Powerd By SAG INFOTECH
Notifications can be turned of anytime from browser settings
As expected, India’s first union budget after GST rollout and the government’s last budget in this session is about to be presented on February 1 by the Finance Minister Arun Jaitley.
Petroleum Minister Dharmendra Pradhan pressed that the natural gas must be brought under the Goods and Services Tax (GST) System. Pradhan said, ‘Natural gas is a cleaner fuel than coal. If coal can be brought under 5 percent GST, then why not natural gas?’ He would discuss in this matter with the Finance Minister Arun Jaitley, said Pradhan.
The tweaks in GST tax rates affected the revenue collection of the government. The total calculated loss stands at Rs. 10,000 Crore comparing the last month collection. Finance Ministry told that the collection received till 27 November generated Rs. 83,346 Crore while the collection was of Rs. 95,131 Crore in October and Rs. 93,141 Crore in September.
Arvind Subramanian, Chief Economic Advisor, said moving upward, the GST rate brackets would reduce in number and products like petroleum are expected to come under the ambit of Goods and Services Tax in relation to the collaboration of the states on the issue.
The government certainly reduced Goods and Services Tax (GST) rates on 178 items in the last week, but businesses are searching for some confusing ways to not transmit the profits to the customers.
The Indian Government has sent letters to Fast Moving Consumer Goods (FMCG) companies and industry stakeholders to revise the MRP on existing stocks and must clearly show the difference that there is a reduction in GST rates has made.
After the reduction of tax rates nearly on 300 items in last GST council meeting, now the government is planning to bring some changes in the rules, procedures and regulations under GST to simplify the procedures for taxpayers and businesses.
The new decision was taken by the government which provides relaxation in intervals of filing returns. Furthermore, the GST Council made the tax filing process easier for businesses, which has to lessen the businesses of both, GST Suvidha providers (GSPs) and Assisted Suvidha providers (AGSPs). The new move is beneficial only for the SMEs and businesses.
Daily-use household items now become cheaper after the reduction of tax rates in 23rd GST Council Meeting. In the last meeting of GST Council, the tax rates have been reduced by the GST council nearly on 200 items.
