Saturday, December 7, 2019, 10:36 AM
Almost two and a half years since its launch, the GST council is expected to discuss major restructuring to raise the base slab from 5% to 9-10%, while doing away with the 12% rate and moving 243 items in this segment to the 18% band moves that will increase the tax burden on consumers but may generate close to Rs.1L crore of additional revenue.
Thursday, December 5, 2019, 10:44 AM
At least eight-states have asked the central government to expeditiously release the compensation promised to them for any revenue loss due to switchover to GST. The states have not yet received compensation for August and September. Moreover, compensation for October and November is due on December-10. Union FM Sitharaman assured the states of compensation payment but she neither specified any timeline nor any amount.
Wednesday, December 4, 2019, 8:49 PM
The Goods and Services Tax (GST) Council is set to embark on a comprehensive review of the tax structure in the wake of growing revenue concerns when it meets on December 18. The review will include exempted items, GST and compensation cess rates and revenue augmentation measures. The GST Council secretariat has sought inputs from state governments on all these issues.
Sunday, December 1, 2019, 5:06 PM
Helped by government stimulus measures, the Goods and Services Tax (GST) collection in November crossed Rs 1 lakh crore, after dropping below the Rs 1 lakh crore level for three consecutive months amid a deceleration of economic growth. The November 2019 collection is the third highest monthly collection since introduction of GST, next only to April 2019 and March 2019 collections.
Sunday, December 1, 2019, 9:03 AM
Finance Minister Nirmala Sitharaman on Saturday said the government will soon announce a set of projects as part of the government's plan to invest Rs 100 trillion in infrastructure over the next five years. Sitharaman said that she has travelled around the country meeting officers and discussing taxation related issues to ensure that officers' actions in no way amount to any perception of harassment.
Saturday, November 30, 2019, 12:19 PM
A racket of issuing fake invoices, without actual supply of goods to the tune of around Rs.440-crore resulting in fraudulent Input Tax Credit utilization of about Rs.79-crore was busted, the Directorate General of GST Intelligence said. Of the three key people involved in the racket, a man was arrested and remanded to judicial-custody and two others are yet to be traced, the department said.
Thursday, November 21, 2019, 5:20 PM
Kerala, Punjab, Delhi, Rajasthan and West Bengal have urged the Centre to immediately release the pending bi-monthly GST compensation, paid to states for their loss of revenue following GST implementation. The states said GST compensation for August and September, required to be paid in October, hasn't been paid to them. "This is a Centre-engineered crisis in states' finances," Kerala said.
Tuesday, November 19, 2019, 8:12 AM
India is not facing 5 per cent economic slowdown and continues to be the fastest growing economy in the world, Union Minister Anurag Thakur said in Lok Sabha on Monday. During Question Hour, Thakur also said that a number of steps are being taken by the government to strengthen the economy that includes merger of banks and tax concessions to industries.
Wednesday, November 6, 2019, 8:10 PM
Fitch-Solutions raised India's fiscal-deficit forecast to 3.6% of the GDP for this fiscal year, from 3.4% previously, due to weak revenue-collections resulting from sluggish economic-growth and government's sweeping corporate-tax-rate-cut. Fitch said it was revising the fiscal deficit forecast as revenue collection is likely to fall far short of the projections in the FY2019-20 Union Budget due to weak GST and corporate income tax collections.
Saturday, November 2, 2019, 10:48 AM
India's defence budget will be augmented by more than Rs.60,000-crore over the next five years owing to exemptions from customs duty and GST that kicked in on October 1, said people aware of the matter. They said estimates by the Rajnath Singh-led defence ministry show that the twin exemptions will significantly impact its budget and free up resources for modernisation and replenishment of equipment.
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