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New discussions will take place by the Central and State government to fiddle with the goods and services tax (GST) after the presentation of Union Budget on 1 February 2020, told by a government official having direct knowledge about the matter. Finance ministers of central government along with that of state governments will dig out […]
The tax revenue target of the next five years’ seems to be going beyond the fetching point, considering the statistics of targets achieved till yet. The same gloomy news was conveyed to the 15th Finance Commission (FFC) in June by the Government of India that the gross tax revenue (GTR) growth in the next five […]
The Delhi High Court has sought a response from the Center Government on a petition filed against only 20% input tax credit (ITC) A complete guide for understanding the basics of input tax credit and it calculation with detailed examples under GST (Goods and Services Tax) India on missing invoices in GST. The petition with […]
The Economic Advisory Council of the Fifteenth Finance Commission got heads together to resolve the issues concerned with GST stabilization and methods to lift the tax collection for the mobilization of increased resources. This was the fifth meeting of the Fifteenth Finance Commission and was held under the chairmanship of N K Singh. M Govinda […]
The All India Food Processors’ Association (AIFPA) in a letter to FM appealed against the higher existing rates of processed foods. The processed unbranded food falls under the slab of 5% whereas their branded peers fall under 12%. The companies are putting up their concern for setting up a wrong trend in the market which […]
The news suggested that GOI is planning to increase the GST rate As per the recent update, The central government is planning to do changes in the slabs of Goods and Service Taxes (GSTs) soon. As per the rumors on various goods, in the same matter, the GST council is scheduled to meet on December […]
It is highly anticipated from the market experts that the GST council will increase the tax on mobile phones and fabric in the upcoming week. This action is likely to be taken from the government end in order to boost the revenue collection as well as correct the inverted tax structure. Presently, 12% GST is […]
The tax exemption list which earlier was believed to be small has considerably expanded and particularly towards the service side. To this, states have demanded a reduction in tax exemption, especially in the service sector, with some even supporting the simpler three slab tax structure. The tax exemption list will be a subject of discussion […]
It’s been more than two years that Goods and Service Tax (GST) is prevalent in India, since then there has been a series of amendments and modifications made by the government in the provision with the intention to achieve an ideal tax collection mechanism. GST tax rates have been amended which has a direct impact […]
