Hero MotoCorp on Thursday urged the government to consider a phase-wise reduction in GST on automobiles, cutting rates for two-wheelers in the first stage and deferring tax cut on four-wheelers to a later stage.
Aadhaar user alert: The authentication or physical verification of the unique identification number (Aadhaar) has been made mandatory for new dealers to curb malpractices in paying Goods and Services Tax. According to reports, the GST Network on Saturday decided to make Aadhaar authentication or physical verification mandatory for new dealers from January 2020 to check malpractices in Goods and Services Tax.
The GSTN also decided the much simplified new return system may be launched on January 1, 2020, the Bihar Deputy chief minister said.
This was the biggest-ever joint operation by the two premier intelligence agencies of the Central Board of Indirect Taxes and Customs (CBIC), officials said.
The Road Transport and Highways Minister also said a scrappage policy, which also includes two-wheelers, is in the works and will be launched soon.
Amid clamour from the auto industry for a GST rate cut, Minister of State for Finance Anurag Thakur on Friday asked players in the sector to also take up the matter with state finance ministers who are part of the GST Council, and assured all support from the Centre.
"We must endeavour to make this refund drive a grand success," CBIC Chairman Pranab K. Das wrote to tax officers across the country.
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 lakh crore.
With two children and his wife to support, the 35-year-old diamond artisan is clueless about his sustenance and has been on a job search for two months. He lost his job after serving for six years at a diamond factory, which now he doesn't want to name, saying it will bring bad luck.
He allegedly availed wrong Input Tax Credit of Rs 24.55 crore on the basis of bogus invoices for Rs 136.38 crore without the actual supply of goods, the official said.
GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads.
GST Council meet concluded on Saturday with a decision to reduce GST rates on electric vehicles and charges. The GST Council has decided to reduce GST rate on electrical vehicles from 12 per cent to 5 per cent. The council has also approved an exemption from GST on hiring of electric buses by the local authorities.
The Finance Ministry on Monday said entities taking goods abroad for exhibitions or other export promotion events will not have to generate tax invoice for those goods which are brought back to India within six months.
A recent report suggests that there has been significant consolidation in the country's nine major real estate markets in the past few years on the back of financial distress, demonetisation, GST and the implementation of RERA.
Karnataka Chief Minister H.D. Kumaraswamy on Friday cried foul over the Union Budget's proposal to cut the state's share of Goods and Services Tax (GST) in fiscal 2019-20.
While the GST collections in June were lower than Rs 1,00,289 crore in May, they were higher than Rs 95,610 crore receipts in the same month of the previous year.
Analysis of data released by Goods and Services Tax Network (GSTN) showed that while on an average, 50 percent of the registered taxpayers filed GSTR-3B within the due date in July 2017, the number increased to around 85 percent as on June 23, 2019.
As Monday marks the second anniversary of GST rollout, former Finance Minister Arun Jaitley in a blog has said that the Goods and Services Tax may become a two-tier tax. He further said that most items of consumer use have been brought under the 18 per cent, 12 per cent and even 5 per cent category.
At present luxury vehicles in India attract top GST slab of 28 per cent and additional cess of 20 per cent on sedans and 22 per cent on SUVs, taking the total tax incidence to 48 per cent and 50 per cent, respectively.
The Government will organise an event on July 1, to celebrate the second anniversary of Goods and Services Tax (GST) roll out, which will be addressed by Finance Minister Nirmala Sitharaman and her deputy Anurag Thakur.
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