`We don’t want to give people the liberty that they have an option to not file returns. We need to have some amount of discipline in compliance’
Prime Minister Narendra Modi brainstormed for over three hours with Arun Jaitley and BJP president Amit Shah on Thursday.
This is a marked departure from the past, when the central finance minister announced most indirect tax rate changes in the annual union budget
Revision of around 100 items were on the agenda in the Council’s meeting on Sep 9 of which only 40 items could be taken up for discussion
Cess on large luxury cars raised to 20 percent, SUVs to 22 percent and mid-sized sedans to 17 percent from a uniform 15 percent earlier; status quo on 1200 cc petrol, 1500 cc diesel cars, hybrid cars and 13-seater vehicles.
In the 21st meeting of the GST Council in Hyderabad today, various state finance ministers expressed concerns related to tax return filing on GSTN
The council may decide to keep the new cess on high-end cars at much below the raised 25 percent cap; a strategy to deal with rice sellers who have stopped selling the packaged grain in a bid to stay out of the GST net will also be discussed
Issues such as problems in invoice matching, claiming transition credits, error while making final submission, uploading of returns and invoices have forced the govt to extend the returns filing deadline
Sources tell CNBC-TV18 that the goods and services tax (GST) Council may raise compensation cess ceiling for SUVs, big cars.
The cess has been brought in to compensate states for any loss of revenue
It will also finalise a mechanism to operationalise the anti-profiteering clause; discuss rates on textiles, ribbons, gas stoves
The government has proposed seamless movements of goods of up to Rs 50,000 and there is a proposal to hike this limit to Rs 100,000
A two-tiered service tax structure of 12 and 18 pc could be taken up in the next meeting of the GST Council on May 18 in Srinagar
L Badrinarayanan, Partner-Tax of law firm Lakshmikumaran & Sridharan India, said that with 3-4 billion transactions a month expected, companies are concerned about unintentional wrongdoing.
The Congress is not inclined to move any amendments to the GST enabling bills in the Rajya Sabha before they are returned to the Lok Sabha but may support the amendments moved by other opposition parties. Sources said the party leaders will meet tomorrow to decide on whether to support the amendments moved by other parties on GST bills.
The Rajya Sabha today took up the four bills related to the GST, with the Opposition questioning the government's preparedness to implement the indirect tax regime and urging for a mechanism to insulate taxpayers from harassment by tax authorities.
The new rules cleared on Friday revolve around input tax credit, valuation norms, composition and transition provisions, Jaitley said at a press conference.
The GST Council will meet next on May 18-19 in Srinagar, where besides finalising these rules, rate classification exercise will be discussed.
Finance Minister Arun Jaitley today introduced in Lok Sabha four bills on Goods and Services Tax, providing for a maximum GST rate of 40 percent, an anti- profiteering authority and arrests for evading taxes.
The implementation of Goods and Services Tax (GST) is likely to be fiscally neutral and its impact on inflation is expected to be less than 20 basis points, says a Nomura report.
E-commerce firms like Snapdeal and Amazon will have to mandatorily deduct up to 1 percent TCS (Tax Collected at Source) while making payments to their suppliers under the GST regime which is expected to kick in from July 1.
All eyes in the coming week will be on listing of D-Mart operator Avenue Supermarts, the company owned by ace investor Radhakishan Damani, on March 21. Analysts expect the stock to cross Rs 450 on listing day, against its issue price of Rs 299.