The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 1.24 crore. In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax ( GST), the … Read more
By Arvind PanagariyaSince the second UPA government, India has come a long way on the road to reforms. Insolvency and Bankruptcy Act (IBC), goods and services tax (GST), direct benefit transfers (DBT), National Medical Commission (NMC) Act, Ayushman Bharat Yojana, slashing of corporate profit tax, commercial mining in coal and agricultural marketing reforms are some … Read more
MUMBAI: A proposal by a group of ministers for GST amendment on the gem and jewellery sector elicited a mixed response from the trade. To plug loopholes in collection of GST or potential misuse, the GoM recommenced a 3% GST on purchase of old jewellery under the reverse charge mechanism. Also, an E-way bill has … Read more
NEW DELHI: The government on Monday said it has released Rs 1.65 lakh crore of Goods and Services Tax (GST) compensation in FY20 while the cess collections was Rs 95,444 crore. The highest compensation was given to Maharashtra at Rs 19,233 crore followed by Karnataka at Rs 18,628 crore, finance ministry said in a statement. … Read more
The Central Board of Direct Taxes (CBDT) and the Central Board of Indirect Taxes and Customs (CBIC) signed a Memorandum of Understanding (MoU) for exchange of information This MoU supersedes the MoU signed between CBDT and the erstwhile Central Board of Excise and Customs (CBEC) in the year 2015. “Significant developments have taken place since … Read more
New Delhi: The Indian economy needs major reforms in areas like land, labour and banking, in addition to the measures already undertaken like the GST and bankruptcy law, KKR Global Institute chief David Petraeus said on Friday. “I think there is…really a need for additional reforms in addition to the GST, bankruptcy law, banking for … Read more