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Union Finance Minister Nirmala Sitharaman on Thursday made it clear that the Centre was not considering any compensation to states for potential revenue loss arising from the latest Goods and Services Tax (GST) rate cuts, stressing that the impact will be shared equally and given the devolution of taxes, while the Centre’s share will be even smaller.
Chief Economic Advisor (CEA) V Anantha Nageswaran feels that the Centre’s goods and services tax (GST) reforms will boost consumption in India.
Kerala faces a likely annual revenue loss of ₹8,000-10,000 crore due to the reduction in goods and services tax (GST) rates across segments that was announced by the GST Council on Wednesday, Kerala finance minister K.N. Balagopal said.
As per a CAG report tabled in the Assembly on Thursday, under assessment/short levy/ loss of revenue aggregating to ₹755.49 crore pertaining to Goods and Services Tax of the Commercial Tax Department has been found.
After overcoming initial challenges with GST implementation, efforts have been made to improve the ease of doing business, attract new taxpayers, streamline the return filing process and meet tax targets. However, a formidable challenge remains for the state and the country: massive tax evasion.
In a breakthrough in the Goods and Services Tax (GST) fraud case, the Noida Police on Wednesday said it has…
The Ludhiana police claimed to have busted a gang that had obtained GST refunds by creating a fake firm in…