Page 50 - Latest Updates on Goods and Services Tax
Experts suggest Singapore GST model to ensure ease of compliance in India
Singapore's system (of GST) is very user-friendly and transparent in its accountancy practices
 "Experts suggest Singapore GST model to ensure ease of compliance in India")
Oct GST collections remain subdued at Rs 95,380 cr despite festive season
This is the third consecutive month when GST mop-up remained below the Rs 1 trillion mark, despite October being a festive month
Food grain may be brought under GST, tax mechanism likely to be rejigged
Through this route, registered entities can pay GST on behalf of unregistered players
 "Food grain may be brought under GST, tax mechanism likely to be rejigged")
Gas and ATF likely to be brought under GST soon, says govt source
Experts said that the ATF price would come down if it is kept in the 18% GST bracket
 "Gas and ATF likely to be brought under GST soon, says govt source")
Experts call for multiple GST rate cuts in India citing Singapore example
Singapore has only one tax rate under GST- seven per cent -- on taxable goods and services while India has multiple slabs to charge the indirect tax
 "Experts call for multiple GST rate cuts in India citing Singapore example")
India growing fast, has tremendous potential, says Blackstone co-founder
Stephen A Schwarzman on why he is still bullish on India, how loss makes for the deepest learning's, and how corporate culture is the difference between winning and losing
 "India growing fast, has tremendous potential, says Blackstone co-founder")
GST will cause inflation; burden common man and small firms: P Chidambaram
Anti-profiteering provision in the new law will be an instrument of harassment, says Chidambaram
 "GST will cause inflation; burden common man and small firms: P Chidambaram")
Note ban, GST was 'utter contempt of public opinion': Chidambaram
BJP should talk to traders & businessmen in their own party for GST impact: Chidambaram
 "Note ban, GST was 'utter contempt of public opinion': Chidambaram")
FY20 gross tax revenue likely to fall short by around Rs 2 trillion
FinMin is said to have shared assessment with 15th FC
 "FY20 gross tax revenue likely to fall short by around Rs 2 trillion")
Bring natural gas, aviation turbine fuel in GST ambit: Dharmendra Pradhan
FM Sitharaman assures sanctity of contracts
 "Bring natural gas, aviation turbine fuel in GST ambit: Dharmendra Pradhan")
Govt constitutes panel to suggest measures to augment GST revenue
The committee shall submit its first report within 15 days to the GST Council Secretariat
 "Govt constitutes panel to suggest measures to augment GST revenue")
Little hope of volume recovery in second quarter from pricey FMCG firms
Analysts estimate low single-digit volume growth, the lowest since June 2017 quarter; companies will need to clock double-digit volume growth in second half to touch FY19 levels
 "Little hope of volume recovery in second quarter from pricey FMCG firms")
Letter to BS: Controversy remains after CBIC removes circular on GST
What else could explain the fact that notwithstanding the withdrawal thereof by the CBIC, its over-enthusiastic field officers continue to harass the dealers
Factory investment rate tumbled to 17-year low after demonetisation
Employment and wages rise in factories, but key sectors lose jobs
 "Factory investment rate tumbled to 17-year low after demonetisation")
Pragmatic tax collection can cut fiscal deficit
Time has come to monitor empirically the buoyancy and elasticity of the tax system
 "Pragmatic tax collection can cut fiscal deficit")
Risk to state govt finances
Debt at the subnational level is high
 "Risk to state govt finances")
Good news: Your stay at luxury hotels to be less expensive from today
Travellers staying in a hotel room costing over Rs 7,500 per night will now have to pay GST of 18 per cent, against 28 per cent earlier
 "Good news: Your stay at luxury hotels to be less expensive from today")
GST Council does some corrections
The GST Council has shown willingness to listen and make necessary course corrections
Gujarat seeks tax exemption on Governor's BMW, GST Council rejects
GST Council rejects tax exemption plea for the imported luxury car
 "Gujarat seeks tax exemption on Governor's BMW, GST Council rejects")
Improve revenue buoyancy, Finance Commission chairman asks states
GST collection has significantly slowed down in recent months, making it difficult for the Centre to hand out compensation to states
 "Improve revenue buoyancy, Finance Commission chairman asks states")