There should be commensurate measures to increase government spending, efficiency and also, reduce of leakages and corruption.... People will pay higher taxes for better quality services and an efficient government.“ If the GST rate is not set too high, it should not dampen consumer confidence.... The key determinants are income growth and favourable job prospects, ” he added....

Disputes may arise over goods and services tax( GST) rates on cattle feed made from residual products of the alcohol industry, mineral rights, UPS inv-erter, and external battery after the fin-ance ministry iss-ued clarifications. The clarifications, issued by the tax research unit( TRU) under the department of revenue following GST Council decisions in Lucknow last month, say dried distillers’ grains with soluble( DDGS), which is made out of the waste product of molasses, sugarcane and corn use

IN a recent interview with Nikkei Asia, Prime Minister Datuk Seri Ismail Sabri Yaakob indicated that the government was keen to bring back the goods and services tax( GST) as a means to expand the nation’s revenue base and replenish the federal coffers.He added that the government will aim for a rate that does not burden the rakyat, but at the same time is reasonable enough to achieve the tax’s intended purposes of expanding tax revenue. Prior to the reintroduction of GST, the government would e

A meeting of the panel of state finance ministers looking into GST rate rationalisation has been deferred, sources said. The Group of Ministers( GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, also includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, and Bihar Deputy Chief Minister Tarkishore Prasad.It has met twice so far and was scheduled to meet on November 27 to consider recommendations of the Fitment committee regarding

Economic Advisory Council to the Prime Minister Chairman Bibek Debroy on Tuesday said the government was losing revenue due to the GST, which should be revenue neutral with a single rate.... According to calculations by the finance ministry when GST was first introduced, the average rate should be at least 17 per cent.... But, the existing rate is 11.4 per cent....

Goods and Services Tax( GST) collection of Odisha has touched a collection of Rs 4080.14 crore during December 2021 as against Rs 2860.20 crore collected during December 2020 registering a growth of 43 per cent.As per the Commissionerate of Commercial Tax and Goods and Services Tax, Odisha," The growth of collection during December 2021 is also the highest amongst major states for the 4th consecutive month.... This is also the second-highest ever gross collection of GST by the state since launc

The Central Board of Indirect Taxes and Customs has notified a uniform goods and services tax rate of 12 per cent on fabrics, apparel, and footwear to correct the inverted duty structure.... The changed rates will come into effect from January one, 2022. The GST rate on apparel and footwear of any value would be 12 per cent.... Earlier the GST Rate was five per cent for sale value up to Rs 1, 000 per piece in the case of apparels and per pair in the case of footwear. While experts hailed the m

“ My own view is that the compensation cess should not be renewed completely…because of a compensation induced moral hazard.... The solution to this has to be that rates go up, revenues go up, and the need for compensation diminishes, ” he said at a conference organised by the Centre for Policy Research titled ‘The GST Story: Whither Next?... “ The GST regime is very complicated....

KUALA LUMPUR: The call to reintroduce the Goods and Services Tax( GST) is again being made by MCA president Datuk Seri Dr Wee Ka Siong.He said it was backed by various chambers of commerce in the country.“ We cannot delay the taxation system that will benefit us in the long run.... We have the same opinion as other chambers of commerce that we should bring back the GST, ” he told reporters.Dr Wee said the reintroduction of GST could be done along with several improvements such as the introducti

Retailers Association of India( RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments and GST Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 per cent from January saying it will adversely impact 85 per cent of the sector. Stating that the apparel retail businesses are already ailing, RAI said the 7 per cent hike has been proposed to address the issue of inverted duty structure in the textile industry faced by a small segmen