-
My Account
Goods and Services Tax (GST)
The Goods and Services Tax (GST) is a type of indirect tax levied on the supply of goods and services in India that combined multiple indirect taxes such as VAT, service tax, excise duty, and others,
...Read more- Cement, oil & gas among 3 sectors likely to outperform; here’s why
We expect Nifty50 to inch towards 11,500-11,600 shortly. The Nifty50 could see a brisk movement as and when it crosses the 200-DMA placed at 11,222 level, says Rusmik Oza, Head of Fundamentals Research, Kotak Securities
- Electric vehicles get a tax boost as GST rate slashed to 5% from 12%
The government will also reportedly hike the registration charges exponentially for petrol and diesel vehicles, thereby giving a push to electric vehicles.
- Two years of GST: Steady equilibrium in sight amid stable revenue growth, but procedural irritants remain a worry
GST promised to overhaul India's indirect tax system by consolidating an untidy patchwork of local and central duties such as VAT, central excise and octroi into a single levy, make the tax administration more efficient and turn India into a common national market by removing fiscal barriers among states.
- GST Council mandates e-ticketing for cinemas, industry players say no impact on business
Most multiplexes are selling e-tickets and are GST compliant.
- GST Council meeting: First meet under new FM approves annual return date extension
The Council also approved two-year extension of National Anti-profiteering Authority.
- New monthly GST return filing system to be rolled out from October
The existing monthly summary returns GSTR-3B shall be completely phased out from January 2020 when the new form 'GST RET-01' is set to replace it, the ministry said while announcing the roadmap for 'Transition plan to the new GST Return'.
- GST Council meeting likely to take place next week
The Council may also consider changes in GST law, extension for the National Anti-profiteering Authority (NAA) and rate rationalisation.
- To plug GST evasion, government may soon launch e-invoice provision
Businesses with a turnover exceeding a particular amount will have to generate electronic invoice either on a government portal or on the Goods and Services Tax (GST) portal.
- Composition scheme biz to now file simplified 'self-assessed' GST return quarterly
The CBIC has notified the simplified 'statement for payment of self-assessed tax' in Form GST CMP08 to be filed by taxpayers who have opted for composition scheme, under which businesses have to pay lower rate of tax on their turnover.
- Can builders claim ITC for material bought before April 1? GST council to clarify next week
GST council will meet on March 19 to finalise guidelines and rules on lower rates on under construction houses that will come into force from April 1, but without input tax credit benefits
- GST Council meet inconclusive; real estate to be taken up at meeting on Feb 24
Finance Minister Arun Jaitley said that discussions in today's GST Council meet were inconclusive and the Council will try to take a decision on real estate on February 24.
- GST Council meet updates: Returns under composition scheme only once a year, says FM Arun Jaitley
This blog will keep you posted on the developments from the 32nd GST Council meet.
- GST rate cut may boost insurance renewals of commercial vehicles
GST on third party motor insurance for goods carrying vehicles has been slashed from 18 percent to 12 percent
- Television prices to see 8-10% decrease from January 1
GST Council has cut the tax rate on televisions upto 32 inches to 18 percent from 28 percent
- TDS/TCS provisions under GST to come into effect from Oct 1
E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST).
- High input tax undermines viability of foreign locomotive manufacturers
Input tax credit has piled up for these companies because most feeder products are taxed at 18-28% under the GST, while railway locomotives fall under the 5% tax bracket
- GST Council to set up panel to resolve tax issues of MSMEs; approves sops for digital transactions
A group of ministers will prepare a report after hearing all the problems of MSMEs including tax refunds, the council said in its 29th meeting in New Delhi.
- MNCs cite vague reasons for not passing on GST rate cut benefit
Some companies have argued that they reduced the prices of large packets but could not do the same for smaller packets and sachets, in some cases, as the quantum of price reduction was very low in decimal points, sources told PTI.
- Tamil Nadu government all praise for GST, calls it 'transparent and self-policing tax regime'
The major aim of GST was to make Indian products competitive in domestic and international markets and give an impetus to economic growth.
- Traders urge Finance Ministry to review GST-related issues
The body suggested that the HSN Code should be made applicable only on the manufacturers and not traders.
