- 06 Jul 2022 06:16 PM
- New
Govt notifies GST Council decisions to ease compliance burden on small businesses
NEW DELHI: The Union government has notified decisions taken by Goods and Services Tax (GST) Council in the meeting last week including granting exemption to taxpayers with aggregate turnover of up to ₹2 crore in 2021-22 from filing annual returns for that year. The move is likely to help small businesses by easing their compliance burden.
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- 05 Jul 2022 04:07 PM
- New
Govt could look at two rate GST structure while retaining highest 28% slab: Revenue Secretary
Government is for reducing the number of tax slabs in the GST regime but would want to continue with the top GST slab of 28 per cent for luxury and sin goods while looking to narrow down rates between 5-18 per cent slabs to two to begin with before making GST a single mean rate tax system, Revenue Secretary Tarun Bajaj said on Monday.
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- 05 Jul 2022 04:16 PM
- New
Highest GST to continue on luxury, sin goods
Source: https://www.livemint.com/news/india/highest-gst-to-continue-on-luxury-sin-goods-11656950141793.html
The government aims to maintain the top Goods and Services Tax (GST) slab of 28% for luxury and sin products, but is open to discussing combining the three slabs of 5%, 12% and 18% into one, according to Revenue Secretary Tarun Bajaj.
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- 05 Jul 2022 04:31 PM
Hospitals in a fix over GST on room rent
Source: https://www.livemint.com/economy/hospitals-in-a-fix-over-gst-on-room-rent-11656954280832.html
The goods and services tax (GST) council’s decision to impose a 5% tax on hospital room rents that are over ₹5,000 a day has left hospitals in a fix over how to implement it because most offer treatment packages that already include room rent.
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- 05 Jul 2022 04:40 PM
FICCI bats for bringing healthcare under zero-rating GST
“Enabling this would not only ensure that the input tax credit chain is intact but will also make compliances easier and ensure that the input taxes are not loaded into the cost of healthcare services,” the FICCI letter said. FICCI also red-flagged the recent recommendation of the GST council to levy 12% GST on bio-medical waste treatment plants, and 5% GST on Room rent (exceeding Rs.5000 per day).
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- 05 Jul 2022 05:52 PM
'Don't know if India prepared for single GST rate': Revenue Secy
Revenue Secretary Tarun Bajaj on Tuesday said that he is not sure if the country is ready for a single Goods and Services Tax rate and suggested that it would be better if India can first move the 5%, 12%, and 18% GST rates into two slabs.
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- 04 Jul 2022 01:51 PM
Milk prices likely to rise after new GST rates on these dairy products. These 2 stocks are top picks
The GST council has withdrawn exemptions from taxation on some food items, grains, etc. With this withdrawal, milk products like pre-packed, pre-labeled curd, lassi, and buttermilk will have a GST rate from the current NIL. This move is expected to push dairy companies in hiking their consumer prices to pass on the impact of additional costs. Although, there is limited impact seen in volumes. Heritage Foods and Dodla Dairy are two hot stocks in the sector.
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- 04 Jul 2022 01:59 PM
Delhi seeks GST reduction on raw materials of alternatives to single-use plastic
The Delhi government will seek a reduction in the GST rates of raw materials for manufacturing alternatives to single-use plastics after the Centre imposed a ban on them, said state environment minister Gopal Rai.
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- 04 Jul 2022 02:06 PM
Domestic housing sector projected to accelerate in five years: PNB HFC
After a period of stagnation, the domestic housing market is expected to expand over the next five years. Thanks to sectoral reforms like RERA and GST, which have increased predictability, housing finance companies are well positioned to take advantage of this potential, according to PNB Housing Finance's annual report for 2021–22.
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- 04 Jul 2022 02:16 PM
Centre: Robust GST will help states give up compensation
The trend of robust goods and services tax (GST) revenue collection of ₹1.51 trillion a month on average in the June quarter brings states’ GST revenue receipts closer to the level of revenue protection they seek, according to the revenue secretary Tarun Bajaj.
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