Goods And Service Tax | The Asian Age

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India slashed the sales tax rate on over 50 products on Saturday in a move aimed at appealing to traders and the middle classes as Prime Minister Narendra Modi’s government eyes next year’s elections.

Govt cuts sales tax across sectors to ease pain of traders and consumers

Revenue collections from GST are a crucial pillar of government’s plan to cut its fiscal deficit.

22 Jul 2018 1:43 PM

'GST Council cuts tax rate on an array of products. Rakhis have been exempted from GST, tax on ethanol has been cut to 5 per cent, small handicrafts have been exempted,' Goyal said. (Photo: PTI)

Modi govt slashes GST rate on several products: Here're details

Among items on which GST was reduced include footwear, small televisions, refrigerators, hair dryers, food appliances.

21 Jul 2018 7:57 PM

GST Council will consider the demand of bringing natural gas and jet fuel under the GST at an appropriate time.

GST Council to drop natural gas, jet fuel from agenda in next meeting

The all-powerful GST Council is set for a meeting on Saturday.

19 Jul 2018 4:14 PM

Global airlines' body IATA has strongly opposed levying of GST on international air tickets, dubbing the taxation as "wrong" as it contravenes many global agreements to which India is a party.

It is wrong to impose GST on international air tickets, says IATA

According to de Juniac, GST was not the only issue when it comes to taxation in the aviation sector.

16 Jul 2018 3:01 PM

Finance Minister Piyush Goyal has said that the Goods and Services Tax (GST) has worked well in past one year and has generated sufficient revenue.

GST worked well, generated sufficient revenue, says Piyush Goyal

This year there won't be a dearth of revenue if people continue to be a part of this system, said Goyal.

16 Jul 2018 11:29 AM

The all-powerful GST Council may this week consider bringing jet fuel (ATF) and natural gas under GST ambit but tax slab is acting as a deterrent, people familiar with the matter said.

GST Council may bring natural gas, jet fuel under GST this week

However, fitting the two products in the 5, 12, 18 and 28 per cent GST tax slabs is proving to be difficult.

15 Jul 2018 11:40 AM

The mines ministry is looking at the industry's proposal to classify royalties from mines as input cost under the Goods and Services Tax.

Govt mulling to include mining royalty as input cost under GST

Sharma further said there will be very smooth transition of those iron ore mining leases, which are coming to an end in 2020.

13 Jul 2018 4:18 PM

Union Finance Minister Piyush Goyal on Monday said that the proposal of some political parties for a single GST rate slab was a "ridiculous suggestion".

Single GST rate slab is a ridiculous suggestion, says Piyush Goyal

Congress had promised to reduce it to one slab if voted to power in 2019.

09 Jul 2018 5:13 PM

The Central Board of Indirect Taxes and Customs (CBIC) has developed a mobile app 'GST Verify' to protect interest of consumers.

CBIC launches GST 'Verify App' to protect consumers from fraud

It is an android app to verify if the person collecting GST from the consumer is eligible to collect it or not.

05 Jul 2018 6:46 PM

Reliance Industries Chairman Mukesh Ambani on Thursday said that Reliance is India's largest payer of Goods and Services Tax (GST), Excise and Customs Duty, and Income Tax in the private sector. (Photo: AFP)

Reliance Industries becomes India's largest tax payer in private sector

RIL's consolidated net profit for the fourth-quarter of fiscal 2017-18 stood at Rs 9,435 crore.

05 Jul 2018 3:47 PM

Union Minister Arun Jaitley on Sunday said that after the implementation of the Goods and Service Tax (GST), there was an increase of 18 percent in Direct tax collections.

18 pc increase in direct tax collections after GST, says Jaitley

This year the first quarter shows advanced payments, the gross figure has increased by 44 per cent.

02 Jul 2018 11:25 AM

The first year of GST has been an example to the world of the readiness of the taxpayers to be a partner in the unprecedented reform in Indian taxation, the finance ministry said on Saturday.

July 1 to be celebrated as ‘GST Day' to mark its first anniversary

Goods and Services Tax was rolled out in the intervening night of June 30 and July 1, last year.

30 Jun 2018 2:32 PM

Petrol and diesel when brought under GST will involve a peak tax rate of 28 per cent plus states getting to levy some tax. (Photo: PTI)

States will get to levy additional taxes on top of GST on fuel: Modi

Modi, however, said it will take some time for states to get around to including petrol and diesel in the GST.

29 Jun 2018 4:25 PM

CAIT, in a letter written to the ministry on Thursday, has suggested that instead of monthly returns, quarterly returns should be prescribed on Form 3B to make return filing simpler.

Traders urge finance ministry to review GST-related issues

It has called for one registration number for traders to be allowed across India.

28 Jun 2018 6:21 PM

The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months. (Photo: PTI)

Rs 2,000 crore GST evasion unearthed in 2 months

Only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes.

27 Jun 2018 4:26 PM

Goods and Services Tax (GST) will usher in a new era for the warehousing and logistics sector in India that could see at least 100 per cent growth in the sector by 2021, a report said on Friday.

GST will lead to 100 per cent growth in warehousing, says report

The focus would shift on efficiency rather than tax saving through smaller warehouses.

22 Jun 2018 3:46 PM

A peak tax rate of 28 per cent plus states levying some amount of local sales tax or VAT on petrol and diesel is likely to be the tax structure when the two auto fuels are covered under the GST (goods and services tax) regime, a top government official said.

Fuel prices may not change under GST

The peak GST rate plus VAT will be equal to the present tax incidence.

21 Jun 2018 11:43 AM

No pure GST on petrol, diesel; 28 pc tax plus VAT on anvil under GST

The timing of including petrol products in GST will be a political call.

20 Jun 2018 1:51 PM

The goods and services tax (GST) introduced to track the trail of transaction has in fact increased illegal activities in terms of billing by multiple times.

GST increased illegal activities 4-5 times in terms of billing

The govt has not started to crosscheck input and output tax, hence the malpractice is continuing unabated.

20 Jun 2018 12:25 PM

Closer to first anniversary of GST, the government on Monday said the new indirect tax regime has added more jobs in formal sector and widened taxpayer base.

Govt appeals honesty in tax payment ahead of GST anniversary

The new indirect tax regime has added more jobs in formal sector and widened taxpayer base.

19 Jun 2018 11:44 AM

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Sunil Gatade