in Himachal Pradesh would discuss all issues about street vending on October 3. Singh's remarks came a day after the Congress top brass chided him over his remarks on mandatory display of names by the street vendors and told him that no one was allowed to go against the party's policies and ideologies.
As much as Rs 6,696 crore has been released to the states as GST compensation for the month of March 2018, as on May 29.
In a string of tweets and replies, Swamy also said that GST can be implemented only if the Supreme Court clears a petition on levy of entry tax
The discussions are at a very critical stage
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.
Appearing on Rediff Chat, G Srikanth, partner in GSV Associates, Chartered Accountants, Chennai, and member of the Institute of Cost and Management Accountants, answered readers' queries on the Goods and Services Act.
According to Mitra, items such as foodgrain, vegetables, leather goods, footwear, cottage cheese, puffed and flattened rice, books and entertainment tax, among several others, should be in the zero-tax bracket.
Last week, a Rajya Sabha committee had allocated five hours for discussion on GST.
At present, except Trai, all regulators and the Competition Commission of India (CCI) have powers to levy penalty in case of violation of any rule or law. The GST anti-profiteering authority will be the only institution which will not have the same.
The new government may also introduce a separate scheme for revival of stranded gas-based power projects
The Rajya Sabha on Wednesday approved the biggest tax reform since Independence.
The price of aviation turbine fuel has increased by 50 per cent since January and the situation has adversely impacted IndiGo, its CEO Ronojoy Dutta said on Wednesday. He said the government should bring aviation turbine fuel (ATF) under the Goods and Services Tax (GST) and make flying affordable for consumers and viable for airlines. IndiGo is India's largest airline and with around 55 per cent share in the domestic passenger market.
With the reality of coalition politics staring the BJP in its face, this was inevitable, points out Ramesh Menon.
As corporate India gears up to be GST-ready, the ongoing litigation and tax dispute cases are something most businesses are cagey about.
Next meeting of the Council will be on June 18, when it will take up lottery taxes and e-way bill.
'I found it unbelievable that L&T said 45,000 jobs were waiting to be filled because of unavailability of suitable skillsets.' 'So, when the Opposition sweepingly says there are no jobs, I'm sorry... I'm not saying it's raining jobs, but there are jobs. The (skill) gap has to be bridged.'
Penning a Facebook post on the second anniversary of GST rollout, Jaitley said as many as 20 states are already showing more than a 14 per cent increase in their revenues and do not require the Centre to compensate them for revenue loss arising out of GST implementation.
The prime minister is aware that whatever be its consequences, a new taxation regime cannot be launched closer to the general elections in 2019. Thus, any date after April 2017 for the launch of GST is risky, says A K Bhattacharya.
GST reform has been hanging fire since 2006-07.
Small and medium enterprises had complained of tedious compliance burden under the Goods and Services Tax
Rama Krishna Sangu, partner, Manohar Chowdhry & Associates, Chartered Accountants, and a member of the Indirect Tax Committee of ICAI, fielded readers' questions on GST on Rediff Chat.
The impact of Trump's announcement of increasing import tariffs will have negligible benefit for India not because of companies trying to shift from China to other countries or their supply chains being affected due to their Chinese operations but because of our faulty policies, explains Mudit Jain.
Central Board of Indirect Taxes and Customs said despite the electronic way or E-way bill mechanism there has been rampant evasion and there is a need to increase compliance.
Others taxed at 5, 12, 18, 28%
Since the legal changes in the draft laws would take some time, it was decided to postpone the November 25 meeting
'They think quick fixes like internship in the private sector will help. 'In fact, internships have been going on for the last one decade.' 'In 2014-2015 itself, we had a ministry of skill development. None of the programmes have yielded results, still they are continuing with such schemes under some other name.' 'We don't see any seriousness on the part of the government to attack the problem of unemployment.'
Assembly elections coming up in November and December could offer a window of opportunity to the government to make GST attractive through rate cuts.
The shift from 'one country, one tax' to four tax rates could dilute possible gains on GDP, warns T N Ninan.
According to official sources, the number reflects pick up in consumption and improvement in compliance as well.
'A broad-based revival of private sector investment was likely in 2018-19 after businesses had successfully made the switch to the GST.'
