Page 51 - Goods And Services Tax

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

Advance rulings system under GST will take time to resolve, says CBIC

The CBIC member said that the issue will take time to get resolved

Goods can be impounded for lapses under GST, says Kerala High Court

The court made observations on larger and harsh outcomes originating from minor lapses

GST collection crosses Rs 1-trillion mark in October: Arun Jaitley

After it touched the one trillion mark for first time in April 2018, GST collections had missed the target for five straight months

Centre, states divide Rs 320 bn IGST in Oct; states to get over Rs 150 bn

As much as Rs 290 bn was settled in September, Rs 120 bn in August, Rs 500 bn in June and Rs 350 bn in February this year

Now, vehicle owners required to pay 18% GST for pollution check certificate

Since the services of testing of pollution are provided on payment of service charge, GST is payable at an applicable rate, AAR said