Businesses have to file at least three monthly returns and one annual return for each state, if draft rules proposed by the indirect tax department are introduced under the goods and services tax (GST) regime. The Central Board of Excise and Customs (CBEC) on Tuesday came out with one more set of draft rules and… Read More »
To make tax payments less cumbersome for taxpayers, the government has proposed that over-the-counter cash payments of 10,000 and above as tax by private companies and traders will not be allowed under the goods and services tax (GST) regime. The draft payment rules, released by the Central Board of Excise and Customs (CBEC), have instead… Read More »
Tripura assembly on Monday unanimously ratified the Constitutional Amendment Bill on Goods and Services Tax (GST). State finance minister Bhanulal Saha moved a resolution to ratify the Constitution (122 Amendment) Bill, 2014, which was passed without any opposition. No legislators from Left Front, Trinamool Congress(TMC) or Indian National Congress raised any question on the GST… Read More »
As the GST rollout plans gathers momentum, life insurers sought exemption from the new taxation regime on premium income, while general insurers have demanded differential rates for their products. Life insurers, who are set to write to the Prime Minister seeking exemption from the new tax regime, feel that their premium income has remained stagnant… Read More »
Congress chief ministers and finance ministers are expected to press for an 18% Goods and Service Tax cap at the meeting of the three-day GST Council beginning October 17 and stress that a higher rate would burden the common man. The party leadership has written to the chief ministers and finance ministers, asking them to… Read More »
Council gets cracking on GST deadline The GST Council on Friday took two big steps towards meeting the April 1 deadline for introduction of the goods and services tax (GST) system. On the concluding day of its two- day meeting, the council agreed on exemption thresholds and dual control over assessees. The council also decided… Read More »
GST threshold fixed at 20 lakh; States to get control over dealers with turnover up to 1.5 cr In the first meeting of GST council certain decisions were taken at by consensus and not by voting. In a big step towards the implementation of GST, the Centre and the states agreed on two crucial issues:… Read More »
A consensus on turnover threshold over which the proposed goods and services tax (GST) would apply eluded the first meeting of the recently constituted GST Council on Thursday. However, there was a broad agreement that all pending issues, including GST rates and legislative Bills, be thrashed out within two months, so that the new tax… Read More »
There was no consensus on the key issues of tax rate and threshold for taxation on the day one of the first meeting of the Goods and Services Tax Council, which drew up a draft timetable for finalising of crucial issues including tax legislations and framework for its functioning. The meeting will continue on Friday.… Read More »