Goods And Service Tax | The Asian Age

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Left with few options to tackle the crude price hike impact on the economy, the finance ministry may ask the political leadership to persuade the 21 BJP-ruled states to take the initiative for bringing petroleum products under GST.

Fin Min wants BJP-ruled states to take lead in bringing petrol under GST

Putting petrol and diesel under the GST is seen as a permanent solution to recurrent price hike.

19 Jun 2018 11:37 AM

States are likely to gain an additional Rs 37,426 crore in revenue in the current fiscal on the back of surge in oil prices and better tax collection due to the GST, says a report.

Higher oil, GST may boost states revenue by Rs 37,400 cr in FY 2019

The tax revenue of the states has gone up in FY18 due to increased tax compliance and broader tax base.

15 Jun 2018 4:18 PM

The GST Council could consider bringing natural gas within the purview of Goods and Services Tax in its next meeting, an official said on Friday.

Council to discuss bringing natural gas under GST in next meeting

Dheeraj Rastogi said aviation turbine fuel would be another petroleum product that could also be brought within the GST.

08 Jun 2018 3:41 PM

Minister of State (MoS) for Finance Shiv Pratap Shukla said the GST Council is working towards rationalising the Goods and Service Tax (GST) rates. (Photo: PTI)

Working to rationalise GST rates, says Shiv Pratap Shukla

The MoS Finance said a big announcement from the government regarding GST is imminent.

08 Jun 2018 12:00 PM

The government is planning to revamp the advance ruling mechanism under GST by setting up either a centralised authority or 4 regional authorities, in the wake of the contradictory orders passed by AARs in different states.

Govt planning to revamp GST AAR mechanism

The AARs in different states have so far passed about 60 orders under the GST law.

05 Jun 2018 5:15 PM

International passengers buying goods at airport 'duty-free' shops will not be subject to GST and the revenue department will soon clarify on this exemption, an official said.

International passengers need not pay GST at duty-free shops

The revenue department had received a number of representations seeking clarification on the issue.

03 Jun 2018 2:41 PM

US internet giant Amazon will block Australian shoppers from its international websites to counter new tax laws on online purchases, it announced on Thursday.

Amazon blocks Australia from global sites over new tax laws

Amazon only launched a local Australian site last December, shipping from a warehouse in Melbourne with another planned in Sydney.

31 May 2018 12:45 PM

As much as Rs 20,000 crore is pending with the government on account of GST refund.

Rs 20,000 crore GST refund pending with govt, says FIEO

FIEO President Ganesh Gupta said the delay in refund is mainly impacting small exporters.

29 May 2018 7:18 PM

Sale of a going concern by a business house will not attract Goods and Services Tax (GST), as per an order by the Authority for Advance Ruling (AAR).

Sale of 'going concern' exempt from GST, says AAR

Any transfer of a going concern constitutes a 'supply of service' and 'nil' tax rate will apply on it.

28 May 2018 7:44 PM

Several amendments to the Goods and Services Tax law is likely to be placed before Parliament in the Monsoon Session, a senior official said on Monday.

Number of GST amendments likely in Monsoon Session, says official

A total of 20 states have already implemented the e-way bill system, dates of which has seen several deferments in the recent past.

28 May 2018 5:47 PM

Pitching for inclusion of Aviation Turbine Fuel (ATF) in the Goods and Services Tax (GST) regime, Union Minister Suresh Prabhu said the move will help cut the cost as airlines would get input tax credit.

Inclusion of ATF under GST to help airlines cut cost, says Prabhu

There is a demand from airlines for inclusion of Aviation Turbine Fuel in the new indirect tax regime.

27 May 2018 12:04 PM

Fuel prices will come down once the Centre builds a consensus to bring petrol and diesel under the Goods and Services Tax (GST), Maharashtra Chief Minister Devendra Fadnavis said on Thursday.

Bringing petrol, diesel under GST will lower prices, says Fadnavis

The central government levies Rs 19.48 excise duty on a litre of petrol and Rs 15.33 on diesel.

24 May 2018 2:41 PM

Smaller towns will drive the growth of the luxury car market in the country, according to BMW Group India president Vikram Pawah.

Smaller towns will drive luxury car market, says BMW India head

The industry will get a fillip with the government focusing on infrastructure development in emerging towns, he added.

22 May 2018 7:31 PM

The e-way bill for moving goods within a state will become mandatory from June 3, with the country-wide roll out of the mechanism.

Country-wide intra-state e-way bill system mandatory from June 3

Since the implementation of the same from April 1, 2018, more than 4.5 crore e-way bills have been generated.

22 May 2018 7:23 PM

Baba Ramdev-led Patanjali, which has recorded multi-fold growth in recent years, is expecting a marginal growth for 2017-18.

GST roadblocks hit Patanjali growth in FY 2018

The company has lined up product launches such as Divya Jal in packaged drinking water and baby diapers under its Shishu Care brand.

20 May 2018 2:37 PM

The revenue department is sending notices to non-filers through emails asking them to submit returns within three days of the expiry of the deadline despite up to 15 days time limit, tax experts said.

Revenue dept to make businesses file GST returns within deadline

The due date for filing GST summary returns for a month is 20th day of the subsequent month.

20 May 2018 12:16 PM

Govt extends deadline for filing April GSTR-3B by 2 days

The government has extended the due date for filing GST summary sales returns for April by two days till May 22.

18 May 2018 6:51 PM

Diversified ITC Ltd on Wednesday reported a 9.86 per cent increase in standalone net profit at Rs 2,932.71 crore for the fourth quarter ended March 31, 2018.

ITC Q4 net profit up 9.8 per cent to Rs 2,933 crore

The board has also recommended a dividend of Rs 5.15 per ordinary share of Re 1 each for 2017-18.

16 May 2018 2:48 PM

Free banking services like cheque book issuance and ATM withdrawals is likely to remain out of the ambit of the GST.

Free banking services out of GST net, says Finance ministry

Every bank offers a different slab of minimum balance to customers, based on which some free services are provided.

15 May 2018 4:38 PM

The Centre on Monday informed that the e-way bill system for intra-state movement of goods would be implemented in two more states.

E-way bill rollout due in Assam, Rajasthan this week

As per Finance Ministry, the e-way bill rollout has been scheduled for Wednesday (May 16) in Assam, and Sunday (May 20) in Rajasthan.

15 May 2018 12:40 PM

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Dilip Cherian