Government To Extend Surcharge On Luxury Items, Tobacco

The surcharge on luxury goods, which varies from 12 per cent to 200 per cent, is part of the national goods and services tax (GST) introduced in 2017, and was due to expire in 2022.

GST compensation due to state governments for this year - around Rs 20,000 crore - will be released, Finance Minister Nirmala Sitharaman had said on Monday night after a marathon meeting of the 42nd GST Council.

The GST collection rose 4 per cent in September (year-on-year) to Rs 95,480 crore, rail freight revenue earnings rose 13.5 per cent and power consumption increased by 4.2 per cent.

In September 2020, the tax collections from import of goods and domestic transaction were 102 per cent and 105 per cent, respectively, of the revenues from these sources during the same month last year.

Sources in the Finance Ministry have dismissed allegations ofa "diversion" of Rs 47,271 crore from the GST Compensation Cess Fund and saidall amounts due to state and union territories for 2017/18 and 2018/19 had been fully paid

Amitabh Kant, CEO- Niti Aayog said that the government has been trying bringing down the tax rates on electric vehicles (EVs) to 5 per cent and compared to 28 per cent at other vehicles.

Twenty-one states have given their borrowing option proposed by the goods and services tax council to meet shortfall in compensation from the centre amid the coronavirus pandemic, sources have said. These 21 states went with "option 1", which allows them to borrow the tax collection shortfall due to the switch to the GST, estimated at Rs 97,000 crore, by issuing debt ...

Taxation Bill: Finance Minister Nirmala Sitharaman said the ordinance was necessary to defer various compliance deadlines under GST and Income Tax (I-T) Act during the COVID-19 times.

The states are staring at a revenue shortfall of Rs 2.35 lakh crore GST this fiscal year.

Indian automakers should reduce royalty payments to foreign partners to bring down costs instead of seeking tax cuts, a finance ministry official said on Thursday, days after reports that Toyota would halt expansion in the country due to high taxes.

The leaders of eight opposition parties on Thursday held a protest in the Parliament complex against the government, demanding GST dues. Congress leaders were absent from the protest.

MPs of several opposition parties protested in front of the Mahatma Gandhi statue at the Parliament premises on Thursday, demanding Goods and Services Tax (GST) payments to states.

Thirteen states have given their borrowing options proposed by the goods and services tax council to meet shortfall in compensation from the centre amid the coronavirus pandemic, sources in the Finance Ministry have said. Six more states - Goa, Assam, Arunachal Pradesh, Nagaland, Mizoram and Himachal Pradesh - will give their option in a day or two.

The CBI has filed a case against two top officers formerly with the tax anti-evasion wing of the GST for allegedly demanding a bribe of Rs five crore to settle a case probed by them, officials said on Saturday.