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VAT

Banks not yet prepared for GST roll-out: IBA to Parliamentary panel

Banks not yet prepared for GST roll-out: IBA to Parliamentary panel

With less than a month left for the rollout of the GST, the Indian Banks' Association (IBA) has informed a Parliamentary panel that lenders are not yet geared up for implementation of the new indirect tax regime.

'GST to help in better description of GDP'

'GST to help in better description of GDP'

The Goods and Services Tax, to be implemented from next month, will be an exciting development from data point of view and help provide a more complete description of the economic activity, Chief Statistician T C A Anant has said.

Mizoram GST Bill passed unanimously

Mizoram GST Bill passed unanimously

Mizoram assembly unanimously passed the Mizoram Goods and Services Tax (GST) Bill, 2017 in a one-day special session of the legislature on Thursday.

Small cars may see small hike in prices under GST

Small cars may see small hike in prices under GST

Small and mid-sized cars may see a small hike in prices after the Goods and Services Tax (GST) is rolled out from July 1 as different goods are fitted into the four-slab rate structure.

Centre, states taxmen to decide services rate in GST this week

Centre, states taxmen to decide services rate in GST this week

Tax officials of the central and state governments will this week hold their maiden meeting on devising a formula for tax rate to be levied on services under the Goods and Services Tax (GST) regime from July 1.

Legal experts divided over service charge in restaurants

Legal experts divided over service charge in restaurants

Opinion appears to be divided among legal experts on the government's approach on service charge in restaurants, with a section terming it totally "illegal and unfair" trade practice and the other favouring making the levy optional.

GST Bill set to be ratified in monsoon session of AP Assembly

 The three-day monsoon session of Andhra Pradesh Legislative Assembly will be held from Thursday with the two Houses set to ratify the Constitution (122nd Amendment) Bill, paving way for the introduction of Goods and Services Tax.

Assocham for penalty waiver in initial phase of GST rollout

Assocham for penalty waiver in initial phase of GST rollout

Ahead of the meeting of Empowered Committee of State FMs with industry chambers, Assocham on Friday said it will press for waiver of penalties on unintentional compliance errors which may occur during the initial phase of Goods and Services Tax (GST) implementation.

Exemption on export products should continue under GST: FIEO

Exporters body FIEO on Thursday said under the Goods and Services Tax (GST) regime, exemption on final export products should continue to promote overseas shipments.

EU seeks to end higher levies on ebooks

Taxes on ebooks should be cut to align their price with paper books, the European Commission proposed on Thursday as part of a broader review of sales tax`s rules in Europe

GST rate will go up if Kejriwal keeps luxury item out of budget: Jaitley

GST rate will go up if Kejriwal keeps luxury item out of budget: Jaitley

Union Finance Minister Arun Jaitley on Monday said Delhi Chief Minister Arvind Kejriwal`s `zero tax` budget that aims to rationalise the Value Added Tax (VAT) structure and keep luxury items out of the proposed GST, will automatically lead to the standard rate of GST going .

FAOTA stir: Odisha to procure commodities via national e-mktg

Hours before traders stopped import of food items including pulses from other states demanding withdrawal of VAT on food items, the Odisha government on Thursday decided to procure commodities through national e-marketing.

Govt will make U-turn at midnight if it benefits people: Mainsh Sisodia

 Delhi Deputy Chief Minister Manish Sisodia today the AAP government made a U-turn on the proposal to levy VAT on textiles and shoes "as people were facing problems because of the move" and said it was ready to change its decisions at midnight if it benefits people.

Good news! Low-cost footwear, school bags to remain VAT free

Good news! Low-cost footwear, school bags to remain VAT free

Following protests from several MLAs, the Delhi government has decided to roll back the hike in VAT on low-cost footwear and textiles which was proposed in its Budget 2016-17.

Like Amma Canteens in Tamil Nadu, Delhi to have Aam Aadmi Canteens

Like Amma Canteens in Tamil Nadu, Delhi to have Aam Aadmi Canteens

The Aam Aadmi Party government on Monday presented a "tax-free" budget and rationalised the VAT structure which may reduce the cost of products such as readymade garments, shoes, watches and electric and hybrid vehicles in the national capital.

Govt to walk extra mile to see jewellers are not harassed: Arun Jaitley

Govt to walk extra mile to see jewellers are not harassed: Arun Jaitley

Finance Minister Arun Jaitley on Sunday offered to walk the extra mile to ensure that small traders were not harassed but made it plain that luxury items cannot go untaxed.

Delhi govt to start drive to register traders with VAT dept

Delhi govt to start drive to register traders with VAT dept

 In order to bring more traders under tax net in the capital, Delhi government will run a large scale campaign from April to encourage the city's dealers, whose gross turnover is more than Rs 20 lakh annually, to register themselves with its VAT department.

VAT collection has crossed Rs 20,000 crore: Delhi govt

VAT collection has crossed Rs 20,000 crore: Delhi govt

Delhi government today said VAT collection in the ongoing financial year has crossed Rs 20,000 crore, close to its revised target of Rs 21,000 crore.
 

VAT: Odisha food item traders threaten to stop import

Protesting against the Odisha government's delay in withdrawing 5 per cent VAT on certainfood items, a traders body today threatened to stop import of essential commodities like pulses, wheat and wheat products,sugar and edible oil from other states from April 1

Likely government intervention to lower steep restaurant bills

Likely government intervention to lower steep restaurant bills

Food bills in steeply priced restaurants are seen coming down, as government  is likely to issue guidelines for restaurants to curb the arbitrary charging of service tax.