Free Press Journal
  • One Year of GST

    One year of GST! Did you know? GST also stands for these 10 things

    July 1, 2018 marks one year of the Goods & Services Tax (GST). While the debate over how beneficial the tax regime has been to the country remains debatable, one cannot deny the fact that GST has had a significant impact on the economy as a whole. The pros and cons will be kept discussing in the times to come.

  • IMF suggests India three steps to sustain high growth rate

    Washington: To sustain the high growth rate India has achieved, the country should carry out banking sector reforms; continue with fiscal consolidation, simplify and streamline GST; and renew impetus on reforms, the International Monetary Fund (IMF) said today.

  • Cabinet approves hike in ex-mill ethanol prices

    New Delhi: The Cabinet Committee on Economic Affairs (CCEA) on Wednesday has approved to increase the ex-mill price of ethanol used in Public Sector Oil Marketing Companies (OMCs) to Rs 43.70 per litre. The ethanol derived out of C Heavy molasses now cost Rs, 40.85 per litre.

  • maharashtra, maharashtra traders, apmc, professional tax, GST, APMC market, Vashi

    Rs 2,000 crore GST evasion unearthed in 2 months

    New Delhi: The GST investigation wing has detected tax evasion of over Rs 2,000 crore in two months, and data analysis reveals that only 1 per cent of over 1.11 crore registered businesses pay 80 per cent of the taxes, a senior official said today. CBIC member John Joseph said alike small businesses who are making mistakes while filing GST returns, multinationals and big corporates too have slip-ups.

  • Indore: GST refund worth Rs 96.45 cr made to 3129 taxpayers in 18 days

    Indore: Addressing the major demand of traders and exporters to release their GST refund, the state goods and service tax (SGST) department cleared refund claims worth Rs 96.46 crore. The department had launched special 15-day drive to redress grievance of businessmen. Though the special drive concluded on Monday, the refund drive will continue.

  • GST leads to formalisation of economy, widening of tax base: Finance Ministry

    New Delhi: The Finance Ministry today said it would be increasingly difficult for businesses to remain outside the tax net as GST is leading to formalisation of the economy. The Goods and Services Tax (GST) was introduced from July 1 last year to subsume plethora of indirect taxes like excise and sales tax.

  • suresh prabhu, mumbai, manufacture aircraft, US, Aviation Minsiter,

    Trade gap widens to 4-month high despite higher exports

    New Delhi : India’s exports grew 20.18 per cent to $28.86 billion in May — the highest in six months, even though the trade deficit widened to a four month high of $14.62 billion.

  • GST refund drive extended till June 16

    New Delhi: The special fortnight-long drive to process pending Goods and Services Tax (GST) refunds has been extended by two more days till June 16. The government launched the second “Special Drive Refund Fortnight” from May 31 to June 14. During the first Refund Fortnight from March 15 to 29, an amount of Rs 5350 crore was sanctioned.

  • Fuel prices will drop instantly if brought under GST, says Chidambaram

    New Delhi: In the wake of the recent petrol and diesel price hike across India, former Finance Minister P. Chidambaram on Monday claimed that fuel prices would immediately come down if brought under the ambit of the Goods and Services Tax (GST). Addressing a press conference here, Chidambaram said the onus for bringing petrol and diesel under the GST should not be on state finance ministers.

  • Pradhan hopeful of bringing oil prices under GST regime

    Bhubaneswar : Union oil minister Dharmendra Pradhan on Thursday voiced optimism that petroleum products will be brought under the GST purview that will help in checking volatility in fuel prices. “In the long run, petroleum products are bound to be included within the ambit of the GST regime … It is only a matter of time. It will immensely help in containing prices of petrol and diesel,” Pradhan said.

  • No question of rollback of fuel price deregulation: Oil Minister

     New Delhi : Sternly ruling out any rollback of deregulation of fuel prices, Oil Minister Dharmendra Pradhan on Wednesday said despite having the burden of repaying oil bonds, the government will take full responsibility of keeping fuel prices in check and ensuring they don’t go out of reach of the common man.

  • Mutual funds told to disclose total expenses charged on daily basis

    New Delhi : Sebi on Tuesday asked mutual fund houses to prominently disclose on a daily basis total expenses charged to customers for all schemes under a separate head on their websites as well as Amfi website. The fund houses need to disclose about name of the scheme, base as well as total TER, additional expense and GST for regular and direct mutual funds plan in a prescribed format. The new directive

  • GST collections in May drops to Rs 94,016 crore: Finance Ministry

    New Delhi: GST collections in May declined to Rs 94,016 crore from over Rs 1.03 lakh crore in April, the Finance Ministry said today. As many as 62.47 lakh businesses filed their summary sales return GSTR-3B in the month of May.

  • NCLAT asks Tata Steel if it will pay dues of Bhushan Steel

    New Delhi: The company law appellate tribunal today asked Tata Steel if it will clear the statutory dues like income tax and GST of Bhushan Steel, a company it had acquired in the insolvency proceedings earlier this month. The National Company Law Appellate Tribunal (NCLAT), hearing appeals against the acquisition filed by Bhushan Steel’s founding Singal family and the firm’s operational creditor Larsen and Toubro, asked Tata Steel to submit a statement

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