Page 28 - Gst

Reverse move to increase GST on textile items, AIADMK urges Centre

AIADMK top leader O Panneerselvam urged the Centre to ensure that the GST slab rate is brought down to 5% on textile and apparel items

'No recommendation by GST Council to bring petroleum products under GST'

Excise duty on petroleum products is calibrated time to time for generating resources for infrastructure and other developmental items of expenditure: Minister of State for Finance Pankaj Chaudhary

Meeting FY22 fiscal deficit target hinges on disinvestment proceeds

Savings in some departments may come to govt's aid

IGST on ocean freight can't be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution

What does the industry expect from upcoming GST council meet?

The Centre is likely to convene GST Council meeting next month. On the agenda will be a rationalisation of taxes and inverted duty structure for certain goods. Find out what to expect from the meeting

Textile traders of Aligarh stages protest against GST hike from 5% to 12%

The textile traders of Aligarh staged a protest against the Central government following the decision to hike the Goods and Services Tax (GST) on textile fabrics from 5 percent to 12 percent.Staging a protest against the rise in goods and services tax (GST) from 5 per cent to 12 per cent, the Aligarh Cloth Merchant Association (ACMA) said that hike in GST rates would adversely impact the textile industries, which is already reeling from COVID-19 blow.In November, the Centre had decided to increase the GST on textile products from 5 per cent to 12 per cent from January 1.Speaking to ANI, Rajiv Agarwal, President of ACMA, "Cloth is one of the basic needs for humans. The hike in GST would affect the manufacturing and sale of textile goods. COVID-19-induced pandemic has adversely impacted the sale of textiles in India and affected our income."He further added, "I request Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to understand our pain and difficulties and ...

GST Council likely to meet early Jan, may discuss rate rationalisation

At the 45th GST Council Meeting in Lucknow on September 17, the Council had decided to rectify the inverted duty structure for footwear and textiles

After papad, cheese balls another food item to trigger GST dispute

The petitioner, Savencia Fromage & Dairy Pvt Ltd, argued for its inclusion under cheese which attracts a 12 per cent rate of GST

Fitment panel's GST recommendations may cause immediate spike in inflation

The 5% tax rate broadly covers most food items, so an increase here would directly impact the monthly grocery budget of households

Quitting without serving notice period? You may have to pay GST on salary

Employees liable to pay GST on salaries received in lieu of notice period, says an Advance Authority of Advance ruling

At Rs 1.31 trn, India's Nov GST collection second-highest in a month yet

The finance ministry said the April figures were linked to year-end revenues

GST rates and manufacturing growth

The capital goods component is especially important now in view of the mandated guidelines for installation of pollution control equipment

Top headlines: Int'l flights not from Dec 15; Nov GST mop up at Rs 1.31 trn

Business Standard brings you the top stories on Wednesday

A tough yarn for textiles: High input costs, GST expected to crimp margins

From January to November, yarn prices reportedly increased from Rs 220 per kg to around Rs 350

Maha has most GST dues pending with Centre, Cong says 'stepmom treatment'

The revelations came in response to a RTI query filed by activist Binod Agarwal from the Ministry of Finance, Under Secretary (State Taxes-II) and CPIO Mahendra Nath

GST Council must realise that lower rates lead to better compliance

The finance minister, as the Council's Chairperson, must convince states to bring more items down from the 18 percent and 28 percent slabs.

Madras High Court quashes part of CBIC circular on fish meal

This circular had clarified an earlier circular, issued a few days ahead of the roll out of GST from July 1, 2017

PHD chamber urges GST Council to rationalise rates in next meeting

Industry body PHDCCI on Saturday urged the GST Council to rationalise rates, stating that the current rates are not in sync with the demand creation and employment generation in the country

Meeting of Group of Ministers on GST rate rationalisation deferred

A meeting of the panel of state finance ministers looking into GST rate rationalisation has been deferred, sources said. The Group of Ministers (GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, also includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, and Bihar Deputy Chief Minister Tarkishore Prasad. It has met twice so far and was scheduled to meet on November 27 to consider recommendations of the Fitment committee regarding GST rate and slab changes. Sources said the meeting has been deferred and the GoM would submit its report to the GST Council, chaired by the union finance minister and comprising state counterparts. The Council, which meets once every quarter, is slated to meet next month. Sources had earlier said the Fitment committee, comprising tax officers from states and the Centre, has made many "sweeping" recommendations regarding slab and rate changes and taking items out of the exemption list. All

5% GST on auto-rickshaw services provided through e-commerce platforms

Auto-rickshaw services provided through e-commerce platforms would attract 5 per cent GST from January 1, 2022