Gross Goods and Services Tax mop-up was ₹1.73 lakh crore in September 2024. Last month, the collection was ₹1.86 lakh crore, as per government data released. File. | Photo Credit: Reuters GST collections clocked near double-digit growth to amass ₹1.89 lakh crore in September — a month in which the reduced tax rates came into […]
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Finance Minister Nirmala Sitharaman. File. | Photo Credit: Bijoy Ghosh Finance Minister Nirmala Sitharaman on Wednesday (September 17) said that the GST reforms will bring ₹2 lakh crore into the hands of the common man. Addressing a gathering in Visakhapatnam, Ms. Sitharaman added that the GST Council decision aims to reduce the tax burden on […]
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Textile units that recycle PET and the manufacturers of polyester fibre will face inverted duty challenges with the revised GST rates as the entire textile industry is under 5% GST while the raw materials for the manmade fibre (MMF) sector – Purified Terephthalic Acid (PTA) and Mono Ethylene Glycol (MEG) and PET scrap – are […]
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The Laghu Udyog Bharati – Gujarat has sought a reduction of GST from 18% to 5% for submersible pumps. The Association said the more than 90% of submersible pumps (HSN: 84137010) are used in the agricultural sector for irrigation and drinking water supply. The GST Council has considered these pumps under industrial-use classification. But, submersible […]
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At the 56th meeting of GST Council meeting, the current four-tier structure has been replaced with a two-tier one, with a standard rate of 18% and five per cent, and de-merit rate of 40% on selected few goods and services. | Photo Credit: Getty Images The State Bank of India (SBI) in its latest research […]
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Representative image | Photo Credit: Reuters The GST rate for labour charges (job work) has been increased from 12% to 18% and it is expected to hit hard the Micro, Small, and Medium-scale Enterprises (MSMEs). C. Sivakumar, president of the Coimbatore Tiruppur district Micro and Cottage Entrepreneurs Association, said one of the long-pending demands of […]
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Image used for representation | Photo Credit: Special Arrangement The Federation of Tamil Nadu Powerloom Associations has urged the Union government to reduce the Goods and Services Tax (GST) on manmade fibre (MMF) from 12% to 5%, citing the adverse impact of the 50% tariff imposed by the United States on the powerloom industry. In […]
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The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. | Photo Credit: SAMUEL RAJKUMAR The textile industry is pitching for a fibre-neutral GST at 5% for the entire textile and apparel value chain. Currently, cotton-based textile sector has 5% GST, except for garments priced above […]
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Pumpset makers seek cut in GST on agri-pumps Source link
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An image of a young entrepreneur, Mr Chand, appears in a video. He looks confused as he wants to know ‘How to deduct and pay TDS’. A veteran chartered accountant hand-holds him through the process in a five-minute video. Chand is beaming at the end of it. “Running a business without the basics of accounts, is akin […]
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