Putty manufacturing companies penalised for not passing on GST rate cut benefit
6 years, 5 months ago

Putty manufacturing companies penalised for not passing on GST rate cut benefit

Firstpost  

The department of Legal Metrology has penalised two wall putty manufacturing companies in Jammu allegedly for not passing on the benefit of GST rate cut to consumers Jammu: The department of Legal Metrology has penalised two wall putty manufacturing companies in Jammu allegedly for not passing on the benefit of GST rate cut to consumers. The two companies did not mark revised rates on their products after the central government slashed GST slab on such items from 28 percent to 18 percent. It was found that after the reduction of tax slab from 28 percent to 18 percent, both the C&F conducted the sale of wall putty with tax slab of 18 percent and issued the sale bill to dealers but reduced MRP for the benefits of consumers was not marked on the wall putty bags, the spokesman said. The Centre has issued directions that all such pre-packed commodities with reduced GST slab must bear revised MRP so that consumers can avail the benefit of tax reduction.

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History of this topic

Pan masala, gutka, and similar tobacco products to face ₹1 lakh penalty, if…
11 months, 1 week ago

Pan masala, gutka, and similar tobacco products to face ₹1 lakh penalty, if…

Live Mint  

New Delhi, Feb 4 Manufacturers of pan masala, gutka and similar tobacco products will have to pay a penalty of up to ₹1 lakh, if they fail to register their packing machinery with the GST authorities with effect from April 1. Based on the recommendation of the GST Council, the tax authorities had last year notified a special procedure for …

GST On Liquidated Damages, Compensation And Penalty Arising Out Of Breach Of contract: CBIC
2 years, 5 months ago

GST On Liquidated Damages, Compensation And Penalty Arising Out Of Breach Of contract: CBIC

Live Law  

The Central Board of Indirect Taxes and Customs has issued a circular on the GST applicability on liquidated damages, compensation, and penalties arising out of breach of contract or other provisions of law. Payments such as liquidated damages for breach of contract, penalties under the mining act for excess stock found with the mining company, forfeiture of salary or payment …

GST new rates: Check full list of goods, services that get costlier, cheaper
2 years, 6 months ago

GST new rates: Check full list of goods, services that get costlier, cheaper

Live Mint  

The 47th GST council meeting was held under the chairmanship of Union finance minister Nirmala Sitharaman on Wednesday, during which, approval for changes in tax rates was given for several goods and services. Check what will get costlier in the coming month: Goods/Services Older rate New rate Printing, writing or drawing ink 12% 18% Knives, pencil sharpners, blades, forks, spoons, …

GST Rates Revised: What Gets Cheaper, What Gets Costlier? Full List Here
2 years, 6 months ago

GST Rates Revised: What Gets Cheaper, What Gets Costlier? Full List Here

News 18  

The GST Council in its 47th meet in Chandigarh has decided to bring more items under its ambit that may affect the pocket of the common man. Bank Cheque Book Issuance: An 18 per cent GST will be levied on fee charged by banks for the issue of cheques, GST council has decided. Hotel Rooms: The GST Council also decided …

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous
5 years, 6 months ago

GST evasion: 10% of profiteered amount as penalty is draconian when the concept of profiteering itself is nebulous

Firstpost  

The Narendra Modi government’s obsession with foiling profiteering under the Goods and Services Tax law is going on unabated. In its first meeting after the swearing-in of Modi government 2.0 on 21 June 2019, the GST Council read the riot act to the profiteers—if manufacturers do not pass on input tax credit and other rate cuts to the consumers, there …

Centre, states move to implement latest round of GST rate cuts announcements
6 years ago

Centre, states move to implement latest round of GST rate cuts announcements

Live Mint  

New Delhi: The central government on Monday night notified goods and service tax rate cuts on movie tickets and certain services like third party insurance as had been announced by the federal indirect tax body, the Goods and Services Tax Council on 22 December. Central and state governments are expected to issue more notifications shortly as they give effect to …

Arun Jaitley says GST standard rate to be fixed between 12-18% as revenues increase; claims sun setting on 28% slab
6 years ago

Arun Jaitley says GST standard rate to be fixed between 12-18% as revenues increase; claims sun setting on 28% slab

Firstpost  

The GST Council in its last meeting on Saturday cut rates on 23 items, thereby trimming the 28 percent slab. New Delhi: Going forward, as tax revenues significantly increase, India will have goods and services tax slabs of 0 percent, 5 percent and a standard rate between 12-18 percent for commonly-used items, Finance Minister Arun Jaitley said on Monday. Returns …

NAA plans to knock on factory gates to enforce GST rate cuts
6 years, 4 months ago

NAA plans to knock on factory gates to enforce GST rate cuts

Live Mint  

New Delhi: The National Anti-profiteering Authority has moved to make sure that cuts in goods and services tax rates are enforced at the factory gate level rather than waiting for consumers to complain about businesses cornering tax benefits meant for them. This comes in the wake of NAA noting that there has not been a single complaint of profiteering from …

GST rates slashed: From TV sets to refrigerators and washing machines, here's what gets cheaper
6 years, 5 months ago

GST rates slashed: From TV sets to refrigerators and washing machines, here's what gets cheaper

India TV News  

In a major relief for common man, the GST Council on Saturday slashed rates on a wide-range of daily-use products including television, refrigerators, perfumes, and cosmetics. GST slashed from 12 per cent to 5 per cent - Handloom dari - Fertiliser grade phosphoric acid III. GST slashed from 28 per cent to 18 per cent - Lithium-ion batteries - Vaccum …

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