Goods And Services Tax | The Asian Age

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Hyundai, second biggest car maker, which launched its first full-electric Kona SUV last week at Rs 25.30 lakh pan India showroom, could become cheaper by Rs 1.40 lakh.

Kona SUV to be cheaper on GST cut

Services Tax from the present 12 per cent to 5 per cent on electric vehicles has been shared with the GST Council.

16 Jul 2019 2:00 AM

According to the Budget for 2019-20 presented in Parliament by Finance Minister Nirmala Sitharaman, Goods and Services Tax collections will contribute 19 paise in every rupee revenue.

Budget 2019: For every rupee in govt kitty, 68 paise come from taxes

Corporation tax is the single largest source of income, contributing 21 paise to each rupee earned.

05 Jul 2019 2:57 PM

Till date, 123 HAM projects have been approved involving a cost of Rs 1.40 lakh crore, while banks have extended support of Rs 47,000 crore, Nitin Gadkari said. (Photo: File)

Gadkari says will seek nod from FinMin to fund HAM road projects

A committee will be set up to resolve the matter and find a way out on how banks can be friendly for infrastructure projects.

01 Jul 2019 8:07 PM

While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year. (Photo: Representational)

GST collections dip below Rs 1 lakh crore mark in June

The collections comprise of receipts by both the centre and state governments of GST.

01 Jul 2019 5:33 PM

GST Council, chaired by Finance Minister and comprising state Finance Ministers, has reduced tax rates over the last two years which led to a revenue loss of more than Rs 90,000 crore, former Finance minister Arun Jaitley said. (Photo: ANI | File)

GST may become two-tier tax with merger of 12, 18 pc slabs: Jaitley

In a Facebook post on GST, Jaitley said as many as 20 states are already showing more than a 14 pc increase in revenues.

01 Jul 2019 2:28 PM

GST transformed India into 'One Nation, One Tax' and binds the country into an economic union, said official notification.

Government to celebrate 2nd anniversary of GST on July 1

GST, which subsumed 17 local levies, was rolled out on the intervening night of June 30 and July 1, 2017.

28 Jun 2019 4:10 PM

In "Adventures of the GST Man", author Srinivas Kotni uses a fictional superhero to answer questions that one may have on GST.

Comic book 'Adventures of the GST Man' to demystify GST rules

Srinivas Kotni says he wanted to simplify understanding of GST and make it exciting by using caricatures and cartoons.

27 Jun 2019 3:34 PM

I'm biased, of course, but the auto industry is one such 'Mandara'. It has a huge multiplier effect on small companies & on employment. Lowering GST would help, tweeted Anand Mahindra.

Lowering GST on automobiles would help the economy: Anand Mahindra

Vehicle sales across categories registered a decline of 8.62 per cent to 20,86,358 units from 22,83,262 units in May 2018.

26 Jun 2019 1:36 PM

"Between July to September 2019 (for three months), the new return system (ANX-1 & ANX-2 only) would be available for trial for taxpayers to make themselves familiar," added the release. (Photo: Representational/PTI)

GST council to introduce new GST return system

A transition plan has been worked out, said an official release on 31st meeting of GST Council, said an official release.

11 Jun 2019 3:38 PM

The Enforcement Directorate (ED) Thursday carried out searches at nine locations in Maharashtra associated with sugar baron Ratnakar Gutte, who is also a leader of BJP ally Rashtriya Samaj Paksha (RSP), in connection with a multi-crore bank loan fraud.

Multi-crore fraud: ED raids BJP ally

The Enforcement Directorate’s investigation is based on a FIR filed by the Maharashtra police in connection with the multi-crore bank fraud.

07 Jun 2019 7:26 AM

The ministry advised taxpayers to file the correct data about tax payment and other details as reported in monthly sales returns in annual return GSTR-9 by omitting the auto populated data.

IGST credit accrued in FY18 won't lapse even if not availed, assures FinMin

The ministry said that many taxpayers have raised a concern about annual return form GSTR-9.

04 Jun 2019 6:06 PM

SIAM proposed an incentive based vehicle scrappage scheme to get polluting, unsafe and old vehicles off the road. (Representational Image)

GST cut on auto, incentive to scrap old vehicles on SIAM's budget wish list

In April, passenger vehicles sales witnessed the steepest decline in nearly 8 years with sales dropping by 17.07 per cent.

02 Jun 2019 11:31 AM

The bench listed the batch of petitions before a three-judge bench to decide the question of law on the power of arrest. (Photo: File | ANI)

SC agrees to examine power of tax authorities to arrest individual for GST evasion

The bench also asked all the high courts to keep in mind, while dealing with grant of anticipatory bail in GST evasion cases.

29 May 2019 11:43 AM

Inter government tax adjustments have to be done on month-on-month basis to avert any possibility of temporary revenue deficit to a particular government.

Single authority for sanctioning, processing GST refunds likely by August

A single window tax refund in a federal, democratic economy would be a massive jump in ease of doing business.

26 May 2019 11:16 AM

Congress seeks GST, TDS waiver for fodder camps

The party also demanded that the government should bring the expenditure of money on the fodder camps in the public domain.

18 May 2019 4:03 AM

Further, policy implementation remains sub-par in India, the S&P Global Ratings report noted.

GST will not reduce deficits of Indian state governments significantly: Report

A report by S&P Global Ratings said that GST will not help tackling the deficits of the State Governments.

07 May 2019 1:59 PM

Innovation in financing will be the key to success of long-term growth strategy, Economic Affairs Secretary Subhash Chandra Garg said while addressing the Board of Governors of Asian Development Bank (ADB) in Fiji. (Photo: File | AFP)

India for ADB-led mechanism for channeling funds from rich to developing nations

Amidst the continued global uncertainty, Asia retains the hope of a bright future, said Subhash Chandra Garg.

04 May 2019 3:57 PM

"The total revenue earned by the central government and state governments after regular and provisional settlement in April 2019 is Rs 47,533 crore for CGST and Rs 50,776 crore for SGST," the statement said.

GST collection scales record high of Rs 1.13 lakh cr in April

The government has settled Rs 20,370 crore to CGST and Rs 15,975 crore to SGST from IGST as regular settlement.

01 May 2019 4:58 PM

PropTiger attributed the decline in home sales numbers to changes in the Goods and Services Tax (GST) transition rules. (Representational Image)

Housing sales down 5 pc in Jan-Mar 2019 on changes in GST rates, rules: PropTiger

In contrast to PropTiger report, real estate consultant Anarock said housing sales rose by 58 per cent to 78,520 units.

29 Apr 2019 5:55 PM

Going forward, businesses will be required to generate full electronic-tax invoice or e-invoice recording entire value of sales.

GST e-invoice generation system on govt portal on anvil to reduce tax evasion

The proposed system of e-invoice will eventually replace the requirement of a generation of e-way bill for movement of goods.

28 Apr 2019 2:06 PM

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Syed Ata Hasnain