Free Press Journal
  • Efforts on to build consensus on sticky GST issues: Jaitley

    New Delhi : Finance Minister Arun Jaitley today said the Centre is making all efforts to build consensus on sticky issues, especially on jurisdiction of assessees, to ensure GST rollout from April 1, 2017, reports PTI. “We are making all efforts to introduce GST from April 1, 2017. GST has to be implemented latest by September 16, 2017, and if it is not implemented by then, then states will not be able to

  • Diluted GST will have limited efficacy

    It is heartening that Finance Minister Arun Jaitley has managed to break the stalemate with States on the Goods and Services (GST) tax rates, but the plethora of tax slabs to satisfy the myriad demands of States has diluted its benefits. Only time will tell how efficacious the new GST scheme of things will prove to be but it is clear that the original high hopes on GST stand moderated now.

  • Jurisdiction issue can derail GST rollout

    New Delhi: For the second time in as many weeks, the Centre and states on Friday failed to reach a consensus on who will control which set of assessees under the Goods and Services Tax (GST), a disagreement that threatens to derail the April 1 target for rollout of the new indirect tax regime.

  • GST to be less regressive with lower tax band at 5%: Experts

    New Delhi : A zero tax on daily necessities as well as lower rate of 5 per cent for items of mass consumption will make the new Goods and Services Tax regime, to be rolled out from April next year, less regressive, tax experts said, reports PTI.

  • GST Council decides on 4-tier tax structure of 5-28 pc

    New Delhi: A 4-tier GST tax structure of 5, 12, 18 and 28 per cent, with lower rates for essential items and the highest for luxury and de-merits goods that would also attract an additional cess, was decided by the all- powerful GST Council today.

  • Remove anomalies across sectors before GST rollout: Report

    New Delhi : Sharp anomalies in the taxation structure across different industries such as telecom, tobacco and textiles should be addressed as the country moves towards the goods and services tax (GST) regime, said a paper submitted to the GST Council, reports PTI.

  • World Bank to include GST, bankruptcy code in next report

    New Delhi : The World Bank in its latest ‘Doing Business’ 2017 report has suggested taking on board implementation of the Goods and Services Tax (GST) and enactment of the bankruptcy code, reports ANI. While preparing the ease of doing business report next year, the bank is supposed to assess both the GST and bankruptcy code, said Country Director Junaid Ahmad.

  • Save fiscal autonomy of states under GST: Deve Gowda to PM

    Bengaluru : JDS supremo H D Deve Gowda on Sunday said any effort to “restrict empowerment or cross empowerment” to states in administering tax on services in the GST regime will amount to the Centre going back on its earlier assurances and endanger the principles of federalism and fiscal autonomy of the states, reports PTI.

  • FM favours cess over additional tax for compensating states

    New Delhi : Finance Minister Arun Jaitley today favoured levy of cess on tobacco and luxury products to compensate states for loss of revenue on GST saying the cost of funding that through an additional tax would be “exorbitantly high and almost unbearable”, reports PTI.

  • As GST nears, CBEC officers get jitters about job security

    New Delhi : As the deadline for implementing Goods and Service Tax (GST) across the country nears, there is growing unease among officials of the Central Board of Excise and Customs about their job security and future, according to Cogensis report.”Any change causes anxiety,” an Indian Revenue Service officer said. “If the government thought, a change as big as GST will not lead to any protests, then they are functioning in a utopian

  • ‘Invest’ portal, managers to aid investors

    INDORE : To promote investment in Madhya Pradesh, the state government is gearing up to offer new facilities to the industrialists. Chief Minister Shivraj Singh Chouhan is expected to make an announcement in this regard at Global Investors Summit (GIS).

  • GST may make kitchen staples dearer; TVs, ACs cheaper

    New Delhi: The proposed 4-tier GST structure may hit the common man as it is likely to result in higher taxes on various items including kitchen staples such as edible oils, spices and chicken.

  • Centre proposes separate fund for GST revenue loss compensation

    New Delhi : The Centre has proposed setting up a separate fund under the Public Accounts to compensate states for possible losses after the implementation of the Goods and Services Tax  (GST) in the country. According to the discussion paper circulated at the two-day GST Council meeting that concluded on Wednesday the Compensation Fund will be non-lapsable and will be only used to fund compensation of states.

  • GST regime will not impact concessions for investors

    BHOPAL:  The state government will continue giving concessions and incentives to persons setting up industries in the state as per its policy despite the Goods and Services Tax (GST) coming into force in the country.

  • Winter Session to begin on Nov 16

    New Delhi: The Winter Session of Parliament will commence on November 16 and is likely to end on December 16, it was officially announced on Wednesday.

  • GST panel puts off rate decision to Nov; sin goods cess likely

    New Delhi : The Centre and states on Wednesday failed to decide the tax rate under the new GST regime even though they “converged towards a consensus” on levying a cess in addition to the highest rate of tax on luxury and sin goods.