Finance Minister Arun Jaitley chaired the 26th meeting of the Goods and Services Tax (GST) Council in New Delhi on Saturday.
A key agenda for the meeting, as discussed earlier, will be related to simplification of tax returns. Apart from this, the council will discuss the implementation of the new e-way bill for inter and intra-state movement of goods.
The GST Council in its 25th meeting had made several important recommendations for the housing sector which are expected to promote affordable housing for the masses in the country. These recommendations which came into effect from January 25, include a proposal to extend the concessional rate of GST of 12 percent (effective rate of eight percent after deducting one third of the amount charged for the house, flat towards the cost of land or undivided share of land) in housing sector to construction of houses constructed, acquired under the Credit Linked Subsidy Scheme (CLSS) for Economically Weaker Sections (EWS), Lower Income Group (LIG), Middle Income Group-1 (MlG-1), Middle Income Group-2 (MlG-2) under the Pradhan Mantri Awas Yojana (Urban).
ALSO READ: PMO steps in to speed up GST refunds for exporters
CATCH ALL THE LIVE UPDATES
02:23 PM
Tax exemption for exporters extended by six months: FM
02:23 PM
Present system of GST return-filing extended by three months, says Finance Minister Arun Jaitley
02:22 PM
E-way Bill will be implemented from April 1 for inter-state movement of goods: FM
02:21 PM
Tax exemption for exporters extended by six months: FM
02:21 PM
Present system of GST return-filing extended by three months: Arun Jaitley
02:20 PM
Kerala FM: Form 3B will continue for the next three months
02:19 PM
Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST
02:18 PM
Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley
02:16 PM
Crucial GST meet ends, staggered rollout of e-way bill from April 15
02:15 PM
States to be divided into 4 lots to execute the staggered rollout
02:15 PM
LIVE GST Council plans 2 alternate models for returns simplification: FM
02:13 PM
Finance Minister Arun Jaitley briefs media after crucial GST Council meet
02:13 PM
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Ministry of Finance
✔
@FinMinIndia
The Union Minister of Finance & Corporate Affairs, Shri @arunjaitley chairing the 26th GST Council Meeting in New Delhi today.
11:43 AM - Mar 10, 2018
169
53 people are talking about this
Twitter Ads info and privacy
02:08 PM
PMO steps in to speed up GST refunds for exporters
Taking note of slowing exports growth, the Prime Minister’s Office (PMO) has called a meeting of key officials from the ministries of finance and commerce to expedite clearance of exporters’ refunds for the goods and services tax (GST). The Department of Commerce has strongly demanded clearance of exporters’ refunds to address their working capital issue impacting India’s outbound shipments.
“The PMO has finally stepped in to resolve exporters’ concerns under the GST, with the commerce ministry and the finance ministry on different pages on the matter. The exports should not suffer because of administrative loopholes,” said a senior government official.
02:06 PM
With no fixed targets, GST collection not-so-encouraging: Par panel
With no targets fixed, the monthly revenue collections from GST are not encouraging, the frequent revisions in rates has impacted the stability of the new tax system and has adversely impacted the trade and businesses, a Parliamentary panel has observed in its report.
"The Committee are constrained to observe the not-so-encouraging monthly revenue collections from GST, which still have not stabilised with frequent changes in rates and issue of notifications every now and then. Further, the Committee are surprised to learn that no GST revenue targets have been fixed by the government," the Standing Committee on Finance headed by Congress leader M Veerappa Moily said in its report tabled in Parliament on Friday.
01:59 PM
Finance Minister Arun Jaitley, after the 25th GST Council meeting in January, had said that the implementation of the e-way bill for intra and inter-state movement of goods would start from February 1, with 15 states agreeing to implement it on a trial basis.
However, the trial phase was deferred on account of technical glitches on the official website
01:58 PM
Changes in the Anti-Profiteering Rules, which will give more flexibility and power to the apex body National Profiteering Authority (NAA) are expected.
01:58 PM
Over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime and the implementation of the biggest indirect tax reform has been smooth so far, Parliament was informed on Friday
01:58 PM
GST Council likely to simplify tax returns
The council, chaired by Finance Minister Arun Jaitley is expected to discuss the extension of 3B returns, and the current position of revenue generated from GST.
01:58 PM
GST Council meeting: The agenda for discussion, ministry sources said, would also include the extension of 3B returns, the current position of revenue generated from the GST, and changes in the Anti-Profiteering Rules.
01:57 PM
Govt eases norms for e-way bill generation
The government has changed e-way bill rules, which are expected to help e-commerce companies in smooth transportation of goods and ease the method of calculating the value of goods.
The government has notified changes in rules of e-way bill which includes permitting even job workers to generate the electronic receipt for movement of goods.
Electronic way or e-way bill will be required from April 1 for transporting goods valued over Rs 50,000 between states.
To read the entire story, click HERE
A key agenda for the meeting, as discussed earlier, will be related to simplification of tax returns. Apart from this, the council will discuss the implementation of the new e-way bill for inter and intra-state movement of goods.
The GST Council in its 25th meeting had made several important recommendations for the housing sector which are expected to promote affordable housing for the masses in the country. These recommendations which came into effect from January 25, include a proposal to extend the concessional rate of GST of 12 percent (effective rate of eight percent after deducting one third of the amount charged for the house, flat towards the cost of land or undivided share of land) in housing sector to construction of houses constructed, acquired under the Credit Linked Subsidy Scheme (CLSS) for Economically Weaker Sections (EWS), Lower Income Group (LIG), Middle Income Group-1 (MlG-1), Middle Income Group-2 (MlG-2) under the Pradhan Mantri Awas Yojana (Urban).
ALSO READ: PMO steps in to speed up GST refunds for exporters
CATCH ALL THE LIVE UPDATES
02:23 PM
Tax exemption for exporters extended by six months: FM
02:23 PM
Present system of GST return-filing extended by three months, says Finance Minister Arun Jaitley
02:22 PM
E-way Bill will be implemented from April 1 for inter-state movement of goods: FM
02:21 PM
Tax exemption for exporters extended by six months: FM
02:21 PM
Present system of GST return-filing extended by three months: Arun Jaitley
02:20 PM
Kerala FM: Form 3B will continue for the next three months
02:19 PM
Kerala Finance Minister Thomas Isaac: Would not want to bring new items under GST
02:18 PM
Existing system of filing returns has been extended for another 3 months and meanwhile Group of Ministers on the Income Tax will look into it & consult tax experts among others: Union Finance Minister Arun Jaitley
02:16 PM
Crucial GST meet ends, staggered rollout of e-way bill from April 15
02:15 PM
States to be divided into 4 lots to execute the staggered rollout
02:15 PM
LIVE GST Council plans 2 alternate models for returns simplification: FM
02:13 PM
Finance Minister Arun Jaitley briefs media after crucial GST Council meet
02:13 PM
View image on TwitterView image on Twitter
Ministry of Finance
✔
@FinMinIndia
The Union Minister of Finance & Corporate Affairs, Shri @arunjaitley chairing the 26th GST Council Meeting in New Delhi today.
11:43 AM - Mar 10, 2018
169
53 people are talking about this
Twitter Ads info and privacy
02:08 PM
PMO steps in to speed up GST refunds for exporters
Taking note of slowing exports growth, the Prime Minister’s Office (PMO) has called a meeting of key officials from the ministries of finance and commerce to expedite clearance of exporters’ refunds for the goods and services tax (GST). The Department of Commerce has strongly demanded clearance of exporters’ refunds to address their working capital issue impacting India’s outbound shipments.
“The PMO has finally stepped in to resolve exporters’ concerns under the GST, with the commerce ministry and the finance ministry on different pages on the matter. The exports should not suffer because of administrative loopholes,” said a senior government official.
02:06 PM
With no fixed targets, GST collection not-so-encouraging: Par panel
With no targets fixed, the monthly revenue collections from GST are not encouraging, the frequent revisions in rates has impacted the stability of the new tax system and has adversely impacted the trade and businesses, a Parliamentary panel has observed in its report.
"The Committee are constrained to observe the not-so-encouraging monthly revenue collections from GST, which still have not stabilised with frequent changes in rates and issue of notifications every now and then. Further, the Committee are surprised to learn that no GST revenue targets have been fixed by the government," the Standing Committee on Finance headed by Congress leader M Veerappa Moily said in its report tabled in Parliament on Friday.
01:59 PM
Finance Minister Arun Jaitley, after the 25th GST Council meeting in January, had said that the implementation of the e-way bill for intra and inter-state movement of goods would start from February 1, with 15 states agreeing to implement it on a trial basis.
However, the trial phase was deferred on account of technical glitches on the official website
01:58 PM
Changes in the Anti-Profiteering Rules, which will give more flexibility and power to the apex body National Profiteering Authority (NAA) are expected.
01:58 PM
Over 1.03 crore businesses have registered under the Goods and Services Tax (GST) regime and the implementation of the biggest indirect tax reform has been smooth so far, Parliament was informed on Friday
01:58 PM
GST Council likely to simplify tax returns
The council, chaired by Finance Minister Arun Jaitley is expected to discuss the extension of 3B returns, and the current position of revenue generated from GST.
01:58 PM
GST Council meeting: The agenda for discussion, ministry sources said, would also include the extension of 3B returns, the current position of revenue generated from the GST, and changes in the Anti-Profiteering Rules.
01:57 PM
Govt eases norms for e-way bill generation
The government has changed e-way bill rules, which are expected to help e-commerce companies in smooth transportation of goods and ease the method of calculating the value of goods.
The government has notified changes in rules of e-way bill which includes permitting even job workers to generate the electronic receipt for movement of goods.
Electronic way or e-way bill will be required from April 1 for transporting goods valued over Rs 50,000 between states.
To read the entire story, click HERE
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