Input Tax Credit Removal On Select Items Goes Against The Very Spirit Of GST: Experts

The government slashed GST to 5 per cent and 1 per cent on the under-construction and affordable housing projects

Goods and Services Tax (GST) collections in the current fiscal till February totalled Rs 10.70 lakh crore.

Industry executives are sceptical their positions - and those of many would-be buyers - will improve much, especially if there's no easing of a funding crunch.

GST Council meet: The Council also cut GST rates on affordable housing to 1 per cent from the current 8 per cent.

The centre has announced major cuts in the Goods and Services Tax charged on the sale of under construction residential properties - a move that's certain to find favour with middle class voters ahead of the coming elections.

The Directorate General of Goods and Services Tax Intelligence in Chhattisgarh detected a fraud of Rs 141 crore, said officials. Two persons have also been arrested in this connection.

The GST Council has deferred a decision on tax rates on real estate and lottery till Sunday.

Delhi Deputy Chief Minister Manish Sisodia on Tuesday wrote to Union Finance Minister Arun Jaitley, demanding postponement of GST Council meeting to be held through video-conference on Wednesday.

Congress President Rahul Gandhi said today that the government is talking about growth without creating any employment and that it is "funding big guys" when small and medium entrepreneurs are the ones who can create jobs.

Under-construction houses currently attract 12 per cent GST and 6 per cent stamp duty and registration.

A rate cut in cement to 18 per centwhich is long pending will lead to a loss of Rs 13,000 crore annually

Tamil Nadu's ruling AIADMK, which is being wooed by the BJP ahead of the Lok Sabha polls, on Monday criticized the Narendra Modi government on various fronts including demonetization, GST, unemployment and farm distress.

The AIADMK today said the central government failed to address the unemployment problem and also attacked it over demonetisation and implementation of Goods and Services Tax (GST).

The hike in TDS threshold on interest income will benefit small depositors and non-working spouses, the government has said.