GST Council meet: States to flag poor revenue mop-up

GST Council meet: States to flag poor revenue mop-up

Revenue considerations are set to play a big role at the meeting of the Goods and Services Tax (GST) Council on Friday with many States expected to raise concerns about muted tax growth. Sources have indicated that the poor collections under the indirect tax levy are a source of concern for both the Centre and a number of States like Kerala, West Bengal and Delhi. “A number of States are likely to flag concerns about revenue losses and muted growth…

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Traders demand govt to fix E-way bill threshold to Rs 1L

Traders demand govt to fix E-way bill threshold to Rs 1L

In a shocker for businessmen, the Punjab government’s amendment to double the E-way bill exemption limit from Rs 50,000 to Rs 1,00,000 for inter-state transactions expired on September 13. This amendment was valid for one year which was issued last year on September 13 after a lot of hue and cry was raised by the businessmen who claimed that the exemption limit of Rs 50,000 was not sufficient. Meanwhile, ever since the expiry of the amendment limit, businessmen are up…

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GST: Aadhaar verification to be mandatory for new dealers from Jan 2020

GST: Aadhaar verification to be mandatory for new dealers from Jan 2020

In order to check malpractices in GST, the GST Network on Saturday decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020. “Aadhaar authentication of new dealers will be mandatory. Earlier it was optional. But we have noticed in two years that there’s good number of fly-by-night operators. They make fake invoices,” Bihar deputy chief minister Sushil Kumar Modi, who heads the group of ministers of GST Network told reporters after a meeting here. Those who don’t want Aadhaar authentication,…

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E-way bills for gold under consideration

E-way bills for gold under consideration

The government is considering a proposal to make e-way bills necessary for transportation of precious metals like gold to stop malpractices and check revenue leakage, two officials said requesting anonymity. Under the GST’s e-way bill system, the movement of goods requires registration from pickup to drop points. The GST Council, an apex federal body for matters related to indirect taxes, is expected to consider the proposal at its meeting in Goa on September 20. The Union finance minister chairs the…

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GST Council meet: Rate cut for auto sector may not be easy; relief on hotel tariffs, biscuits on the cards

GST Council meet: Rate cut for auto sector may not be easy; relief on hotel tariffs, biscuits on the cards

The GST Council meeting, as per the agenda paper, may take up automobiles, hotels, biscuits, matchsticks and outdoor catering segments for resetting of the GST rates. However, all listed items may not see GST cut due to various complexities involved With the government desperate to reverse the prevailing economic slowdown, the GST Council is all set to make major announcements on Friday. The high-powered GST Council will discuss the agendas on tax cuts for sectors with the high-consumer interface or…

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Ahead of GST Council meet, biscuit makers hope for rate cut

Ahead of GST Council meet, biscuit makers hope for rate cut

Biscuit makers are hoping for a lowered tax rate on widely consumed mass biscuits priced below ₹100 a kilo as an increased instance of GST has put additional burden on manufacturers. The GST Council is expected to meet on 20 September and could consider tax revisions on various goods. Auto and biscuit manufacturers are hoping for a reduced tax burden amid a slump in consumer demand. Mayank Shah, category head, Parle Products, and vice president, Biscuit Manufacturers Welfare Association said…

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State tourism ministers seek cut in GST on hotel rooms to boost sector

State tourism ministers seek cut in GST on hotel rooms to boost sector

Tourism Minsters from different states today urged to reduced GST for hotel rooms. They also asked for simplification and rationalisation of various taxes and levies to attract tourists and take on global competition. “The Tourism Ministers’ conclave 2019 at Kovalam, Kerala notes with concern that the GST Council of India has imposed 28 per cent GST on hotel room tariff over Rs 7,500 and 18 per cent tax on rooms with tariffs between Rs 2,500 and Rs 7,500. This tax…

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Government to fix GST leaks, shore up collections at GST council meeting on Friday

Government to fix GST leaks, shore up collections at GST council meeting on Friday

Goods and Services Tax (GST) council meeting is scheduled for this week in Goa. The centre is planning to tighten the processes that include input tax credit claim and will emphasise on getting the states to approve the plans to plug leaks and evasions.  It is expected that the government’s effort to brace up collections and improve the revenues is going to be a major area of the discussion during the upcoming GST council. Demand for rate cuts for the…

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GST network releases online version of two simplified forms for taxpayers

GST network releases online version of two simplified forms for taxpayers

The Goods and Services Tax Network (GSTN) on Friday released two forms– ANX-1 and ANX-2–for simplified online returns. A taxpayer will have to file FORM GST RET-1 (normal), or FORM GST RET-2 (Sahaj), or GST RET-3 (Sugam) returns. Annexure of supplies (GST ANX-1) and annexure of inward supplies (GST ANX-2) will also have to be uploaded on the tax portal as part of these returns. GSTN had earlier released the offline tools of these forms. With the release of the…

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15th Finance Commission to meet advisory council on GST mop-up

15th Finance Commission to meet advisory council on GST mop-up

Amid muted growth in GST collections threatening to strain the government’s fiscal maths, the 15th Finance Commission will meet here on Friday with its advisory council consisting of leading economists, including Chief Economic Advisor K. Subramanian. Official sources said that the main item on the meeting agenda is the projection of GST revenues in the coming years and plotting the way forward for centrally-sponsored schemes. The Advisory Council includes noted economists such as Arvind Virmani, Surjit Bhalla, M. Govinda Rao, Omkar Goswami and Pinaki Chakraborty….

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