Saturday, December 21, 2019, 8:34 AM
India's economy may not see recovery any time soon going by high-frequency indicators, International Monetary Fund chief economist Gita Gopinath said while advocating "important reforms' for land acquisition and labour laws to get its manufacturing going and becoming part of the global value chain. India has pegged FY20 fiscal deficit target to 3.3% of GDP.
Saturday, December 21, 2019, 8:33 AM
Former-chief-economic-adviser Arvind Subramanian said he was against reducing personal income-tax-rates, as it would benefit a small-percentage of taxpayers, and raising of GST rates. "(There is) no-space to have expansionary fiscal-policy. There is a lot of talk about personal income-tax-cut and raising GST rates, and I would be categorically against the both, we do not have the space," he said at an event on Friday.
Thursday, December 19, 2019, 5:31 PM
GST compensation payment of nine select states, including Gujarat, Maharashtra, and Kerala, is expected to double to Rs 60,000-70,000 crore in 2019-20, according to a report. The timing of the release of such grants by the Government of India (GoI) to these states would critically affect their cash flows, ICRA said in a report.
Tuesday, December 17, 2019, 3:31 PM
Amid talks of the government likely to miss tax collection target this fiscal, the Finance Ministry has set a Rs 1.1 lakh crore monthly GST mop-up target for the remaining four months of 2019-20 financial year, ministry sources said. Officers have been particularly urged to ensure that during field enforcement drive and visits, no taxpayer is overreached or troubled, the source said.
Monday, December 16, 2019, 9:40 PM
The All India Food Processors' Association (AIFPA), which has members such as ITC, Mondelez, Haldiram, Bikanervala, PepsiCo, Nestle and various small and mid-sized foods companies, has written to Finance Minister Nirmala Sitharaman citing 'anxiety among food industry on the recent proposition for raising GST rates.' The letter comes just days ahead of a GST Council meeting on December 18.
Monday, December 16, 2019, 3:53 PM
Facing heat over delay in compensation, the government today released Rs.35,298-crore to states. The matter was likely to be taken-up in the upcoming GST Council meeting where states, especially the Opposition-ruled ones, expected to try and pin the Centre down over the delay in the release of compensation. Nirmala Sitharaman, today, acknowledged the delay in payment of compensation on account of shortfall in GST-collection.
Friday, December 13, 2019, 8:32 PM
Not only opposition-ruled states but other states also have not been paid GST compensation for the last four months since August this year. Speaking in the Rajya Sabha, Finance Minister Nirmala Sitharaman admitted the delay but said that the Centre had released more than what it collected as cess in the current financial year 2019-20 till October-end.
Friday, December 13, 2019, 10:34 AM
The government may consider redefining 'intermediary' service providers to provide tax certainty to the IT and IT-enabled services sectors, and stop levying goods and services tax (GST) on back-office work they do for foreign clients, an official said. The issue could figure at the next GST Council meeting and amendments to the law be taken up in the budget, the person said.
Wednesday, December 11, 2019, 3:58 PM
With pressure on revenue collection, the goods and services tax (GST) rates and slabs may be raised during the GST Council meeting next week. The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set to meet on December 18 in the backdrop of lower-than-expected GST collection and pending compensation to many states.
Monday, December 9, 2019, 9:07 PM
To raise additional revenue, the GST Council may raise the base rate to 9-10 percent from five percent, reports The Times of India. The GST Council will reportedly discuss the option of moving 243 items to the 18 percent slab and scrapping the 12 percent slab. If this fructifies, there will be three GST slabs: five percent, 18 percent and 28 percent.
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