According to a recent report,Goods and Services Tax (GST) which was introduced in 2017 has seen the Indirect tax collections increased.However, shift in trade towards a formal economy has been slower than expected. The report also said that under GST regime,the manufacturing sector witnessed an increase in working capital requirements while the services sector has… Continue reading Shift to formal trade slower than expected
Tag: GST
Anti profiteering body can act sans complaints
National Anti-Profiteering Authority (NAA) chairman has said that Consumer complaints are not the only reason for the authority to act.NAA offices can take with the help of mock purchases to check a trader’s invoice for profiteering. The NAA has been constituted under Section 171 of the Central GST Act, 2017 to ensure that the reduction… Continue reading Anti profiteering body can act sans complaints
Indirect tax collection may fall short, says Garg
The Central government has said that it may fall short of the Goods and Services tax(GST) target this financial year.However,government is confident of reaching its direct tax collection target for the current financial year. The government had targeted GST collections at Rs 1.3 lakh crore and direct tax collections at Rs 12 lakh crore for… Continue reading Indirect tax collection may fall short, says Garg
GST: jewellery set to turn cheaper
The Central Board of Indirect Taxes and Customs (CBIC) has said that the Tax Collected at Source(TCS) amount would be excluded from the value of goods while computing the Goods and Services Tax (GST) liability.It is expected to provide relief to the buyers of cars and jewellery, Tax Collected at Source (TCS) is an income… Continue reading GST: jewellery set to turn cheaper
Bring LPG conversion kits under 5% GST: IAC
Indian Auto LPG Coalition (IAC)has appealed for a reduction in the goods and services tax (GST) rates on LPG conversion kits for automobiles from the current 28% to 5%. This would help boost vehicle conversions to Liquefied Petroleum Gas (LPG) which is an environment-friendly fuel. LPG conversion kits allows vehicles to run on LPG rather… Continue reading Bring LPG conversion kits under 5% GST: IAC
