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The apparel export body has made around 8-10 demands ahead of the Budget 2018 BUDGET NEWS   :    Reeling from a endured fall in export boom and marginal refunds on the goods and offerings tax (GST ), the clothing Export promoting Council (AEPC) has written to the government, seeking 12-15 styles of remedy. They want the responsibility disadvantage and the refund of nation levies (ROSL) to be restored to pre-GST degrees, and also exemptions from the new indirect tax for exporters. boom of garb exports has clocked a bad 39 according to cent, eleven per cent and 8 in step with cent, respectively, in October, November and December last 12 months, in line with H ok L Magu, chairman, AEPC. Now, in the run-up to the Union price range, the export frame has sought incentives from the government, to enhance exports. It desires the obligation downside on cotton apparels to be restored to pre-GST rates of 7.5 in line with cent and the ROSL of three.5 per cent. in ...

The changes will be effective from January 25; 15 states to start intra-state e-way bill from February 1 BUDGET NEWS :  Two weeks ahead of Budget 2018 , the Goods and Services Tax (GST) Council on Thursday cut rates on 83 employment-oriented goods and services, in a bid to encourage greater compliance as revenues have dipped since the landmark reform was announced in July. The panel, headed by Finance Minister Arun Jaitley and comprising representatives of all states, at its 25th meeting decided to reduce tax rate on 29 items and 54 categories of services with effect from January 25. Businesses have raised concerns about high rates of taxation and cumbersome processes in GST, billed as India's biggest tax reform in 70 years. The goods on which GST will be lowered include biofuel-run buses, used motor vehicles and diamonds and precious stones. Here's the complete list: List of goods on which GST rate recommended for reduction from 28% to 18% Old and used motor ...

Earlier in November, Finance Ministry chaired a meeting with real estate developers over GST to be levied on properties BUDGET NEWS :  An important goods and services Tax (GST) Council meet in advance of the Union finances is scheduled on January 18. consistent with resources, dialogue of actual property inclusion in GST is the important thing time table of this assembly. "discussion of actual property inclusion in GST is the key schedule of the GST Council that is scheduled to meet on January 18th," a senior government legit advised ANI privy to the deliberations. He in addition brought that the GST Council in all likelihood will not attain a decision on this, but a serious dialogue is predicted though. moreover, states like Delhi and Jammu Kashmir are very eager to carry real property quarter under the GST ambit. earlier in November, Finance Ministry officers chaired a assembly with actual property developers over GST to be levied on houses ow...

The news sent benchmark 10-year bond yields down over 15 basis points BUDGET NEWS : India has cut its additional market borrowing requirement by more than half for the financial year ending in March to Rs 200 billion ($3.13 billion), Economics Affairs Secretary S C Garg said on Twitter. The news sent benchmark 10-year bond yields down over 15 basis points. Subhash Chandra Garg @SecretaryDEA Government has reassessed additional borrowing requirements taking note of revenue receipts and expenditure pattern. Requirement of additional borrowing being reduced from Rs 50000 crore as notified earlier to Rs 20000 crore. Last month, the finance ministry had said that the government is likely to borrow additional Rs 500 billion ($7.79 billion) in 2017/18 fiscal year that ends in March. CLICK HERE TO READ MORE : BUDGET 2018-19

Levy on Biodiesel has gone from 6% in excise duty to 18% in GST BUDGET 2018 : Struggling to survive despite the government 's clean energy dream, biodiesel industries have demanded the Goods and Service Tax (GST) rate on them be slashed from the current 18 to 5 per cent. The demand came days after solar industry made a similar pitch, stating while the unrealistic levy on the solar panels is killing the Indian industry and giving an edge to Chinese exporters. On Tuesday, the Biodiesel Association of India (BDAI) wrote to Union Finance Minister Arun Jaitley and Finance Ministers of West Bengal and Rajasthan seeking a reduction of high GST rate. The apex industry body pointed out that while there is a huge potential of producing more cleaner fuel in India, the extraordinary levy has bought the industry at the "brink of extinction". With the implementation of GST from July 1 2017, levy on Biodiesel has gone from 6 per cent in excise duty to 18 per cent...

The GST Council is also considering a 'staggered' system where bigger companies would be allowed to file their taxes first BUDGET 2018 : In what may be the single biggest new year gift to businesses, the GST filing process may be reduced to a single stage process, reported the Times of India. The GST Council meeting scheduled on January 18 will consider amendments in the filing process. Initially, filing the GST was a three-step process. A seller had to fill up a form (GST-R1) about output supplies, another about inward supplies(GSTR-2) and at last the tax liability is calculated and paid (GSTR-3). However, the government has already suspended the need to fill up the GSTR-2 and GSTR-3 forms indefinitely to ease the compliance burden. The ToI quotes a source as saying that those with no tax liability would be able to proceed to the third stage directly. Moreover, the GST Council is considering a 'staggered' system where bigger companies would be allowed ...

Just as growth appears to be no longer a pressing problem, another familiar threat has reappeared: India's macroeconomic numbers don't look quite as stable as they should. LATEST NEWS :   You’d think the Indian economy had returned to rosy health. It seems to have recovered from two enormous disruptions -- Prime Minister Narendra Modi ’s decision just over a year ago to withdraw 86 percent of the currency in circulation, and the poorly-planned rollout in the middle of 2017 of a new goods-and-services tax. Exports are no longer declining, as they had for several quarters; indeed, for the last month that data is available, they rose 30 percent. The Purchasing Managers’ Index expanded the fastest it has in five years. At least one international ratings agency has upgraded India’s credit rating. Most importantly, growth sped up last quarter for the first time since early 2016. There’s every reason to think it’ll bounce back towards the 7-7.5 percent range shortly. ...

PM Modi said those who looted the country could only think of dacoits LATEST NEWS  : Continuing his high decibel campaign in poll-bound Gujarat, Prime Minister Narendra Modi on Wednesday attacked Congress leader Rahul Gandhi for calling GST 'Gabbar Singh Tax' and said those who looted the country could only think of dacoits. In a stinging rebuttal to Gandhi's repeated criticism of the Goods and Services Tax, a key economic reform of the NDA government, Modi said a recently emerged "economist" was propagating a "grand stupid thought" by suggesting that GST rate be capped at 18 per cent. Making a fresh bid for power in his home state, where the BJP has ruled for over two decades, Modi also listed various development works by the government on water conservation, agriculture and development of the Saurashtra region. ALSO READ: Gabbar Singh Tax? Congressmen in 'Sholay' attire rally against GST in Surat Addressing a huge ral...

The GST Council is likely to cut the tax rate on electronic items such as washing machine, refrigerator and air conditioner, which are in the top 28 per cent slot, in the next round of rationalisation. Last week, the Council overhauled the new tax regime, reducing the 28 per cent tax levied on 178 items to 18 per cent or lesser. Most important of them all, the Council decided to slash the GST rate on AC and non-AC restaurants to 5 percent from the current 18 per cent slab. The new rates have been effective since November 15. According to The Times of India, a fresh round of rate cuts is likely as the GST Council, chaired by Finance Minister, hinted that only luxury or sin goods are going to stay in the top slot. The move will be a big relief for consumers who might have felt the pinch. While rejecting the idea of the single tax system, Arun Jaitley said, “Rationalisation process in the transition will always continue. So, wherever there is scope for improvement and procedural...

Centre gives approval for the creation of the posts of chairman and technical members of the National Anti-profiteering Authority under GST LATEST NEWS : The Union Cabinet on Thursday approved setting up of a National Anti-profiteering Authority under the GST , as it seeks to ensure that consumers get the benefit of reduced prices under the new indirect tax regime. Union Minister Ravi Shankar Prasad said currently there are only 50 items which attract the highest tax of 28 per cent under the Goods and Services Tax (GST) regime and rates on many items have been cut to 5 per cent as well. "The National Anti-Profiteering Authority is an assurance to consumers of India. If any consumer feels that the benefit of tax rate cut is not being passed on, then he can complaint to the authority," Prasad told reporters after the Cabinet meeting. This reflects government's full commitment to take all possible steps to ensure benefits of implementation of GST to the...

AC restaurants and non-AC restaurants will charge 5% GST, down from 18% and 12% respectively LATEST NEWS  : Eating out at restaurants will get cheaper as GST council , which lowered the tax rate to a uniform five per cent from 12 per cent on non-AC restaurants and 18 per cent on air-conditioned ones comes into effect from Wednesday. Currently, air-conditioned restaurants levy a charge of 18 per cent on food bill and non-AC restaurants levy 12 per cent tax. The council said the restaurants did not pass on the input tax credit (ITC) to customers and so the ITC facility is being withdrawn and a uniform five per cent tax is levied on all restaurants without the distinction of AC or non-AC. Restaurants in starred-hotels that charge Rs 7,500 or more per day room tariff will be levied 18 per cent GST but ITC is allowed for them. Those restaurants in hotels charging less than Rs 7,500 room tariff will charge five per cent GST but will not get ITC. As the new r...

About three-fourth items in the highest tax slab may move to lower brackets LATEST NEWS  :  Those planning to buy new furniture or refit electric switches might have to pay less after Friday, as the GST (goods and services tax) Council is likely to slash the indirect tax rates on these items at its meeting in Guwahati. At present, these attract 28 per cent tax. As many as 165 such items could be moved to the 18 per cent category, with only 62 attracting the highest rate. Those retained in the highest category could include digital cameras, shaving creams, paints and varnishes, cigars, pan masala, chocolates, cosmetics, vacuum cleaners, refrigerators, washing machines, hair conditioning items, hair dyes, and marble and granite. Some common items might also have their rates slashed from 18 per cent to 12 per cent, as demanded by states such as West Bengal. At the Friday meeting, the Council will also have a presentation about the inclusion of real estate u...

LATEST NEWS  : The government may review the requirement of filing at least three returns every month under the GST regime with a view to easing compliance burden of taxpayers, officials said. Presently, businesses have to file returns in GSTR-1, GSTR-2 and GSTR-3 forms for every month. These forms detail outward supplies of taxable goods and/or services, inward supplies for claiming input tax credit and monthly return. The review follows businesses complaining problems in matching invoices while filing July returns. "There will be a review of the norms to file GSTR-1, 2 and 3. Businesses have complained of trouble in invoice matching while filing GSTR-2. It would be reviewed whether matching of invoices would be pursued in the coming months," a senior government official told PTI. Under the Goods and Services Tax (GST) regime rolled out from July 1, the government has allowed businesses to file initial returns and pay taxes by filing up form GSTR-3B by th...

Mahindra Logistics operates as third-party logistics services provider; price band for IPO fixed at Rs 425-429 per share LATEST NEWS : The Rs 830-crore initial public offering (IPO) of Mahindra Logistics , an arm of Mahindra & Mahindra (M&M), garnered a subscription of 1.32 times on Wednesday, a day before its close. The institutional portion of the IPO was subscribed 76 per cent, while that of non-institutional investor was subscribed 10 per cent. The small investor portion was subscribed 2.2 times. Mahindra Logistics operates as a third-party logistics services provider. The IPO is entirely an offer for sale, with parent M&M and private equity investor Kedaara Capital selling shares worth Rs 415 crore each. After the IPO, the promoter holding in the company will come down from 74.6 per cent to 61.1 per cent. Mahindra Logistics IPO The price band for the IPO was fixed at Rs 425-429 per share. “At the higher end, the issue is priced at a price-to-e...

A 'very poor' air quality index essentially means that people may suffer from respiratory illnesses on a prolonged exposure to such air The festive fervour gripped the nation on Thursday as people celebrated Diwali, often referred to as 'the festival of lights by lighting diyas (earthen lamps), paying obeisance to Goddess Lakshmi, distributing sweets. However, a quiet and promising evening gave way to thick haze and noise as Delhi celebrated Diwali, dashing the hopes of cracker-free festivities, following a Supreme Court ban on the sale of firecrackers in the National Capital Region (NCR). The cracker-bursting was relatively subdued as compared to previous years. However, the revelers in the adjoining townships of Delhi such as Noida, Gurgaon and Faridabad paid little heed to the apex court's writ and environmentalists' concerns. Real-time pollution data alarming The online indicators of the pollution monitoring stations in the city glowed red, ...

The Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively LATEST NEWS : A week after Petroleum Minister Dharmendra Pradhan urged the state governments to cut the value added tax or VAT on petrol and diesel, two BJP-ruled states Gujarat and Maharashtra have today slashed the VAT on fuel. The Gujarat government on Tuesday announced a 4 per cent cut in VAT on petrol and diesel, effective from midnight, to bring down fuel prices in the state. The Maharashtra government reduced petrol and diesel prices by Rs 2 and Rs 1 respectively. Making the announcement, Chief Minister Vijay Rupani told the media that with the reduction in VAT, petrol price will be reduced by Rs 2.93 a litre and that of diesel by Rs 2.72 a litre. "The decision will provide a big relief to the middle class during Diwali festival and vacation," he said. (Click here to read the entire report) The move comes after Maharashtra had increased to 47 per cen...

LATEST NEWS :Hundreds and thousands of trucks kept off the roads across the country on Monday beginning a two-day strike to protest against the GST and calling for an end to daily revision of fuel prices. The strike sparked price rise due to an imminent disruption in supplies of essential commodities ahead of Diwali. The decision to strike, which began at 8 a.m., came after last minute negotiations between the government and the transporters failed to resolve the logjam over their demands, Harish Sabharwal, Additional Vice President (North) of the All India Motor Transport Congress (AIMTC), said. "We are going on a nationwide chakka jam today (Monday) and tomorrow (Tuesday). Negotiations with the government did not yield any results as they did not agree to our demands. The truckers will suffer a loss of Rs 2,000 crore. We are compelled to suffer this loss," said Sabharwal, also a member in the Road Safety Council of the Ministry of Shipping, Road Transport and...

He said the move would bring down fares, help aviation sector see growth and thus compete globally LATEST NEWS  : Ajay Singh, owner of low-cost carrier Spicejet, on Friday, pitched for bringing aviation turbine fuel (ATF) under the ambit of goods and services tax (GST) to lower cost. The move will help bring down fares and boost the aviation sector’s growth, Singh said at the World Economic Forum’s India Economic Summit. Bringing fuel under GST will help airlines claim input tax credit, which will help lower cost. “In aviation cost, ATF is the biggest item. We want the ATF cost to be reduced. States should reduce sales tax and bring it within GST so that we can claim input tax credit. If that happens, prices will come down, fares will come down and the aviation sector will see growth,” said Singh at the conference organised in partnership with the Confederation of Indian Industry (CII). On the states' insistence, petroleum has been kept out of GST and hence c...

In recent weeks, most Opposition parties, but particularly the Congress, have chosen to focus their attack on the Modi government on its handling of the economy, lack of jobs and farm distress LATEST NEWS :  Former finance minister and Bharatiya Janata celebration (BJP) veteran Yashwant Sinha’s modern day criticism of the Narendra Modi government’s moves has given the Congress birthday celebration, which has struggled to build a marketing campaign around the present status quo’s disasters on the financial the front, a prime shot inside the arm. while Sinha responded the decision of his “national obligation” to talk up, BJP’s Rajya Sabha member Subramanian Swamy and Sangh Parivar fellow vacationer S Gurumurthy have also spoken earlier approximately the negative state of the economy. Congress chief and some other former finance minister P Chidambaram, who held a press briefing later inside the day to highlight the monetary slowdown the united states turned into deali...

About 45% of taxpayers yet to file returns LATEST NEWS :  The government gathered Rs 90,669 crore Goods and services tax (GST) for August, a little decrease than the Rs 94,063 crore accumulated in July. that is additionally decrease than the Rs 91,000 crore which need to have come to the Centre and states in a month, given the finances Estimates and assumed increase costs in receipts for 2017-18. Only 55 according to cent of assessees paid taxes for August, in comparison to 64 per cent for July. However, the figures should be compared cautiously. approximately Rs 92,283 crore GST became gathered for July until August 29, whilst Rs 90,669 crore turned into garnered till September 25. consequently, increase in collections changed into flat in August, in comparison to July. As tons as Rs 94,063 crore changed into paid till August 31. Approximately Rs 14,402 crore came from the principal GST (CGST) in August, towards Rs 14,894 crore in July (paid till August 29); R...