goods and services tax

NEW DELHI: Finance secretary TV Somanathan on Wednesday exuded confidence that the fiscal deficit targetof 6.4 per cent of GDP in 2022-23 will be met without pruning capital expenditure. The Union Budget has pegged the fiscal deficit at…

The National Anti-profiteering Authority (NAA) is "internally" investigating around 250 retailers following complaints that they raised prices of pre-packaged items, more than warranted, following the imposition of goods and services tax…

The Supreme Court has said all details of the bidder winning a government contract need to be shared with the Goods and Services Tax (GST) jurisdictional officers concerned to enable them to correctly assess tax liability. The Supreme…

Ice-cream parlours will attract 18% goods and services tax (GST) with input tax credit, whether sold by a parlour or any similar outlet, the Central Board of Indirect Taxes and Customs (CBIC) said on Wednesday as part of a detailed…

GST registered businesses with annual turnover of Rs 10 crore or more will have to generate e-invoices for B2B transactions from October 1, the finance ministry said. Currently, businesses with turnover of Rs 20 crore and above are…

A group of ministers, mandated to look at rate rationalisation by the Goods and Services Tax Council, is mulling doing away with the 12% slab while retaining the 18% and 28% slabs. People aware of the development told ET that most of the…

Minister of State for Finance Pankaj Chaudhary on Monday said the recent revision in GST rates is expected to boost the government's revenue collections. A 5 per cent Goods and Services Tax (GST) was levied on curd, paneer, honey, wheat…

NEW DELHI: GST collections rose 28 per cent to Rs 1.49 lakh crore on an annual basis in July on the back of economic recovery and measures taken to curb tax evasion, the government said on Monday. In July, 2021, Goods and Services Tax…

The Goods and Services Tax (GST) should just have two rates with a small exemption list, according to former Niti Aayog chief Arvind Panagariya. "We should get to two GST rates (structure)....Also, we need to prune the GST exemption…

A 5 per cent GST rate on Monday kicked in on pre-packed and labelled food items such as cereals, pulses and flour weighing less than 25 kg. The Union Finance Ministry issued detailed frequently asked questions (FAQs) on the levy of Goods…