Finance minister Arun Jaitley hints at further trimming of GST

Finance minister Arun Jaitley hints at further trimming of GST

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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Next step in GST recast: Lower end of tax slabs

Next step in GST recast: Lower end of tax slabs

The next rejig of goods and services tax  (GST) will likely focus on the lower end of the rate slabs, as the country seeks to further streamline the structure by converging multiple rates into two or three. It will happen after the regime settles down and there is more clarity on revenue following the recast last week. implification of laws, rules and procedures in line with industry’s feedback is also likely to top the GST Council’s agenda in the next…

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Six Things You Must Know About the New GST Rates

Six Things You Must Know About the New GST Rates

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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GST Council prunes list of goods to be taxed at 28% to 50

GST Council prunes list of goods to be taxed at 28% to 50

Just about 50 items of the nearly 200 goods will continue to attract Goods and Services Tax  (GST) rate of 28 per cent. The decision was taken at a crucial meeting of the Goods and Services Tax (GST)  Council which is under way where Centre and States are in discussions to reduce the number of items in the 28 per cent slab. Bihar Finance Minister Sushil Modi said on Friday that goods including chocolates., shaving creams, shampoos women’s beauty products,…

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GST meet today: Tax ease on cards, some daily use items may become cheaper

GST meet today: Tax ease on cards, some daily use items may become cheaper

The crucial Goods and Services Tax Council meeting on Friday got underway to thrash out issues including a complete review of the 28% rate slab and composition scheme for small businesses and restaurants. The review of the 28% slab aims to place the number of products in the lower slabs of 18% and 12%. A slew of products such as ceiling fans, cement, automobile components, electrical fittings, sanitary fittings, shaving cream, cases for spectacles, goggles could move to lower brackets….

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Panel begins review of GST laws to remove glitches

Panel begins review of GST laws to remove glitches

A committee of government officials has started a review of the laws governing goods and services tax (GST), signalling there is no reluctance to make the regime smoother for businesses, especially the smaller players who have been complaining of a significant increase in compliance burden. The committee headed by M Vinod Kumar, GST chief commissioner for Karnataka, is looking at the entire gamut of issues, said sources. The government is keen that the recommendations are received at the earliest and…

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Note ban, GST impact behind us, growth in sight: FM Arun Jaitley

Note ban, GST impact behind us, growth in sight: FM Arun Jaitley

Finance Minister Arun Jaitley said today that the impact of structural reforms is “behind us” and the early economic indicators point to an improvement. Structural reforms like demonetisation and the rollout of the Goods and Services Tax  (GST) would have had some consequences but they will help the economy, in the long run, he said. “Having undertaken two major structural changes which are extremely important for the Indian economy, I think the impact being substantially behind us, the early indications…

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GST council meeting: 24 states confirm participation

GST council meeting: 24 states confirm participation

As Assam prepares to host the two-day GST council meeting here from Thursday, 24 states till now have confirmed their participation in the conclave, finance minister Himanta Biswa Sarma said on Monday. “The Guwahati meeting is significant because it will review the implementation of GST. In addition, the reports of three committees – on composition scheme, rationalization of rates and GST network – will also be discussed,” Sarma said. Also Read:PM Modi indicates more relief measures at next week’s GST…

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GSTN launches new facility for exporters to claim refunds

GSTN launches new facility for exporters to claim refunds

GST Network (GSTN)  today said it has introduced a utility Table 6A in Form GSTR1 for exporters to claim refunds. An exporter can claim the refund of Integrated GST tax paid at the time of export by filling the details of shipping bill and tax paid GST invoice in his Form GSTR1 in the relevant month. “Table 6A of Form GSTR1 has been introduced on the GST portal,” GSTN said in a statement. The shipping bill filed by an exporter…

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Offline version for GSTR-4 preparation launched on GST portal

Offline version for GSTR-4 preparation launched on GST portal

Flagging off preparation for the filing of GSTR-4, the quarterly return for taxpayers who have opted for Composition Levy, the Goods and Services Tax Network (GSTN) introduced an offline tool on the GST Portal for the same. “GSTR-4 return can be prepared only using the Offline Tool. This has been done to facilitate small businesses who can prepare the same on their own computers as per their convenience. Since they will be working offline, they do not need to be…

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