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Economist and current FM of West Bengal Amit Mitra’s warning on declining GST revenue were dismissed by many saying it a pure politics. In an event, he said that India’s federal revenue system is at risk if the Centre denies guarantee of a 14% GST growth in the states’ revenue right now, if the state […]
Suggestions have been made by the Economic Advisory Council to the Prime Minister regarding the relinquishment of the lowest tax rate slab of 0% and the highest tax rate slab of 28%. It has been two years & a quarter since GST has implemented in 2017. There were dual ways to introduce this reformation. One […]
Prior to the 37th GST Council Meeting to be held on (20th September 2019), the fitment panel ruled out the idea for GST reduction in automobile and biscuits sectors. Committee believes that the step will lead to adverse tax revenue collection both Center and State levels and is not the correct initiative looking at the […]
The last rate for tax return filing for the Fiscal Year 2019 i.e. 31st August seized a sum of 49,29,121 tax returns being filed, as per the statement made to the press by the Income Tax department. The total number of ITRs filed in last four to five days of August is quite impressive and […]
Ministry of Finance has started digging and estimating the revenue loss that may happen due to the GST rate cut which will be broached up in the upcoming 37th GST council meet, scheduled to be held on 20th September. The GST rate on various products like automobile will be lowered down to bring up the […]
The Indian Air Force has appealed the Directorate of Revenue Intelligence (DRI) to see in a new light the imposition of huge integrated goods and services tax (IGST) on parts of aircraft which attract no tax under the harmonised system nomenclature (HSN) code pursued by GST for putting the goods under five tax rate slabs […]
Defending the farmer society, Congress member Uttam Kumar Reddy pitched to the government to reduce the GST to zero on fertilizers and other agricultural machine markets. Uttam Reddy says, the GST rates on the cost of fertilizers and agricultural machinery should either be ‘Zero’ or on the lowest GST slabs. Proclaiming the circumstances of the […]
The 56th GST Council meeting fixed tax rates to align with economic requirements, public demand, and industry needs. Following the meeting, the tax structure was simplified. All goods and services are now tax under a few specific slabs across different categories. These rates are linked to the Harmonised System of Nomenclature (HSN) for uniformity and […]
There is no need for me to elaborate on the importance of mobile phones in our lives; everyone is well aware of how essential a mobile phone for us. India has the second-largest mobile market in the world. A variety of mobile phones, smartphones, and mobile accessories are sold by micro, small and medium enterprises […]
