GST News

Eating Out Becomes Cheaper, Courtesy Reduced GST Rates

Posted by Sakshi Sharma on Nov 15, 2017 04:23:26 pm

With effect from 15th November, eating out in hotels and restaurants will become cheaper as the GST Council has slashed the rates to 5 percent from the earlier levies of 12 and 18 percent. Also, the same tax would be applicable to takeaways as well. However, it is vital to note here that the government hasn’t released a formal notice pertaining to this till now. A uniform tax of 5 percent was suggested by the Council for all re... Read more>>

Congress wants petroleum products and real estate under the ambit of GST

Posted by Sakshi Sharma on Nov 13, 2017 12:12:11 pm

Since the rollout of the new indirect tax regime, Congress has been forcing the BJP and the GST Council to reduce the tax rates which are being levied on numerous product categories. On Saturday, the party demanded that real estate and petroleum products should come under the purview of GST. The spokesperson of Congress Randeep Singh Surjewal said recently that Finance Minister Arun Jaitley spoke "post-truths" after the meeting of th... Read more>>

GST Council Likely To Keep Only 62 Items under the 28% Tax Slab

Posted by Sakshi Sharma on Nov 09, 2017 01:15:06 pm

The GST Council is planning to slash tax rates on a majority of items at its next meeting in Guwahati this Friday. There are speculations that approximately 165 items might get shifted to the lower tax bracket of 18 percent in comparison to the present rate of 28 percent. Also, only 62 items will be retained in the highest rate slab which could include digital cameras, cigars, chocolates, cosmetics, refrigerators, washing machines, hair... Read more>>

Panel Starts the Review Process of GST Laws to Remove Anomalies

Posted by Sakshi Sharma on Nov 08, 2017 11:52:27 am

# A committee which comprises of government officials has been set up to review the commandments administering the goods and services tax. The panel is hinting towards the fact that their main intention is to simplify the tax regime for the businesses, particularly the small players who are facing difficulties in complying with the increased burden. The committee is being headed by M Vinod Kumar who is the GST chief commissioner for th... Read more>>

Government May Reassess the Monthly Process of Filing GST Returns

Posted by Sakshi Sharma on Nov 07, 2017 06:02:03 pm

The government is considering to review the existing GST return filing process which requires taxpayers to file at least three returns every single month. This step will end up easing the burden of compliance. In the present scenario, businesses are required to file GSTR-1, GSTR-2 and GSTR-3 every month. "There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing G... Read more>>

Maharashtra Government Isn’t Keen on Bringing Real Estate under the Ambit of GST

Posted by Sakshi Sharma on Oct 27, 2017 12:09:51 pm

The government of Maharashtra isn’t very pleased with the idea of including real estate under the new indirect tax regime of the country and has requested the GST Council, the apex decision-making body, to perform an in-depth study relating to the possible impact of this step on the state finances before taking the final decision.  "Similarly, the Centre and GST Council will have to conduct a study especially on its impact... Read more>>

Eating out Will Become More Expensive If GST is reduced to 12 percent, Says NRAI

Posted by Sakshi Sharma on Oct 26, 2017 05:00:13 pm

National Restaurant Association of India (NRAI) has stated that eating out will get costlier if the authorities choose to reduce GST charges to 12 percent from 18 percent. The reason for this is being attributed to the fact that the lower tax will be levied without the benefit of input credit claims. If the recent reports are to be believed, then the government is pondering over the proposal of cutting down GST rates to 12 percent fr... Read more>>

Respite for SMEs: GST Council to Consider Offering a Partial Relief on Late Filing Penalties

Posted by Sakshi Sharma on Oct 24, 2017 02:17:22 pm

The tax department has proposed cutting the late filing penalties in order to lessen the burden of the small businesses who are still struggling to comprehend the intricacies of the new indirect tax regime. The GST Council on its next meeting on November 10 will consider this proposition and its enactment will surely bring relief to the SMEs.  “The idea is that an entity should not end up paying penalty higher than his tax... Read more>>

The Structure of GST needs to be Revamped Completely, Says the Revenue Secretary

Posted by Sakshi Sharma on Oct 23, 2017 03:36:53 pm

The Revenue Secretary Hasmukh Adhia has stated that now when the new indirect tax regime is firmly rooted in the system, it has become essential to revamp the tax rates in order to reduce the burden on SMEs. In addition to this, he also said that GST will take approximately a year to get stabilized. “It will take one year. Because it is a new system for everybody... There has been a complete overhauling of tax system in GST so one... Read more>>

Losses in GST: Centre Will Pay INR 8,698 Crore to States and Union Territories

Posted by Sakshi Sharma on Oct 18, 2017 11:38:24 am

To compensate the revenue losses being incurred after the implementation of GST, the government has decided to pay INR 8,698 crore to all states and Union territories with legislatures except Rajasthan and Arunachal Pradesh. The compensation payout is approximately 58 percent of the total cess, which amounted to INR 15,060 crore, being collected in the first two months since the implementation of the new indirect tax regime. There ar... Read more>>

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