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CBEC to be revamped to curb tax evasion

The Central Board of Excise and Customs will be rechristened as the Central Board of Indirect Taxes and Customs(CBIC) in the wake of rolling out of GST  and will supervise GST and Custom activities. The change will be effective from July 1 and will be  headed by a chairman and will also have six members for GST, IT, legal and ... Read More »

IMF says GST to speed Indian growth above 8 percent

In an interview, Tao Zhang, Deputy Managing Director of the International Monetary Fund said that when strong-minded Goods and Services Tax will be applied from July 1 in India, it will aid raise India’s medium-term development more than 8 percent. IMF has mentioned GST will recreate expected higher growth in the upcoming time. He said that government has made important ... Read More »

Narendra Modi says states to expedite GST process

Yesterday PM Modi Narendra Modi said states governments to put efforts with the Centre government to lead the goods and services tax within time. Modi also took states opinions on moving the financial year to January-December from existing April to March cycle. He was leading the NITI Aayog’s Governing Council meeting, in the meeting included chief ministers. In the meeting on the ... Read More »

IMF says India’s growth is remarkable in recent past years

According to the International Monetary Fund’s official, India’s growth has been remarkable in the recent past years which results in making a path for tax expansion struggles by the Indian government. He said that removal of fuel grants and the focusing on social benefits have conveyed by the government. Vitor Gasper, director of the IMF Fiscal Affairs Department told that ... Read More »

GST Bills Are Imperfect: P Chidambaram

P Chidambaram

Congress leader and former Union Finance Minister P. Chidambaram claimed that the Goods and Services Tax Bills passed by Parliament were imperfect and no attempt was made to improve them. He passed these comments while addressing a press conference on Tuesday. Chidambaram also pointed out that the Rajya Sabha could have improved the Bills but was denied the opportunity by the government. Chidambaram ... Read More »

GST On July 1; GST Council Clears State-GST, UT-GST Laws

GST

In a positive development on Goods and Service Tax, the GST Council approved the remaining draft bills of UT-GST (Union Territory GST) and S-GST (State GST) on Thursday. This move let all the five enabling draft bills as approved, enabling the roll out of the new indirect tax regime by July 1. The GST Council was headed by the Union Finance Minister Arun ... Read More »

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