With the Lok Sabha passing four bills related to goods and services tax (GST) on 29 March, the stage is set for the rollout of GST.

Allaying apprehension of spike in prices of goods and commodities after the roll out of the GST. FM says tax rates will be kept at the current levels so as not to have any inflationary impact.

GST would be payable if there is a supply of free goods or services to an employee exceeding the stipulated sum, if an employee avails of a company asset for personal use

GST provides that any lease or letting out of the building, including a commercial, industrial or residential complex for business or commerce, either wholly or partly, is a supply of services.

The four Bills that would operationalise the rolling out of the Goods and Services Tax (GST) were tabled in the Lok Sabha on Monday amid opposition protests that the Bills were not listed in the day’s agenda before hand.

NDA government is poised to introduce the last batch of GST legislations this week in Lok Sabha, probably as early as Monday.

The Central Board of Excise and Customs (CBEC) will be reorganised for the implementation of the Goods and Services Tax (GST) regime and will be renamed the Central Board of Indirect Taxes and Customs (CBIC).

Ten working groups have been set up to address issues related to banking, financial services and insurance sector, telecommunication, MSME and government services.

Petroleum products would, however, continue to be taxed as per the current taxation regime until the GST Council agrees on applying GST to these products. However, GST will apply on petroleum only after all the states, through the GST Council, is agreed on it and till then states will continue to tax petroleum products.

The government today removed the 1% tax on cash purchases above Rs 2 lakh, after putting a limit on transactions.

DVAT department further extended the due date of filing return for Q-3, financial year 2016-17 till 31st March 2017.

Farmers’ body FAIFA asked Finance Minister Arun Jaitley to protect interests of Indian tobacco farmers while formulating GST laws.

Some of the service contracts are set to be renegotiated under the goods and services tax (GST) framework.

Shares of ITC and other cigarette makers soared up to 7 per cent in the morning trade on Friday amid reports foreign brokerage CLSA has maintained a ‘buy’ rating on ITC with a 12-month target price of Rs 325. Shares of the cigarette major jumped 7.75 per cent to hit a high of Rs 289 … Continue reading “ITC surges 7% on fresh development on GST, upbeat brokers”

GST council has cleared the state and union territory GST bills and capped cess on luxury cars (15%), aerated drinks (15%) and cigarettes (290%). GST council on 16th March gave its nod to the two remaining pieces of supporting legislation for implementing the landmark tax reform, paving the way for their introduction in Parliament and … Continue reading “GST council clears last two bills, caps cess on demerit goods”