Union minister Ravi Shankar Prasad said the national bench of the GST Appellate Tribunal will expedite resolution of disputes under GST laws.
The move, officials believe, would help check Goods and Services Tax (GST) evasion.
Modi government is set to come out with its final Union Budget before the Lok Sabha polls later this year. But before the Union Budget is presented on February 1, the Ministry of Finance has issued a series “Know Your Budget” to clear the confusion around financial terms which leave many baffled. Here are some key terminologies of the Union Budget:
Meeting the fiscal deficit target of 3.3 per cent of GDP for the current fiscal could be a challenge for the government, given the shortfall in GST collections, rising expenditure and slowing factory output, say experts.
The move is expected to make a dent In the coffers of the government even as the ruling dispensation is trying to stick to a decade-low fiscal deficit target of 3.3 percent of the gross domestic product.
While a regular GST taxpayer has to pay taxes on a monthly basis, a composition supplier is required to pay taxes quarterly.
The government is targeting to mop up Rs 11.16 lakh crore as indirect tax collection from levy of Central and Integrated GST and compensation cess in 2018-19, Parliament was informed on Friday.
The council would also consider a composition scheme for small suppliers, apart from discussing levying a calamity cess as well as GST rates on the lottery.
The finance ministry in a statement said of the Rs 94,726 crore collected, Central GST (CGST) collection was Rs 16,442 crore, State GST (SGST) was Rs 22,459 crore, Integrated GST (IGST) was Rs 47,936 crore and Cess was Rs 7,888 crore.
In an interview to ANI, Modi emphasised that GST is a new system that is bringing about a "big transformation" and is driven technologically.
On December 22, on 23 goods and services, the GST Council decided to cut tax rates. These include movie tickets, TV and monitor screens and power banks and exempted frozen and preserved vegetables from the levy.
In a new year gift to the common man, the government has notified reduction in GST rates on 23 goods and services, including movie tickets, TV and monitor screen.
Mahesh Babu has skipped the Service tax during 2007-08 for the taxable services he has offered as the brand ambassador, appearance money and advertising during this tenure.
Shooting a series of tweets, Chidambaram said: "Until yesterday a single standard rate of GST was a stupid idea. Since yesterday, it is the declared goal of the government!"
The Goods and Services Tax has had a "negative" effect on tourism in Jammu and Kashmir, a parliamentary panel has noted, adding the Centre should reconsider the indirect tax regime on tourism-related activities in the northern state.
Making it clear that only auto parts and cement are items of common use which remain in 28 per cent slab, Jaitley said the next priority will be to transfer cement into a lower slab.
Movie tickets, TV sets to get cheaper as GST Council cuts rate on 40 products
The Congress president also alleged that PM Modi broke the back of small and medium businessmen through “Gabbar Singh Tax”, a metaphor the Congress president has been using for GST.
The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.
Chattisgarh and Rajasthan, where the Congress came to power earlier this month, sent only officers to attend the GST Council meeting, Madhya Pradesh did not send any representative, PTI reported quoting sources.
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