GST Information Service

Nov 19,  5:42 PM Union Finance Secretary Hasmukh Adhia has asked India Inc to pass on the benefits of Goods and Services rate cuts to the consumers. Talking to DD News, Mr Adhia yesterday said the Fast-moving consumer goods, FMCG, firms and big corporates will have to ensure that retailers pass on the benefit of GST rate cut to consumers and sell their products only after lowering the Maximum Retail Price.   On concerns over small businesses coming under the lens of the anti-profiteering authority, Mr Adhiya also said it will take action only against big organised sector companies because they have the full retail chain and they decide the MRP. The Finance Secretary said it is absolutely necessary for every retailer to ensure that wherever MRP is written on a product, it is inclusive of all taxes. He said that the consumers can refer to the GST rate finder to know the new rates. Meanwhile, GST group of ministers of IT network Chairman Sushil Kumar Modi has said th...

Nov 19,  5:36 PM GST group of ministers of IT network Chairman Sushil Kumar Modi has said that GST Network will launch a facility for businesses to make changes to their August and September GSTR-3B return forms. He said the facility will begin from tomorrow. The chairman who is also Deputy Chief Minister of Bihar, talking to media in Bengaluru yesterday said that traders and manufactures who attempt to profit from the latest GST rate cut in 200 products would face stringent action. He also said revenue collections from GST was on the increase every month. Speaking after the fourth round of meeting of GoM, he said, the revenue collection from GST in October went up to 95,131 crore rupees as against 93,141 crore rupees earned in August. Referring to the recent cut in tax of 200 products from 28 to 18 per cent, he said, this would result in an outgo of 24,000 crore rupees and hoped that the consumer would get the benefit. Mr Modi also said simplification of processes and ...

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The GST Council on Friday overhauled the new tax regime reducing the 28 percent tax levied on 178 items to 18 percent or lesser. Most important of them all, the Council decided to salsh the tax rate on AC and non-AC restaurants to 5 percent from the current 18 percent slab. The new rates will be applicable effective November 15. The council, which met Guwahati, has decided to cut keep only 50 luxury and ‘sin’ goods like tobacco in the highest slab, paving the way for price cuts in a raft of commonly used goods from furniture to sanitary ware. The move, which is likely to cost the exchequer Rs 20,000 crore, comes on the back of trader protests and the upcoming Gujarat Assembly elections. “We have rationalised certain items from the 28% to the 18% or even less. Optically, there are few items that shouldn’t be at 28% that were there earlier. There were 228 items in the 28% slab, 178 out of which have been shifted out of the slab. Cess items such as luxury items, sin goods, white goo...

The Cabinet on Thursday approved setting up of National Anti-Profiteering Authority (NAA) under the Goods and Services Tax, a move that will ensure that businesses pass on the benefit of the recent tax rate cuts to the consumers. "This paves the way for the immediate establishment of this apex body, which is mandated to ensure that the benefits of the reduction in GST rates on goods or services are passed on to the ultimate consumers by way of a reduction in prices," the government said in a statement. Last Friday, the GST Council cut rates on  178 items to 18 percent  from 28 percent, slashed taxes on all standalone restaurants to 5 percent, in one of biggest changes in rules and rates since the new system kicked in from July 1. Only 50 items now attract tax rate of 28%. Raft of commonly used goods from furniture to sanitary ware, electrical fittings, detergents, marble flooring and toiletries, among others now fall at 18 percent tax slab. Alongside, taxes on...