Payout stands at 58% of total Rs 15,060 cr raised from cess in first 2 months of GST.
According to Reddy, fiscal deficit that, otherwise, would have been caused by “losses” due to GST implementation and demonetisation was offset by the revenue that it got by levying extra taxes on petrol and diesel.
The Council also is learnt to have agreed upon the need to have a proper module and adequate pilot testing in place to ensure that the IT backbone for e-way bill is stable.
The dip in India’s economic growth is a temporary blip. There is no scope for gloom.
At a programme at Harvard University two days ago, Jaitley had said that real estate was one sector that has witnessed maximum tax evasion and cash generation.
Corruption and the reluctance to pay taxes forced the Government to dish out a rigid GST framework. Retailers especially the small and medium business men should be mindful of the fact the Government can provide compliance relaxation only if tax cheating ends.
Suggestions to cut composition rate to be taken up in next GST Council meeting.
Sisodia, in a letter to Jaitley Sunday, said, “Every recorded transaction will lead to tax input credit, check exorbitant hike in land prices, curb flow of black money… The entire chain will remain intact.”
In the earlier tax regime, handwoven carpets were tax-free. People associated with the industry maintain that keeping carpets in exemption list of GST is the only way to keep this centuries-old craft alive.
The economy of the country is not in a position to bear “shocks” like demonetisation and GST within a span of one year, Manpreet Badal claimed.
GCCI president Shailesh Patwari said that in view of the festive season, last date of filing GST return, which is October 20, should be extended till October 31
Following the finance minister’s statement that the GST Council will take up the issue of bringing real estate sector under the new indirect tax regime in its next meeting, sectoral players say that this would ease burden on consumers
Under the GST rules, refund is to be credited in the bank account mentioned in the registration particulars. Besides, exporters have been declaring details of bank account to customs authorities for the purpose of drawback etc.
The GST rates for gift items are 0 per cent for clay products, 5 per cent for ceramic products, 12 per cent for paper based products, 18 per cent for pens, envelopes, etc and 28 per cent for base metal and imported items.
The finance minister said India had historically been one of the least efficient tax system in the world with an extremely small tax base.