Government has tabled the Comptroller and Auditor General(CAG) audit report on the Goods and Services Tax(GST) in the Parliament. The report has said that the government had failed to try out the GST system before its rollout leading to inadequate compliance mechanisms, and lower tax revenues. The report has also pointed out that the complexity… Continue reading Govt. did not try out GST system before rollout: CAG
Tag: GST
Single rate GST not possible in a country with poor people, says Arun Jaitley
Former Finance Minister has said that India can have two slabs for the Goods and Services Tax(GST) but dismissed the possibility of a single rate. He said that single GST slab would be possible only in extremely affluent countries where there are no poor people.It would be inequitable to apply a single rate in countries… Continue reading Single rate GST not possible in a country with poor people, says Arun Jaitley
Council may consider GST cut on EVs
GST Council may cut the goods and services tax(GST) on electric vehicles to 5% from 12% to provide a stimulus to the sector. The lower rate are expected to encourage global manufacturers to invest in India’s planned shift to electric vehicles in order to try and bring down pollution levels. The Niti Aayog has prepared… Continue reading Council may consider GST cut on EVs
Government rules out bringing oil products under GST for now
The Central Government has ruled out including petroleum products within the ambit of GST immediately by turning down repeated demands from the aviation sector and oil companies. The petroleum ministry has also asked for the inclusion as the benefit of GST is not helping oil companies as they cannot claim an input tax credit.The credit… Continue reading Government rules out bringing oil products under GST for now
Supreme Court agrees to examine power of authorities to arrest individuals for GST evasion
Supreme Court has decided to examine the power of the government officials to arrest persons for Good and Services Tax (GST) evasion. The court observed that different high courts had taken different views in granting anticipatory bail to individuals accused of GST evasion and therefore, it needs to decide the question of law on the… Continue reading Supreme Court agrees to examine power of authorities to arrest individuals for GST evasion
No GST at duty-free shops: HC
Recently,the Allahabad high court has ruled that there shall be no Goods and Services tax(GST) levied in case of purchases made at duty free stores at the arrival or departure terminals. The court held that tax will not be levied as the goods has not crossed the customs border and passengers carry the items as… Continue reading No GST at duty-free shops: HC
Grappling with urban exodus and GST, Kalamkari hub faces a fast fade-out
According to a report,kalamkari painting is on a decline due to urban exodus and Goods and Services tax(GST). The challenges faced by them includes (a)the poor availability of formal credit (b)the lure of taking up screen-printing for a quick buck and the (c)migration of youth to urban areas in search of job. Further,the imposition of… Continue reading Grappling with urban exodus and GST, Kalamkari hub faces a fast fade-out
Finance Ministry brings in changes in e-way bill system to check GST evasion
The Finance Ministry has introduced changes in the e-way bill system. The changes were brought in to crack down on Good and Services Tax (GST) evaders. The E-way bill is an electronic document to be generated online under the GST system when goods of the value of more than Rs.50,000 are shipped. However,failure to produce… Continue reading Finance Ministry brings in changes in e-way bill system to check GST evasion
Govt faces direct tax shortfall of ₹60k crore
According to the Central Board of Direct Taxes(CBDT),Direct tax collections have fallen short by Rs 60,000 crore.It has failed to meet the revised target of Rs 12 lakh crore for 2018-19 fiscal on account of poor personal income tax collections. However,tax collections has risen by 13.5% making it the third straight year of strong growth… Continue reading Govt faces direct tax shortfall of ₹60k crore
GST revenue hits a record high in March
Goods and Services Tax (GST) collection in March rose 15.6% from a year ago to hit Rs 1.06 lakh crore.It is the highest collection since the new indirect tax system took effect on July 1,2017. However,it is still short of the Union government’s target for the current fiscal(2018-19).The Centre had estimated the GST collections to… Continue reading GST revenue hits a record high in March
