Will takes longer time to include real estate in GST: Sushil Modi
Business | November 25, 2017 14:22 ISTSushil Modi, who is also Bihar's Finance minister, said GST Council would discuss about the real estate issues in the next meeting.
Sushil Modi, who is also Bihar's Finance minister, said GST Council would discuss about the real estate issues in the next meeting.
Admitting there were some technical glitches in the filing systems under the regime, Arvind Subramanian said the new system is a bit "complicated" as states have different IT systems and these issues are being addressed by the GST Council.
Around 56 percent of the registered taxpayers filed their GSTR-3B returns for October within due date.
Referring to India's recent jump in the ease of doing business index and findings of Pew research on Modi's popularity, Amit Shah said these are the reflection of the govt's hard work.
Services exporters who have paid IGST, those making zero rated supplies to SEZ units, merchant exporters seeking claim refunds for input credit, can now approach their jurisdictional commissioner.
Ravi Shankar Prasad said that the latest decision reflects government's full commitment to take all possible steps to ensure benefits of implementation of GST to the common man.
Arun Jaitley is on a two-day visit to Singapore. The roundtable was jointly organised by the Ministry of Finance and the High Commission of India in Singapore.
Federation of Hotel and Restaurant Associations of India (FHRAI) welcomed the GST Councils decision, saying it will help restaurants across India rationalise tariffs.
The move was welcomes by the India Inc. which said that the ‘big changes in the GST rates’ will lead to a pickup in consumer demand and significantly revive the business sentiment.
Till March, businesses with a turnover of over Rs 1.5 crore will have to file only GSTR-1 or sales returns by 40th day of the end of the month. This will be in addition to initial GSTR-3B returns.
CMA President Shailendra Chouksey said the retention of the cement in the 28 per cent GST bracket, along with luxury items such as washing machines and air conditioners, is quite unfortunate.
Industry body Assocham's Secretary General D.S. Rawat said that the "big changes in the GST rates" will lead to a pickup in consumer demand and significantly revive the business sentiment.
At yesterday’s meeting, GST Council decided to slash tax slabs for 178 items from 28 per cent to 18 per cent. It will be applicable from 15th of this month.
Currently, 12 per cent GST on food bill is levied in non-AC restaurants and 18 per cent in air-conditioned ones. All these got input tax credit, a facility to set off tax paid on inputs with final tax.
Earlier in the day, the GST Council decided to reduce tax rate on a wide range of mass use items - from chewing gums to detergents -- to 18 per cent from current 28 per cent.
For the week, the Sensex recorded a fall of 371 points, or 1.10 per cent, and the NSE Nifty 130.75 points, or 1.25 per cent.
In his address at "World Food India 2017", Nitin Gadkari said the logistics cost in India was as high as 18 per cent compared to China where it was between 8 and 10 per cent.
Varaccha is considered a stronghold of the Patel (or Patidar) community and was one of the epicentres of the Patidar quota agitation in 2015.
Nitish Kumar said this at a review meeting convened to discuss about the work of Commercial Taxes department and GST at his official residence in Patna.
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