Page 45 - Goods And Services Tax

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

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

Don't reduce devolution

Increasing grants and tied funds not enough

What can macro policy do?

Long-term structural reforms are required, such as a uniform GST and direct tax rates

Budget 2020: Prakash Javadekar hints at 'action plan' for economic revival

Markets to open for regular trading on February 1

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

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

Govt may propose GST refunds on capital goods purchases to exporters

Currently, under the LUT route, they need not pay tax on their export bills, but they stand to lose refunds on taxes paid on capital goods. Taxes on all other inputs get refunded

Revenue dept detects 931 fraudulent GST claim cases through data analytics

Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current financial year

Checking fraud in revenue leakage

One measure being considered is to link foreign exchange remittances with refund of IGST for risky and new exporters, apparently to curb fraudulent IGST refund claims

Telecom industry urges govt to facilitate funding at lower interest rate

Representatives from the industry met telecom ministry officials to communicate their suggestions to help the debt-ridden sector

New year begins on positive note

The government's new year gift is extension of the time limit to avail of the service tax and central excise dispute resolution scheme by 15 days

States face over Rs 1 trillion revenue gap post GST compensation withdrawal

At the time of implementation of the Goods and Services Tax (GST) on July 1, 2017, the Centre had promised to compensate states for loss of revenue for five years at an agreed formula

Finance Ministry ramps up efforts to meet direct tax collection targets

Field officers were asked to make efforts to identify and initiate actions against willful tax evaders or those using fake invoices or e-way Bills

Govt's sops for auto sector: Hero reiterates demand of cutting GST

Hero's stance brings to fore the difference between them and rival Bajaj Auto which wants a GST cut closer to BSVI norms kicking in

Hero MotoCorp asks govt for phased GST reduction to avoid revenue losses

The two-wheeler market in India is pegged at around 20 million units per year with lower than 150-cc bikes accounting for the bulk of sales

FinMin to discuss ways with tax commissioners to plug GST leaks on Jan 14

Even as the GST collection crossed Rs 1-trn mark for the 2nd month in a row in December, the receipts were nowhere near Rs 1.10 trn required every month from Dec onwards to meet the target for 2019-20

Revenue Secy to hold meet for streamlining GST refunds, curbing evasion

They will also discuss how to curb the misuse of refunds and share the best practices in revenue augmentation

GST mop up crosses Rs 1 trn, indicates stabilisation of revenue collection

The mop-up stood at Rs 1.031 trillion in December, slightly lower than the seven-month high of Rs 1.034 trillion collected in November

States' GST mop-up up 16% in December ; UP, Telangana remain laggards

Only Uttar Pradesh and Telangana witnessed a growth rate of less than 14 per cent