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.
Out of the total revenue collected CGST was Rs 22,197 cr, SGST was Rs 28,541 cr, IGST was Rs 57,864 cr- including Rs 27,900 cr collected on import of goods- and Cess was Rs 7,790 cr- including Rs 815 cr collected on import of goods.
E-invoice is an electronic authentication technique under the GST framework.
The Karnataka bench of the AAR observed that GST is payable only on the margin between the sale price and the purchase price
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