The proposed GST rate cut with denial of input tax credit to builders would come with the condition that builders must ensure 80% of the inputs are procured from GST-registered dealers. This comes as...
Feb 22, 2019
The GST Council today deferred the decision on reduction in tax on under-construction houses to Sunday. In the Wednesday meeting of the GST Council the matter remained inconsclusive as some states...
Feb 20, 2019
All states except Kerala and Telangana, and two Union Territories (with assemblies), will have higher annual threshold limits for mandatory registration for GST for goods suppliers. This will come...
Feb 15, 2019
The finance ministry is out to rein in recalcitrant businesses. Non-compliant businesses who fail to file returns regularly, will be barred from e-way bill generation while transporting consignment...
Jan 08, 2019
Union Miniter of Finance Arun Jaitely has said the country might see single standard GST rate going forward. "A future road map could well be to work towards a single standard rate instead of...
Dec 24, 2018
The concept of anti-profiteering was introduced under the GST law to ensure that any reduction in the tax incidence is passed on the customer and not retained by the supplier. While the intent...
Dec 19, 2018
There is likelihood of four-slab GST rate structure to be reduced to three, said the Prime Minister's Economic Advisory Council (PMEAC) chairman Bibek Debroy. He said while launching a book "...
Oct 29, 2018
The World Bank has said growth in India is firming up and has projected it will accelerate to 7.3 per cent in the 201819 fiscal and 7.5 per cent in the next two years. The Indian economy...
Oct 08, 2018
India’s sovereign bond market continues to be battered and nothing seems to be helping it. The government’s decision to cut its borrowing plan had raised some hope in the markets but it seems to...
Oct 03, 2018
India is expected to grow at a healthy 7.3% in fiscal year (FY) 2018-19 helped by improved domestic demand, steady revival in industrial growth and reduced drag from net exports, says a new Asian...
Sep 26, 2018
With only 10 days left, foreign e-commerce companies, like Amazon, Google, Apple, have begun registering themselves for goods and services tax (GST) in all the states. These companies have...
Sep 20, 2018
With as much as Rs 80,000 crore stuck in litigation, the telecom department mulls framing plans, so that disputes with operators are minimised, said people with knowledge of the matter told ET...
Sep 13, 2018
The Goods and Services Tax (GST) Council might replace the 12 per cent and 18 per cent slabs with a 14-15 per cent rates, said Bihar Deputy Chief Minister Sushil Modi. He said while...
Aug 03, 2018
The roll-out of Goods and Services Tax (GST) is a unique experiment and is a trailblazer in various ways, while the GST Council is a path-breaking mechanism for seamless interaction between the...
Jul 30, 2018
Bihar deputy chief minister Sushil Kumar Modi has said that the GST slabs can be reduced to three from five currently, in order to provide convenience to consumers and businesses. The process...
Jul 23, 2018
The GST Council is likely to establish a National Appellate Tribunal in Delhi. It will have three regional benches at Mumbai, Chennai and Kolkata, with members consisting of judiciary as...
Jul 20, 2018
Q: What would you say is behind the optimistic economic outlook among the CFOs and how is it impacting their business sentiments? Porus Doctor (PD): The Deloitte CFO Survey 2018 reveals that 64 per...
Jul 13, 2018
The roll-out of goods and service tax (GST), which is regarded as one of the biggest tax reforms post Independence, has resulted in formalisation of economy and information flow, consequently,...
Jun 19, 2018
The Government of India has extended special refund drive till Saturday. The fortnight drive, which was launched by the Government of India on May 31, was set to expire tomorrow. "In view of...
Jun 13, 2018
Authority of Advance Ruling (AAR) unit of Andhra Pradesh has said the goods and services tax (GST) will be levied on the goods supplied from Customs warehouse to merchant vessels on a foreign run...
Jun 11, 2018
India might regain its position as the world's fastest growing major economy with growth rate at 7.3 per cent this fiscal year and 7.5 per cent in the next two "as temporary policy-driven factors...
Jun 07, 2018
Backed by gains in manufacturing and consumer spending, India will most likely retain the tag of the world's fastest growing major economy in the January-March quarter, a poll conducted by Reuters...
May 31, 2018
Five union territories (UTs) and two states have implemented intra-state e-way bill system today. The two states that rolled out the electronic bill are Manipur and Maharashtra; while five...
May 25, 2018
Corruption seems to have overtaken the GST domain – a nexus among businesses using fake bills to claim input tax credit (ITC). Media reports that the intelligence unit for the goods and services tax...
May 22, 2018
In a move aimed at appeasing the strong opposition to the terms of reference (ToR), the 15th Finance Commission (FC) has set up a six-member council to “advise and assist” it on the ToR and “help...
May 10, 2018
The Indian economy is gradually coming out of the twin shock of demonetisation and GST, said a research report by India Ratings. However, it cautioned on the widening of the current account...
May 10, 2018
The Indian economy will see a growth rate of 7.4 per cent in the current fiscal year, with the negative effects of note ban and Goods and Services Tax (GST) fading away, says a report by the...
May 10, 2018
The new single-page return form tries to redress grievances of taxpayers with regard to filing of indirect tax. On the other hand, it has also tried to retain the basic objectives of GST –...
May 09, 2018
The Asian Development Bank (ADB) has projected India's growth rate at 7.3 per cent in 2018, which will further accelerate to 7.6 per cent in 2019. ADB Chief Economist Yasuyuki Sawada said...
May 07, 2018
India has slipped by three notches to 11th position in the FDI Confidence Index 2018 of global consultancy firm A T Kearney. The country was ranked eight in 2017 index. “India falls by...
May 03, 2018
The GST Council has fixed a target of goods and services tax collections worth Rs 12 trillion for the current financial year. The Council is happy with indirect tax collection figures in the...
May 01, 2018
Authorities of Advance Ruling (AARs) set up under the goods and services tax (GST) regime have given many important judgments in cases ranging from tax on products sold at duty-free shops to taxing...
Apr 27, 2018
In its India Economic Outlook Report 2018, Deloitte forecasts an acceleration in India’s economic growth to 7.2 per cent in the current fiscal on the back of manufacturing activity. However, rising...
Apr 27, 2018
IMF chief Christine Lagarde on Thursday said she does not expect the economic reforms being carried out with a pace in India, with parliamentary election due next year. She, however,...
Apr 20, 2018
In its latest forecast, the International Monetary Fund (IMF) pegs India’s GDP growth at 7.4 in 2018 and 7.8% in 2019. With economic growth accelerating in the current and next fiscal years, India...
Apr 18, 2018
A recent World Bank report sheds light on the declining employment rate in the country, with women leaving the job market on a large scale. This report should surely be a matter of concern for the...
Apr 17, 2018
The World Bank has forecast a growth rate of 7.3 per cent for India this year and 7.5 per cent for 2019 and 2020. In the India section of the report, the Bank notes that the disruptive effects of...
Apr 17, 2018
The e-way Bill system for intra-state movement of goods will be implemented from April 15 in five states - Andhra Pradesh, Gujarat, Kerala, Telengana and Uttar Pradesh. "With the roll-out of...
Apr 11, 2018
Finance secretary Hasmukh Adhia has said the government has crossed over the direct tax collection target for FY18. According to a note by the Ministry of Finance, the provisional figures of...
Apr 03, 2018
Businesses and transporters moving goods worth over Rs 50,000 from one state to another will have to carry an e-way bill. "As per decision of the GST Council, e-way bill system became...
Apr 02, 2018
The e-way bill is all set to be rolled out from April 1. Finance Secretary Hasmukh Adhia has asked businesses and transporters to enrol for the new system. Currently, 11 lakh...
Mar 29, 2018
The consumers will no longer have to go through several columns to fill up the profiteering complaint form. The Finance Ministry has reduced the number of columns to 16 in the single-page...
Mar 28, 2018
India is not a stranger to luxury. Earlier, this was restricted to the privileged few. However, as India of the 21st century aspires to rank amongst global manufacturers and service providers,...
Mar 27, 2018
Indian companies fear tax officials may dispute input tax credit claimed for GST paid on raw materials. The firms said they are mulling keeping a certain amount of fund aside to meet risks...
Mar 26, 2018
The Centre has reiterated that states must implement the national e-way bill system for intra-state movement of goods, latest by June 1. In a written reply to a question in Rajya Sabha, MoS...
Mar 07, 2018
The Finance Minister recently announced that India had leapt 30 ranks in the World Bank’s ease of doing business index for 2017, climbing up from its previous rank of 130. The index comprises...
Mar 06, 2018
A recent negotiation with a client brought home the bizarre point that legal teams are probably happiest when no one does anything. If there is business to be transacted, legal teams find problems...
Mar 05, 2018
The Indian economy may register a growth rate of 7 per cent - higher than the projected rate of 6.5 per cent - in the third quarter of 2017-18. “There could be a marginal improvement in GDP...
Feb 27, 2018
As many as 55 lakh taxpayers have filed their GST returns for the month of January so far, said GSTN chairman Ajay Bhushan Pandey said. “The total number of 3B GST returns filed in the month...
Feb 27, 2018
The US administration's Economic Report of the President (ERP) has stated that India's growth has slowed due to the effects of its structural economic reforms. "Growth in India has slowed due...
Feb 23, 2018