Goods And Services Tax

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GST Council slashes tax rates for 66 items: Arun Jaitley

“The reduction was based on two principles, one is to maintain the equivalence levels and other is a change in user behaviour,” Jaitley said.

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Revenue secretary’s office on top: GST Council clears 3-tier ‘project management’

Adhia’s office to be followed by GST Implementation Committee, 8 standing panels

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PM Modi reviews GST roll-out preparations, says it will be ‘turning point’ for Indian economy

Touted as the single-biggest taxation since independence, the GST will absorb 16 different taxes, including excise, service tax and VAT, and make India a single market for seamless movement of goods and services.

GST, Goods and Services Taxes, Prime Minister Narendra Modi, Arun Jaitley, Indian economy, India news, Indian Express

PM Modi reviews GST preparedness ahead of July 1 rollout

The single-biggest taxation reform since independence, the Goods and Services Tax will subsume 16 different taxes, including excise, service tax and VAT, and make India a single market for seamless movement of goods and services.

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From plate to plough: Farm and the tax

A smooth GST regime can break inter-state barriers on movement and facilitate direct linkages between processors and farmers

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GST on gold fixed at 3 per cent; 5 per cent decided on footwear below Rs 500

In the meeting, the council announced its decision of setting up a committee to look into complaints regarding anti-profiteering clause.

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Anti-profiteering under GST: Rules in the works to check unfair pricing before rollout

CGST law provides that any reduction in taxes shall be passed on to consumers

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GST: Zero duty will help farmers but blow hole in state coffers

The total state levies on the basic grain purchase price — not counting the 2.5 per cent fee payable to commission agents (arhtiyas) — thus comes to 12 per cent.

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GST: Hasmukh Adhia warns industry against hiking prices arbitrarily

The GST council has fitted the goods and services in tax bracket of 5, 12, 18 and 28 per cent. Tax experts said that a rise in tax rate for telecom and financial services is likely to hit consumers.

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GST Council unveils 4-slab rates for services, exempts healthcare, education, non-AC travel

Luxury hotels, gambling, race-club betting and cinema services will attract a levy of 28 per cent.

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Goods and Services Tax: ‘Robust IT set up, info dissemination key to successful implementation’

GST is likely to strengthen cooperative federalism and have far-reaching implications for growth, inflation, public finances, says the RBI report.

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Centre to compensate states every quarter for GST revenue loss

The compensation would be met through levy of a cess called ‘GST Compensation Cess’ on luxury items and sin goods like tobacco, for the first five years.

In fact: Expect both goods and services to cost more initially

Currently, goods attract an effective tax rate of 24-25 per cent (including both the central and state levies), while services attract a levy of 14.5 per cent.

Dispute redressal system: ‘Forward movement’ in talks between govt, Cong

Congress sources said that the party can consider proposals from the government on the dispute redressal mechanism.

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Revenue neutral rate for GST: Panel to submit RNR report to Empowered Committee

The National Institute of Public Finance and Policy had suggested a revenue neutral rate of 27%, which was considered high by the Centre.