GST REGIME
Centre sacrificed large amount of GST revenue to compensate states: Former CEA Subramanian
Former Chief Economic Advisor Arvind Subramanian revealed that the Centre has been sacrificing a substantial portion of GST revenue, amounting to 1 per cent of GDP annually, to uphold a 14 per cent compensation guarantee for states since the introduction of the tax regime. Subramanian emphasised the importance of maintaining the current structure of GST, stating that bringing petrol and alcohol under GST would not be advisable.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
GST brought relief to households with reduction in prices: FinMin
The Goods and Services Tax (GST) has completed seven years of implementation, resulting in cheaper household items, improved tax compliance among businesses, and a wider tax base, according to the finance ministry. Since its introduction on July 1, 2017, replacing 17 local taxes, the GST has reduced tax rates on many household goods, increasing affordability for consumers.
Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is "Sashakt Vyapar Samagra Vikas" (Empowered Trade Overall Growth).
GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
Budget 2024 Section 80D Exemption: Why govt should increase Section 80D tax exemption limit for health insurance under old tax regime
Budget 2024 Section 80D Exemption: Taxpayers who have opted for the old tax regime are hoping for an increase in the limit under section 80D in the upcoming July 2024 budget, considering the significant rise in healthcare costs.
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Budget should double standard deduction, raise basic exemption to Rs 3.5 lakh under new tax regime: EY
EY recommends significant tax reforms in the upcoming Budget, urging the government to double the standard deduction under the new concessional tax regime to Rs 1 lakh or increase the basic exemption limit to Rs 3.5 lakh. Key suggestions include maintaining corporate tax stability, rationalizing TDS provisions, and improving dispute resolution mechanisms.
Ecommerce sellers count on cash-flow gains from GST cut
Recommendations by the GST council aim to benefit suppliers on online platforms and real money gaming firms through tax changes, including a reduction in tax collected at source for electronic commerce operators.
Simplify GST: Adopting the KISS principle for reform
Sin taxes contradict growth policies like 'Make In India'. 5-star hotels create jobs and attract investment, impacting FDI. Taxing luxury items hampers economic growth and consumer spending.
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
GST Council Meeting: Sin goods windfall, tax relief talks, and more ahead of budget buzz
GST Council Meeting: The upcoming 53rd meeting of GST Council is poised to discuss several key measures that could pave the way for significant tax reforms ahead of the government's first full budget. Among the agenda items are -- the use of approximately Rs 70,000 crore collected from GST compensation cess on products like pan masala and cigarettes. Discussions may also cover the potential waiver of interest or penalties on tax notices issued between 2017 and 2020, excluding cases of deliberate default.
GST Council likely to deliberate on online gaming tax, Par panel recommendation on fertiliser
The GST Council is set to discuss various issues in its upcoming meeting, including taxation on online gaming and the recommendation to lower tax on fertilisers by the Parliamentary standing committee. The current GST rate on fertilisers is 5%, while raw materials like Sulphuric Acid and Ammonia face a higher rate of 18%. The council will also review the decision to levy 28% GST on the full value of bets for online gaming companies, which came into effect on October 1, 2023.
GST rate rationalisation panel reconstituted, Bihar Dy CM Samrat Chaudhary appointed convenor
Bihar Deputy Chief Minister Samrat Chaudhary appointed as convenor of GoM on GST rate rationalisation. Panel includes members like UP Finance Minister Suresh Kumar Khanna and Goa Transport Minister Mauvin Godinho.
Pre-Budget meeting with FM: Tax sops, higher capex, stable tax regime top industry wishlist
Budget expectations: Indian industry and financial institutions had their customary pre-budget consultations with Finance minister Nirmala Sitharaman on Thursday. The suggestions from India Inc included tax sops, capex boost as well as tax stability.
Hike capex by 25%, reduce GST slabs to maximum of 3 in Union Budget: FICCI tells Nirmala Sitharaman
Budget 2024: Industry lobby group FICCI in pre-budget consultation with Finance Minister Nirmala Sitharaman in Delhi emphasized the need to support growth momentum, infrastructure development, rein in food inflation, support MSMEs, and prioritize innovation and research & development for accelerated growth.
Waiver, other tax reforms top GST Council's docket
The GST Council is set to discuss various measures at its upcoming meeting on June 22 to pave the way for broader tax reforms in the new government's first full budget. These measures include considering a conditional waiver of interest or penalty on tax notices issued between 2017 and 2020, with exceptions for wilful defaulters. The budget announcement is expected in July.
Most of top-level executives have positive perception of GST: Deloitte survey
A Deloitte survey shows growing confidence in India's GST among C-suite executives, with 84% perceiving it positively in 2024, up from 72% in 2023. Key reforms suggested include rationalizing tax rates, improving dispute resolution, and enhancing automation and technology. The survey also highlights the need for further simplification and support for MSMEs.
Veefin announces strategic stake in Regime Tax Solutions through its subsidiary
Supply Chain Finance company Veefin has announced a strategic stake in Mumbai-based Regime Tax Solutions.
Siddaramaiah blames GST regime for taxes on autofuel, even as BJP takes out bullock-cart protest
CM Siddaramaiah blames GST regime for fuel price hike, leading to protests by BJP leaders. Petrol price in Bengaluru now Rs 102.84, diesel Rs 88.95.
Must evolve to eased, 3-tier GST rate format: CII Prez Sanjiv Puri
India needs to transition towards a three-tier rate structure in goods and services tax over time, according to Confederation of Indian Industry president Sanjiv Puri. Puri suggests creating a GST Council-like structure for pushing reforms, some of which are in states' domain. India's economy is doing well in a stressed global environment due to policy instruments deployed by the government over the past years.
GST council may cut upfront payment for tax appeal to 7%
The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.
Need to moderate rate, widen tax base to make India developed economy by 2047: Experts
Experts emphasise the necessity of transitioning from high tax rates to a revenue-focused approach through moderate rates and broadening the tax base to attain 'Viksit Bharat' by 2047. They suggest a simplified tax structure for businesses and individuals, along with a streamlined GST system to boost formal sector participation and address challenges like tax evasion and classification issues, ultimately enhancing tax to GDP ratio for economic development.
View: Your first 100 days to-do list, Gov
The upcoming government will have its work cut out for it as it steps into power following the conclusion of the 18th Lok Sabha polls. While the current administration has made strides in improving the business environment in India, there are key reforms that the new government must prioritize to fully capitalize on the country's growth potential.
Angel tax destroyed startup ecosystem, GST killed gaming industry, says Priyank Kharge
His comments come as political parties are in the middle of the Lok Sabha election, with two more phases scheduled over the next ten days.
GST on corporate guarantees: Taxmen believe clarity will emerge only in SC
The issue of levying GST on corporate guarantees between related entities remains uncertain until the Supreme Court's final decision. The CBIC's circular clarifying the levy's validity faces legal challenges, with recent stays offering temporary relief to affected companies. The matter's resolution will impact businesses and tax revenues.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
Government adopted pro-poor approach in GST implementation, revenues reached pre-GST levels: Nirmala Sitharaman
Sitharaman's efficient tax administration highlighted in maintaining stable revenues with a pro-poor approach in GST implementation. Despite lower tax rates, revenues reached pre-GST levels, benefiting states. The turnover threshold rose, tax submissions reduced, and tax buoyancy improved post-GST implementation.
Natural gas should come under GST regime, says GAIL chairman Sandeep Kumar Gupta
GAIL chairman Sandeep Kumar Gupta said the government should mandate the use of natural gas in refineries and steel making, and make emissions a factor in the merit order for electricity despatch to help gas-based power compete with coal-based supply. He also said natural gas should come under the goods and services tax (GST) regime, production-linked incentive (PLI) should be extended to LNG-powered vehicles and GST on CNG-powered vehicles should be slashed to 5% from 28%, on a par with electric vehicles (EVs).
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