Tag Archives: tax

PM Modi says- GST will promote a culture of honesty

NEW DELHI: On Sunday, Prime Minister Narendra Modi said in his monthly radio address that the Goods and Services Tax is not just a tax reform, it is an economic model that will promote the culture of honesty.

“The GST, which I call the good and simple tax, has shown a positive impact on the economy in a short time,” Modi said in the 34th edition of the Mann Ki Baat as the ‘one-country, one-tax’ regime entered its 30th day. Continue reading

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Government can legalize online betting and regulated betting on cricket

NEW DELHI: The All India Gaming Federation (AIGF) has sought a central legalisation allowing online betting and regulated betting on cricket, saying the government stands to earn thousands of crores in tax and revenues every year.
On Monday, the federation submitted a white paper to the Law Commission, which is working on a draft law in this regard. Betting on sports, except horse racing, is banned in India but it happens illegally in an unorganised and underground manner. Continue reading

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At Midnight, PM Modi and President Mukherjee welcomed “Goods and Simple Tax”

NEWDELHI: Pressing a button at the stroke of midnight on Friday, President Pranab Mukherjee and Prime Minister Narendra Modi launched India’s biggest tax reform from the historic central hall of Parliament, cheered on by some of the country’s top names in politics, business and law.

It was a luxury welcome for the long-awaited Goods and Services Tax (GST), ending a 14-year struggle to enlist political support for a move that will replace some 20 federal and state levies and unify a country of 1.3 billion people into one of the world’s biggest common markets. Continue reading

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How much GST on which item ??

81 % of items fall below/in 18% GST slab. 

As per Hindustan Times report:

GST will not levy on these items : GST @ 0%

  1. Unpacked foodgrains
  2. Fresh Vegetables
  3. Unbranded atta
  4. Unbranded Maida
  5. Unbranded besan
  6. Gud
  7. Milk
  8. Eggs
  9. Curd
  10. Lassi
  11. Unpacked paneer
  12. Unbranded natural honey
  13. Palmyra jaggery
  14. Salt
  15. Kajal
  16. Full Jhadu
  17. Children’s drawing and coloring books
  18. Education services
  19. Health services

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GST registration to begin tomorrow

NEW DELHI: E-commerce operators and TDS deductors will be able to register with GST Network beginning June 25, when the portal re-opens for fresh registration.

Also, existing excise, service tax and VAT assessees will get another chance to migrate to the GSTN portal as registration for them too opens on Sunday next and will remain open for three months.

The registration will also start for GST practitioners, Tax Deductors at Source (TDS) and e-commerce operators, which are required to collect tax at source, GSTN said in a statement.

GSTN, the company providing IT backbone for the new tax regime, will offer another opportunity to existing tax payers to migrate, five days before the rollout of Goods and Services Tax (GST).

For more updates and latest news, start following Newspaper Cuttings. 

source: Hindustan Times

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GST roll­out from June 30 midnight, businesses can file late returns

NEWDELHI: The goods and services tax (GST) will be rolled out from June 30 midnight, finance minister Arun Jaitley said on Sunday, adding India did not have the “luxury of time” for more delays in implementing the biggest tax reforms since Independence.

Jaitley, however, added that companies will be allowed to file late returns for the first two months so that they can adapt to a new online filing system.

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