In the earlier regime of excise and service tax prior to GST roll out on July 1, 2017, the duty-free shops were exempt from the levy of central sales tax (CST) and value added tax (VAT) as sale from such shops were considered as exports and supplies were taking place beyond the 'customs frontiers' of India.
These two issues, along with other transitional and operational nuances, would be placed before the Union Cabinet for consideration once the GST Council clears the proposal of turning GSTN into a majority or fully-owned government entity, a source told PTI.
Both the central and state governments have started making up their mind in this regard, he said. Petroleum products are out of GST ambit which was rolled out in July last year.
Earlier this week, a financial daily had reported that companies may have to restructure the reimbursement component of their employee’s salary to ensure that it doesn’t attract GST.
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"In India, a return to a gradual path of growth-friendly fiscal consolidation is desirable to create fiscal space, but full and smooth implementation of the new goods and services tax is necessary to avoid tax revenue underperformance resulting in cuts to capital expenditures," the IMF said.
Impact of the unified tax muted for ongoing or nearly completed properties
As it looks to finalise a single-page return form for businesses under GST, the panel today met about 40 industry representatives and 15 tax tax experts to discuss simplification of return filing process.
To help build infrastructure that can handle the planned capacity addition to one million packages a day, from 3 lakh now
The GoM was set up to make the return filing process smooth and less complex, especially for the small taxpayers
At present, the MRO industry is taxed at 18 percent, making aircraft servicing in India costlier than other countries.
In this year, petrol prices have been raised by Rs. 4.05 per litre in Delhi, Rs. 4.01 per litre in Kolkata, Rs. 4 per litre in Mumbai and Rs. 4.26 per litre in Chennai.
Some states have insisted that reverse charge mechanism, deferred till June 30, be re-introduced to help tax authorities plug revenue leakages
It has launched a GST returns-based overdraft facility through which businesses can borrow up to Rs 1 crore, it said in a statement.
Currently, private financial institutions are the majority owners in GSTN with 51 percent stake, while the centre and states together hold 49 percent.
For intra-state movement of goods, Karnataka was the first state to operationalise the e-way bill system when it did so on April 1.
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The Mumbai zone consists of 11 tax payers commissionerates including Mumbai, Thane, Navi Mumbai, Palghar, Raigarh, Bhiwandi and Belapur, among others
"It is now up to the anti-profiteering authority to decide on whether to uphold the DGS findings and impose penalty," the source added
E-way bill system under Goods and Services Tax (GST) promises to enable faster goods movement through a seamless portal-driven payment system without lorries having to wait at state borders
The Finance Ministry has written to the Railway Board on March 31 about the 5 percent rate to remove any doubt or uncertainty in the matter.
Earlier, the Shiromani Gurudwara Parbandhak Committee (SGPC), which manages all gurdwaras, and Union Food Processing Minister Harsimrat Kaur Badal has also urged the Centre to exempt the free kitchens at the Golden Temple and other Sikh shrines from the purview of the Goods and Services Tax (GST).
Amid an uproar over higher fuel rates, Union Petroleum Minister Dharmendra Pradhan today said the inclusion of petroleum products under the ambit of the Goods and Services Tax (GST) will bring the products under a rational tax mechanism.
However, the March quarter's performance isn't strictly comparable with the same quarter last year due to GST-led reporting changes and demonetisation impact in the base quarter, according to Kotak Institutional Equities.
However, these taxpayers would not be permitted to amend the amount of transitional credit they had claimed while filing the form.