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Sunday, August 14, 2022

Goods and Services tax (GST)

GOODS AND SERVICES TAX (GST) NEWS

Tax, prices of many essentials were higher before GST: Nirmala Sitharaman

August 03, 2022 1:11 am

“Many Opposition members said that due to imported inflation and because of the imported supply chain-related problems and global commodity prices, we are being impacted. These are realities and we are here to discuss. Nobody is in denial about price-rise,” Nirmala Sitharaman said.

Explained: 3 reasons why GST collections continue to surge

August 02, 2022 4:59 am

Experts say that action against tax evaders, including steps being taken by state authorities, have resulted in better compliance and helped push the growth in GST collections along with economic recovery and higher inflation rate.

GST collection up 28%, second highest ever

August 01, 2022 9:59 pm

This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the inception of GST and fifth month at a stretch since March 2022, the ministry said in a statement.

Opposition disrupts Lok Sabha over price rise, GST on packaged food

July 23, 2022 11:20 am

The government reiterated that it is ready to discuss the GST in the House as and when Finance Minister Nirmala Sitharaman, who is down with Covid, gets recovered and returns to Parliament.

People hurt when they needed relief: Varun Gandhi on GST on pre-packaged food items

July 18, 2022 5:46 pm

A 5 percent Goods and Services Tax (GST) has kicked in on pre-packaged and labelled food items such as cereals, pulses, and flour weighing less than 25 kg.

Costlier imports may pull down CAD: Finance Ministry

July 15, 2022 4:08 am

Strong goods and service tax revenue and the windfall tax levied on July 1 will help the Centre to meet its fiscal gap target, which had come under pressure after the cut in excise duty on petrol and diesel, along with the high capital expenditure target.

GST 2.0: Next stage of reform in the tax regime requires creating federal institutions

July 15, 2022 8:51 am

VS Krishnan writes: It can bring together senior officers from the Centre and states in an institutional forum registered under the Society Act. This forum could also provide a common point of contact for trade and industry to redress the grievances on non-policy matters

Govt notifies procedural changes in GST rules

July 06, 2022 2:39 pm

Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022 are exempt from filing annual returns for 2021-22, as per the amended rules. Businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes.

'Why single out the restaurant industry?' Owners react to government doing away with service charge

July 05, 2022 4:38 pm

"The new rule will mostly impact the restaurant staff, because they work long hours to give customers excellent service."

Explained: Tax rate changes decided by the GST Council

July 04, 2022 6:34 am

In the changes, which are expected to affect consumers at the most basic level, GST exemption has been withdrawn from ‘pre-packaged and labelled’ retail packs, but items sold loose or unlabelled shall continue to remain exempt.

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