Page 50 - Goods And Services Tax

GST collections in July cross Rs 1-trillion-mark after dropping in June

Central GST was Rs 17,912 crore; and SGST at Rs 25,008 crore

Letter to BS: Slowdown in tax collection is not because of evasion

Government-owned companies which manufacture a very large amount of goods and services do not evade

15th Fin Commission rejects central tax pool demand by Delhi, Puducherry

The Commission will not consider their memorandums

2 years after roll-out, GST glitches still exist, says CAG report

Report also points to slowdown in revenues in FY18

GSTN should test system, fix deficiencies before roll-out to public: CAG

Commenting on the GST implementation, the report said one significant area where the full potential of GST has not been achieved is the roll-out of the simplified tax compliance regime

Govt's big push for EVs: GST Council trims rate on EVs, chargers to 5%

Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities was exempted from GST

GST rate on EVs cut from 12% to 5%; reduced rate effective from August 1

The GST Council has also approved exemption from GST on hiring of electric buses by local authorities

Petroleum products should be brought under GST, suggests Assocham

The two-year period for keeping petroleum products outside GST is almost over, said Assocham

GST collection of states rises to Rs 5.18 trillion in FY19: FM Sitharaman

In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance

Sitharaman's first Budget gives breather for delay in payments towards GST

The current mechanism of filing returns is being replaced by simplified forms that would come into operation in phases

Amnesty offer for pre-GST litigation

The scheme is attractive, since the tax relief is 40-70% of the amount in dispute

2 years of GST: India Inc seeks less slabs, more items under its ambit

As the GST completes two years in operation, India Inc Sunday said it is time for the tax reform to leapfrog to its second phase by bringing electricity, oil & gas, real estate and alcohol under its ambit and converging the rate structure into 2-3 slabs. "GST 2.0 will take the Indian economy to the next growth level," CII President Vikram Kirloskar said. Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0. "While we acknowledge that the teething troubles related to GST implementation may have been resolved, we now need to move forward to achieve the underlying objective of GST framework of creating a simplified indirect taxation system," Ficci President Sandip Somany said. The industry body claimed it is generally observed that when members of the Advance Ruling Authority are officers of state tax and central tax departments, they tend to be a revenue-bias while interpreting the provisions .

Govt should stop terming luxury cars sin goods, reduce GST burden: JLR

At present, the Indian luxury vehicles market is around 40,000 units annually, and JLR with its product portfolio addresses a segment of around 27,000 units

Anand Mahindra bats for lower GST on automobiles, says would help economy

Mahindra Group Chairman Anand Mahindra Wednesday said lowering GST on automobiles would help the economy, stating that the auto industry has a huge multiplier effect on small companies and employment. In a tweet, Mahindra echoed calls from the auto industry to reduce goods and services tax (GST) on vehicles amid a prolonged sales slump, with passenger vehicle sales recording the steepest decline in nearly 18 years in May when it dropped by over 20 per cent. "What we're all searching for is the 'Mt. Mandara' which can start the 'Manthan' of the economy & get it spinning faster. I'm biased, of course, but the auto industry is one such 'Mandara'. It has a huge multiplier effect on small companies & on employment. Lowering GST would help," he said. He was responding to a tweet by automotive magazine 'Autocar Professional' in which Federation of Automobile Dealers Associations (FADA) ex-president John K Paul was quoted as saying that reducing GST on vehicles will kick-start growth .

Will enforcement and easier compliance help Modi 2.0 improve GST revenue?

Booming economic growth is the only way to improve GST collections in the medium term, say FinMin officials. The trouble is that GDP expansion itself is on shaky ground currently

West Bengal FM Amit Mitra wants 1% GST rate for houses up to Rs 40 lakh

Amit Mitra raised certain contentious issues such as the fate of input tax credit if a proposal by a group of ministers on real estate is implemented

GoM favours paring GST to 5% on residential properties from 12% currently

The GoM also favoured slashing GST on affordable housing from 8 per cent to 3 per cent

The highs, hurdles and the grey areas of one and a half years of GST

Despite the changes in its journey so far, GST hasn't yet embraced petroleum, parts of real estate and electricity. The required consensus over the issue still eludes the Council

GST evasion worth Rs 388.96 bn detected during April-Oct in 2018-19

During the seven-month period, the CBIC recovered evasion worth Rs 94.8 billion in GST

The new GST test

Non-BJP states now have enough muscle to block resolutions