Going forward, the share of tier II cities in logistics shipments in India is expected to grow
The system of decision making which the indirect tax embodies is unique and needs to be preserved at all costs
When GST was introduced on July 1, 2017 amalgamating over a dozen central and state levies, five commodities - crude oil, natural gas, petrol, diesel, and aviation turbine fuel (ATF) - were kept out of its purview given the revenue dependence of state governments on this sector.
The government last week constituted the panel of officers to suggest steps to expand tax base and check evasion in the backdrop of falling revenue collections under GST.
The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was "cursing" the government over how the GST was implemented.
Sitharaman was replying to a question posed to her during an interaction with businessmen, entrepreneurs, Chartered Accountants and others in Pune
An official order said that the committee should consider a wide range of reforms so that a comprehensive list of suggestions may emerge,
The government wants such entities to place a valuation on their brand names and logos, and charge a fee from Indian subsidiaries or group companies.
In September, GST collections dropped sharply to a 19-month low of Rs 91,916 crore, mirroring a widening slowdown in the economy triggered by shrinking consumer demand.
In the 24 months since its implementation, there have been many promises that have been made, many that have been met, and for some, still a distance to travel.
The cess collected was at Rs 7,620 crore, which includes the Rs 728 crore collected on imports.
When you open a trading account you will be given a choice of segments—cash (shares), derivatives (futures and options), commodity and currency. Stick to the segment you understand well
All communications between taxpayers and tax officers will also be online.
Illiquid projects, a slump in the real estate market and poor due-diligence have all contributed to the poor returns of these funds
No claim had so far been received from the other two religious shrines - Durgiana Mandir and Sri Valmik Sthal, Ram Tirath - for which the state government had in May this year allocated Rs 4 crore to the deputy commissioner.
The GST Council on September 20 slashed the tax on hotel tariffs and some goods with a view to addressing sectoral concerns in a slowing economy.
The council also decided to withdraw a circular issued in June which prescribed that the additional discount given by a company to a dealer in certain cases will be liable for GST
Track this space for all live updates on the media briefing by Finance Minister Nirmala Sitharaman following the 37th GST Council meeting on September 20.
Addressing her fourth press conference to revive the economy, the FM announced a cut in the corporate tax rate for domestic companies and new domestic manufacturing companies.
It would specifically support developers operating in special economic zones, realty experts said.
Nirmala Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually
The automobile industry, which saw the steepest volume plunge in August in nearly two decades, has long been demanding lowering of GST on automobiles to 18 percent from the present 28 percent to boost demand.
The country's largest two-wheeler maker said the move would help the government contain potential revenue loss, and at the same time provide relief to around 20 million probable two-wheeler buyers across the country.
The Committee was of the view that the rate cut would hurt the collection as auto sales contribute almost Rs 50,000-60,000 crore to the total GST kitty
The GST Council is to meet in Goa on September 20. The members are divided over GST rate for lotteries.