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As a way to raise revenue for both the states and the central government, the GST Council is expected to consider a proposal to discard the 5 per cent slab in its next 47th GST council meeting scheduled in May 2022. If that happens, the existing items in the 5 per cent slab will be […]
According to a senior official at the Centre, faced with the competing objectives of raising revenue and containing inflation, the government is likely to propose a gradual hike in the GST rates over time rather than reducing the slab sizes as they are at the moment. The same would be told to the states, who […]
In March 78.1 million have increased for the electronic permits for the shipment of the goods in and all over the states, the highest since November 2020 for which the information is available, showing that the goods and services tax (GST) revenue collections in April can achieve the all-time high seen in March. The official […]
State ministers are ready to recommend the amendments to the GST rate framework might ask for the single 15% levy via integrating the 12% and 18% slabs, however, aware of proposing the rise in the limit rate to 8% from 5%, provide rising inflation concerns. The group of ministers (GoM) seems to meet this week […]
Goods and services tax (GST) collections in FY23 upon the grounds can arrive at an average of Rs 1.35 trillion a month, with respect to a nearly 1.2 trillion budget, as per the official sources. The same pointed out that the gross collections in the year would be Rs 1.8 trillion exceeding the estimated. Provided […]
Micro and small companies would get influenced negatively if the GST rates are surged, as per S. Rethinavelu, president of Agrofood Chamber of Commerce and Industry. The trade and industry had been in shock due to the finance ministry considering the GST rate slab increase to 5%, 12%, 18% to 8%, 18% and 28%, particularly […]
The GST officials in its subsequent meet will surge the lowest tax slab to 8% from 5%. State finance ministers would seem to submit their report at the end of the month to the official recommending the process to increase the revenue along with raising the lowest slab and rationalizing the slab. Currently, GST is […]
As India has entered into the year 2022 after a disastrous year and a quarter because of a pandemic and the tax structure is the basic part of the regeneration plan. When it comes to GST ( Goods and Services) which has been already going ahead while establishing its position and has been asked time […]
Central and state governments would execute the proposed structural update of the GST in phases as the impact tax rate revised and would be on the consumptions. The proposed amendments would consist of pruning tax exemptions, eliminating the anomalies from taxing raw materials and the intermediates higher with respect to the finished products, and eliminating […]
