To gauge the consumer pulse on how GST rate reductions are reaching consumers, LocalCircles conducted a three-point poll.
Under GST, state-organised lottery falls under the 12 percent tax slab while state-authorised lottery attracts 28 percent tax.
The Market Podcast gets you up to speed on all the important market action that transpired during the week in five minutes.
It was being anticipated that the GST Council would take a decision on reducing the GST rate under construction properties to five percent at the meeting.
The anti-profiteering mechanism is far from being fool proof
The GST Council now plans to reduce the rate on real estate to 5 percent. A decision on this front is expected today
If the additional cess is approved by the GST Council on January 10, Kerala would be the first state in the country to levy a calamity cess.
Sakshi Batra gets in conversation with Shreya Nandi to understand the reasons behind the drop in GST collections and whether the government will be able to meet its target of GST mop up for FY19.
In the last meeting, Jaitley had said that based on the report of the fitment and law committee, Council will decide on GST rate of residential properties.
Uttaresh Venkateshwaran gets in conversation with Moneycontrol Deputy Executive Editor Ravi Krishnan to discuss the impact of rate cuts, the message behind the rate cuts and more.
The 28 percent slab is now a dying slab, Jaitley said, adding that the overhaul of tax slabs will take ‘reasonable time’ when tax collections ‘rise significantly’.
The rate cuts are likely to fall short of the Street’s expectations, as rates on goods such as cement and some auto parts that were in the highest 28 percent slab were not reduced.
Currently, the Goods and Services Tax (GST) is levied at 12 per cent on payments made for under-construction property or ready-to-move-in flats where completion certificate has not been issued at the time of sale.
On the eve of the last GST Council meet of the year, Chaiti Narula talks to Moneycontrol's Shreya Nandi to discuss the impact of a rate cut on different sectors, and also the ramifications of lower tax collections for the economy at large.
The Council will also likely discuss a proposal to lower the cess on plug-in hybrid cars to bring down effective tax incidence for such vehicles from 43 percent
The move is part of the overall plan to rationalise the highest tax bracket of 28 percent after Prime Minister Narendra Modi Tuesday said that 99 percent of over 1,200 goods and services will attract 18 percent or less Goods and Services Tax (GST).
The GoM was set up in line with what the Kerala government had asked after the devastating floods swept through the southern state in August, leading to severe loss of life and property
Monthly refund outgo is expected to come down to Rs 3,000 crore from about Rs Rs 6,000 crore currently
The matter will be taken up in the next GST council meeting, likely in mid-December
The proposal, to be discussed on Friday, is in line with the Kerala government’s demand for extra resources to aid reconstruction efforts following devastating floods this year
The government feels rolling out such benefits closer to the 2019 general elections could create technical hassles
Experts are of the opinion that the GST architecture should not be tampered with as it will lead to demands from other states as well
A manufacturer generally has to pay tax at every stage of production, as well on the final product.
The inclusion of natural gas and aviation turbine fuel under the ambit of GST may not be taken up for the time being in the Saturday meet.
Proposed amendments include return filing, registration-related issues, changes in input tax credit norms and refund rules, among others.