A year since the promulgation of the GST, small and medium industries of Pimpri Chinchwad have reported ease in filing of returns. Sandeep Belsare, president of the Pimpri Chinchwad Small and Medium Scale Industries Association, spoke to The Indian Express about the atmosphere in the industrial circles in the region
At present, the Central GST (CGST) Act defines RCM as the provision where the registered recipient of goods and/or services is liable to pay GST instead of the unregistered supplier.
The RBI data shows that the credit demand for services sector jumped 20.7 per cent in April and the demand for personal loans rose 19.1 per cent.
The inclusion of natural gas within the GST purview on an experimental basis would be put before the GST Council in its forthcoming GST Council meeting, the statement said. He, however, did not prescribe a specific timeframe for bringing natural gas and ATF within GST.
Among the several factors behind the fuel price rise are high international crude price, geo-politics of oil, fluctuation in dollar and Indian currency exchange rate and local taxes.
The amount sanctioned so far is almost 18 per cent of the total Rs 14,000 crore of pending refunds estimated by the government.
Besides, late payment of dues on credit card outstanding as well as interest on a finance lease transaction is taxable under GST. Also, purchase of insurance policies by NRIs will be chargeable.
On whether GST will be levied on the exit-load of mutual funds, the department said exit load in the form of a fee (whether or not as a fixed percentage of the investment) is liable to GST.
Smriti Irani claimed that the previous textile commissionerate had no statistical data of the industry and a survey to gather the figures to help implement the schemes was recently conducted.
The scheme, called Seva Bhoj Yojna, has an outlay of Rs 325 crore for financial years 2018-19 and 2019-20, according to a statement by the Ministry of Culture.
The move came after the Shriomani Akali Dal (SAD), an ally of the ruling NDA, and the Shiromani Gurdwara Parbandhak Committee (SGPC) demanded that raw food material being purchased for langars served at gurdwaras be exempted from the Goods and Services Tax (GST).
“The total GST collection for May 2018 is Rs 94,016 crores, which is higher compared to average monthly collection of Rs 89,885 crores of 2017-18. This reflects better compliance after introduction of e-way bills,” Finance Secretary Hasmukh Adhia tweeted.
E-way bills are currently required for interstate movement of merchandise above a threshold value of Rs 50,000 and also for such intrastate transport in 29 states/union territories.
In the report, the credit rating agency said tax reforms are likely to expand revenue base in fast growing economies like India but they will be most effective when accompanied by lowering of fiscal deficit and effective management of expenditure.
Petrol and diesel prices continued their upward trend for the 15th consecutive day on Monday, even as global crude oil prices receded from record high levels.