Budget 2019: Consumers want government to reduce taxes, focus on increasing income
5 years, 6 months ago

Budget 2019: Consumers want government to reduce taxes, focus on increasing income

India Today  

With just days left before the announcement of Union Budget 2019, consumers have asked the government to focus on increasing income by reducing the tax burden. Here are the top five concerns among consumers ahead of Union Budget 2019: Relax income tax Many people highlighted the fact that consumer earnings under stress due to low-income levels and increasing prices. Focus on reducing air pollution In the wake of increased pollution across many parts in the country, citizens have also asked the government to provide a financial roadmap which helps in tackling air pollution. According to a LocalCircles survey, citizens feel the government should launch a "Clean Air Mission" to reduce air pollution levels across a majority of Indian cities over the next five years.

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History of this topic

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’
12 hours, 49 minutes ago

Kharge demands end to ‘tax terrorism’ in the Budget, calls GST ‘Give Sitharaman Tax’

The Hindu  

Ahead of the Union Budget, the Congress on Thursday alleged that the goods and services tax had become a means to “loot” people and demanded that the Centre puts an end to “tax terrorism”. In a post on X, Congress president Mallikarjun Kharge said that the GST could stand for the “Gabbar Singh Tax” or “Grahasthi Satyanash Tax ” or …

GST Council postpones decision to cut tax on life and health insurance
2 weeks, 5 days ago

GST Council postpones decision to cut tax on life and health insurance

Hindustan Times  

The GST Council on Saturday postponed a decision on cutting tax rate on life and health insurance premiums, officials said. Revenue Secretary Sanjay Malhotra attends a GST Council meeting with Union Finance Minister Nirmala Sitharaman at Vigyan Bhawan, in New Delhi. The 55th meeting of the GST Council, chaired by Union Finance Minister Nirmala Sitharaman and comprising state counterparts, decided …

GST Council delays decision on lowering tax for health, life insurance premiums
2 weeks, 6 days ago

GST Council delays decision on lowering tax for health, life insurance premiums

India Today  

The GST Council has postponed its decision on reducing tax rates for life and health insurance premiums, officials told news agency PTI. Bihar Deputy Chief Minister Samrat Chaudhary, who leads the GoM on insurance, stated that more time is required to resolve outstanding issues, particularly regarding the taxation of group policies, individual policies, and senior citizens' plans. In November, the …

GST Council Meeting: Will tax rates on health and life insurance premiums drop today?
2 weeks, 6 days ago

GST Council Meeting: Will tax rates on health and life insurance premiums drop today?

India Today  

The 55th GST Council meeting is expected to make significant decisions on tax rates for life and health insurance premiums. In its meeting last month, the GoM recommended exempting term life insurance premiums from GST, a proposal that has garnered support from several states. There is also a proposal to exempt GST on health insurance premiums of up to Rs …

GST Council Meeting: Industry eyes tax relief on health insurance premiums, higher levies on luxury items
4 weeks ago

GST Council Meeting: Industry eyes tax relief on health insurance premiums, higher levies on luxury items

Live Mint  

Industry experts expect a reduction in GST rates on health insurance at the forthcoming GST Council meeting on December 21, 2024. However, if health insurance is exempted from GST for all or specified persons, the insurance companies would lose out on input tax credits to that extent and accordingly, the reduction in costs can be less than the amount of …

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs
2 months ago

GST Revenue Trends: A Rollercoaster Ride of Ups and Downs

The Hindu  

GST revenue trends have been volatile this year, with growth in gross and net receipts exceeding that of the previous year's highest points, but falling short of the previous year's overall growth. While the year started with a strong surge in April, subsequent months have shown a decline in growth. The latest GST receipts indicate a positive trend, but it …

Union Budget 2024: GST Reform Boosts Trade And Reduces Tax Burden, Says FM
5 months, 2 weeks ago

Union Budget 2024: GST Reform Boosts Trade And Reduces Tax Burden, Says FM

ABP News  

Union Budget 2024: Finance minister Nirmala Sitharaman in her Budget speech in the Lok Sabha on Tuesday highlighted the positive impacts of the Goods and Services Tax. Presenting the Union Budget 2024-25 in Parliament, Sitharaman praised GST for decreasing the tax burden on the common man, reducing compliance obligations, and lowering logistics costs for trade and industry. Further measures to …

A fresh start: On the Goods and Services Tax Council meet
6 months, 1 week ago

A fresh start: On the Goods and Services Tax Council meet

The Hindu  

The Goods and Services Tax Council was convened last week for the first time in nearly nine months. Apart from several industry-specific measures, a few of which will kick in with retrospective effect, the Council also opted to waive interest and penalty on tax dues for the first three years of GST, provided they are paid by March 2025. Beyond …

A reform window: On the GST trajectory
9 months, 1 week ago

A reform window: On the GST trajectory

The Hindu  

The financial year 2023-24 appears to have ended on a high on the revenue front. Net direct tax collections rose 19.9% by mid-March to hit 97% of revised Budget targets, while the Goods and Services Tax has yielded a robust ₹20.18 lakh crore. Gross GST revenues in March, for transactions undertaken in February, crossed ₹1.78 lakh crore, the second highest …

GST regime has ‘very efficiently’ brought tax rates down: FM
1 year, 2 months ago

GST regime has ‘very efficiently’ brought tax rates down: FM

The Hindu  

Finance Minister Nirmala Sitharaman said on Tuesday that the Goods and Services Tax regime has “very efficiently” brought tax rates down and consumers now pay lower levies than they did in the earlier indirect tax regime. Ms. Sitharaman also urged businesses staying out of the GST system to come within its fold or risk losing prospective customers, adding that such …

GST Council to weigh tax cuts on select items
1 year, 6 months ago

GST Council to weigh tax cuts on select items

Live Mint  

The goods and services tax Council meeting next week will discuss tax relief on certain medicines, farm products, arthroplasty implants, and services such as satellite launches by private organizations, a person with direct knowledge of the matter said. A committee of officers that reviews proposals for tax rate changes, called the fitment committee, has recommended lowering the GST rates on …

GST Day 2023:
1 year, 6 months ago

GST Day 2023:

India TV News  

Nirmala Sitharaman on GST: Union Finance Minister Nirmala Sitharaman said on Saturday that the Goods and Services Tax has done justice to consumers by bringing the rates down compared to the previous Government. Today, no state suffers after GST, and that is despite COVID," said Union Finance Minister Nirmala Sitharaman. A step like GST actually brought relief to the common …

Budget 2023: Why govt should consider tax relief despite limited fiscal room
1 year, 11 months ago

Budget 2023: Why govt should consider tax relief despite limited fiscal room

India Today  

An incremental tax relief in the upcoming Union Budget 2023 could help the central government provide consumption support to the Indian economy in FY24 and shield it from the worsening financial environment in the West. Recently, global economic experts, including International Monetary Fund Deputy Managing Director Gita Gopinath, noted that an inflation-driven price shock could disrupt the lives of people …

GST Council may take call on online game tax
2 years ago

GST Council may take call on online game tax

Deccan Chronicle  

NEW DELHI: The Goods and Services Tax Council, which is scheduled to meet on December 17, is likely to discuss a host of issues that have arisen following the recommendations of the GST fitment panel. “The Council may also discuss certain tax rate changes for various sectors like textile, insurance among others, but a rate cut in the tax on …

Explained | What is next on the agenda for the GST regime?
2 years, 6 months ago

Explained | What is next on the agenda for the GST regime?

The Hindu  

The story so far: The Goods and Services Tax Council, chaired by Union Finance Minister Nirmala Sitharaman, met for the first time in 2022 for a marathon two-day meet this week, just ahead of GST’s fifth birthday on July 1. Based on recommendations made by a Group of Ministers led by Karnataka Chief Minister Basavaraj Bommai, the GST Council has …

In charts, the GST’s five-year report card
2 years, 6 months ago

In charts, the GST’s five-year report card

Live Mint  

Five years ago, the goods and services tax was launched as one of India’s biggest reforms in recent years, with the purpose of making indirect taxes “good and simple". View Full Image Chart-1 The GST regime has completed five years and the guaranteed compensation for loss in revenue to states ceases to exist. View Full Image Chart-2A View Full Image …

GST Council bites the bullet
2 years, 6 months ago

GST Council bites the bullet

Hindustan Times  

Decisions taken in the 47th Goods and Services Tax Council meeting are on expected lines. The five-year window for guaranteed revenue compensation to states, which was a part of the original federal agreement on GST, has not been extended. While the argument might not be palatable to state governments, especially those ruled by the Opposition, phasing out the guaranteed compensation …

Strengthening the GST regime
2 years, 6 months ago

Strengthening the GST regime

Hindustan Times  

The two-day meeting of the Goods and Services Tax Council that starts on Tuesday is the 47th of the body – but it is likely the most important to date. When the GST law was passed in 2017, states were assured they would be compensated for the potential loss of revenue on account of moving to the GST regime. The …

Budget 2022: Consumer Durables Makers Want FM Sitharaman to Reconsider Tax Slabs
2 years, 11 months ago

Budget 2022: Consumer Durables Makers Want FM Sitharaman to Reconsider Tax Slabs

News 18  

The economic impact of the Covid-19 pandemic in India has been largely disruptive. Here are a few key things that the consumer durables industry will expect finance minister Nirmala Sitharaman to address as she presents the Union Budget 2022. Reconsider tax slabs for certain categories to help address price hike issues The rationalisation of GST would play another crucial point …

Congress makes false allegation of extra GST on food delivery services
3 years ago

Congress makes false allegation of extra GST on food delivery services

Op India  

Congress party is trying to spread misleading information about the GST for online food order and delivery companies like Zomato and Swiggy, after new rules regarding this came into effect from 1st January. From this tweet, congress is trying to imply that with the implementation of the new rule, customers ordering the food from delivery services like Zomato or Swiggy …

Amendments in GST regime to be implemented from 1 January: All you need to know
3 years ago

Amendments in GST regime to be implemented from 1 January: All you need to know

Firstpost  

From 1 January, it will also be mandatory for all businesses to get an Aadhaar authentication for claiming their GST funds In order to prevent fraudulent activities pertaining to billing and recovery, the Union government has made changes to the current Goods and Services Tax regime. New GST Rules -Currently, a company has to file two monthly returns which are …

Explained | Why has the GST Council decided to keep fuels outside the ambit of the tax regime for now?
3 years, 3 months ago

Explained | Why has the GST Council decided to keep fuels outside the ambit of the tax regime for now?

The Hindu  

September 22, 2021 01:51 pm | Updated September 25, 2021 11:03 pm IST The story so far: The Goods and Services Tax Council last week decided to let petrol and diesel remain out of the ambit of the GST, at least for now. Fuel taxes were projected to contribute almost ₹6 lakh crore to the Central and State exchequers combined …

Enhanced GST revenue collections should now be 'new normal': Sitharaman
3 years, 6 months ago

Enhanced GST revenue collections should now be 'new normal': Sitharaman

India TV News  

Commending taxmen for the enforcement measures in dealing with GST fraud, Finance Minister Nirmala Sitharaman on Thursday said the enhanced revenue collection in the recent months should now be the "new normal". In a message to tax officers on the fourth anniversary of historic tax reform GST, she said in the last four years the taxpayer base has almost doubled …

GST Council Meet Today to Discuss Tax Cut on COVID Essentials. Will You Be Benefitted?
3 years, 6 months ago

GST Council Meet Today to Discuss Tax Cut on COVID Essentials. Will You Be Benefitted?

News 18  

GST Council Meet Today: The Goods and Services Tax Council will meet on Saturday to discuss the tax waivers on COVID-19 essential items and medicines. During the previous GST Council meeting, the states asked the finance minister to provide tax relief on COVID-19 essentials — PPE kits, masks, vaccines and medicines. “The upcoming GST Council meeting is expected to consider …

GST regime is in crisis
3 years, 7 months ago

GST regime is in crisis

Hindustan Times  

The Goods and Services Tax Council will meet on May 28 after a gap of seven months. Many state governments, which are ruled by parties opposed to the Bharatiya Janata Party, have demanded a GST waiver on various kinds of medicinal supplies being used for treating Covid-19. Using GST Council meetings to tweak GST rates on various commodities – Gujarati …

Sanjeev Ahluwalia | A bottom-up view of the annual Budget
3 years, 10 months ago

Sanjeev Ahluwalia | A bottom-up view of the annual Budget

Deccan Chronicle  

Despite the hoopla around the Union government’s Budget, for citizens, allocations in their state budgets matter more. The avoided cost of pancaked sales tax on goods sold across state borders and the ease of movement — most recently via e-tax invoices — will reduce tax leakage and fraud, boost tax revenues and benefit both the Union and the states. The …

Traders urge Finance minister, GST council to modify new GST notification
4 years ago

Traders urge Finance minister, GST council to modify new GST notification

India TV News  

Trading community on Sunday urged Union Finance Minister Nirmala Sitharaman and Goods and Goods and Services Tax Council to withdraw certain provisions of the new GST notification issued a few days back. In a memorandum, Federation of All India Vyapar Mandal- a national body of small traders - advocating for a single-point GST collection, urged for certain changes in the …

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report
4 years, 2 months ago

Automotive and Real Estate Sectors Need Suspension of GST For At Least 6 Months: PwC Report

News 18  

As the pandemic has severely hit businesses and more so in the case of automobiles, hospitality and real estate sectors, a PwC report has suggested the suspension of Goods and Services Tax on these sectors for a minimum of six months. The report titled “Reimagining GST@3" said that such a measure will provide much-needed cash liquidity to these sectors and …

Why the GST framework is in trouble
4 years, 4 months ago

Why the GST framework is in trouble

Hindustan Times  

The switch to the Goods and Services Tax in July 2017 was a historic moment in India’s fiscal trajectory. The Union has not paid the constitutionally mandated ₹1.5 lakh crore of GST compensation to states for the months of April-July in the current fiscal year. It also expects that the total shortfall in GST compensation to the states will be …

GST faces challenge to meet higher revenue expectations
4 years, 6 months ago

GST faces challenge to meet higher revenue expectations

Hindustan Times  

The Goods and Services Tax was passed in a joint session of parliament on 1 July, 2017. This change was expected to cut red tape, facilitate movement of goods and services across state borders and widen the tax base by bringing erstwhile evaders into the system via the input tax credit radar. The Goods and Services Tax was passed in …

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman
4 years, 6 months ago

Taxes need to be simplified for a self-reliant India: Nirmala Sitharaman

Live Mint  

Finance minister Nirmala Sitharaman on Wednesday said that taxation, especially Goods and Services Tax, needs to be further simplified to make life easier for tax payers, a critical requirement for a self-reliant nation. Sitharaman’s promise about simplifying the tax administration comes a day after Prime Minister Narendra Modi thanked tax payers along with farmers for strengthening the government’s hands in …

Appliances, consumer electronics industry seeks tax relief, incentives in upcoming Budget
4 years, 11 months ago

Appliances, consumer electronics industry seeks tax relief, incentives in upcoming Budget

India TV News  

Manufacturers of appliances and consumer electronics are seeking lower taxes on eco-friendly and energy-efficient products, more incentives for domestic manufacturing and waiving of customs duty on inputs imported to make the components in the upcoming Union Budget. "Lowering the GST tax slabs for eco-friendly and energy-efficient products like air conditioners and refrigerators to 12 percent will drive demand and increase …

Budget may reform GST filing process
4 years, 11 months ago

Budget may reform GST filing process

Hindustan Times  

The budget is expected to announce several direct and indirect tax reforms including further simplification of income-tax laws to encourage voluntary compliance and widening the tax base, and which involve more use of technology, people aware of the development said on condition of anonymity. The budget is expected to announce several direct and indirect tax reforms including further simplification of …

Budget 2020: Insurance industry expects more tax incentives to increase penetration of life, general cover among public
4 years, 11 months ago

Budget 2020: Insurance industry expects more tax incentives to increase penetration of life, general cover among public

Firstpost  

Mumbai: The insurance industry is expecting more tax incentives to increase the penetration of life and general cover among the public in the upcoming Union Budget. “We request Finance Minister to consider a separate deduction to be provided for a premium paid on individual life policies,” Life Insurance Council’s Secretary S N Bhattacharya said. If no separate deduction is provided, …

Parliament panel asks govt to prevent misuse of input tax credit under GST as revenue collection slows in recent months
5 years ago

Parliament panel asks govt to prevent misuse of input tax credit under GST as revenue collection slows in recent months

Firstpost  

GST revenue collection crossed the Rs 1 lakh crore mark after a gap of three months in November, with the revenue growing by 6 percent to Rs 1.03 lakh crore in the month. New Delhi: A Parliamentary panel on finance on Tuesday observed that the Goods and Services Tax collection has slowed down in recent months and asked the government …

GST Council meeting on 18 December: Tax rates may go up for various items to compensate revenue shortfall
5 years ago

GST Council meeting on 18 December: Tax rates may go up for various items to compensate revenue shortfall

Firstpost  

With pressure on revenue collection, the Goods and Services Tax rates and slabs may be raised during the GST Council meeting next week New Delhi: With pressure on revenue collection, the Goods and Services Tax rates and slabs may be raised during the GST Council meeting next week. The all-powerful GST Council, headed by Finance Minister Nirmala Sitharaman, is set …

GST Council may go for 3 rate slabs; could make phones and air travel pricier
5 years ago

GST Council may go for 3 rate slabs; could make phones and air travel pricier

Hindustan Times  

The GST Council could reduce the four tax slabs that currently exist – 5%, 12%, 18%, and 28% – to three – 8%, 18%, and 28% – two government officials familiar with the matter said on condition of anonymity, adding that the move is aimed at increasing tax revenue by raising taxes on products and services used primarily by the …

From streamlining GST to lowering personal income tax: How govt plans to boost economy
5 years, 1 month ago

From streamlining GST to lowering personal income tax: How govt plans to boost economy

India Today  

The government is working on multiple measures to revive the ailing economy after growth in the second quarter dipped to 4.5 per cent, the lowest in over six years. Finance Minister Nirmala Sitharaman on Saturday said the government is working on steps like personal income tax rationalisation and another reform in GST to boost demand and economic growth. While government …

GST Council to review tax rates, exemptions
5 years, 1 month ago

GST Council to review tax rates, exemptions

Live Mint  

Federal indirect tax body, the Goods and Services Tax Council, will meet later this month to discuss various revenue raising measures including changes to GST rates and cess levied on select goods. At the last meeting of the council in September in Goa, there was a token increase in the tax rate on one product, signaling that the era of …

GST Council Meet today: Focus on revenue protection, boost for economic growth; no major tax rate cuts likely
5 years, 3 months ago

GST Council Meet today: Focus on revenue protection, boost for economic growth; no major tax rate cuts likely

Firstpost  

The GST meeting will be closely watched as it could help investors gauge the government’s seriousness in reviving growth in Asia’s third-largest economy The GST Council, headed by Union Finance Minister Nirmala Sitharaman and comprising representatives of all states and Union Territories, will have its 37th meeting in Goa today in the backdrop of economic growth hitting a six-year low …

GST Council to opt for just minor tax tweaks
5 years, 3 months ago

GST Council to opt for just minor tax tweaks

Live Mint  

India’s federal tax council is likely to ignore the rising chorus for tax relief at its Friday meeting and make only minor tweaks instead as a revenue shortfall looms, a person familiar with its deliberations said. The Goods and Services Tax Council at its 37th meeting in Goa will also consider states’ demand for extending the GST cess on select …

Ahead of GST Council meet, fitment panel rejects tax rate cut for auto, biscuits; favours relief for hotel industry
5 years, 3 months ago

Ahead of GST Council meet, fitment panel rejects tax rate cut for auto, biscuits; favours relief for hotel industry

Firstpost  

New Delhi: Ahead of the crucial GST Council meeting on Friday, a committee of officials has rejected demands for a cut in tax rate on items ranging from biscuits to car owing to tight revenue position as any reduction will dent Centre and State collections. However, the Committee was of the view that the rate cut would hurt the collection …

GST panel unlikely to favour tax rate cut for auto, component sectors; revenue losses major concern for govt
5 years, 3 months ago

GST panel unlikely to favour tax rate cut for auto, component sectors; revenue losses major concern for govt

Firstpost  

The auto sector, which has been reeling from the worst slump in nearly two decades, has pushed for a lowering of tax rates at the 20 September GST panel meeting, in a bid to revive vehicle demand. New Delhi: The Goods and Services Tax panel is unlikely to approve lowering the tax for the auto and allied components sector this …

Much-awaited GST meet on Friday may not give auto sector any succour: Report
5 years, 3 months ago

Much-awaited GST meet on Friday may not give auto sector any succour: Report

Live Mint  

New Delhi: India's goods and services tax panel is unlikely to approve lowering the tax for the auto and allied components sector this week, as a study has warned of major revenue losses, two government officials said. A government study, attached to the agenda of a 20 September GST panel meeting, has said the total annual revenue loss could be …

GST Council meets next Friday; tax rate cut to hinge on revenue position, says govt official
5 years, 3 months ago

GST Council meets next Friday; tax rate cut to hinge on revenue position, says govt official

Firstpost  

New Delhi: The all-powerful GST Council will at its Goa meeting next week consider demands for reducing taxes on products ranging from cars to biscuits keeping in mind the revenue position as any cut will have a direct impact on earnings of states, a senior government official has said. The GST Council, headed by Union Finance Minister Nirmala Sitharaman and …

GST return filing: Small businesses may get exemption
5 years, 3 months ago

GST return filing: Small businesses may get exemption

Live Mint  

The all-powerful GST Council is set to discuss a proposal to exempt small businesses with annual turnover of less than ₹2 crore from filing annual returns. "There is also a view that government should wait till November 30 to see if the number of those filing returns goes up," he said adding there would be many procedural issues that would …

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps
5 years, 6 months ago

Budget 2019 has delivered quick fixes; govt seems to have made attempt to address several policy gaps

Firstpost  

On the back of a massive mandate, the first Budget of Narendra Modi government’s second term has several reasons to cheer about. What’s more encouraging is, these policy announcements were woven around certain themes central to the government’s policy agenda, e.g., mega spending programme for physical and social infrastructures; last mile foreign direct investment reforms, e.g., for aviation, insurance and …

Budget 2019: Government to provide additional incentives for electric vehicles
5 years, 6 months ago

Budget 2019: Government to provide additional incentives for electric vehicles

India TV News  

Followed with the Budget 2019, the government has announced new tax benefits to make purchasing of Electric Vehicles and e-vehicles easier for buyers. According to Finance Minister Nirmala Sitharaman's speech, the government has asked the GST council to lower the GST rate on electric vehicles from existing 12 per cent to 5 per cent. Also, read: Nokia 9 PureView with …

’GST Council to consider reducing tax on electric vehicles’
5 years, 6 months ago

’GST Council to consider reducing tax on electric vehicles’

Live Mint  

New Delhi: The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday. Thakur said the number of tax filers has doubled under the GST, and it shows that people's trust in the new tax …

'GST Council to consider reducing tax on electric vehicles'
5 years, 6 months ago

'GST Council to consider reducing tax on electric vehicles'

India TV News  

The GST Council will consider reducing tax on electric vehicles, which are seen as more environment-friendly, and the matter is pending before it, Minister of State for Finance Anurag Thakur informed the Lok Sabha on Monday. Anurag Thakur said the number of tax filers has doubled under the GST, and it shows that people's trust in the new tax regime …

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