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

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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Union Budget 2018 to be India’s first post implementation of GST

Union Budget 2018 to be India’s first post implementation of GST

Finance Minister Arun Jaitley is all set to present the current NDA government’s fifth and arguably his toughest Budget yet. This will also be India’s first post-GST and will be keenly watched to see what the FM does to boost growth in Asia’s third largest economy. Jaitley will seek to address agriculture distress, create jobs and boost growth while at the same time stick to fiscal prudence. The Union Budget 2018-19 would be the last full Union Budget of the…

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Union Budget 2018: CII seeks easier GST compliance procedures in Budget

Union Budget 2018: CII seeks easier GST compliance procedures in Budget

Ahead of the Budget, industry chamber CII today sought redressal of issues related to GST compliance including filing of returns, matching of invoices and getting timely input tax credit. According to the chamber, simplification of Goods and Services Tax (GST) compliances would result in higher number of returns filed, increased collection of revenues, and easier working capital management by trade and industry. The GST Network (GSTN) functioning and return filing formats could be tweaked to ensure acceptance of invoices, it…

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Impact of Goods and Services Tax (GST) on Union Budget 2018-19

Impact of Goods and Services Tax (GST) on Union Budget 2018-19

Budget 2018-19 is the first Union Budget after the implementation of GST in July 2017. After the implementation most provisions of the Goods and Services Tax (GST) were tweaked and tax rates of numerous products were reduced in subsequent GST council meets which resulted in a sharp decline in government’s tax collection figures.GST replaced more than a dozen indirect taxes; these indirect taxes together formed a bulk of the government’s earnings. Service tax alone accounted for more than 14% of…

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A simpler GST filing regime: Here are the proposed modifications

A simpler GST filing regime: Here are the proposed modifications

In its last meeting, the GST Council deliberated changes in the filing regime for the new tax. The simplified system is expected to be approved by the  GST Council in its next meeting. ET explains the likely scenario: CURRENT SCENARIO 1. Seller to upload invoice level details in GSTR 1 within prescribed due dates 2. Buyer to download invoice details uploaded by seller (in Form GSTR 2A) 3. Buyer to reconcile the GSTR 2A details with ERP purchase register 4….

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Trying to bring petrol, diesel under GST: Dharmendra Pradhan Union Oil Minister

Trying to bring petrol, diesel under GST: Dharmendra Pradhan Union Oil Minister

Union Oil Minister Dharmendra Pradhan today said his Ministry is trying to bring petrol and diesel under the purview of the Goods and Services Tax (GST). “We are trying that petrol, diesel and kerosene should also come under the ambit of GST. We are hopeful that the GST Council will agree to it shortly,” the Petroleum and Natural Gas Minister told reporters in Ujjain. Responding to a query, the minister said the spike in petrol rates in the international market…

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GST rate cut: From diamonds to used cars, here’s full list of revised items

GST rate cut: From diamonds to used cars, here’s full list of revised items

Two weeks ahead of Budget 2018, the Goods and Services Tax Council on Thursday cut rates on 83 employment-oriented goods and services, in a bid to encourage greater compliance as revenues have dipped since the landmark reform was announced in July. The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25. Businesses have raised…

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

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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GST Council meet today: Inclusion of real estate, cut in tax rates may bring cheer before Budget

GST Council meet today: Inclusion of real estate, cut in tax rates may bring cheer before Budget

Just two weeks before the Budget, GST Council is expected to consider a reduction in tax rates for some items, about 80 going by some reports, and the inclusion of real estate in its 24th meeting today. The meeting comes amid continuous dip in GST revenue collection in the last two months. The collection registered a sharp dip to Rs 80,808 crore in November, from Rs 94,063 crore in the launch month in July last year. Change in tax rates …

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GST Council May revise rates of 70 to 80 Goods, Services, Streamline Returns Filing

GST Council May revise rates of 70 to 80 Goods, Services, Streamline Returns Filing

The GST Council is expected to accept the suggestions to ease the compliance burden to ensure better collections under GST. The GST Council is expected to revise rates of 70 to 80 items and services in a meeting scheduled for Thursday. The GST Council, headed by Finance Minister Arun Jaitley and having state finance ministers as members, is also expected to simplify the process of registration, returns filing and claiming input tax credit (ITC) under the new indirect tax regime….

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