As per the provisional estimates released in May 2021, the GDP had contracted by 7.3 per cent during 2020-21 on account of the outbreak of COVID-19 and subsequent nationwide lockdown to contain the pandemic.
The India Cellular and Electronics Association (ICEA) has proposed to lower the GST on smartphones from 18% to 12% at the upcoming Budget 2022
According to the travel agents body, concrete steps should be taken to improve cash flows and reduce the working capital burden on startups, along with access to easy credit, reducing income tax rate and GST rate, abolishment of tax collected at source (TCS) and wage support with ease of business.
GST Council on Friday decided to defer the tax rate hike on textiles from 5 pc to 12 pc. The new GST rate on textiles was scheduled to be implemented from Jan 1, 2022.
The 46th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided to deliberate on the issue further in its next meeting.
The 46th GST Council meeting will be held on December 31 in Delhi, an official said, adding that it will be an extension to the pre-budget meeting with state finance ministers on December 30.
A Kanpur court on Monday had sent businessman Piyush to 14 days of judicial custody after raids at his residence. Notably, the central agencies last week found out that the Kanpur-based perfume maker had hoarded nearly Rs 200 crore.
The Central government on Thursday lowered GST rate to 5 per cent from 18 on ethanol meant for blending under the Ethanol Blended Petrol (EBP) programme.
In an exclusive interview withIndia TV, Mohandas Pai, former CFO and Board Member at Infosys, shares his point of view over economic and other policies of the Modi government.
The GST revenues for the month of November 2021, are 25 per cent higher than November 2020, and 27 per cent higher over Nov 2019.
In a statement, Sharad Pawar said, "If the Centre disburses the GST compensation to all the states, then it is possible for the state governments to reduce the VAT on petrol and diesel and implement other welfare schemes."
CGST refers to Central Goods and Services Tax, SGST (State Goods and Service Tax), and IGST (Integrated Goods and Services Tax).
The total amount to Rs 1.59 lakh crore was released to states and UTs this fiscal.
GST collection remained above the Rs 1-lakh-crore mark for third straight month in September at over Rs 1.17 lakh crore.
Life saving drugs got cheaper as Union Finance Minister Nirmala Sitharaman's announced a slew of GST exemptions on Friday. The decision came after a crucial meeting of the GST Council.
The GST Council might on Friday consider taxing petrol, diesel and other petroleum products under the single national GST regime, a move that may require huge compromises by both central and state governments on the revenues they collect from taxing these products.
Signalling accelerating economic activity, GST collection topped the Rs 1-lakh-crore mark for the second straight month in August at Rs 1.12 lakh crore.
Goods and Services Tax (GST) collection in August at over Rs 1.12 lakh crore: Finance Ministry.
Tata Motors had approached the Gujarat bench of Authority for Advance Ruling (AAR) seeking a ruling on whether Goods and Services Tax (GST) is applicable on the nominal amount recovered by it from employees for the usage of canteen facility.
Passing the ruling, the AAR said the supply of vouchers are taxable as goods and will attract an 18 per cent goods and services tax.
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