‘GST changes game for tax evaders’: Finance secretary

‘GST changes game for tax evaders’: Finance secretary

Finance secretary Hasmukh Adhia said on Tuesday that goods and services tax (GST) will “change the game” for those who avoid to paying taxes. “When GST was introduced it was hailed as a gamechanging tax reform. Do you know what is game changing? It is an innovation which can spoil the games people were playing to avoid paying taxes,” Adhia told a gathering of exporters, while delivering his speech in Hindi. The rollout of GST has been seen as a…

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National Pension Scheme benefits: Tax saving, GST advantage, partial withdrawal and more

National Pension Scheme benefits: Tax saving, GST advantage, partial withdrawal and more

Last month, the Pension Fund Regulatory and Development Authority (PFRDA) increased the maximum age of joining the National Pension Scheme (NPS)-private sector from 60 years to 65 years. This move, now allowing a larger segment of senior citizens to adequately plan for retirement, matters because research shows that by 2050, 20% of our population will be above 60. Moreover, coming on the heels of the tax incentives announced in Budget 2017, it is yet another step by the pension regulator…

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Post GST reduction GCPL passes on the benefits to consumers

Post GST reduction GCPL passes on the benefits to consumers

On Tuesday, ITC, Dabur, HUL and Marico, had cut prices of various products following the reduction in GST rates effective November 15. “We are committed to passing on the benefits of the reduced rates to our consumers and have initiated a 7-10 per cent price reduction in our products across hair colours, air fresheners, liquid detergents and deodorant categories,” Business Head-India and SAARC, Godrej Consumer Products Ltd (GCPL), Sunil Kataria was quoted by PTI as saying. The move comes days…

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15th Finance Commission to assess GST impact on tax revenues, allocate more resources to states, says Arun Jaitley

15th Finance Commission to assess GST impact on tax revenues, allocate more resources to states, says Arun Jaitley

The Cabinet on Wednesday approved the setting up of the 15th Finance Commission which will assess the tax resources of the nation and suggest a formula for their devolution among states. The members of the Commission and its terms of reference will be notified in the due course of time, Finance Minister Arun Jaitley said after the Union Cabinet meeting. Its recommendations will have to be in place before April 1, 2020, he said. “Normally, it takes 2 years for…

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Decision on bringing petroleum under GST after considering revenue impact: MP minister

Decision on bringing petroleum under GST after considering revenue impact: MP minister

The Madhya Pradesh Government today said it would decide on bringing petroleum products under the Goods and Services Tax  (GST) after considering its impact on the revenue. Speaking to reporters after a cabinet meeting here, Finance Minister Jayant Malaiya said, “The government will take the revenue outcome in consideration before reaching consensus on bringing petroleum products under the GST regime. “Discussions are going on about bringing petroleum products under the GST’s purview. We will take appropriate decision whenever the proposal…

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Govt records highest GST filing in October, Punjab tops the list in compliance

Govt records highest GST filing in October, Punjab tops the list in compliance

The Goods and Services Tax (GST) Council’s efforts to sort out the sundry issues plaguing taxpayers during the initial rollout and the steady reduction in tax rates seems to be paying off in terms of compliance and tax collections. As many as 43.67 lakh businesses have filed the initial GSTR-3B returns for October, the highest monthly return filing within due date since the new tax was introduced on July 1, according to a GST Network statement. That’s around 56% of…

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GST and real estate: Govt needs to address grey areas, disputes and litigations; take feedback from realtors, say experts

GST and real estate: Govt needs to address grey areas, disputes and litigations; take feedback from realtors, say experts

Much has been discussed, argued and debated on demonetisation and the Goods and Services Tax (GST) implementation at various forums including election campaigns. Opposition parties slammed both the moves of Prime Minister Narendra Modi, though the latter managed to hit headlines on Thursday again after the Pew Research Centre’s survey announced him as ‘very popular’. Without taking names or giving political colour, a panel discussion on ‘Dialogue on demonetisation, GST and the built environment industry’ organised jointly by RICS School…

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Buying groceries? Make sure to check GST ‘discounts’

Buying groceries? Make sure to check GST ‘discounts’

From Wednesday, consumers would do well to check their shopping bills closely. A host of packaged products such as chocolates, toothpastes, shampoos and shaving creams – with the maximum retail price printed on them – is set to become cheaper following a steep reduction in the goods and services tax. Some companies manufacturing these products have asked traders to pass on the tax cuts to consumers immediately, without waiting to put revised maximum retail price stickers on them or printing…

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GST Revised Rates: Eating out in hotels, restaurants to become cheaper from today

GST Revised Rates: Eating out in hotels, restaurants to become cheaper from today

Eating out in hotels and restaurants will become cheaper from today (15 November) with the Goods and Service Tax (GST) Council having slashed rates to five percent from 12 and 18 percent earlier. However, there is no formal notification from the government as yet. A uniform 5 percent tax was prescribed by the council for all restaurants, both air-conditioned and non-AC. Union Finance Minister Arun Jaitley said that the Input Tax Credit (ITC) benefit given to restaurants was meant to…

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With simplified tax rates, revenue loss of Rs. 20,000 crore can be compensated

With simplified tax rates, revenue loss of Rs. 20,000 crore can be compensated

To what extent the GST Council’s move to ease the tax burden on consumers will pressure the fisc remains to be seen. Nevertheless, given how onerous the GST framework was turning out to be, it was imperative the returns filing schedule be made more lenient and tax rates be lowered. To that extent, finance minister Arun Jaitley, his team and the state finance ministers need to be congratulated for having responded to the grievances of taxpayers even if it means…

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