New Delhi: The GST Council on Monday raised the cess on cigarettes to take away an estimated INR 5,000 crore annual “windfall” manufacturers could have reaped from lower GST rates, Finance Minister Arun Jaitley said on Monday. However, cigarette prices will not change as a result of the increased cess which would be effective from […]
Bhubaneswar: Odisha government today demanded exemption of handloom and handicraft products from the purview of GST. The demand was made by Odisha Finance Minister S B Behera at the GST Council meeting in New Delhi during the day, an official release here said. “GST should not be applicable on the products prepared by weavers and artisans […]
With the retrospective taxation issue spooking investors, the Narendra Modi government on Monday committed to making the tax regime non-adversarial and investor friendly, and promised to introduce the GST
In terms of Section 171 of the CGST Act, 2017, the suppliers of goods and services should pass on the benefit of any reduction in the rate of tax or the benefit of input tax credit to the recipients by way of commensurate reduction in prices.
Bhubaneswar: A special session of Odisha Legislative Assembly will meet tomorrow to discuss the State Goods and Services Tax (SGST) bill, a mandatory requisite that needs to be followed before the proposed nationwide implementation of uniform GST. The special session will be held on May 18 and 19, official sources said on Wednesday. Ahead of […]
The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, on June 12, had slashed tax rate on COVID drugs such as Remdesivir and Tocilizumab as well as on medical oxygen, oxygen concentrators and other COVID essentials.
For the first time since the BJP swept to power at the Centre three and a half years ago, the Deadly Duo of Prime Minister Narendra Modi and party President Amit Shah looks truly vulnerable. Gone is the nonchalance that marked the public utterances of Modi and Shah before and after the UP elections. Notwithstanding […]
Finance Minister Nirmala Sitharaman, while addressing the media post the meeting, said that a group of ministers (GoM) will be formed by Saturday (May 29), which will examine the need for further reductions and decide on any new rates in exemptions.
The GST Council will meet for the first time this year on May 28, through video conferencing.
New Delhi: The GST Council on Sunday lowered the tax on under-construction residential properties to 5 per cent from 12 per cent to boost the realty sector. The new rates will be implemented from April 1. The Council also made changes in the definition of affordable housing carpet area and cost. Properties costing up to […]
Kolkata: With a view to passing the benefits of tax rate reduction or input tax credit to consumers in the GST regime, consumers may get volume benefit in lieu of only price reduction as the National Anti-Profiteering Authority (NAA) is allowing ‘grammage increase’, an official said here on Friday. If a supplier of goods increases […]
New Delhi: The Goods and Services Tax (GST) collection for March rose 15 per cent year-on-year to Rs 1.06 lakh crore. The collection of Rs 1,06,577 crore for March though was the highest-ever monthly collection since the introduction of GST, the Finance Ministry said in a statement. Revenue in March grew 15.6 per cent over […]
New Delhi: In view of the challenges faced by taxpayers in meeting the statutory and regulatory compliances under Goods & Services Tax (GST) law due to the outbreak of the…
New Delhi: The Directorate General of Anti-Profiteering (DGAP) has served a notice on technology major Samsung India for allegedly not passing on the benefits of GST reduction to its customers and in turn making undue profits, sources said. The notice, sources said, was served on the basis of a complaint that alleged the company was […]
New Delhi: GST collections in April touched a record high of over Rs 1.41 lakh crore, indicating sustained economic recovery, the Finance Ministry said on Saturday. The revenues for the…
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