GST roll out News

The deadline for claiming input tax credit (ITC) ended on October 25, 2018.

The GDP growth for the entire fiscal of 2017-18 was at 6.7%.

The meeting comes at a time when Goods and Services Tax (GST) collections achieved its record high by exceeding Rs 1 lakh crore milestone in April.

The Union Finance Minister Arun Jaitley-chaired council, comprising state finance ministers, will meet through video conferencing.

State Finance Minister Himanta Biswa Sarma had told reporters on Monday, after reviewing the preparations for the meeting that these were the issues that the meeting would take up.

The extension will facilitate about 30.81 lakh taxpayers for filing GSTR-2 for the month of July, 2017, the finance ministry said in a statement.

Cupertino-based iPhone and iPad manufacturer Apple has sought certain concessions for setting up manufacturing unit in India.

Under the composition scheme, the tax rate for traders of goods will be 1 per cent, 2 per cent for manufacturers and 5 per cent for restaurants and suppliers of food or drinks. 

The remaining exporters used the refund mechanism, but the waiting period may initially be longer under GST, hurting near-term exports due to working capital issues.

"These notifications, interalia, provide that 5 per cent GST will apply if on brand name (as defined in the notification) an actionable claim or enforceable right in court of law is available," it said.

"These notifications, interalia, provide that 5 per cent GST will apply if on brand name (as defined in the notification) an actionable claim or enforceable right in court of law is available," it said.

The 46 per cent decline in August M&A value was primarily due to the absence of big ticket transactions. Moreover, cross-border activity fell by 65 per cent compared to level recorded in August 2016.

Classification of goods is a key element, which is set to decide incidence of GST. There are four slabs for both goods and services -- 5 per cent, 12 per cent, 18 per cent and 28 per cent.

The return filing date deadline of GSTR-1 for July, that was to end on Sunday, has also been extended by a month till October 10.

The first month collection under the new Goods and Services Tax (GST) regime has been encouraging and if the rising trend continues till December, it would make a case for reduction of tax rate, he said.

The bikes attract a GST of 28 per cent. Canovas said there had not been much impact post-GST roll out and the prices have risen by 3-4 per cent.

India's GDP growth rate slid to a 3-year low of 5.7 per cent in the first quarter (April-June), mainly on account of a slump in manufacturing.

Under the Goods and Services Tax (GST), which was rolled out from July 1, in order to claim benefit of input credit, businesses have to disclose the volume of transaction in the form of invoice.

While petrol prices have increased by Rs 6.08 to reach Rs 69.12 a litre in Delhi, the highest since August 2014, diesel rates have risen by Rs 3.65 to Rs 57.01.

JAM, a term coined, and a vision conceptualised, by our Chief Economic Advisor, is nothing short of a social revolution, because it has brought together financial inclusion (PMJDY), biometric identification (Aadhar) and mobile telecommunications.