GST On More Items To Be Slashed As Revenue Increases: Piyush Goyal

Finance Minister Piyush Goyal today said the capacity to slash the GST rates on more items would go up as Goods and Services Tax (GST) revenues and the compliance rate increases and the economy formalises.

The International Monetary Fund or IMF today described the Goods and Services Tax (GST) as a "milestone reform" in India's tax policy, but pushed for a simplified structure, saying the multiple rate structure and other features could give rise to high compliance and administrative costs.

The GSTN, and the National Payments Corporation of India (NPCI) will develop a system soon for the same.

Foreigners coming to India may not get GST refunds on goods purchased and carried back by them as the government has not invoked relevant provisions of the Integrated Goods and Services Tax Act yet, the Finance Ministry has said in reply to an RTI query.

The GST Council today cleared a proposal to offer cashbacks to consumers on trial basis for digital payments through Rupay cards, BHIM app and UPI system to promote cashless transactions in rural and semi-urban areas.

In the long-term, Goods and Services Tax (GST) slabs may come down to three, in addition to the exempted category, Sanjeev Sanyal, Principal Economic Adviser to the Finance Ministry, today said.

Filmmaker Vijay Ratnakar Gutte, who directed the upcoming film 'The Accidental Prime Minister', which stars Anupam Kher as ex-Prime Minister Manmohan Singh, has been arrested for alleged Goods and Services Tax (GST) fraud of over Rs 34 crore, a GST department official said today.

Bihar Deputy Chief Minister and GST Council's member Sushil Modi on Thursday said the council can think of bringing the petroleum products under the new tax regime only after the monthly revenue target of Rs 1 lakh crore is achieved.

GST officers have arrested two city based businessmen for evading taxes worth Rs 201 crore by fraudulently issuing invoices of Input Tax Credit (ITC) without actual supply of goods.

The Cabinet gave approval to GST laws amendments today, which included hiking threshold limit for availing composition scheme dealers to Rs 1.5 crore, among other things.

Several consumer electronics companies, including Samsung, have promised that they will pass on the full benefits to the consumers.

Union Minister Arun Jaitley today exuded confidence that GST rates on cement, ACs and televisions will be cut as tax revenues from them increase, and only luxury and sin goods will attract the highest slab of 28 per cent.

Tax officers in states and union territories will reach out to trade and industry bodies, Ministry of Micro, Small and Medium Enterprises (MSMEs), to understand their issues and grievances relating to GST and would place them before the Council on August 4.

Notwithstanding the demand from the airlines, the government on Wednesday said there was no proposal to bring Aviation Turbine Fuel (ATF) under GST.