Goods and Services Tax (GST)

Goods and Services Tax (GST) is an indirect tax which will be imposed throughout the country and make India one undivided and unified common marketplace. Headed by the GST Council and Arun Jaitley, the chairman of GST and the Union Finance Minister of India, GST will have tax slabs on goods of 0%, 5%, 12%, 18% and 28%.

Timelines
#FinancialBytes: GST Refund Process - How to claim your refund?

10 May 2020

#FinancialBytes: GST Refund Process - How to claim your refund?

The Goods and Services Tax (GST) regime in India was meant to make businesses hassle-free and more compliant. But, the mammoth of unclear guidelines have made it rather difficult for them.

Mobile phones to get more expensive; GST council raises tax

14 Mar 2020

Mobile phones to get more expensive; GST council raises tax

Mobile phones are expected to become more expensive as the government has raised the rate of Goods and Services Tax (GST) on them from 12% to 18%.

#FinancialBytes: GST Refund Process - How to claim your refund?

08 Dec 2019

#FinancialBytes: GST Refund Process - How to claim your refund?

The Goods and Services Tax (GST) regime in India was meant to make businesses hassle-free and more compliant. But, the mammoth of unclear guidelines have made it rather difficult for them.

GST Council meeting: Push for hospitality; no relief for auto-sector

21 Sep 2019

GST Council meeting: Push for hospitality; no relief for auto-sector

Union Finance Minister Nirmala Sitharaman addressed the media, following the 37th GST Council meeting in Goa yesterday.

GST Council reduces tax on electric cars to 5%

27 Jul 2019

GST Council reduces tax on electric cars to 5%

In a move to push people towards electric vehicles, the Goods and Services Tax (GST) Council slashed the tax rate on electric vehicles (EVs), bringing it down from 12% to 5%, on Saturday.

Aligarh: This Kachori seller earns Rs. 60L; gets tax notice

25 Jun 2019

Aligarh: This Kachori seller earns Rs. 60L; gets tax notice

There may be many reasons for why Prime Minister Narendra Modi's pakoda selling advice doesn't work, and you can add another to your list: pakodas aren't kachoris.

Important changes in 2019 every Indian should be aware of

02 Jan 2019

Important changes in 2019 every Indian should be aware of

The New Year 2019 is finally here and it is now time to know what changes this year brings to our lives.

GST collection drops in December, stands at Rs. 94,726 crore

01 Jan 2019

GST collection drops in December, stands at Rs. 94,726 crore

Goods and Services Tax (GST) collection dropped to Rs. 94,726 crore in December 2018, lower than Rs. 97,637 crore collected in November.

Reduced GST rates on movie tickets, TVs effective from today

01 Jan 2019

Reduced GST rates on movie tickets, TVs effective from today

As a new year's gift to the common man, the government has notified a reduction in GST on a host of products and services including movie tickets, TVs, and computer monitor screens.

GST department freezes Mahesh Babu's account over service tax dues

28 Dec 2018

GST department freezes Mahesh Babu's account over service tax dues

Telugu superstar Mahesh Babu's bank accounts were attached by the Goods and Services Tax department on Thursday after he failed to clear his service tax dues.

TN woman held for Rs. 43 crore fake GST invoices

17 Dec 2018

TN woman held for Rs. 43 crore fake GST invoices

A woman director of three companies has been arrested and remanded to judicial custody for alleged receipt and issuance of fake GST invoices, without any actual transaction and availing Rs. 43 crore Input Tax Credit (ITC), a senior official said today.

#FinancialBytes: 5 best GST software for small businesses

10 Nov 2018

#FinancialBytes: 5 best GST software for small businesses

The Goods and Services Tax (GST), introduced on July 1, 2017, is a single-tax regime which must be followed by every registered business in the country.

Film-lovers in Madhya Pradesh surviving theater crisis. Know what happened

21 Oct 2018

Film-lovers in Madhya Pradesh surviving theater crisis. Know what happened

Film lovers in Madhya Pradesh have been deprived of watching new releases since October 5 as over 400 theatres have downed shutters in protest against entertainment tax levied by some local bodies in the state.

Orderly depreciation of rupee would increase competitiveness: World Bank official

11 Oct 2018

Orderly depreciation of rupee would increase competitiveness: World Bank official

An orderly depreciation of the rupee would increase competitiveness and relieve some pressures in the capital market, said Martin Rama, the Chief Economist for the South Asia region of the World Bank.

GST on overseas air tickets violates international norms: IATA Chief

04 Sep 2018

GST on overseas air tickets violates international norms: IATA Chief

Levying GST on overseas air tickets violates international norms and also weakens the competitiveness of carriers, IATA chief Alexandre de Juniac said Tuesday.

RTI applicant in MP asked to pay GST for information

02 Sep 2018

RTI applicant in MP asked to pay GST for information

An RTI applicant has been asked to pay the Goods and Services Tax (GST) for getting information from the Madhya Pradesh Housing and Infrastructure Development Board in Bhopal under the transparency law.

GST on more items could be slashed if revenue increases

09 Aug 2018

GST on more items could be slashed if revenue increases

Finance Minister Piyush Goyal today said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalizes.

IMF asks India to consider simpler GST rate structure

08 Aug 2018

IMF asks India to consider simpler GST rate structure

The International Monetary Fund (IMF) today described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, which unifies numerous indirect taxes across all states of the federation and the central government.

India, source of growth for global-economy for next few-decades: IMF

08 Aug 2018

India, source of growth for global-economy for next few-decades: IMF

India is a source of growth for the global economy for the next few decades and it could be what China was for the world economy, the IMF said.

GST slabs may be reduced to 3 in the future

04 Aug 2018

GST slabs may be reduced to 3 in the future

GST slabs may come down to three, in addition to the exempted category, in the long-term, said Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry.

Center, industry want petroleum products under GST: Oil Minister Pradhan

01 Aug 2018

Center, industry want petroleum products under GST: Oil Minister Pradhan

The Center and the petroleum industry favor inclusion of petroleum products in the Goods and Services Tax (GST) but the GST Council will take a final call on it, Oil Minister Dharmendra Pradhan said today.

GST collection rises to Rs. 96,483 crore in July

01 Aug 2018

GST collection rises to Rs. 96,483 crore in July

GST collections rose to Rs. 96,483cr in July from Rs. 95,610cr mopped up in the previous month, the Finance Ministry said.

Center committed to doubling farmers' income by 2022: MoS Finance

29 Jul 2018

Center committed to doubling farmers' income by 2022: MoS Finance

Union Minister of State for Finance Shiv Pratap Shukla today said the Center is committed to doubling the income of farmers by 2022.

GST-cut: Refrigerators, washing-machines, vacuum-cleaners are now 8-10% cheaper

27 Jul 2018

GST-cut: Refrigerators, washing-machines, vacuum-cleaners are now 8-10% cheaper

If you were looking to buy a refrigerator, washing machine, vacuum cleaner or a small-screen TV, now is the time: industry insiders say prices will fall to a two-year low after the biggest GST rate cut since November, that was announced last week.

Now, only 35 goods in highest 28% tax-bracket of GST

22 Jul 2018

Now, only 35 goods in highest 28% tax-bracket of GST

The Goods and Services Tax (GST) Council has pruned the 28% slab by cutting tax rates on 191 goods over the last one year, leaving just 35 items, including ACs, digital cameras, video recorders, dishwashing machines, and automobiles, in the highest tax bracket.

After backlash, sanitary napkins finally exempted from GST

21 Jul 2018

After backlash, sanitary napkins finally exempted from GST

After many protests, the GST Council has decided to exempt sanitary napkins from the tax, confirmed Delhi Finance Minister Manish Sisodia.

India fastest growing economy; on track to meet FY18-target: ADB

19 Jul 2018

India fastest growing economy; on track to meet FY18-target: ADB

South Asia continues to be the fastest growing sub-region, led by India, whose economy is on track to meet the fiscal year 2018 projected growth of 7.3% and further accelerating to 7.6% in 2019, as measures taken to strengthen the banking system and tax reform boost investment, Asian Development Bank (ADB) said.

IIM-Ahmedabad gets a service tax bill of Rs. 52cr

09 Jul 2018

IIM-Ahmedabad gets a service tax bill of Rs. 52cr

The IIM-Ahmedabad has been hit with a massive tax burden: authorities have demanded Rs. 52cr as service tax for the period between 2009-10 and 2014-15.

GST implementation not disruptive, best is yet to come: Jaitley

01 Jul 2018

GST implementation not disruptive, best is yet to come: Jaitley

On the first anniversary of Goods and Services Tax (GST) roll-out, Union Minister Arun Jaitley stressed that India has been able to implement the major indirect tax reform, GST, in the least disruptive manner.

GST anniversary: "Gamechanger" or "surgical strike"? Top leaders speak up

01 Jul 2018

GST anniversary: "Gamechanger" or "surgical strike"? Top leaders speak up

One year ago on this day, the country's tax regime underwent a drastic overhaul with the launch of the never-seen-before-in-India Goods and Services Tax (GST).

GST anniversary: PM Modi weighs in on the tax policy

01 Jul 2018

GST anniversary: PM Modi weighs in on the tax policy

To commemorate the first anniversary of the Goods and Service Tax (GST), PM Narendra Modi, while speaking to Swarajya Magazine, lauded the benefits of the tax policy, and said that it has helped strengthen Indian cooperative federalism and is designed to eliminate the "inspector raj".

GST has become a 'bad word' among common citizens: Chidambaram

01 Jul 2018

GST has become a 'bad word' among common citizens: Chidambaram

Former Finance minister P Chidambaram on Sunday attacked the central government on the first anniversary of GST regime.

GST completes 1 year today: How did your life change?

01 Jul 2018

GST completes 1 year today: How did your life change?

On July 1, 2017, Prime Minister Narendra Modi's government had implemented the Goods and Services Tax (GST) across the nation.

PM Modi says GST has brought growth, simplicity

01 Jul 2018

PM Modi says GST has brought growth, simplicity

On the first anniversary of the GST regime, PM Narendra Modi today hailed the tax as a tool that has brought growth, simplicity, and transparency.

IMF has three advices for India to sustain high growth

29 Jun 2018

IMF has three advices for India to sustain high growth

The International Monetary Fund (IMF) said today that to sustain the high growth rate India has achieved, it should carry out banking sector reforms, continue with fiscal consolidation, simplify and streamline good and services tax (GST), and renew impetus on reforms.

GST: Rs. 2,000cr tax evasion uncovered in two months

27 Jun 2018

GST: Rs. 2,000cr tax evasion uncovered in two months

The GST investigation wing has detected tax evasion in excess of Rs. 2,000cr in two months.

No probe will be ordered into 'exchange-of-currency' in Ahmedabad-bank: Sinha

26 Jun 2018

No probe will be ordered into 'exchange-of-currency' in Ahmedabad-bank: Sinha

Former BJP leader Yashwant Sinha yesterday said the government wouldn't order any probe into reports of exchange of currency notes worth Rs. 745.58cr at Ahmedabad District Cooperative Bank within five days of the announcement of demonetization on November 8, 2016.

GST will usher 112% growth in warehousing by 2021: JLL-India

22 Jun 2018

GST will usher 112% growth in warehousing by 2021: JLL-India

Goods and Services Tax (GST) will usher in a new era for the warehousing and logistics sector in India that could see 112% growth in the sector by 2021, a report released by real estate services firm JLL India said.

Petrol and diesel to come under GST: Details here

20 Jun 2018

Petrol and diesel to come under GST: Details here

You may soon have to pay both Goods and Services Tax (GST) levied by the Central government and Value Added Tax (VAT) levied by state governments on the purchase of petrol and diesel, as the government is considering to include fuel under a combination of GST and VAT.

Business Roundup: Here are today's top 5 Business news

14 Jun 2018

Business Roundup: Here are today's top 5 Business news

Missed today's business headlines? No worries, here's your daily business dose.