Tag: #gst news

Advisory group on GST submits report, suggests changes

An advisory group on GST has suggested several changes in the new indirect tax regime with a view to simplifying procedures and ensuring automatic refund of taxes, said CAIT General Secretary and member of the panel Praveen Khandelwal. The six-member panel set up by the government last month, he said, has made over 100 recommendations regarding GST. Refund process should be automated, return process should ...

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State levies and new inspector raj may spoil GST party

Auto companies cut prices after the rollout of the goods and services tax (GST) on July 1, but Maharashtra raised the onetime registration levy for new private vehicles by two percentage points. Meanwhile, cinema theatres across Tamil Nadu stopped screenings for four days to protest against a 30 per cent local tax levied over and above 28 per cent GST. The strike was called off ...

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Insulin, cashews, pickles to get cheaper: GST Council reduces rates of 66 products

With two weeks to go for the goods and services tax (GST) roll-out, the GST Council on Sunday reduced the rates for 66 items and expanded the scope of the composition scheme for the benefit of small traders, manufacturers, and restaurateurs. The composition scheme is a presumptive taxation scheme allowing small traders, manufacturers and restaurants to pay a 1-5 per cent GST rate on sales ...

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More than a 3rd of state taxes to stay out of GST

While states and the Centre celebrate the shift to goods and services tax (GST), they have managed to keep at least one-third of the revenue outside the new regime and in the process denied consumers the benefit of a lower levy. A study based on the projected tax collection in 17 states by Motilal OswalBSE 3.56 % Securities in 2017-18 showed that alcohol, real estate ...

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Govt may table GST Bills in Parliament on Monday

The government is likely to table supplementary goods and services tax (GST) legislations in Parliament on Monday. People familiar with the development said central GST (C-GST), integrated GST (I-GST), Union Territory GST (UT-GST) and the compensation law are likely to be introduced in the Lok Sabha tomorrow and could be taken up for discussion as early as 28 March. To Read More Click on: http://www.livemint.com/Politics/xIP8JKiI7WfszDzT1w8SZJ/Govt-may-table-GST-Bills-in-Parliament-on-Monday.html

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About 75 per cent of targeted 60,000 officers trained for GST

Uncertainty over the rollout date of Goods and Services Tax (GST) notwithstanding, the National Academy of Customs, Excise and Narcotics (NACEN) has already trained about three-fourth of the targeted 60,000 field officials who would be instrumental in implementing the new indirect tax regime. NACEN has been tasked with the mammoth training target of 60,000 officials of both the Centre and states. To read more click ...

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Migration of traders to GST sluggish

Despite Puducherry being the first State in the country to launch the Goods and Service Tax Network (GSTN) portal, the migration of traders and merchants registered under various State and Central tax regimes to the GST remains slow. The portal was launched on November 8 to facilitate the migration of traders registered under Value Added Tax (VAT), Service Tax and Central Excise to GST. According ...

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Budget session may be advanced to January third week for GST

The government may look to advance the Budget session to the third week of January for early passage of supplementary legislations for Goods and Services Tax (GST). With the original date of April 1, 2017 for GST rollout looking increasingly unlikely, the government may push for July 1 as the next target date. Read more at: http://www.moneycontrol.com/news/economy/budget-session-may-be-advanced-to-january-third-week-for-gst_8099901.html?utm_source=ref_article

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In Run-up to GST, Budget to see cleanup of imports sops

The upcoming budget is likely to see a massive cleanup of exemptions available for imports as a precursor to the roll out of goods and services tax. The finance ministry has begun discussions with other ministries and departments to move some essential direct exemptions to subsidy-based ones. Read more at: http://economictimes.indiatimes.com/articleshow/55883674.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst

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