Slabs May Reduce To 3 As GST Simplifies In Long-Term: Sanjeev Sanyal

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.

The Goods and Services Tax is set to become a big challenge for the otherwise "financially prudent" Gujarat once the 14 per cent compensation commitment of the centre winds up, 15th Finance Commission Chairman NK Singh said on Monday.

Home Minister Rajnath Singh today said the central government is open to further review of the GST rates of different items as it has just reduced taxes of 88 consumer-centric products such as refrigerators, washing machines and sanitary napkins.

A JD(U) member in the Rajya Sabha today demanded reduction in the GST rate on Haj pilgrimage.

The GST Council, set up by the Indian Government has reduced the GST rate on lithium-ion batteries for electric cars from 28 per cent to 18 per cent. Although this reduction is not as drastic as predicted earlier, the 10 per cent rate in reduction of GST on these batteries will help reduce the overall price of electric vehicles in India.

GST Council on Saturday reduced tax rates on over 50 items including small televisions and lithium-ion batteries.