Oil refiners Indian Oil Corp (IOC) and Hindustan Petroleum Corp Ltd (HPCL) Thursday said they will contest tax authorities demand for over Rs 4,000 crore in excise duty on ethanol used for doping petrol, saying the sugarcane extract for mixing in fuel is exempt from tax.
Bringing down the tax rate will reduce vehicle prices, which will help in spurring demand that has been sluggish for the last 11 months, said an industry executive.
"Year-end collections are always highest as there is pressure on field officers to meet the targets," said Amit Bhagat, Partner, indirect tax practice, Dhruva Advisors.
Punjab chief minister Amarinder Singh Friday wrote to Prime Minister Narendra Modi, giving 101 suggestions on GST simplifications to alleviate the problems currently faced by businesses.
The Centre has projected a sharp increase of 26.6 per cent in non-Goods and Services Tax collection in 2022-23, making up for a loss on account of expiry of compensation cess provision.
Builders are facing a piquant situation with homebuyers insisting that they will pay only the new rate of 5 per cent GST on flats even though the developer has opted for the old rate of 12 per cent to take advantage of credit on inputs like paints, cement and steel.
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Home buyers will have to pay 12 per cent GST on balance amount due to the builder if the housing project has been granted completion certificate by March 31, 2019, the CBIC has said.
The due date for filing summary sales return GSTR-3B and GSTR-1 for April was earlier notified as May 20 and May 11, respectively.
Congress President Rahul Gandhi on Thursday again attacked Prime Minister Narendra Modi over his decision to implement demonetisation and a "flawed" GST, claiming that it broke the economy's backbone by resulting in the closure of many small and medium businesses across the country.
Priyanka Gandhi attacks Modi govt over GST and demonetisation issue
The last date for filing summary sales return and payment of taxes for March was April 20, 2019.
The government has extended the last date for filing summary sales return, GSTR-3B, for March month by three days until April 23.
Airlines could expect an annual relief of up to Rs 5,000 crore by way of input tax credit if ATF is brought under GST.
Racing against time to meet the GST collection target for 2018-19, tax officers have been prodding businesses to pay taxes by Sunday so that the amount gets reflected in the GST revenue collection data for March to be released on April 1 (Monday), a government official said.
In the last meeting, the Council slashed tax rates for under-construction flats to 5 per cent and affordable homes to 1 per cent, effective April 1.
The GST will increase the assessee base in the first twenty-one months of its implementation by almost eighty percent, the minister said.
GST collections in February dropped to Rs 97,247 crore in February from Rs 1.02 lakh crore in the previous month, the Finance Ministry said on Friday.
India's economic growth slowed to a 5-quarter low of 6.6 per cent in October-December period of this fiscal, according to government data released on Thursday.
The Council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent and expanded the scope of affordable housing to those costing up to Rs 45 lakh and measuring 60 sq metre in metros and 90 sq metre in non-metro cities.
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