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GST Council Decides To Reduce Rate On Electric Vehicles To 5%

Saturday, July 27, 2019, 1:50 PM

GST Council Decides To Reduce Rate On Electric Vehicles To 5%

GST Council on Saturday decided to reduce rate on electric vehicles(EVs) to 5% from the existing 12%. It also slashed the GST on EV chargers from 18% to 5%, an official statement said after the 36th meeting of the council. The new rates will be effective from August 1, 2019. The council also approved exemption from GST on hiring of electric buses by local-authorities.

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Probe ordered after JW Marriott bills Rahul Bose Rs.442 for 2 bananas

Thursday, July 25, 2019, 5:01 PM

Probe ordered after JW Marriott bills Rahul Bose Rs.442 for 2 bananas

Chandigarh Deputy Commissioner and Excise and Taxation Commissioner Mandip Singh Brar has ordered an investigation into an "illegal and exorbitant charge of GST" by Hotel JW Marriott on two fresh bananas, for which actor Rahul Bose was charged Rs.442.50. "Strict action will be taken if found guilty," he said. Notably, fresh fruits and vegetables are not chargeable under GST.

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Govt presents 50-days report, says 'walking the talk' on promises

Monday, July 22, 2019, 7:27 PM

Govt presents 50-days report, says 'walking the talk' on promises

Presenting a report-card after completing 50-days in office, the government said it is already "walking the talk" on its promise of fast-paced development with "speed, skill and scale" being manifested in the Modi dispensation's second term. PM Modi was sworn-in on May-30 after the BJP won 303 seats the first-time since 1971 that an incumbent government returned to power with such a thumping mandate.

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Banks take government to court over GST charge of Rs 18,000 crore

Monday, July 22, 2019, 12:33 PM

Banks take government to court over GST charge of Rs 18,000 crore

More than a dozen banks have dragged the government to court over its move to levy service tax and GST (goods and services tax) on services offered to customers who maintain large deposits for services like wealth management or lockers without paying an annual fee. The government has alleged over a dozen banks did not pay GST worth Rs 18,000 crore.

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India Will Achieve 8% Growth From 2020-21: NITI Aayog Vice Chairman

Monday, July 22, 2019, 11:42 AM

India Will Achieve 8% Growth From 2020-21: NITI Aayog Vice Chairman

NITI Aayog Vice Chairman Rajiv Kumar has voiced confidence that India will achieve economic growth of 8 percent plus from fiscal year 2020-21 onwards as structural reforms like the GST are set to produce the benefits. The eminent economist was in the city for the High Level Political Forum Ministerial Meeting on Sustainable Development Goals at the United Nations Headquarters.

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IAF protests Rs 100 crore GST bill on import of aircraft parts

Monday, July 22, 2019, 11:00 AM

IAF protests Rs 100 crore GST bill on import of aircraft parts

The Indian Air Force has made a representation before the DRI to reconsider more than Rs.100-crore of integrated goods and services tax(IGST) levied on various imported items that it has shown as "parts of aircraft" in its books. The matter is likely to be taken up at the ministerial level, with both sides sticking to their points of view over a tricky taxation issue.

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High tax on luxury cars restricting market: JLR India

Sunday, July 21, 2019, 12:03 PM

High tax on luxury cars restricting market: JLR India

Jaguar Land Rover (JLR) can assemble more models in India if the taxation structure is "reasonable" and allows for a viable business case, a top company official said. The company said lowering of GST from the current 28 percent to 18 percent would help the industry recover from the slowdown and in turn spur employment generation.

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Seven indirect taxation-related laws being amended: FM Nirmala Sitharaman

Friday, July 19, 2019, 8:35 AM

Seven indirect taxation-related laws being amended: FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman Thursday said seven legislations under indirect taxation are being amended to ensure greater simplicity, as she moved the Finance Bill in the Lok Sabha. She told the Lower House that amendments to laws are being made through the Finance Bill in five major categories, including in the Goods and Services Tax (GST). "The government considers it very imperative," she asserted.

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Tax arrears of Gujarat industrial units at Rs 30,000 crore

Wednesday, July 17, 2019, 2:42 PM

Tax arrears of Gujarat industrial units at Rs 30,000 crore

The combined tax arrears of over 48,000 industrial units in Gujarat stood at Rs.30,000 crore as on June 30, 2019. Official sources in the state finance department said the taxes that remained unpaid include sales tax and VAT for the period before the introduction of the GST in 2017. Of these units, there are nearly 6,400 units with tax bills of more than Rs.10L.

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Budget 2019: Amnesty scheme to resolve legacy tax issues

Saturday, July 6, 2019, 11:05 AM

Budget 2019: Amnesty scheme to resolve legacy tax issues

The government has unveiled an amnesty scheme to resolve excise and service tax disputes pertaining to the period before the introduction of the GST to clear the backlog of cases and improve the ease of doing business. Even two-years after the indirect tax regime was replaced by GST, the litigation doesn't seem to die down and there is a huge pendency, tax experts said.

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