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GST globally acknowledged as silent revolution: Finance Minister Nirmala Sitharaman

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Finance Minister Nirmala Sitharaman on Sunday said GST and direct benefit transfers (DBT) are the two silent revolutions in India’s public finance system which are now being globally acknowledged and over Rs 1 lakh crore have been saved because of the DBT. “Today GST and DBT are being talked of as the silent revolution globally. We have shown public finance is not opaque and is efficient and responsive to the public. This is the biggest revolution,” said Sitharaman. Sitharamana said…

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Five state finance ministers lash out at Centre over delay in GST compensation

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Five opposition-ruled states on November hit out at the Centre over delays in releasing GST compensation saying their finances are in dire strait due to delays. AAP-ruled Delhi, TMC-run West Bengal, Congress-ruled Punjab and Rajasthan and Left-run Kerala in a joint statement said compensation since August is pending, making running administration difficult in the states. When the Goods and Service Tax (GST) subsumed 17 different central and state levies from July 1, 2017, states were promised that they will be…

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GST might have flaws but cannot damn it now: Finance Minister Nirmala Sitharaman

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Conceding that GST may have some flaws in its present form, finance minister Nirmala Sitharaman on Friday asked tax professionals not to curse it and sought their help to make it better. The minister was replying to the concerns raised by taxation industry professionals here, who said the industry was “cursing” the government over how the GST was implemented. Billed as the biggest reform in indirect taxation, the goods & services tax, which does away with a host of levies from the federal to…

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Kerala finance minister says no to GST rate cut on cars, bikes 

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Kerala would oppose any proposal by the Centre to cut GST rate on cars and bikes in the next meeting of GST Council scheduled later in September.  Speaking to IANS, Kerala Finance MinisterThomas Issac said that lowering of tax on automobile would not help and instead result in revenue loss for the states.  He said that the Centre needs to go for fiscal expansion like the one in 2009 to revive the economy and lift market sentiment.  “I don’t support the…

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Finance minister Arun Jaitley hints at further trimming of GST

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Finance minister Arun Jaitley on Monday hinted at further rationalisation of goods and services tax (GST) rates, while slamming opponents who have been advocating a shift to a single-rate regime, in what was seen as a rebuff to Congress vice-president Rahul Gandhi. “Rationalisation process in a transition (phase) will continue… Such rationalisation in future will depend on revenue buoyancy,” the finance minister said. On Friday, the GST Council, led by Jaitley, slashed rates of over 200 items with the levy…

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GST On Handicraft, Handloom Products Slashed: Finance Minister

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The Goods and Services Tax (GST) Council has slashed the taxation on handicraft and handloom products following regular demands of Odisha Government, informed Finance Minister Sashibhusan Behera in a press conference today. While there was 28 percent GST on clay and stone sculpture, Sabai grass weaving ropes and Sal leaf plates, cups at 18 percent goods and service tax. Odisha had been reiterating its demand for tax exemption on handicraft and handloom products and Chief Minister Naveen Patnaik had also…

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Goods will become cheaper with GST: Finance Minister

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Finance Minister Arun Jaitley on Wednesday said goods may become “slightly cheaper” once all other taxes are removed after implementation of the Goods and Service Tax. Replying to a debate on the four bills related to GST in the Lok Sabha, he said all other taxes like entry tax in states will be removed once the GST is in place. “Once all other taxes are removed, goods will become slightly cheaper,” he said. Noting that both the central and state…

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GST needs fundamental restructuring, says Finance Commission Chairman

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The 15th Finance Commission’s final recommendations for the period between 2021 and 2026 have been tabled in the Indian parliament. The share of states in central taxes has been recommended at 41 percent, which is the same as 2020-2021. The commission has also said that the 2011 census data represents the needs of the states and helps to fairly reward states that have done better demographically. However, the Finance Commission has observed that a steady increase in cesses and surcharges…

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GST reduced tax rates, doubled taxpayer base to 1.24 cr: Finance Ministry

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The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 1.24 crore. In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax ( GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent. “It is now widely acknowledged that GST is both consumer and…

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Centre unable to pay GST dues to States: Union Finance Secretary

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Finance Secretary Ajay Bhushan Pandey told the Parliamentary Standing Committee on Finance, headed by BJP MP Jayant Sinha, at a meeting on Tuesday that the government is in no position to pay the GST share of States as per the current revenue sharing formula, sources said. According to at least two members who attended the meeting, Mr. Pandey’s comments were in response to a question on the revenue shortfall due to the pandemic. The members then questioned him on how…

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