Page 37 - Latest Updates on Goods and Services Tax
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")
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's sops for auto sector: Hero reiterates demand of cutting GST
Hero's stance brings to fore the difference between them and rival Bajaj Auto which wants a GST cut closer to BSVI norms kicking in
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
 "Govt offers resolution for pre-GST disputes with tax authorities")
No sectoral relief
Tax cuts for specific industries must be avoided
 "No sectoral relief")
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")
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")
Rural investment is the best way to revive economy, says Pronab Sen
The informal sector is starting to crawl back, and taking back some of the space it had given up after demonetisation
 "Rural investment is the best way to revive economy, says Pronab Sen")
Govt must raise expenditure on infra, focus on rural income: Experts
Resolve NBFC crisis, ask banks to transmit MPC's decisions, they say
 "Govt must raise expenditure on infra, focus on rural income: Experts")
Auto industry unanimous on its demand for GST cut to 18%, says SIAM
SIAM said Hero MotoCorp Chairman Pawan Munjal had also emphasised on this point on immediate GST reduction at the meeting with finance minister Nirmala Sitharaman
Letter to BS: Reason for under performance of revenues is not evasion
The real reason for under performance is slowdown in the economy and fixing the target too high keeping fiscal deficit in view
 "Letter to BS: Reason for under performance of revenues is not evasion")
Revenue department to brief PMO on Rs 1.67-trillion tax shortfall
Despite a cut in the income tax collection target in the full Budget compared to the interim Budget projections, the target is far from realistic
 "Revenue department to brief PMO on Rs 1.67-trillion tax shortfall")
The big GST question
GST is clearly underperforming - so what should the govt do now?
CAG flags deficiencies in functioning of GST
The return mechanism's complexity and technical glitches resulted in rolling back of invoice matching, rendering the system prone to ITC fraud
Hyundai Kona prices reduced by Rs 1.58 lakh after GST revision for EVs
The reduced Kona Electric price is effective from August 1, 2019
 "Hyundai Kona prices reduced by Rs 1.58 lakh after GST revision for EVs")
