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Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Government's tax kitty swells to Rs 4.3 lakh crore in April-July

Reflecting an upturn in economic activity, government's revenue collection showed an impressive growth in April-July period of this fiscal, with total direct and indirect tax mop-up rising to Rs 4.3 lakh crore.

GST: 1% additional tax dropped; states to get full compensation for first 5 years

GST: 1% additional tax dropped; states to get full compensation for first 5 years

The Cabinet on Thursday cleared changes in the GST Constitutional Amendment Bill, dropping 1 percent manufacturing tax and providing guarantee to compensate states for any revenue loss in the first five years of rollout of the proposed indirect tax regime.

Breakthrough: Cabinet approves changes to GST Bill, states to get full compensation for first 5 years

Breakthrough: Cabinet approves changes to GST Bill, states to get full compensation for first 5 years

 The Union Cabinet on Wednesday approved changes in the GST Constitutional Amendment Bill providing for full compensation to states for first five years of roll out of the new indirect tax regime.

Finance Ministry releases draft of model GST Bill

Finance Ministry releases draft of model GST Bill

Finance Ministry on Tuesday released the draft of model GST Bill.

GST deadlock: Crucial meeting of state FMs with Arun Jaitley begins, breakthrough likely

GST deadlock: Crucial meeting of state FMs with Arun Jaitley begins, breakthrough likely

The meeting on June 14 and 15 will discuss the model GST law, which will be adopted by the Centre and all states.

Government unearths indirect tax evasion of Rs 50,000 crore in 2 years

Government unearths indirect tax evasion of Rs 50,000 crore in 2 years

 As much as Rs 50,000 crore of indirect tax evasion and another Rs 21,000 crore of undisclosed income has been unearthed by the government in the last two years.

Spurt in indirect tax mop up to help govt meet FY16 target

Spurt in indirect tax mop up to help govt meet FY16 target

After two successive years of revising downward the tax revenue target, fiscal 2015-16 which ends on March 31 is likely to see tax revenue target of Rs 14.49 lakh crore being met.

 

Indirect tax mop-up paces up, grows 36% during Apr-Oct 2015

In October 2015, indirect tax revenue collections rose 36.8 percent from a year ago.

36.5% rise in indirect tax receipts a huge positive: Jaitley

The 36.5 percent rise in indirect tax collections "looks bigger because of certain additional revenue measures which we took since November last year", Jaitley said.

Report on uniform GST rate by month end

Report on uniform GST rate by month end

The government panel set up to suggest a uniform rate of indirect tax under the GST regime will submit its report by this month-end and the roll out of the reform measure is possible any time next fiscal, a senior CBEC official said Wednesday.

Present indirect taxation system complete mess: Arun Jaitley

Union Finance Minister Arun Jaitley Thursday said the present indirect taxation system is in a "complete mess" and sought support of political parties and state governments for implementation of Goods and Service Tax reform.

Very optimistic on passage of GST, other bills: Sitharaman

Government on Friday said it is 'very optimistic' of getting the much stalled reform bills like GST passed in Parliament despite strident disruptions by the Congress seen in the just ended Monsoon Session.

Government introduces GST Bill in Rajya Sabha amid ruckus

Amid ruckus by opposition members in the Rajya Sabha, Finance Minister Arun Jaitley on Tuesday introduced a constitutional amendment bill to enable implementation of goods and services tax (GST) in the country.

Indirect tax revenue surges 37% to Rs 2.1 lakh crore in Apr-Jul

Indirect tax revenue jumped over 37 percent to over Rs 2.1 lakh crore during April-July period of current fiscal, on the back of higher excise collections.

GST Bill: 10 Key facts you should know

GST is expected to streamline the taxation system and cut down multiplicity of compliance and cascading effect of taxes.

Govt clears GST amendments, states to be compensated for 5 years

Govt clears GST amendments, states to be compensated for 5 years

The Cabinet decided that the modalities for levy of 1 percent tax over and above the GST rate by states as well as the 'band' rate would be finalised while framing the rules, sources said.

Cabinet approves amendments to GST Bill

The Union Cabinet on Wednesday approved amendments as proposed by Rajya Sabha Select Panel on GST Constitution Amendment Bill.

Microsoft, TCS, Infosys and others bid for building GST Network

Five IT companies, including Microsoft, TCS and Infosys, have bid for building the GST network across the country for smooth roll out of the new indirect tax regime.

Indirect tax collections pace up, grow 37.5% in April-June

Indirect tax collections pace up, grow 37.5% in April-June

IIP data showed that the growth in factory output in the first two months of the fiscal was 3 percent as against 4.6 percent in April-May of 2014-15.

Indian businesses turn sceptical on PM Modi's landmark tax reform

Companies are equally worried that the reform does not extend to real estate, one of the biggest revenue generators for the states, leaving them still subject to state taxes on plant and property, possibly including machinery.