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Goods and Service Tax (GST)

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Gujarat's GST department finds tax evasion of Rs 3.53 crore after searches at seven firms

Sat, Nov 23, 2024

The Gujarat State GST department conducted searches on seven commercial entities and detected tax evasion of Rs 3.53 crore, an official said. These firms were concealing actual revenues, selling without invoice and underreporting tax liability, he added.

GST Council to meet in Jaisalmer on December 21; may decide on insurance levy, rate rationalisation

GST Council to meet in Jaisalmer on December 21; may decide on insurance levy, rate rationalisation

Mon, Nov 18, 2024

The GST Council will meet on December 21 in Jaisalmer, in which the much-awaited decision on exemption or lower GST rate on health and life insurance is likely to be taken.

Nazara Tech's two subsidiaries get Rs 1120 crore GST demand notice

Nazara Tech's two subsidiaries get Rs 1120 crore GST demand notice

Wed, Jul 17, 2024

Openplay Technologies has received a show cause notice from the Director General of GST Intelligence, Kolkata for a proposed liability of Rs 845.72 crore, while in case of another subsidiary -- Halaplay Technologies -- the liability amounts to Rs 274.21 crore.

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Good News! GST impact to be less on aam aadmi, but there's a catch

Good News! GST impact to be less on aam aadmi, but there's a catch

Mon, Aug 06, 2018

Volunteer states would therefore roll out incentives on pilot basis for digital payments, and the GSTN, the IT backbone of the GST network, and the National Payments Corporation of India will develop a system soon for the same, Finance Minister Piyush Goyal had told reporters after the GST Council meeting.

GST rate cut coming? Here is what is on the cards for security industry

GST rate cut coming? Here is what is on the cards for security industry

Sat, Aug 04, 2018

The finance ministry will examine the demand of private security industry for reduction of GST from the existing level of 18 percent, Minister of State for Finance Shiv Pratap Shukla said today.

Arun Jaitley sees GST rate cut on cement, ACs, TVs with rise in revenue

Arun Jaitley sees GST rate cut on cement, ACs, TVs with rise in revenue

Fri, Jul 27, 2018

Union Minister Arun Jaitley today exuded confidence that GST rates on cement, ACs and televisions will be cut as tax revenues increase, and only luxury and sin goods will attract the highest slab of 28 per cent.

GST replaced ''Congress legacy tax'' with ''good and simple tax'': Jaitley

GST replaced ''Congress legacy tax'' with ''good and simple tax'': Jaitley

Fri, Jul 27, 2018

Union Minister Arun Jaitley on Friday said the GST has replaced the `Congress Legacy Tax` -- which was 31 per cent for most goods -- with a `good and simple tax`, adding that the existing 28 per cent slab will be phased out following further improvement in revenue collections.

States to reach out to traders, industry to list out GST grievances

States to reach out to traders, industry to list out GST grievances

Thu, Jul 26, 2018

The Central Board of Indirect Taxes and Customs (CBIC) had earlier this week written to the GST Council secretariat asking them to write to states and UTs asking them to contact MSME taxpayers and their trade and industry associations in their respective states and UTs, collect their grievances/issues related to GST along with suggestions thereof for mitigating the issues.

Jyothy Laboratories Q1FY19 results: Net profit rises 57.1% to Rs 32.38 crore

Jyothy Laboratories Q1FY19 results: Net profit rises 57.1% to Rs 32.38 crore

Wed, Jul 25, 2018

FMCG firm Jyothy Laboratories today reported a 57.1 per cent rise in standalone net profit at Rs 32.38 crore for the first quarter ended on June 30.

India can't have single rate GST, 3-slab structure possible: CEA

India can't have single rate GST, 3-slab structure possible: CEA

Thu, Jul 12, 2018

Ruling out a single rate GST, Chief Economic Advisor Arvind Subramanian today pitched for a three rate structure going forward as revenues stabilise. He said Goods and Services Tax is a "work in progress" and there is a need for further simplification of rates with fewer exemptions and simpler policies.

GST Council to consider rate cut on items with low revenue impact on Jul 21

GST Council to consider rate cut on items with low revenue impact on Jul 21

Thu, Jul 12, 2018

The GST Council may consider reduction in tax rates on host of items with low revenue implications as part of the tax rationalisation exercise in its next meeting on July 21. The items which could be considered for cutting of tax rates might include sanitary napkins, handicrafts and handloom goods, besides certain services.

One year of GST: MSMEs revenue rose 27% in FY18, vibrancy returning to sector, says report

One year of GST: MSMEs revenue rose 27% in FY18, vibrancy returning to sector, says report

Fri, Jun 29, 2018

A study has revealed that revenues of micro, small and medium enterprises surged by 27 per cent and operating profit by 66 per cent in 2017-18, signaling that vibrancy is returning to the sector after challenges posed by GST rollout and to an extent demonetization.

Taxpayer panic to fulfill GST criteria, as I-T dept asks to submit documents in 7 days

Taxpayer panic to fulfill GST criteria, as I-T dept asks to submit documents in 7 days

Sun, Jun 24, 2018

In GST, businesses are allowed to claim credit for excise and service tax paid for the stock that was bought before GST came but were sold when GST came (July 1). As such credits, a huge amount of Rs 1.6 lakh crore was claimed by nearly 9.5 lakh assessees till the December 27 deadline. For claiming credits there are forms like GSTR-1, GSTR-2, GSTR-3, GSTR-3B, GSTR-4, GSTR-5, GSTR-5A and GSTR-6.

There are no free lunches under the GST, literally; here is why

There are no free lunches under the GST, literally; here is why

Thu, Apr 12, 2018

It was not clear whether GST would be levied at 5 per cent (without input credit) as canteen shall apply on all such recoveries from employees or a residual rate of 18 per cent will be applicable, treating it as outdoor catering services.

FM says GST stabilised in short time, hints at further rate rejig

FM says GST stabilised in short time, hints at further rate rejig

Sat, Jan 27, 2018

Finance Minister Arun Jaitley today said the Goods and Service Tax (GST) has stabilised in a very short time that provides an opportunity to widen its base and further rationalise the rates in the future.

61 lakh taxpayers enrolled under GST, says Hasmukh Adhia

61 lakh taxpayers enrolled under GST, says Hasmukh Adhia

Thu, May 11, 2017

He was briefed about the software system being developed for GST, training of tax officials and outreach program being undertaken by Tax Departments across the nation.

GST: No surprises while fixing tax rates, promises FM Jaitley

GST: No surprises while fixing tax rates, promises FM Jaitley

Fri, Apr 28, 2017

"Benefits of the growth should percolate down to the most poor sections of the society," Finance Minister Arun Jaitley said.

GST will not bring major hike in tax burden: Official

GST will not bring major hike in tax burden: Official

Tue, Apr 25, 2017

The government will try to finalise the rates of tax for each item at the earliest, the Revenue Secretary said.

Public sector banks merger could help banking system: RBI Governor

Public sector banks merger could help banking system: RBI Governor

Tue, Apr 25, 2017

Patel said that divestment in public sector banks would have a positive role for the sector. "Divestment measures would improve overall banking sector health," he said.

Looking to register for GST? We outline the steps

Looking to register for GST? We outline the steps

Mon, Apr 24, 2017

The government has already launched GST website which presently supports registration and migration of existing taxpayers.

GST rollout: Centre,states taxmen to decide services rate this week

GST rollout: Centre,states taxmen to decide services rate this week

Sun, Apr 16, 2017

The task before the panel is to keep the impact of GST on inflation and prices near neutral or zero.

GST rollout close to reality as Rajya Sabha passes four bill

GST rollout close to reality as Rajya Sabha passes four bill

Thu, Apr 06, 2017

Jaitley said the successive governments have contributed towards the GST and no one person can take credit for it.

Lok Sabha passes bill to make excise, customs Acts compliant with GST

Lok Sabha passes bill to make excise, customs Acts compliant with GST

Thu, Apr 06, 2017

It would depend on the government, Tharoor said, hoping that the NDA would not be using its "brute majority" to push legislations.

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