Page 45 - Latest Updates on Goods and Services Tax
Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more
The personal income tax has been simplified and reduced. Individuals will have to pay tax at the reduced rate of 10% for incomes of Rs 5-7.5 lakh, against the current rate of 20%
 "Budget 2020 in 2 minutes: Fiscal deficit target, income tax rates, and more")
Union Budget 2020: Fake invoicing under GST a non-bailable offence
Sitharaman announced that the new GST return framework and e-invoicing would be implemented from April 1, to improve compliance and plug the tax revenue leakages
 "Union Budget 2020: Fake invoicing under GST a non-bailable offence")
Union Budget 2020: It's time to unclutter tax regime, says expert
The budgetary figures continue to not cover many forms of expenditures
Budget 2020: 15th Finance Commission calls for new legal fiscal framework
Expert panel may be set up to define responsibilities of key stakeholders and standards to be followed at all levels of government
 "Budget 2020: 15th Finance Commission calls for new legal fiscal framework")
Indirect tax: Few but well-justified changes in Budget 2020
Customs duties and exemptions need to be streamlined
 "Indirect tax: Few but well-justified changes in Budget 2020")
Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?
The government has promised to raise Rs 120,000 crore via disinvestment, and an additional Rs 90,000 crore from sale of government equity in public-sector banks and financial institutions, in 2020-21
 "Budget 2020: How will Sitharaman pull off Rs 2.1-trn disinvestment miracle?")
Budget 2020 ready reckoner: 10 questions you always wanted to ask
Income tax rates have been slashed, but can be availed only if the taxpayer lets go of most exemptions
 "Budget 2020 ready reckoner: 10 questions you always wanted to ask")
Budget 2020: Govt to bring simplified return form for GST from April 2020
In her second Budget presentation, the finance minister said GST has resulted in gains of Rs 1 lakh crore to consumers and removed inspector raj and also helped the transport sector
 "Budget 2020: Govt to bring simplified return form for GST from April 2020")
Budget 2020: Oil ministry calls for inclusion of natural gas under GST
If brought under GST, natural gas will attract a uniform rate of tax at the consumption point anywhere in the country after doing away with current rates of excise duty and VAT
 "Budget 2020: Oil ministry calls for inclusion of natural gas under GST")
Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme
Chavan said the government must tell by how much income of farmers has increased in the last five years, as part of its promise of doubling their income by 2022
 "Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme")
GST, VAT collection dips as 6 states' tax revenue till November FY20 falls
On the other hand, tax revenues rose 13.44 per cent for West Bengal in this period
 "GST, VAT collection dips as 6 states' tax revenue till November FY20 falls")
Don't reduce devolution
Increasing grants and tied funds not enough
 "Don't reduce devolution")
Budget 2020: Govt may consider tax sops, easier norms to boost investments
Revenue projections may be realistic this time
 "Budget 2020: Govt may consider tax sops, easier norms to boost investments")
What can macro policy do?
Long-term structural reforms are required, such as a uniform GST and direct tax rates
 "What can macro policy do?")
Budgetary over-reach: There is a price for trying to do too much in Budgets
The larger economy suffers more than the central govt, as New Delhi is allowed to get away with behaving arbitrarily and then hiding the reality behind bogus numbers, writes T N Ninan
Budget 2020: Prakash Javadekar hints at 'action plan' for economic revival
Markets to open for regular trading on February 1
 "Budget 2020: Prakash Javadekar hints at 'action plan' for economic revival")
Budget 2020: DPIIT seeks more funds to boost infrastructure in hinterland
The government had severely cut down on expenditure in this area, with the 2019-20 (FY20) Budget providing Rs 909 crore, down from the RE of Rs 1,707 crore in the earlier one.
 "Budget 2020: DPIIT seeks more funds to boost infrastructure in hinterland")
Governance in India has been economics illiterate; here's how to fix it
The government needs to appoint economists in secretary level positions in all ministries for things to improve
 "Governance in India has been economics illiterate; here's how to fix it")
A lesson to learn: Economic problems can have counter-intuitive solutions
From drug price ceiling to additional duties on steel imports and export ban to counter onion shortage - govt response to several problems shows the lessons may not have been learnt, writes T N Ninan
HC clears confusion over contentious issue of composite supply under GST
The company went to the Kerala high court against the judgement. The high court wondered as to how AAR came to the conclusion that it was a composite supply