GST Bill

LS passes GST Amendment Bill

New Delhi , Dec 27 : The Lok Sabha on Wednesday passed the Goods and Services Tax (Compensation to States) Amendment Bill 2017.  Union Finance Minister Arun Jaitley had introduced the bill in the lower House last week. The approval would allow to increase the maximum rate at which the Compensation Cess can be levied […]

No further GST rate cuts as revenue concerns grow

According to the target set by the Union government, the Centre and the states combined should collect Rs 91,000 crore every month. Rate cuts in Goods and Services Tax (GST) for consumer durables in the 28 percent slab looks very unlikely in days to come, as revenue concerns surfaced. The GST council is scheduled to […]

GST on petroleum: Jaitley throws the ball to Congress-ruled states

Jaitley had said that the Centre wanted to bring petroleum under the ambit of GST and was awaiting responses from states Finance minister Arun Jaitley asked the Congress party to tell the five states ruled by it to agree to impose the goods and services tax (GST) on petroleum, instead of asking what the Centre was doing on this . “You tell the five states to give a statement […]

Can government ensure E-way Bill system to be glitch-free?

Mumbai: Last week, the Goods and Services Tax Council decided to make E-way bills or electronic invoices compulsory to move goods between states from February 1, replacing the transit pass systems followed by individual states. According to the GST act, to transport goods worth over Rs 50,000 beyond 10 km, traders or transporters need to register ahead their […]

Modi government set to issue notices to GST defaulters

Due to postponement of measures under the GST such as matching returns, the e-way bill, and the reverse change mechanism, assesses have found a way to avoid paying taxes. The government it seems is in no mood to lower its guard on the tax collection front as it looks to send notices to GST defaulters. […]