Goods and Service Tax (GST)

Goods and Service Tax (GST) News

Breather for small businesses: GST exemption cap up to Rs 40 lakh

On the rate cut on pending items such as cement, which is in the peak slab of 28 per cent, Jaitley said any further reductions would be considered only when revenues move up.

Hike exemption threshold level under GST regime, suggests ministerial panel

The hike in exemption threshold will be applicable to business-to-consumer registrants, while business to business and inter-state sales will be excluded.

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Group of state FinMins may propose raising GST threshold

Bihar Deputy Chief Minister Sushil Kumar Modi, who is a member of the group, told FE that a proposal to raise the exemption threshold was found to be more practical than tax refunds in providing relief to MSMEs.

GST focus now shifts to simplifying norms, rate rationalisation

Further rate rationalisation, especially for the beleaguered construction sector, including a rate cut on cement and under-construction properties, are in the offing in January, just before the country will head towards the general elections.

Single GST rate to come up soon, 28% slab to slowly phase out: Arun Jaitley

The standard rate could be a mid-point between 12 and 18 per cent, Jaitley said. He also said that the Council's next priority is to transfer cement into a lower tax slab

Increase rates for lottery: Kerala move could point to changed equations in GST Council

The recent defeat of the BJP in three states has altered the composition of the Council, and the central ruling party will not be able to push its agenda unless a few regional parties back it.

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GST Council likely to keep only luxury, demerit goods at 28 per cent

The government has collected Rs 7,76,317 crore as GST revenue in April-November, the first eight months of this financial year.

GST collections drop to Rs 97,637 cr in November

The GST collections stood at Rs 1.03 lakh crore in April, Rs 94,016 crore in May, Rs 95,610 crore in June, Rs 96,483 crore in July, Rs 93,960 crore in August, Rs 94,442 crore in September and Rs 1,00,710 crore in October.

Finance Ministry issues GST advisory to foreign diplomatic missions, embassies

The advisory comes in the wake of discrepancies being found by the GST authorities in the refund applications filed by diplomatic missions and embassies and the details in the invoices of their purchases.

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