Free Press Journal
  • maharashtra, maharashtra traders, apmc, professional tax, GST, APMC market, Vashi

    Success of GST in one year

    Long years ago when the Value Added Tax was first introduced, the traders were up in arms, protesting that it would have a disruptive impact all around. Yet, after the initial glitches, VAT was successfully implemented, everyone got used to it. Ahead of the implementation of the Goods and Services Tax on July 1 last year, there were similar voices, warning that its introduction would prove a disaster, that the country was

  • GST Council likely to simplify tax returns

    New Delhi: The Goods and Services (GST) Council in its 26th meeting on Saturday is likely to simplify tax returns, sources from Ministry of Finance told ANI. The council, chaired by Finance Minister Arun Jaitley is also expected to discuss the extension of 3B returns, and the current position of revenue generated from GST.

  • Tax-free no more: Saudi Arabia, UAE to roll out VAT in 2018

    Dubai: Saudi Arabia and the United Arab Emirates, which have long lured foreign workers with the promise of a tax-free lifestyle, plan to impose a 5 per cent tax next year on most goods and services to boost revenue after oil prices collapsed three years ago. The value-added tax, or VAT, will apply to a range of items like food, clothes, electronics and gasoline, as well as phone, water and electricity bills, and hotel

  • Mumbai: Gold smuggling on the rise before 5% VAT steps in UAE

    Mumbai: The Air Intelligence Unit (AIU) of Customs have heightened its intelligence network at Mumbai’s international airport as smugglers are pushing gold in the city from United States of Emirates (UAE), which is set to introduce 5 percent Value Added Tax (VAT) from January 2018 as part of the Gulf Cooperation Council (GCC) agreement.

  • Temporary disruptive effect of GST over: Finance Ministry

    New Delhi : Economic Affairs Secretary S C Garg Tuesday said the temporary disruptive effect of the Goods and Services Tax (GST) is over as the manufacturing sector recorded positive growth of 3.1 per cent in August. Commenting on the twin data on industrial output and price situation, he said that the benign and moderate inflation has become the order of the day. “Manufacturing grew by 3.1 per cent in August after

  • 28% GST slab needs to be pruned: Adhia

    New Delhi : The number of goods in the highest 28 per cent GST slab would be brought down and a committee of officers will calculate the revenue impact before going in for further reduction in tax rates, Revenue Secretary Hasmukh Adhia said Monday.

  • Bhopal: State may slash VAT on diesel, petrol today

    Bhopal: The state government, under pressure from the central leadership of the BJP, may announce reduction of VAT on petrol and diesel in the state on Wednesday. The announcement may follow a discussion on the issue at the Cabinet meeting. Sources say that there is tremendous pressure from Delhi for reducing the price of the two fossil fuels by slashing VAT, so as to send a positive signal to the people.

  • Bhopal: Shivraj Singh Chouhan hints at slashing VAT on petrol diesel

    Bhopal: The prices of petrol and diesel may come down by few notches in the state before Diwali. Chief minister Shivraj Singh Chouhan hinted this while talking to newspersons on the sidelines of a function held on Thursday. Chouhan, answering a question about reduction in VAT on the two fossil fuels, said, “People may get a gift soon”.

  • Indore: High VAT on petrol, diesel in state hits people, govt hard

    Indore: At a time when petrol and diesel are prices are touching Rs 80 and Rs 65 per liter respectively, high rate of VAT on fuels is burning pockets of vehicle-users and the government. Though, the tax (VAT) collected from fuel has been increasing constantly for the last three years, still the tax collected by the state government from petro-products is way behind other small states. Experts said that only Rs 8,802

  • Indore: New incentives to offer more financial relief to entrepreneurs

    Indore: Following roll out of the new indirect tax regime Goods and Service Tax (GST), which has subsumed a major part of VAT provisions and subsequently, VAT exemptions well, the incentives to micro, small and medium enterprises (MSME) will see a change. According to sources, the new incentives would offer more financial relief to entrepreneurs to compensate the loss incurred due to VAT exemptions.

  • Govt rules out cutting taxes on petrol, diesel

    New Delhi : Oil Minister Dharmendra Pradhan Wednesday ruled out cutting taxes on petrol and diesel to cushion the impact of rising international oil prices that has led to petrol rates increasing by over Rs 6 per litre since the beginning of July.State-owned oil companies in June dumped the 15-year old practice of revising rates on 1st and 16th of every month and instead adopted a dynamic daily price revision to instantly

  • GST mop up at Rs 42,000 cr so far

    New Delhi : As much as Rs 42,000 crore has already come in as taxes so far in the first monthly filing under the new Goods and Services Tax (GST) regime and the revenues are expected to swell further as the filing cycle closes later this week. A senior official said that about Rs 15,000 crore has come in as Integrated-GST, which is levied on inter-state movement of goods, and another Rs