More measures are needed to weed out fake input tax credit (ITC) generators from the system for checking tax evasion and increasing GST revenues, CBIC member Sanjay Kumar Agarwal said on Wednesday. He said the government has taken various steps to tackle the menace of fake ITC claims and has already launched a special 2-month-long […]
The all-powerful GST Council at its meeting in Chandigarh this week is likely to make changes in goods and services tax (GST) rates on a handful of items and may go with the officers panel’s recommendations to maintain status quo in rates of over 215 items. The 47th meeting of the GST Council, headed by […]
The fitment committee of the Goods and Services Tax (GST) Council has suggested a cut in the tax rate on ostomy appliances from 12% to 5% and a uniform tax of 5% on orthopedic implants. The panel, whose recommendations will be considered by the Council on June 28-29 in Chandigarh, also proposed to clarify that […]
A group of ministers (GoM) reviewing goods and services tax (GST) rates has proposed removal of exemptions on a host of services, including for stay in relatively cheaper hotel rooms, hospital rooms above a tariff threshold and services provided by financial sector and food safety regulators. In line with a mandate to raise the revenue […]
A group of ministers (GoM) reviewing the Goods and Services Tax (GST) rates has decided to remove exemption for packaged food items, if sold under unregistered brands. These items will be taxed at 5%, the rate for branded food. The move is in the wake of misuse of the exemption for unbranded food by a […]
Aided by better compliance, higher commodity prices and revival of economic activities, the Centre’s net tax revenue in the current financial year may be around Rs 20.62 trillion, Rs 1.28 trillion or 6.6% more than the budget estimate (BE) of Rs 19.34 trillion, according to the analysts. Buoyancy in the gross tax revenue (GTR) could […]
The Centre has decided to lift a virtual freeze on fresh market borrowings by states with large off-Budget liabilities. It will, however, strike off at least 25 basis points (bps) from the net base borrowing ceiling (NBC) of 3.5% of gross state domestic product (GSDP) of these states in FY23. The off-Budget liabilities will be […]
Goods and services tax (GST) collections crossed Rs 1.4-trillion mark for the third month in a row in May 2022 and came in at the fourth-highest level since the launch of comprehensive consumption tax about five years ago. The continued buoyancy in GST receipts over the last few months denotes the economic momentum is not […]
A higher tax slab for online gaming will not only lead to proliferation of a parallel black market but also act as a major barrier when it comes to attracting foreign direct investment (FDI), say industry experts. The reaction comes days after an empowered group of ministers (GoM) — set up to look into taxation […]