Page 37 - Latest Updates on Goods and Services Tax
GST Council meeting to take call on tax rate cut on Friday amid slowdown
There have been demands pouring in from various sectors - from biscuits to automobiles and FMCG to hotels - to reduce tax rates in the wake of economic slowdown
 "GST Council meeting to take call on tax rate cut on Friday amid slowdown")
Fitment panel rejects demands of GST rate cut for auto, biscuit industry
The Committee also rejected the telecom ministry's proposal to reduce GST rate for telecom services from the present 18 per cent to 12 per cent, sources said
 "Fitment panel rejects demands of GST rate cut for auto, biscuit industry")
Don't cut GST
The Council should instead focus on compliance
 "Don't cut GST")
GST Council may rationalise rates for five-star hotels in Friday meeting
Fitment panel does not favour rate reduction for vehicles, biscuits
 "GST Council may rationalise rates for five-star hotels in Friday meeting")
GST Council meeting likely to witness a heated debate over lottery rates
Centre will push for single rate; Kerala wants to retain current dual structure
 "GST Council meeting likely to witness a heated debate over lottery rates")
Slowdown blues: UP to plug gaps, intensify enforcement as tax purse shrinks
Yogi government to auction stone quarries, curb illegal mining to expand kitty
 "Slowdown blues: UP to plug gaps, intensify enforcement as tax purse shrinks")
Auto sector's rate-cut hopes fade as GST cess collection declines
Some states have asked for rate cuts for 5-star hotels; relief for cement, biscuit industries may be discussed
 "Auto sector's rate-cut hopes fade as GST cess collection declines")
Top biscuit manufacturers seek GST cut for below Rs 100 per kg segment
In April-June 2019, the growth rate of the overall biscuit market fell to 2 per cent from 7 per cent earlier
 "Top biscuit manufacturers seek GST cut for below Rs 100 per kg segment")
Post-sale discount under GST: A clear position may help boost festive sales
Discounts are a well-understood concept commercially, as well as under tax laws
 "Post-sale discount under GST: A clear position may help boost festive sales")
Letter to BS: Govt must strike balance between savings and expenditure
The huge shortage in GST collection last year has widened the fiscal deficit
 "Letter to BS: Govt must strike balance between savings and expenditure")
Auto industry may have to wait longer for GST cut on cars from 28% to 18%
Will be a political call now; state finance ministers to decide on September 20
 "Auto industry may have to wait longer for GST cut on cars from 28% to 18%")
Exporters still face various problems
Hopefully, the government will take note and make life easier for exporters
 "Exporters still face various problems")
Two years of GST: How the states are doing
There are some common trends observed among states with a large shortfall
 "Two years of GST: How the states are doing")
Manufacturing growth down at 15-month low in August on demand slowdown: PMI
This is the 25th consecutive month that the manufacturing PMI has remained above the 50-point mark
 "Manufacturing growth down at 15-month low in August on demand slowdown: PMI")
GST collection falls below Rs 1 trillion in August: Govt data
Gross revenue collections from the Goods and Services Tax (GST) in July stood at Rs 1.02 trillion
 "GST collection falls below Rs 1 trillion in August: Govt data")
300 fresh pharma unit applications up for approval in Gujarat: FDCA
As per the state FDCA commissioner, the state has benefited from the introduction of GST
 "300 fresh pharma unit applications up for approval in Gujarat: FDCA")
MSMEs to get pending GST refunds within 30 days: Nirmala Sitharaman
Banks will also have to return all documents within 15 days of a loan closure, helping borrowers whose mortgaged assets are tied up
 "MSMEs to get pending GST refunds within 30 days: Nirmala Sitharaman")
Govt offers resolution for pre-GST disputes with tax authorities
There will also be an amnesty scheme. Under this, the assessee will have to voluntarily disclose the due taxes
No sectoral relief
Tax cuts for specific industries must be avoided
 "No sectoral relief")
Closer look at CAG audit of GST reveals systemic flaws, not just glitches
Granular, comparable and regularly updated data on GST has never been shared by the government with researchers or the public
 "Closer look at CAG audit of GST reveals systemic flaws, not just glitches")
