Implemented on 1st July 2017, GST i.e. Goods and Service Tax is a multi-stage tax system that aims to comprehensively replace and consolidate all indirect taxation systems in India, like VAT (Value Added Tax) and more. The seeds of its conception were sown in 2000, by Atal Bihari Vajpayee, the then Prime Minister of India. Earlier, there used to be different tax regimes, varying state-wise. Under the current system, there are 4 categories of GST, namely Central GST, which is levied on intra-state supply of products and services, State GST, which is charged on intra-state sale of the same, Integrated GST, which is calculated on inter-state transactions and UTGST, which is levied on supply of goods and services within an UT. Under the GST system, each taxpayer is allocated a 15-digit distinctive code, namely GSTIN, which is provided based on the state you live in and your PAN card number. As per rules, any business with an annual turnover of Rs 20 lakhs or more should be registered under this system. The taxation rates are determined by the GST council in predetermined slabs, namely 5%, 12%, 18%, and 28%. Some products are also exempted from this list. More
The government dismissed media reports which claimed that there is an 18 per cent Goods and Services Tax (GST) on house rent paid by tenants.
In an exclusive interview with CNBC-TV18, the Minister of Civil Aviation and Steel, Jyotiraditya Scindia, assured that both are being considered and worked upon by the government.
Congress Legislature Party (CLP) leader Mallu Bhatti Vikramarka, party MLA Danasari Anasuya and several other leaders attended the dharna at Indira Park in the city.
Congress leaders, including Rahul Gandhi, Priyanka Gandhi and Shashi Tharoor, were detained while marching to Rashtrapati Bhavan to mark their protest against inflation, price rise, GST and unemployment on August 5.
Congress on Friday called for a mass protest here against the price rise, unemployment and the Goods and Services Tax (GST) hike on essential items.
While workers from these two parties have been staging protests on the issue, Gujarat education minister and state government spokesperson Jitu Vaghani hit back saying GST on entry passes of any cultural event, including commercial garba events, have been in place since 2017 and each state, including those ruled by the Congress, had given approval for it.
States have also taken into account fiscal implications of the end of GST compensation regime in the budget estimates of 2022-23, according to the NIPFP paper.
“I take extreme pride to say that Council has applied its mind at various levels,” Nirmala Sitharaman said.
Currently, businesses with turnover of Rs 20 crore and above are required to generate electronic invoice for all B2B transactions.
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As per the law, states were guaranteed 14 percent growth in their GST revenues every year for the first five years of the indirect tax regime, with any shortfall to be made up from the compensation cess fund.
In the last twelve sessions, Nifty has risen 9%, in an across-the-board rally. Investors now await the Reserve Bank of India's MPC fineprint, scheduled on August 5.
At Rs 1.49 lakh crore, the July GST mop-up is the new second-highest amount collected in a month
He reiterated that the Kerala government does not intend to tax items sold by entities like Kudumbashree, or small stores in 1 or 2 kg packets.
The Opposition has been stalling parliamenatry proceedings, demanding a debate on inflation and GST on staples such as rice, dal and curd
Currently, e-invoicing is mandatory for taxpayers with aggregate turnover of more than Rs 20 crore
Senior Congress leader Jairam Ramesh said a debate under Rule 267 has been held several times in the past on issues of demonetisation, Jammu and Kashmir, and agri crisis among others.
The decision to levy the tax, which came into effect from July 18, is not that of the Union government but of the GST Council.
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A bench of Justices DY Chandrachud and AS Bopanna was told by advocate Jai Dehadrai that the matter was listed earlier on October 26, 2020, but the court had allowed the petitioners to move a representation to the ministry.
Higher hospital room rents will mean steeper proportionate deduction for policies with sub-limits and bigger out-of-pocket expenses for such policyholders. Premiums, too, can go up
The Opposition members also sought a discussion on the issue of price rise in both houses of Parliament.
The Supreme Court has asked the authorities to open a 60-day window for the taxpayers to apply for transitional credits
The GST Council in June tweaked norms to impose a 5 percent tax on pre-packaged and labelled pulses, cereals, flour and other items for packs of up to 25 kg. These staples when sold loose continue to be exempt from GST
Congress MP Shashi Tharoor joined the 'paneer butter masala' meme-fest with a dig against the Centre’s decision to hike GST rates.