Monday, September 23, 2019, 10:58 AM
The government is expecting a shortfall of around Rs.40,000-crore in the GST-collections over what has been budgeted for 2019-20. This could put pressure on the compensation that states are eligible for in case the tax growth falls below 14% during the year. A source said the Centre had informed the GST-Council, about the expected shortfall at a time when economic growth has slowed down.
Sunday, September 22, 2019, 6:16 PM
An exclusive portal for the sale of movie tickets will be launched very shortly by the Telangana state government under the supervision of the State Film Development Corporation (FDC). All the private online ticket sellers will be routed through the FDC site. This will have two benefits. First, the black marketing of tickets will be avoided. Second, the government will get GST without evasion.
Saturday, September 21, 2019, 5:49 PM
Industry body SIAM said the auto industry would have to "find its own balance" to boost demand, with the GST Council declining to cut rates for the sector. "The auto industry was very hopeful of GST reduction. It is clear that there is no reduction of GST rate on vehicles from 28% to 18%," Society of Indian Automobile Manufacturers (SIAM) President Rajan Wadhera said.
Thursday, September 19, 2019, 3:06 PM
The government has scrapped the import duty on open cell TV panels, brightening the prospects of manufacturing or assembling within the country. Most industry players welcomed the decision as the move is likely to bring down the cost of making TV sets in India. According to industry sources, the production costs will come down by 3% after scrapping of the duty.
Wednesday, September 18, 2019, 5:45 PM
The government is looking at a single rate of 28% GST on lottery as part of the ''one-nation, one-tax'' principle, while also exploring the option of putting restrictions on online lottery. The lottery industry, which is controlled by a handful of operators, is pitching for a uniform 12% levy and removal of tax on prize money.
Tuesday, September 17, 2019, 5:59 PM
India's GST panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses. Meanwhile, state officials in Kerala, Punjab and West Bengal say they are also opposed to any cut in tax rates in the autos sector, or even consumer goods, because of lacklustre tax collections this fiscal year.
Sunday, September 15, 2019, 12:01 PM
The GST Network decided to make Aadhaar authentication or physical-verification-mandatory for new dealers from January 2020 to check malpractices in Goods and Services Tax. Among the 92.58-lakh registered dealers, only 64.17-lakh were entitled to file their returns as they had submitted the 3B and GSTR-1 forms. Modi said those who do not want to give their Aadhaar numbers would have to undergo physical verification.
Friday, September 13, 2019, 12:46 PM
The GST Council could lower levies for sectors such as automobiles, biscuits and other FMCG at its September 20 meeting, said people with knowledge of the matter. It could also discuss raising the lowest slab of 5% to as much as 8%. That could set the ball rolling for a major revamp of GST structure as part of efforts to revive growth, they said.
Thursday, September 12, 2019, 4:16 PM
The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than Rs.2-crore from filing annual returns. Senior officials said that despite three-extensions for filing the returns, the number has been unsatisfactory. "It is ranging from 25-27% despite extension of deadlines. The GST Council will discuss the issue in its meeting on September-20," said an official.
Thursday, September 12, 2019, 12:16 PM
The GST regime and the Insolvency and Bankruptcy Code (IBC) are locked in a seemingly intractable impasse, entangling companies undergoing resolution. Some are planning to take the indirect tax department to court over the issue, experts said. "Under the IBC framework, there is a moratorium. The company doesn't have to pay past taxes, including GST, after a defined trigger point," said the source.
This is to inform that Suvision Holdings Pvt Ltd ("IndianMoney.com") do not charge any fees/security deposit/advances towards outsourcing any of its activities. All stake holders are cautioned against any such fraud.