Page-5 of Goods and services tax Current Affairs, GK & News

Nitin Patel heads of Group of Ministers (GoM) for GST issues in real estate

The Government of India (GoI) has constituted a 7-member Group of Ministers (GoM) to boost the real estate sector under the GST regime. Deputy Chief Minister of Gujarat Nitin Patel will be the convener of the GoM. The panel will analyse tax rate of GST and suggest a composition scheme for residential construction units. It ..

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Important decisions of the GST council meet

The GST Council meeting on January 10 has taken the following important decisions: The exemption limit for Goods and Services Tax (GST) registration has been increased to Rs 40 lakh from the current Rs 20 lakh to ease the cost of compliance for small taxpayers or micro, small and medium enterprises (MSMEs). This exemption limit ..

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Global Economic Prospects report 2019: Key Facts about India

The World Bank has released the Global Economic Prospects report 2019 titled “Darkening Skies”. The key findings of the report related to India are: India’s GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19, and 7.5 per cent in the following two years. The growth rates are attributed to an upswing ..

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Sushil Modi to head Group of Ministers to examine modalities for ‘calamity tax’ under GST

The Government of India (GoI) has recently constituted a 7-member ministerial panel headed by Bihar Deputy Chief Minister Sushil Modi to examine modalities for revenue mobilisation in case of natural calamities and disasters. The panel would submit its report to the GST Council by October 31. The Group of Ministers (GoM) has been set up ..

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Cabinet approves conversion of GSTN into government entity

The Union Cabinet has approved conversion of Goods and Services Tax Network (GSTN) into government-owned company. Government will now own 100% of GSTN which is IT backbone to GST regime. Majority of Goods and Services Tax (GST) processes including registration, filing of returns, payment of taxes, processing of refunds is IT driven and mainly through ..

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Central Board of Indirect Taxes and Customs (CBIC) launches ‘GST Verify’ app to protect interest of consumers

The Central Board of Indirect Taxes and Customs (CBIC) has launched a mobile app ‘GST Verify’ to protect interest of consumers. It is an android app to verify if the person collecting GST from the consumer is eligible to collect it or not. It also provides the details of the person/company collecting GST. This app, ..

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