The government needs to remember the original motivation for the goods and services tax (GST)—to make paying taxes easier and reduce costs. India’s new indirect tax system, which for the first time tries to standardize most taxes across this vast country’s many states, is proving to be even more difficult and disruptive to implement than first […]

GST collection in August stood at Rs 90,669 crore, 3.6% less than the GST collected in July, as businesses attempted to settle down in the new system despite technology hiccups. Union and state governments collected Rs. 90,669 crore as goods and service tax (GST) in August, 3.6% less than what was collected in July, the first […]

Government on Saturday ruled out any further extension in filing of returns under GST after December and advised the taxpayers to file them in advance and not wait for the last day. “We have kept long deadlines for GST filing. For at least six months the taxpayers have to file their own assessment. There will […]

As much as Rs 65,000 crore out of the nearly Rs 95,000 crore tax collections in July — the first month of GST — have been claimed as transitional credit by taxpayers, prompting the apex indirect taxes body the Central Board of Excise and Customs to order a scrutiny of all cases above Rs 1 […]

Questions are being asked if Finance Minister Arun Jaitlely-headed GST Council will pay heed to Petroleum Minister Dharmendra Pradhan’s suggestion on petroleum prices. “The Petroleum products’ inclusion in GST only way for rational fuel prices,” tweeted Dharmendra Pradhan as the petroleum prices reached three-year high. Bringing petroleum products under the GST regime will make the […]

India’s informal sector got badly affected by demonetisation and may take further hit due to GST, a UN report today said, lowering country’s growth projection to 6.7% for 2017 from 7% in 2016. UNCTAD’s Trade and Development 2017 report notes that the world economy in 2017 is picking up but not lifting off. The growth is […]

The Goods and Services Tax (GST) was introduced in India from July 1, 2017 which subsumed all indirect taxes levied by the central and state governments. However, petroleum products such as petrol, diesel, jet fuel and natural gas were kept out of the purview of GST in order to preserve the revenue acquired by the states. The only change […]

Even as the dust kicked up by the Goods and Services tax is yet to settle, traders and companies have to face another conundrum­­ an uneven mandi tax. So wide is the discrepancy that a company procuring grain had to pay 6% tax in Punjab, 4% in Haryana and 0.2% in Madhya Pradesh. Industry says this will […]

Bihar Deputy Chief Minister Sushil Kumar Modi will head a five-member grouping of state ministers to look into technical challenges being faced by the GST registration and tax filing portal. The GST Council, the highest decision-making body of the new Goods and Services Tax (GST) regime, had on Saturday decided to form a five-member panel to […]