GST News

Asian Development Bank praises India’s GST framework

Posted by Ishtiyaq Nabi on Aug 24, 2017 10:40:04 am

# As per a blog on the Asian Development Bank (ADB) website, the Goods and Services Tax (GST) framework in India will help lower income group of the society in various ways.  The blog also shed light on how the GST structure in India can actually motivate various other countries to follow the suit. The blog is written by Mukul Asher, professorial fellow, Lew Kuan Yew School of Public Policy, and it states, “With the GST, in ... Read more>>

GST Might Bring INR 9,500 Crore Revenue Losses for 11 States

Posted by Sakshi Sharma on Aug 23, 2017 11:24:39 am

# A recent report states that eleven states might need an additional compensation of INR 9,500 crore from the Centre in the present year. India Ratings said, “All states combined will grow at a CAGR of 16.6 per cent in FY18 over FY16 under the new goods and services tax regime, but since the picture at the individual state level differs, 11 states will need a Rs 9,500 crore Central support this financial year.” The agenc... Read more>>

Hospitals Approach GST Council to Seek Relief from Higher Taxes on Inputs

Posted by Ishtiyaq Nabi on Aug 22, 2017 04:29:16 pm

Even though the healthcare industry is exempted under the new tax regime, the taxes levied on inputs such as diagnostics and medical equipment has made life difficult for hospitals. They are afraid that if the prices on inputs aren’t reduced then the patients will have to suffer at the end. Major hospitals have approached the GST Council and have requested them to reduce the tax rates on inputs. In addition to this, they have also... Read more>>

Govt. will Increase GST Cess on Luxury Cars and SUVs, by means of Ordinance

Posted by Sakshi Sharma on Aug 22, 2017 11:13:34 am

# In an attempt to restore tax revenues coming from the automobile industry that got involuntarily affected by the movement to the new tax regime, the government is all set to increase GST cess on luxury cars and SUVs. However, the GST Council has taken into account that the revision of tax rates will be confined only to correcting unintentional consequences of the tax rate fixing implementation. The Council, led by Finance Minister Ar... Read more>>

New in GST: Railway Contractors to Go on a Nationwide Strike from August 20

Posted by Sakshi Sharma on Aug 19, 2017 11:58:46 am

# Approximately 300 railway contractors from the six railway divisions of the state will be joining a nationwide strike which will start from August 20. The contractors are annoyed with the impact of GST on those railway projects which were approved before July 1. The contractors have asserted that due to the implementation of the new tax regime, numerous continuing tasks such as daily maintenance, cleanliness and maintenance of the railw... Read more>>

GST Return Filing Deadline Extended for Businesses Who Wish to Claim Credit for Past Taxes

Posted by Sakshi Sharma on Aug 18, 2017 11:16:41 am

# The government has finally given some relief to taxpayers by extending the deadline for filing the first GST Return, GSTR-3B to August 28 from the original date of August 20. It is vital to note here that this extended date is only for those taxpayers who are opting to utilize the opening balance of pre-GST credit in the present month. For those who aren’t willing to claim opening credit in the current month or those who don&rsquo... Read more>>

High GST Rates Might Taper the Growth of Leasing Industry

Posted by Sakshi Sharma on Aug 17, 2017 12:04:04 pm

# The capital goods leasing industry is currently valued at INR 5,500 crores and it is growing at a rate of 15-20 percent. However, GST has increased the apprehensions of the players of this industry as high rates may taper the exponential progression of the industry. The Director General of Finance Industry Development Council, Mahesh Thakkar, said, “The GST rate of 28 per cent is high for the leasing industry when compared to the ... Read more>>

New in GST: Total Number of Tax Slabs Might Reduce if Revenues Improve

Posted by Sakshi Sharma on Aug 16, 2017 12:07:36 pm

# The Minister of State for Finance and Corporate Affairs, Arjun Ram Meghwal, said recently that the Centre is considering to reduce the number of tax slabs under the new tax regime if revenues happen to improve. In the present scenario, GST has four tax slabs; 5%, 12%, 18% and 28%.   During a recent session organised by ICC (Indian Chamber of Commerce), Meghwal said, “The Centre may consider bringing down the number of tax ... Read more>>

GST Impact: Tamil Nadu Contemplates on Incentive Structures

Posted by Ishtiyaq Nabi on Aug 11, 2017 04:55:31 pm

# What might be considered as a major blow to industries in Tamil Nadu post GST implementation is that the state government is planning to restructure the overall incentives that the Memorandum of Understandings (MoUs)  ensure to businesses.  The GST Council has recently decided that it would be up to the discretion of the states whether they want to ensure any strategic advantages or incentives to industries. Major automobil... Read more>>

MSME Asks Finance Ministry to Consider Exempting Khadi from GST

Posted by Sakshi Sharma on Aug 11, 2017 12:42:59 pm

# There is a good news for all Khadi traders operating across the country. Khadi products may finally get a green signal to get exempted from the recently implemented GST. The MSME ministry has approached the finance ministry to reflect on their decision of levying a tax on Khadi and has asked them to consider exempting the Khadi sector under the new tax regime. In addition to this, they also asked the ministry to ensure that there exists... Read more>>

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