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On 79th Independence Day, the Ministry of Finance announced that the government is planning to move towards a ‘simple tax’ regime to rationalise the existing goods and services tax (GST) rates. The proposed reforms, announced by the ministry on Friday, 15 August, aim to simplify the tax structure, where goods and services can be classified as ‘standard’ and ‘merit’.
Eight years after the launch of goods and services tax, the Centre has circulated the blueprint for GST 2.0, with…
The department of financial services (DFS), in the last few months, has sought comments on the existing Goods and Services Tax (GST) slab for filing the tax returns from banks, the Reserve Bank of India and the National Payments Corporation of India with some lenders suggesting higher annual turnover threshold for merchants, according to three banking sources aware of the matter.
In what could bring major relief to middle- and lower-income households, the central government is seriously considering a restructuring of the Goods and Services Tax (GST) slabs, sources told India Today. A key proposal under discussion is to either reduce the GST on certain essential items from 12% to 5% or to eliminate the 12% slab altogether.
The Goods and Services Tax (GST) group of ministers (GoM) on rate rationalisation chaired by Bihar Deputy Chief Minister Samrat Chaudhary, is not in favour of merger of the tax slabs and feels the current four rates need to be maintained, sources said.
Before the crucial Goods and Services Tax (GST) council meeting scheduled for September 9th, the reconstituted Group of Ministers on GST for rate rationalisation met for the first time on Thursday.
The Federation of Coimbatore Industrial Associations (FOCIA) has urged the Union government to introduce a separate GST slab for the…
The finance minister Nirmala Sitharaman will present the fourth budget of the second term of the Modi government on February…