Search Results for: Arun Jaitley

GST proved to be consumer, assessee friendly’, writes Arun Jaitley on two years of rollout

Former finance minister Arun Jaitley, who introduced the Goods and Services Tax (GST) on July 1 in 2017, on Monday stated that the new tax regime “proved to be both consumer and assessee friendly.” Jaitley, in a blog, wrote: “After two years, one can confidently argue, without fear of contradiction that GST proved to be both consumer and assessee friendly. The high taxation of pre-GST era pinched the consumers’ pocket and acted as a disincentive against tax compliance. The last two years have…

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Lowering GST rate on cement next on agenda: Arun Jaitley

Finance Minister Arun Jaitley on Thursday said the BJP-led NDA will continue with fiscal prudence and lower tax rates if elected back to power. He further said the GST (Goods and Services Tax) Council has cut tax rates on consumption items to 12 or 18 percent from the highest slab of 28 percent and lowering rate on cement is next on agenda. “I speak in terms of taxation policies… I’m quite clear in my mind that on two issues at…

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Arun Jaitley favours GST council-like structure for healthcare, agriculture

Finance minister Arun Jaitley argued a case for setting up GST Council-like federal institutions to promote healthcare, rural development and agriculture sectors to allow the Centre and states to supplement each other’s efforts instead of competing. In the 10th and concluding part of his ‘Agenda 2019’ series titled ‘Why Agriculture, Rural Development and Healthcare Require a GST Council-Type Structure?’ Jaitley urges pooling of resources to avoid overlap and duplication. “The question, thus, is why can’t this experiment be replicated elsewhere?”…

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GST standard rate to be fixed between 12-18% as revenues increase: Arun Jaitley

Going forward, as tax revenues significantly increase, India will have GST slabs of 0 per cent, 5 per cent and a standard rate between 12-18 per cent for commonly-used items, finance minister Arun Jaitley said on Monday. Luxury and sin goods will, however, continue to be taxed in a higher bracket. In a Facebook post titled ‘Eighteen Months of GST’, Jaitley said, of the 1,216 commodities which are used, broadly 183 are taxed at zero rate, 308 at 5 per cent, 178 at 12…

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Narendra Modi and Arun Jaitley want to revive housing with a big GST rate cut

The Prime Minister’s Office & Finance Ministry are in favour of a big GST rate cut on housing and are working to build consensus with states to push this through at the next GST Council meet on December 22, ET Now learns from reliable sources. The intent is to be consumer friendly, and bring home buyers back to the market with a much cheaper GST rate. Sources say there are currently two proposals on the table. The first proposal is…

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Demonetisation, GST led to formalisation of economy: FM Arun Jaitley

Goods and Services Tax (GST) led to the higher formalization of the economy resulting in higher direct tax revenue and a greater number of income tax return filings, finance minister Arun Jaitley said on Tuesday. “The impact of demonetisation and GST implementation has resulted in the higher formalisation of an economy. This is further substantiated by the filing of more than one crore (new) income tax returns by taxpayers during FY 2017-18 in comparison to FY 2016-17,” Jaitley tweeted. According…

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GST Council to further trim list of items in 28% tax slab: FM Arun Jaitley

Federal indirect tax body, the GST Council will continue to prune the list of items in the highest tax slab of 28%, but merging of the 12% and 18% slabs will have to wait till tax compliance increases, finance minister Arun Jaitley said on Tuesday. Addressing business leaders at the India-Korea Summit organized by the Department of Industrial Policy and Promotion and Confederation of Indian Industry (CII), Jaitley said India has been significantly tax non-compliant, a situation which needs to…

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States not in favour of petrol, diesel inclusion into GST: FM Arun Jaitley

Finance Minister Arun Jaitley today said the states are not in favour of including petrol and diesel into GST at the moment, ruling out any immediate levy of the new indirect tax on these petroleum products. While GST was rolled out on July 1, real estate as well as crude oil, jet fuel or ATF, natural gas, diesel and petrol were kept out of its purview. This meant that the products continued to attract duties like central excise and VAT. “So far…

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Budget 2018: Fiscal deficit target miss due to GST shortfall: Arun Jaitley

Union finance minister Arun Jaitley sought to justify the fiscal deficit target miss with the shortfall of goods and services tax (GST) and other factors, including lower surplus transferred by the Reserve Bank of India (RBI) and telecom sector. Jaitley said in 2017- 18 the central government will be “receiving GST revenues only for 11 months” instead of 12 months. “This will have a fiscal effect,” he said in the post-Budget press conference on Thursday. The finance minister, in the…

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25th GST Council Meet:Rates revised for 29 goods, 53 services, says Arun Jaitley

The GST panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting at Vigyan Bhawan today decided to reduce tax rate on 29 items and 53 categories of services with effect from January 25. The major highlights of the meeting are: 1. Filing of GSTR 3B will continue, but a final decision would be taken in the next Council meet. 2. E-way bill system would be rolled out from February 1 and 15…

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