GST evasion worth Rs 12,000 crore detected between April-November
Business | December 12, 2018 14:31 ISTGST which subsumed 17 local taxes, including excise duty and service tax, was introduced on July 1, 2017.
GST which subsumed 17 local taxes, including excise duty and service tax, was introduced on July 1, 2017.
The prime minister highlighted the loopholes of the GST model, which was earlier proposed by Chidambaram and clarified the BJP’s stance on opposing GST during UPA regime.
Investor sentiments were boosted after Goods and Services Tax on many items including electronic appliances were slashed on Saturday, analysts said.
Total collections under the GST had registered an increase in December 2017 after declining in the two previous months of November and October following the decision of the GST Council to cut rates on more than 200 items.
A single rate of GST in India “can’t work at the moment” due to vast disparities in the country’s society, Jaitley said while replying to queries from the audience at the India-Korea Summit here.
The Finance Ministry had said that it wants GST-N to detail system readiness before re-introducing the requirement for transporters to carry an e-way bill for moving goods between states.
The last date for filing initial GSTR-3B sales returns for any month is the 20th of the subsequent month. Businesses, however, can continue to file returns after that date on payment of a late fee.
Accusing the BJP of trying to divide people of Bengal along communal lines, Mamata Banerjee said Hindus do not need to listen to BJP's lecture on Hinduism.
Rahul, who has been highly critical of the manner in which the tax was implemented and had termed it "Gabbar Singh Tax", said that a "huge amount" of confusion related to the GST would also be removed.
The Survey preliminary analysis of data shows GST registrants rose mainly on account of large increase in voluntary registrations, especially by small enterprises that buy from large enterprises and want to avail themselves of input tax credits.
The GST collection for the month of July was over Rs 95,000 crore while for August, it was more than Rs 91,000 crore.
Finance Minister Jaitley said the decisions on changing the tax rates were taken on the recommendations of the fitment committee and the changes will come into force from Jan 25.
The Punjab Minister accused the Modi government of "profiteering at the expense of the common man". "Thus to provide relief to the common man, petroleum products should be brought under the ambit of the GST," he said.
Official data showed on Tuesday that falling for the second consecutive month, total revenue collected under GST touched Rs 80,808 cr in Nov -- down from Rs 83,346 crore in October, possibly also due to the large scale rate cuts made last month.
While the downward trend in GST collection started from October, the November figure may have been impacted by the major revamp of the GST tax structure brought in during the November 10 Guwahati meeting.
The UPA government had not included petroleum products to be part of GST "because the UPA knew it would be a deal breaker with the states," Jaitley said in response to a question by P Chidambaram.
Once the system stabilises, the Council will look into bringing petroleum products, electricity duty and property stamp duty into the GST fold, he said
India's GDP grew at 5.7 per cent in the April-June quarter of 2017-18, its lowest under the Narendra Modi government.
Expect election campaigning to go a notch up when the state in question is Narendra Modi's home state Gujarat.
Finance Secretary Hasmukh Adhia said that people had lot of cash stashed away in the houses, demonetisation has brought those hidden cash in the main banking channel.
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