GST News

Cabinet has Decided to Increase GST Cess on Mid, Large Sized Cars to 25 Percent

Posted by Sakshi Sharma on Aug 31, 2017 01:02:25 pm

# Cabinet cleared the issuing of Ordinance in order to raise the cess on mid and large sized cars, luxury vehicles, hybrids and SUVs to 25 percent from the existing rate of 15 percent. When GST was rolled out on July 1, car prices had witnessed a dip by INR 3 lakh. The Ordinance is being considered as a means to rectify the irregularity as the tax rates of common use articles had increased substantially while luxury items were costing les... Read more>>

GST Collections for the Month of July are INR 92,000 crore, exceeds target, says Finance Minister

Posted by Sakshi Sharma on Aug 30, 2017 12:23:40 pm

# The Goods and services tax collections have surpassed the estimates in the first month itself in spite of the fact that a substantial number of entities haven’t filed their returns yet. On Tuesday, Finance Minister Arun Jaitley held a meeting regarding the first set of data on tax collections and he said, “We seem to be comfortable... The red line has been crossed in the first month itself. Not many had thought that the r... Read more>>

Branded Used Car Companies Urge the Government to Lower GST rate

Posted by Sakshi Sharma on Aug 29, 2017 12:26:17 pm

# Big Boy Toyz, a company based in Gurugram that focusses on selling used luxury cars like Bentleys and Lamborghinis, has put a break on its expansion plans, courtesy the new tax regime. GST treats pre-owned cars in a similar way as the new ones and this treatment has raised concerns for dealers who trade used cars. Big Boy Toyz along with other players in the market of used cars like Maruti True Value and Mahindra FirstChoice Wheels L... Read more>>

New in GST: Govt. is considering a 2 Percent Relief on Digital Payments

Posted by Sakshi Sharma on Aug 28, 2017 11:17:17 am

# The government has gone a step ahead with promoting ‘Digital India’ by mulling to give a 2 percent incentive on the GST rate in the case wherein a payment of up to 2,000 is made through the digital mediums. If the sources are to be believed, then the proposal is being deliberated upon between the finance ministry, RBI, cabinet secretariat and ministry of electronics and IT. The proposition might extend the benefits by means ... Read more>>

GST in India Can Facilitate Immaculate Credit Monitoring for Banks

Posted by Ishtiyaq Nabi on Aug 28, 2017 10:59:50 am

# The newly-introduced GST (Goods and Services Tax) framework in India has showered some unintended benefits on various stakeholders, and banks are certainly the ones that are the most influenced by those benefits.  Sensing these benefits, many banks in India have started offering monthly GST returns filing solutions to companies through the banks’ websites. Some of the banks that have already started offering this special b... Read more>>

21st Meet of the GST Council is Scheduled on 9th Sept. in Hyderabad, says an official

Posted by Sakshi Sharma on Aug 24, 2017 12:12:55 pm

# The next meeting of the GST Council will take place in Hyderabad on September 9th, a senior official from the government said. This would be the third meeting since the time the new tax regime has come into action on July 1st and 21st since the Council was set up in the month of September last year. The official said in a statement, “The meeting will be held in Hyderabad. Union Finance Minister Arun Jaitley will be heading the ... Read more>>

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>>

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