03 Aug 2022 02:37 PM
New

From hospital beds to bank cheque books, FM Nirmala Sitharaman lists out things not under GST at Rajya Sabha

Source: https://www.livemint.com/news/india/no-gst-on-withdrawal-of-cash-from-banks-fm-nirmala-sitharaman-in-rajya-sabha-11659447478145.html

Finance Minister Nirmala Sitharaman on Tuesday elaborately spoke about the list of items on which GST is levied at Rajya Sabha during the Monsoon Session of the Parliament. According to the finance minister, GST tax is only on banks purchasing cheque books from printers. She said there is GST on customer cheques and on the withdrawal of cash from banks. Further, she said that there is no GST on loose food items. "The 5% tax is only on pre-packed and labelled items".

03 Aug 2022 02:43 PM
New

Govt wants compulsory e-invoicing for small business

Source: https://www.livemint.com/economy/govt-wants-compulsory-e-invoicing-for-small-business-11659466101771.html

NEW DELHI : The government plans to make e-invoicing mandatory for small businesses with an aggregate turnover of ₹5 crore or more from 1 January to plug tax leakages, according to two government officials, after setting 1 October as the deadline for businesses with revenue of ₹10 crore and above on Monday.

03 Aug 2022 02:46 PM
New

GST on withdrawal of cash from banks? What FM Nirmala Sitharaman said

Source: https://www.livemint.com/news/india/gst-on-withdrawal-of-cash-from-banks-what-fm-nirmala-sitharaman-said-11659484692866.html

There is no GST on withdrawal of cash from banks, said Finance Minister Sitharaman on Tuesday. "There is no GST on withdrawal of cash from banks... 5+5=10 transactions in a month is totally free when withdrawn from ATMs," said Finance Minister Nirmala Sitharaman, in a discussion on the rising prices, in Rajya Sabha.

02 Aug 2022 03:56 PM

FM Nirmala Sitharaman justifies the high cost of food prices; Here's what she said | 10-point

Source: https://www.livemint.com/news/india/india-has-recovered-admirably-from-covid-pandemic-nirmala-sitharaman-11659361215889.html

Union Finance Minister Nirmala Sitharaman on Monday explained the 'price rise' in the country. In an hour-long speech, the FM highlighted the work of Prime Minister Narendra Modi-led BJP government. She said India's economy is in a healthy condition by citing data from the International Monetary Fund (IMF) and prominent economists such as Raghuram Rajan. The FM also gave the reply to questions related to GST on staple food items such as flour, rice, and milk.

02 Aug 2022 04:07 PM

GST on paneer, rice, curd expected to boost revenue: MoS Finance

Source: https://www.livemint.com/economy/gst-on-paneer-rice-curd-expected-to-boost-revenue-mos-finance-11659369432486.html

The recent GST revision on staple food items such as flour, rice, and milk products like paneer and curt may help to boost the revenue collection of the central government, Minister of State for Finance Pankaj Chaudhary on Monday.

02 Aug 2022 04:16 PM

On a firm footing

Source: https://www.livemint.com/opinion/quick-edit/on-a-firm-footing-11659375450581.html

Real policy rates are still negative, inflationary expectations need to cool, and the logic of treating inflation primarily as a problem of excessive money supply was why a target was adopted in the first place. We need to rein it in

02 Aug 2022 05:04 PM

India continues to be fastest growing economy despite pandemic, says Nirmala Sitharaman

Source: https://www.livemint.com/economy/india-continues-to-be-fastest-growing-economy-despite-pandemic-says-nirmala-sitharaman-11659397469907.html

India continues to be the fastest growing economy in the assessment of international agencies despite numerous challenges Finance Minister Nirmala Sitharaman said on Monday emphasizing the role played by her government to battle the numerous challenges such as the COVID-19 pandemic, Russia - Ukraine War and supply chain disruptions.

02 Aug 2022 05:07 PM

E-invoicing a must for entities with turnover of ₹10 cr and above from 1 Oct

Source: https://www.livemint.com/news/india/einvoicing-a-must-for-entities-with-turnover-of-rs-10-cr-and-above-from-1-oct-11659438354472.html

Bengaluru: The government on Monday expanded mandatory e-invoicing for entities with an annual turnover of ₹10 crore and above from 1 October. The move is aimed to plug revenue leakages and facilitate compliance.

02 Aug 2022 05:24 PM

E-invoice mandatory for turnover above 10 crore from October 2

Source: https://economictimes.indiatimes.com/small-biz/gst/e-invoice-mandatory-for-turnover-above-10-crore-from-october-2/articleshow/93294488.cms

Presently, e-invoice is compulsory for businesses with an annual turnover of over Rs 20 crore. In a notification issued on Monday, the centre said it has amended the rule on the recommendations of the Council. The GST Council, in its 37th meeting on September 20, 2019, had recommended the introduction of an electronic invoice in GST in a phased manner.

02 Aug 2022 05:31 PM

GoM weighs scrapping 12% GST slab

Source: https://economictimes.indiatimes.com/small-biz/gst/gom-weighs-scrapping-12-gst-slab/articleshow/93294581.cms

People aware of the development told ET that most of the members of the group were of the view that the 12% slab accounts for about 8% of total GST revenues and can be done away with.