Page 38 - Latest Updates on Goods and Services Tax
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")
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")
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
 "Auto industry unanimous on its demand for GST cut to 18%, says SIAM")
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?
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")
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
 "CAG flags deficiencies in functioning of GST")
GST collection over Rs 1 trillion in July despite subdued CGST and SGST
However, the central and state portions remained subdued, posing a challenge for the revenue target for the financial year
Taxation blues
CAG raises valid issues on revenue system inadequacies
 "Taxation blues")
GST collections in July cross Rs 1-trillion-mark after dropping in June
Central GST was Rs 17,912 crore; and SGST at Rs 25,008 crore
 "GST collections in July cross Rs 1-trillion-mark after dropping in June")
Letter to BS: Slowdown in tax collection is not because of evasion
Government-owned companies which manufacture a very large amount of goods and services do not evade
15th Fin Commission rejects central tax pool demand by Delhi, Puducherry
The Commission will not consider their memorandums
 "15th Fin Commission rejects central tax pool demand by Delhi, Puducherry")
2 years after roll-out, GST glitches still exist, says CAG report
Report also points to slowdown in revenues in FY18
 "2 years after roll-out, GST glitches still exist, says CAG report")
GSTN should test system, fix deficiencies before roll-out to public: CAG
Commenting on the GST implementation, the report said one significant area where the full potential of GST has not been achieved is the roll-out of the simplified tax compliance regime
 "GSTN should test system, fix deficiencies before roll-out to public: CAG")
Govt's big push for EVs: GST Council trims rate on EVs, chargers to 5%
Hiring of electric buses (of carrying capacity of more than 12 passengers) by local authorities was exempted from GST
 "Govt's big push for EVs: GST Council trims rate on EVs, chargers to 5%")
GST rate on EVs cut from 12% to 5%; reduced rate effective from August 1
The GST Council has also approved exemption from GST on hiring of electric buses by local authorities
 "GST rate on EVs cut from 12% to 5%; reduced rate effective from August 1")
Petroleum products should be brought under GST, suggests Assocham
The two-year period for keeping petroleum products outside GST is almost over, said Assocham
 "Petroleum products should be brought under GST, suggests Assocham")
GST collection of states rises to Rs 5.18 trillion in FY19: FM Sitharaman
In a written reply to a question in the Lok Sabha, Sitharaman said concerted efforts have been made to improve tax compliance
 "GST collection of states rises to Rs 5.18 trillion in FY19: FM Sitharaman")
Sitharaman's first Budget gives breather for delay in payments towards GST
The current mechanism of filing returns is being replaced by simplified forms that would come into operation in phases
 "Sitharaman's first Budget gives breather for delay in payments towards GST")
