Demonetisation, GST Will Bring Long-Term Benefits, Says IMF

The disruptive impact of demonetisation announced last year is a temporary phenomenon and the scrapping of the high-value currency would bring "permanent and substantial benefits", according to the International Monetary Fund (IMF).

Microsoft India president Anant Maheshwari made the statement to PTI on Tuesday.

Demanding the repeal of Goods and Services Tax (GST) from admission and examination fees, the National Students Union of India (NSUI) on Tuesday termed it "Gloomy/Grotesque Students Tax".

The Directorate General of Safeguards, the investigative arm of the Revenue department of Finance Ministry, has started investigations in two cases

Arun Jaitley pointed out that a large share of duties on petroleum products were levied by the states

This facility, instituted as per a decision of the GST Council, allows the taxpayer the option to choose the periodicity while filing form GSTR 1 for the relevant return, according to GSTN.

Kaushik Basu said that we often underestimate the effects of demonetisation and it caused a huge disruption in the informal sector, something that the official data doesn't capture

Currently, under the Goods and Services Tax (GST) regime, small petrol cars with engine capacity less than 1200cc attract 1 per cent cess, while diesel cars with engine capacity of less than 1500cc attract 3 per cent cess, on top of the 28 per cent tax.

As per the schedule of implementation, the nationwide e- way GST bill system will be ready to be rolled out on a trial basis latest by January 16, 2018

There has been a shortfall of Rs 36,000 crore in projected revenues in the first four months post Goods and Services Tax (GST) implementation, West Bengal Finance Minister Amit Mitra said.

The Cabinet on Friday approved replacing the Goods and Service Tax (Compensation to States) Ordinance by a bill, sources said.

Headed by Finance Minister Arun Jaitley, the meeting will be held via video conferencing

Both states and the Center earn 40 per cent of their revenue from petroleum products at present.

No Goods and Services Tax (GST) is meant to be paid on ready to move in or completed property.