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GST impact: Customers enjoy upto 60% discount as retailers get busy clearing stocks

GST impact: Customers enjoy upto 60% discount as retailers get busy clearing stocks

With less than 10 days to go for the biggest indirect tax reform to take effect, retailers are rushing to clear their stocks by offering huge discounts ranging from around 30 percent to 60 percent.

GST inches closer to July 1 rollout: Things that you must know

GST inches closer to July 1 rollout: Things that you must know

Touted as the biggest indirect tax reform since independence, GST would subsume central excise, service tax and other local levies.

Indirect tax revenue grows 22% in Apr-Feb; direct tax up 10.7%

Indirect tax revenue grows 22% in Apr-Feb; direct tax up 10.7%

The government's revenue collection from indirect tax during April-February grew by an impressive 22.2 percent while that of direct tax rose by 10.7 percent.

 

Tata Motors, Kingfisher Airlines owe over Rs 1,000 crore each in indirect tax

Tata Motors, Kingfisher Airlines owe over Rs 1,000 crore each in indirect tax

Tata Motors and Kingfisher Airlines are among the four companies that owe over Rs 1,000 crore in indirect taxes to the exchequer, Parliament was informed on Friday.

CBDT tells officers to submit data of appeals disposed of every month

To fast-track disposal of tax cases, CBDT has started reviewing performance of its officers and asked commissioners to submit data on number of appeals they have disposed of every month against the given target.

Indirect tax collection jumps 26% in April-September, direct tax 9%

Indirect tax collection jumps 26% in April-September, direct tax 9%

Government's revenue collection in April to September -- the first half of the current fiscal -- saw indirect tax-mop up growing at an impressive 26 percent while that of direct tax came in at a tepid 9 percent.

Direct tax collections till September grow 9% to Rs 3.27 lakh crore

Direct tax collections during the six months ended September grew about 9 percent to Rs 3.27 lakh crore, buoyed mainly by personal income tax mop-up.

GST Council to hold its first meeting today

GST Council to hold its first meeting today

The council will decide on long pending issues of threshold limit for applicability of the tax as well as the limit for dual control between Centre and states. Union Finance Minister Arun Jaitley will chair the meeting.

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.