Search Results for: gst rates

GST Rates Can Be Reduced Further As Tax Base Increases: Finance Secretary

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GST rates can be reduced further once the tax base increases and everyone pays taxes properly, Finance Secretary Ajay Bhushan Pandey said on Thursday. “Once the tax base increases and if we are able to enforce our tax laws and everyone pays taxes properly, there will be definitely scope for further reduction of taxes,” he said. Addressing a session on ”Digitisation in Governance” at CAPAM 2020, he said the ultimate aim should be that to collect minimum taxes at minimum…

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GST rates may rise on mobiles, footwear

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Ahead of the Goods and Services Tax (GST) Council meeting on Saturday, the government is pushing for a review of the levy on mobile phones, footwear, fertiliser and man-made fibres to correct a major discrepancy that has crept in where the duty on the finished product is lower than those on inputs. The “inverted duty structure” is resulting in massive refund claims on tax paid on inputs, although the government does not allow credit for levies on input services and…

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Parliamentary panel calls for lower GST rates for troubled auto sector

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A parliamentary panel suggested lower GST rate for the automobile segment at least till the revival of the sector, and uniform road tax across all states against the backdrop of negative growth in the automobile production since July 2018. A parliamentary panel had examined the Demands for Grants 2020-21 of Department of Heavy Industry (DHI) and tabled its report in Parliament. The automobile industry in India is one of the largest and fastest-growing sector and constitutes 27 per cent of…

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Nirmala Sitharaman hints at status quo on GST rates

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Union finance minister Nirmala Sitharaman on Sunday said she had sought an assessment of the full year collection of goods and services tax (GST) before rationalising rates, indicating that a proposal by a panel of officers to increase levies may wait until April. The minister also advised against frequent change in rates, which had become the norm at every meeting of the GST Council, which is headed by the union finance minister, with states being members of the panel. The GST Council is the…

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Housing sales down 5% in Jan-Mar 2019 on changes in GST rates, rules: PropTiger

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Housing sales dipped by 5 per cent to 75,706 units in nine major cities during January-March period because of transition in GST rates, according to a report by property brokerage firm PropTiger. The company, which is part of News Corp-backed Elara Technologies that also owns Housing.com and Makaan.com, Monday released its ‘Real Insight Report’ for Q4 2018-19 that tracks housing sales and new launches in nine major cities — Bengaluru, Kolkata, Mumbai, Chennai, Hyderabad, Pune, Ahmedabad, Gurugram and Noida. “Housing…

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GST rates: Restaurant owners seek dual tax regime like in real estate

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The National Restaurant Association of India (NRAI) has appealed to the government to consider introducing a dual goods and services tax (GST), on the lines of what has been done for real estate, for the organised restaurant sector as the withdrawal of input tax credit (ITC) under revised GST rate of 5% for restaurants have hit businesses, NRAI president Rahul Singh told FE. “We are suggesting that let there be an option. Those who want a levy of 5% without…

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Realtors have time till May 10 to opt for old GST rates

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Real estate firms have time till May 10 to communicate to their respective jurisdictional officers whether they want to continue with the old GST rates with the input tax credit, failing which they will be deemed to have migrated to new tax rates. The GST Council had given the option to real estate companies to either opt for old rates of 12 per cent (for residential) and 8 per cent (affordable housing) with input tax credit (ITC) benefits or the…

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No clear definition of ‘ongoing project’ may lead to disputes under new GST rates for real estate

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The GST Council at its 34th meeting on 19 March 2019 laid down the roadmap for implementation of the recommendations made in the previous meeting, towards rate rationalization for real estate. These recommendations attempt to address the apprehensions of the sector on multiple issues including loss of unutilized input credit, exemptions and rate applicability. Ongoing projects A one-time option has been proposed for on-going projects not completed by 31 March 2019, to continue to pay tax at the existing GST…

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Six Things You Must Know About the New GST Rates

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Tax rates on over 200 items, including beauty products, chewing gums, chocolates, coffee, and custard powder, among others, were slashed from 28 per cent to 18 per cent, Finance Minister Arun Jaitley said after the 23rd GST Council meeting in Guwahati. The council also made changes to the composition scheme. The GST Council also decided that taxpayers with an annual aggregate turnover up to Rs. 1.5 crore need to file return using form GSTR-1 on a quarterly basis, while taxpayers…

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Here’s how much the govt panel recommends lowering of GST rates for SMEs

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There may be some good news for small and medium businesses as a ministerial panel has recommended the lowering of the goods and service tax (GST) rates for them. It is also looking to extend the benefits to more such units in an attempt to reduce their tax burden and improve compliance. The GST Council will be meeting on November 9-10 and could accept the changes in order to provide relief to small enterprises, eateries and traders. The ministerial panel…

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