ATF should be brought under GST to provide level playing field to airlines: Suresh Prabhu
Business | April 07, 2019 11:45 ISTAirlines could expect an annual relief of up to Rs 5,000 crore by way of input tax credit if ATF is brought under GST.
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.
Kerala State Wakf Board and Dawoodi Bohra Wakf, Mumbai, are the only two boards, out of the 30 Wakf boards in the country, registered under the Goods and Services Tax (GST) regime.
The state revenues, he said, are improving with guaranteed 14 per cent annual revenue increase for the first five years from the implementation of GST.
GST collections in January crossed Rs 1 lakh crore-mark after a gap of 2 months, the Finance Ministry said on Thursday.
The issue of high ITC was flagged at the meeting of the Group of Ministers (GoM) which was set up by the GST Council to look into the reasons for revenue shortfall being faced by a large number of states.
Union minister Ravi Shankar Prasad said the national bench of the GST Appellate Tribunal will expedite resolution of disputes under GST laws.
Modi government is set to come out with its final Union Budget before the Lok Sabha polls later this year. But before the Union Budget is presented on February 1, the Ministry of Finance has issued a series “Know Your Budget” to clear the confusion around financial terms which leave many baffled. Here are some key terminologies of the Union Budget:
Meeting the fiscal deficit target of 3.3 per cent of GDP for the current fiscal could be a challenge for the government, given the shortfall in GST collections, rising expenditure and slowing factory output, say experts.
The move is expected to make a dent In the coffers of the government even as the ruling dispensation is trying to stick to a decade-low fiscal deficit target of 3.3 percent of the gross domestic product.
While a regular GST taxpayer has to pay taxes on a monthly basis, a composition supplier is required to pay taxes quarterly.
The government is targeting to mop up Rs 11.16 lakh crore as indirect tax collection from levy of Central and Integrated GST and compensation cess in 2018-19, Parliament was informed on Friday.
The finance ministry in a statement said of the Rs 94,726 crore collected, Central GST (CGST) collection was Rs 16,442 crore, State GST (SGST) was Rs 22,459 crore, Integrated GST (IGST) was Rs 47,936 crore and Cess was Rs 7,888 crore.
In an interview to ANI, Modi emphasised that GST is a new system that is bringing about a "big transformation" and is driven technologically.
On December 22, on 23 goods and services, the GST Council decided to cut tax rates. These include movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetables from the levy.
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