<p>The central government on Monday (Sep 9) postponed the announcement regarding a potential reduction in the&nbsp;Goods and Services Tax (GST) on health insurance premiums. Chaired by Union Finance Minister Nirmala Sitharaman, the 54th GST Council meeting instead formed a group of ministers (GoM) to examine the issue.&nbsp;</p>

<p>The&nbsp;GoM will submit its report on&nbsp;insurance-related matters for senior citizens, life insurance, term insurance and group insurance by October end. Meanwhile, the council is expected to discuss removing GST or reducing it in the November meeting.&nbsp;&nbsp;&nbsp;</p>

<p>On Monday, the Fitment Committee, comprising the centre and state tax officials presented a report giving data and&nbsp;and analysis and implications of GST reduction on life, health and reinsurance premiums.</p>

<p>West Bengal Finance Minister Chandrima Bhattacharya stated that the majority of ministers were in support of reducing GST on insurance premiums.&nbsp;</p>

<p>"The issue of GST on health insurance was raised by me. I said that the full exemption should be given. The Chief Minister of Goa supported me. Many of the ministers were of the view that it has to be reduced," said Bhattacharya after the meeting.&nbsp;</p>

<p>"They were agreeable to reduce but from 18 per cent to 5 per cent. Now, whether it will be exempted or it will be reduced to 5 per cent, GoM has been constituted, which will give its report by October last and then it will be decided in the next meeting."</p>

<p>In the lead-up to Monday's meeting, reports emerged that the government was planning to do away with the GST on health insurance premiums that had been pinching the common man.&nbsp;At present, premiums for both health and life insurance policies are subject to an 18 per cent&nbsp;GST.</p>

<p><a href="https://www.wionews.com/videos/indias-health-insurance-big-growth-bigger-gaps-755162"><strong>Watch |&nbsp;India’s health insurance: Big growth, bigger gaps</strong></a></p>

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<h2><strong>Gadkari had urged&nbsp;Cabinet colleague in July</strong></h2>

<p>A leaked letter by&nbsp;Union Minister for Road Transport &amp; Highways Nitin Gadkari, written to Sitharaman, showed that the senior minister was also in favour of doing away with GST on insurance premiums.&nbsp;</p>

<p>"Levying GST on life insurance premium amounts to levying tax on the uncertainties of life," Gadkari said in his letter to Sitharaman, dated July 31.</p>

<p><a href="https://www.wionews.com/business-economy/nirmala-sitharaman-gets-good-news-for-hostel-goers-railway-services-top-points-of-gst-council-meet-734230"><strong>Also read |&nbsp;Nirmala Sitharaman gets good news for hostel goers, railway services: Top points of June GST council meet</strong></a></p>

<p>"The Union feels that the person who covers the risk of life's uncertainties to give some protection to the family should not be levied tax on the premium to purchase cover against this risk."</p>

<h2><strong>What else was announced?</strong></h2>

<p>Sitharaman announced a reduction in GST rate on&nbsp;specified cancer drugs from 12 per cent to 5 per cent.</p>

<p>“You would recall that we had slashed customs duties on them and now the GST rate is being reduced from 12 per cent to 5 per cent&nbsp;to further reduce cancer treatment costs,” she said.</p>

<p>Additionally, funds&nbsp;given for research to State-affiliated universities, those that have come about under State or Central laws, or those that have obtained Income Tax exemption, can receive research funds both from the public&nbsp;and private sectors and will be exempt from paying GST.&nbsp;</p>

<p><em>(With inputs from agencies)</em></p>


The central government on Monday (Sep 9) postponed the announcement regarding a potential reduction in the Goods and Services Tax (GST) on health insurance premiums.

The central government on Monday (Sep 9) postponed the announcement regarding a potential reduction in the Goods and Services Tax (GST) on health insurance premiums. Chaired by Union Finance Minister Nirmala Sitharaman, the 54th GST Council meeting instead formed a group of ministers (GoM) to examine the issue. The GoM will submit its report on insurance-related matters for senior citizens, life insurance, term insurance and group insurance by October end. Meanwhile, the council is expected to discuss removing GST or reducing it in the November meeting. On Monday, the Fitment Committee, comprising the centre and state tax officials presented a report giving data and and analysis and implications of GST reduction on life, health and reinsurance premiums. West Bengal Finance Minister Chandrima Bhattacharya stated that the majority of ministers were in support of reducing GST on insurance premiums. "The issue of GST on health insurance was raised by me. I said that the full exemption should be given. The Chief Minister of Goa supported me. Many of the ministers were of the view that it has to be reduced," said Bhattacharya after the meeting. "They were agreeable to reduce but from 18 per cent to 5 per cent. Now, whether it will be exempted or it will be reduced to 5 per cent, GoM has been constituted, which will give its report by October last and then it will be decided in the next meeting." In the lead-up to Monday's meeting, reports emerged that the government was planning to do away with the GST on health insurance premiums that had been pinching the common man. At present, premiums for both health and life insurance policies are subject to an 18 per cent GST. Watch | India’s health insurance: Big growth, bigger gaps × Gadkari had urged Cabinet colleague in July A leaked letter by Union Minister for Road Transport & Highways Nitin Gadkari, written to Sitharaman, showed that the senior minister was also in favour of doing away with GST on insurance premiums. "Levying GST on life insurance premium amounts to levying tax on the uncertainties of life," Gadkari said in his letter to Sitharaman, dated July 31. Also read | Nirmala Sitharaman gets good news for hostel goers, railway services: Top points of June GST council meet "The Union feels that the person who covers the risk of life's uncertainties to give some protection to the family should not be levied tax on the premium to purchase cover against this risk." What else was announced? Sitharaman announced a reduction in GST rate on specified cancer drugs from 12 per cent to 5 per cent. “You would recall that we had slashed customs duties on them and now the GST rate is being reduced from 12 per cent to 5 per cent to further reduce cancer treatment costs,” she said. Additionally, funds given for research to State-affiliated universities, those that have come about under State or Central laws, or those that have obtained Income Tax exemption, can receive research funds both from the public and private sectors and will be exempt from paying GST. (With inputs from agencies)

India: GST on health insurance premiums to be reduced? Centre moves one step closer

<p>India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July.</p>

<p>Monthly GST revenue collections have been more than Rs 1.4 lakh crore for six months in a row now, said the Union finance ministry in a statement on Thursday. Of the total collected GST in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore SGST, Rs 77,782 crore IGST (including Rs 42,067 crore collected on import of goods) and cess of Rs 10,168 crore, data showed.</p>

<p>"The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy," a government statement said on Thursday.</p>

<p>This, the statement said, is a clear impact of various measures taken by the GST Council in the past to ensure better compliance.</p>

<p><strong>Also read |&nbsp;<a href="https://www.wionews.com/india-news/indias-gdp-jumped-135-in-june-quarter-on-pandemic-rebound-official-figures-511791" hreflang="en">India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures</a></strong></p>

<p>"Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. During the month of July 2022, around 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore&nbsp;in June 2021," it added.</p>

<p>It is pertinent to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore. The GST regime in India completed its five years recently.</p>

<p>The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process.</p>

<p>GST was introduced on July 1, 2017, and all states were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years.</p>

<p>For providing compensation to states, cess is being levied on certain goods and the amount collected is being credited to Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 2017.</p>

<p>At the latest GST Council meeting held in Chandigarh, several states sought an extension of the compensation at least for a few years, if not for five years. Any formal decision on it, if at all, is yet to be taken.&nbsp;</p>

<p><strong>Watch WION's live TV here:</strong></p>

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India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July.

India's Goods and Services Tax collection for the month of August was recorded at Rs 143,612 crore, which is 28 per cent higher as compared to the same month last year but lower than Rs 148,995 crore collected in July. Monthly GST revenue collections have been more than Rs 1.4 lakh crore for six months in a row now, said the Union finance ministry in a statement on Thursday. Of the total collected GST in August, Rs 24,710 crore was part of CGST, Rs 30,951 crore SGST, Rs 77,782 crore IGST (including Rs 42,067 crore collected on import of goods) and cess of Rs 10,168 crore, data showed. "The growth in GST revenue till August 2022 over the same period last year is 33 per cent, continuing to display very high buoyancy," a government statement said on Thursday. This, the statement said, is a clear impact of various measures taken by the GST Council in the past to ensure better compliance. Also read | India's GDP jumped 13.5% in June quarter on pandemic rebound: Official figures "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis. During the month of July 2022, around 7.6 crore e-way bills were generated, which was marginally higher than 7.4 crore in June 2022 and 19 per cent higher than 6.4 crore in June 2021," it added. It is pertinent to note that the GST revenue collections crossed the Rs 1.5 lakh crore mark for the first time in the month of April at Rs 1.68 lakh crore. The GST regime in India completed its five years recently. The government through the GST taxation system intended to bring in uniform taxes across the country, besides transparency, accountability, and a simpler registration process. GST was introduced on July 1, 2017, and all states were assured of compensation for loss of any revenue arising on account of implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for a period of five years. For providing compensation to states, cess is being levied on certain goods and the amount collected is being credited to Compensation Fund. Compensation to states is being paid out of the Compensation Fund with effect from July 1, 2017. At the latest GST Council meeting held in Chandigarh, several states sought an extension of the compensation at least for a few years, if not for five years. Any formal decision on it, if at all, is yet to be taken. Watch WION's live TV here: ×

India's GST collections rise 28% year-on-year to Rs 1.43 lakh crore in August

<p>India is working towards a single <a href="http://www.wionews.com/india-news/gst-council-slashes-rates-of-7-items-from-28-jaitley-calls-meeting-fruitful-185843">national sales tax rate</a> which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.</p>

<p>The government set the range for the <a href="http://www.wionews.com/india-news/opposition-ruled-states-oppose-rate-cuts-in-gst-citing-revenue-consideration-185889">Goods and Service Tax</a> from 28 per cent to 5 per cent on most items when the signature reform was introduced last year.</p>

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<p dir="ltr" lang="en">Eighteen Months of the GST <a href="https://t.co/eIU3DCd90l">https://t.co/eIU3DCd90l</a></p>
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077079145186803713?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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<p>&nbsp;</p>

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<p dir="ltr" lang="en">The GST from the date of its implementation, has changed the situation radically. All seventeen taxes were combined into one. The whole of India became one market. The interstate barriers disappeared. Entry into the cities became open with abolition of the entry tax.</p>
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077083957848616960?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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<p>"Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog.</p>

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<p dir="ltr" lang="en">Multiple slabs were fixed transiently in order to ensure the tax on no commodity goes up radically. This contained the inflation impact. Most Aam Aadmi items were placed in the 0 or 5% tax bracket. Returns became online; assessments will be online; multiple inspectors disappeared</p>
— Arun Jaitley (@arunjaitley) <a href="https://twitter.com/arunjaitley/status/1077084558707908610?ref_src=twsrc%5Etfw">December 24, 2018</a></blockquote>
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<p>"A future roadmap could well be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent. It could be a rate at some mid-point between the two."</p>

<p>He also said the country should look towards having slabs of zero, five per cent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc).</p>

<p>The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.</p>


India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure.

India is working towards a single national sales tax rate which could be a mid-point between 12 and 18 per cent, finance minister Arun Jaitley said on Monday, in an effort to simplify the tax structure. The government set the range for the Goods and Service Tax from 28 per cent to 5 per cent on most items when the signature reform was introduced last year. Eighteen Months of the GST https://t.co/eIU3DCd90l — Arun Jaitley (@arunjaitley) December 24, 2018 × The GST from the date of its implementation, has changed the situation radically. All seventeen taxes were combined into one. The whole of India became one market. The interstate barriers disappeared. Entry into the cities became open with abolition of the entry tax. — Arun Jaitley (@arunjaitley) December 24, 2018 × "Multiple slabs were fixed transiently in order to ensure the tax of no commodity goes up radically. This contained the inflation impact," Jaitley wrote in his blog. Multiple slabs were fixed transiently in order to ensure the tax on no commodity goes up radically. This contained the inflation impact. Most Aam Aadmi items were placed in the 0 or 5% tax bracket. Returns became online; assessments will be online; multiple inspectors disappeared — Arun Jaitley (@arunjaitley) December 24, 2018 × "A future roadmap could well be to work towards a single standard rate instead of two standard rates of 12 per cent and 18 per cent. It could be a rate at some mid-point between the two." He also said the country should look towards having slabs of zero, five per cent and a standard rate for luxury and sin goods (alcohol, drugs, cigarettes, etc). The government will also look at transferring cement into a lower tax slab as the next priority, he wrote.

Future GST roadmap will be to work towards single standard rate: Jaitley

<p>The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. &nbsp;</p>

<p>Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.&nbsp;</p>

<p>"Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed.&nbsp;</p>

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<p dir="ltr" lang="en">Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. <a href="https://t.co/s0agEgE113">pic.twitter.com/s0agEgE113</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076426839751442432?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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<p>Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow.&nbsp;</p>

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<p dir="ltr" lang="en">Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% <a href="https://t.co/BpOmhTj7Kj">pic.twitter.com/BpOmhTj7Kj</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076428703813509120?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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<p>"States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted.&nbsp;</p>

<p>In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks.</p>

<p>The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said.</p>

<p>The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab.</p>

<p>The new tax rates will come into effect from January 1, 2019.&nbsp;</p>

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<p dir="ltr" lang="en">V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods. (1/2) <a href="https://t.co/fs6MqhFJDb">pic.twitter.com/fs6MqhFJDb</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076405356044021760?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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<p>Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% &amp; 5% as they are common man’s consumption goods.&nbsp;</p>

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<p dir="ltr" lang="en">FM: There are 28 items left in the 28% bracket if we include luxury &amp; sin items. 13 items are from automobile parts &amp; 1 is cement. Cement’s revenue is 13000 crore &amp; automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore <a href="https://t.co/EWaUBOd5tp">https://t.co/EWaUBOd5tp</a></p>
— ANI (@ANI) <a href="https://twitter.com/ANI/status/1076430287624724481?ref_src=twsrc%5Etfw">December 22, 2018</a></blockquote>
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<p>"The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% &amp; below," Narayanasamy stated.</p>

<p><br />
&nbsp;</p>


The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several.

The GST Council on Saturday held a meeting in New Delhi and decided to slash rates for items from 28 per cent. Union Finance Minister Arun Jaitley held a press conference after the meeting wherein he informed that the GST council has not increased any rates, rather have brought down several. "Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28%. Monitors and Television screens, Tyres, Power banks of Lithium-ion batteries have brought down from 28% to 18% slab. Accessories for carriages for specially abled persons have been brought down to 5%," the finance minister informed. Union Finance Minister Arun Jaitley: 28% slab rate is only applicable on 34 items now. These are luxury items. pic.twitter.com/s0agEgE113 — ANI (@ANI) December 22, 2018 × Jaitley added that the rates were revised keeping the Fitment committee's recommendation in mind and that the exercise is aimed at directing revenue inflow. Finance Minister Arun Jaitley on the decisions taken in GST Council meet: Movie tickets up to Rs 100 brought down to 12% and above Rs 100 has been brought down to 18% from 28% pic.twitter.com/BpOmhTj7Kj — ANI (@ANI) December 22, 2018 × "States with higher consumption have improved. North East states have shown a better implementation of GST," Jaitley noted. In a relief to the common man, the GST Council cut rates on 23 commonly used goods and services, including TV screens, movie tickets and power banks. The annual revenue implication of the rate cuts would be Rs 5,500 crore, Finance Minister Arun Jaitley said. The council rationalised the 28 per cent slab by bringing down the tax rate on seven items in the highest tax bracket, thereby leaving only 28 items in the slab. The new tax rates will come into effect from January 1, 2019. V Narayanasamy, Puducherry Chief Minister on GST Council meet in Delhi: 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. (1/2) pic.twitter.com/fs6MqhFJDb — ANI (@ANI) December 22, 2018 × Puducherry Chief Minister V Narayanasamy also interacted with reporters and informed that that 33 items have come down from 18% to 12% & 5% as they are common man’s consumption goods. FM: There are 28 items left in the 28% bracket if we include luxury & sin items. 13 items are from automobile parts & 1 is cement. Cement’s revenue is 13000 crore & automobile parts revenue is 20000 crore. If they are brought down from 28% to 18% implications are of 33000 crore https://t.co/EWaUBOd5tp — ANI (@ANI) December 22, 2018 × "The original demand by Congress that all goods should come down to 18% and below except luxury items has been agreed by the Government. Except for 34 items, all other will come down to 18% & below," Narayanasamy stated.

GST council slashes rates of 7 items from 28%; movie tickets, TV screens likely to get cheaper

<p>According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18.</p>

<p>"During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet.</p>

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<p dir="ltr" lang="en">During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore .</p>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989738503264133120?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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<p>"This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said.</p>

<p>According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore.</p>

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<p dir="ltr" lang="en">The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore.</p>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989741622186332160?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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<p>Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16.</p>

<p>The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months.</p>

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<p dir="ltr" lang="en">Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore.</p>
— Ministry of Finance (@FinMinIndia) <a href="https://twitter.com/FinMinIndia/status/989739237217001472?ref_src=twsrc%5Etfw">April 27, 2018</a></blockquote>
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<p>The GST was rolled out on July 1, 2017.</p>

<p><em>(With inputs from PTI)&nbsp;</em></p>


The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months

According to the finance ministry, the government was able to mobilise Rs 7.41 lakh crore from the Goods and Services Tax (GST) during 2017-18. "During the year 2017-18, total revenue collections under GST in the period between August 2017 and March 2018 has been Rs 7.19 lakh crore. Including the collection of July, 2017, the total GST collections during the 2017-18 stands provisionally at Rs. 7.41 lakh crore," the Finance Ministry said in a tweet. During the year 2017-18, total Revenue Collections under GST in the period between August 2017 and March 2018 has been Rs. 7.19 Lakh Crore . — Ministry of Finance (@FinMinIndia) April 27, 2018 × "This includes Rs 1.19 lakh crore of CGST, Rs.1.72 lakh crore of SGST, and Rs 3.66 lakh crore of IGST (including Rs 1.73 lakh crore on imports) and Rs 62,021 crore of cess (including Rs 5,702 crore on imports)," it said. According to the finance ministry, the average monthly collection during the August-March period has amounted to Rs 89,885 crore. The SGST Collection during the year 2017-18 including the settlement of IGST has been Rs. 2.91 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × Total compensation released to the states for a period of eight months during 2017-18 was Rs 41,147 crore, this was to ensure that the revenue of the states is protected at the level of 14 per cent over the base year tax collection in 2015-16. The ministry further noted that the Revenue Gap in each state has been on the decline over the last eight months. Including the collection of July, 2017, the total GST Collections during the Financial Year 2017-18 stands provisionally at Rs. 7.41 Lakh Crore. — Ministry of Finance (@FinMinIndia) April 27, 2018 × The GST was rolled out on July 1, 2017. (With inputs from PTI)

Average monthly GST collection since rollout Rs 90,000 crore: Finance Ministry

<p><a href="http://www.wionews.com/india-news/padmaavat-releases-today-but-faces-blackout-in-four-states-protests-continue-30690">Padmaavat</a><a href="http://www.wionews.com/india-news/padmaavat-releases-today-but-faces-blackout-in-four-states-protests-continue-30690"> releases today; protests continue, Lucknow man tries to immolate himself</a></p>

<p>As Sanjay Leela Bhansali&#39;s Padmaavat finally gets a release, chaos hammers the country. Protestors took to the streets and caused a ruckus in various parts of the country.</p>

<p><a href="http://www.wionews.com/india-news/gst-will-have-very-positive-long-term-effects-raghuram-rajan-30699">GST will have &#39;very positive&#39; long-term effects: Raghuram Rajan</a></p>

<p>In a recent television interview, Former RBI governor Raghuram Rajan spoke about the long-term advantages of the two major economic moves of the Modi government -- the Goods and Service Tax and demonetisation.&nbsp;</p>

<p><a href="http://www.wionews.com/india-news/no-cause-big-enough-to-justify-violence-against-children-says-rahul-after-attack-on-gurgaon-school-bus-30698">No &#39;cause big enough to justify violence against children&#39;, says Rahul after attack on Gurgaon school bus</a></p>

<p>On the day miscreants protesting the release of &#39;Padmaavat&#39; targeted a school bus in Gurugram, Rahul Gandhi took to Twitter to express his anguish and blamed the Prime Minister Narendra Modi and the BJP for the ongoing violence. &nbsp;&nbsp;</p>

<p><a href="http://www.wionews.com/india-news/padmaavat-row-after-attack-on-school-bus-big-gurgaon-schools-shut-till-sunday-30696">Padmaavat</a><a href="http://www.wionews.com/india-news/padmaavat-row-after-attack-on-school-bus-big-gurgaon-schools-shut-till-sunday-30696"> release: After attack on school bus, big Gurgaon schools shut till Sunday</a></p>

<p>After the attack on a school bus by anti-&quot;Padmaavat&quot; protestors, some reputed schools in Gurgaon have decided to remain shut till Sunday in view of the violence over the controversial film&#39;s release.</p>

<p><a href="http://www.wionews.com/world/ex-usa-gymnastics-doctor-gets-up-to-175-years-as-abuse-victims-applaud-30692">&#39;I&#39;ve signed your death warrant,&#39; judge tells ex-USA Gymnastics doctor</a></p>

<p>As his victims wept in a Michigan courtroom on Wednesday, disgraced long-time USA Gymnastics team doctor Larry Nassar was sentenced to up to 175 years in prison for abusing young female gymnasts who were entrusted to his care.</p>


As Sanjay Leela Bhansali's Padmaavat finally gets a release, chaos hammers the country. Protestors took to the streets and caused a ruckus in various parts of the country.

Padmaavat releases today; protests continue, Lucknow man tries to immolate himself As Sanjay Leela Bhansali's Padmaavat finally gets a release, chaos hammers the country. Protestors took to the streets and caused a ruckus in various parts of the country. GST will have 'very positive' long-term effects: Raghuram Rajan In a recent television interview, Former RBI governor Raghuram Rajan spoke about the long-term advantages of the two major economic moves of the Modi government -- the Goods and Service Tax and demonetisation. No 'cause big enough to justify violence against children', says Rahul after attack on Gurgaon school bus On the day miscreants protesting the release of 'Padmaavat' targeted a school bus in Gurugram, Rahul Gandhi took to Twitter to express his anguish and blamed the Prime Minister Narendra Modi and the BJP for the ongoing violence. Padmaavat release: After attack on school bus, big Gurgaon schools shut till Sunday After the attack on a school bus by anti-"Padmaavat" protestors, some reputed schools in Gurgaon have decided to remain shut till Sunday in view of the violence over the controversial film's release. 'I've signed your death warrant,' judge tells ex-USA Gymnastics doctor As his victims wept in a Michigan courtroom on Wednesday, disgraced long-time USA Gymnastics team doctor Larry Nassar was sentenced to up to 175 years in prison for abusing young female gymnasts who were entrusted to his care.

Wion Morning News Brief, January 25, 2018

<p>Sparks flew in Rajya Sabha on Tuesday as the ruling BJP and the opposition Congress traded charges over bringing petroleum products under the purview of Goods and Service Tax (GST). &nbsp;&nbsp;</p>

<p>Congress leader and former finance minister P Chidambaram said now that BJP is in power in 19 states, what prevents them from bringing petroleum products under GST.</p>

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<p dir="ltr" lang="en">Now that BJP is in power in 19 states and at the Centre what prevents them from bringing petroleum products under GST? When will the GST Council take up this subject: P Chidambaram, Congress in Rajya Sabha <a href="https://t.co/xWybbIjTDB">pic.twitter.com/xWybbIjTDB</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/943018996839751680?ref_src=twsrc%5Etfw">December 19, 2017</a></blockquote>
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<p>&#39;&#39;Now that BJP is in power in 19 states and at the Centre what prevents them from bringing petroleum products under GST? When will the GST Council take up this subject,&#39;&#39; P Chidambaram said in Rajya Sabha.</p>

<p>Responding to Chidambaram, Union Finance Minister Arun Jaitley said that they are in favour of bringing petroleum products under GST.&nbsp;</p>

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<p dir="ltr" lang="en">We are in favour of bringing petroleum products under GST. We would await consensus of the states and hope states agree to the consensus sooner or later: Union Finance Minister Arun Jaitley in Rajya Sabha <a href="https://t.co/jO4eZILPSq">pic.twitter.com/jO4eZILPSq</a></p>
&mdash; ANI (@ANI) <a href="https://twitter.com/ANI/status/943019468254359552?ref_src=twsrc%5Etfw">December 19, 2017</a></blockquote>
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<p>&#39;&#39;We are in favour of bringing petroleum products under GST. We would await consensus of the states and hope states agree to the consensus sooner or later,&#39;&#39; said&nbsp;Jaitley.</p>

<p>Since the GST came into effect, bringing petroleum products under the purview of GST has been a contentious issue with Congress accusing BJP led NDA government of dragging its feet on the matter. &nbsp;</p>

<p>Amid an outcry over spiralling fuel prices, state governments, including those ruled by the BJP, are opposing petroleum minister Dharmendra Pradhan&rsquo;s suggestion that petroleum products should be brought under the Goods and Service Tax (GST).</p>

<p>States say the move would adversely impact their revenue, which has increased by almost 50 per cent&nbsp;for most states in the past three years on account of high value-added (VAT) tax.</p>

<p>Consumers pay more than 100 per cent&nbsp;tax &ndash;central and state levies combined -- on petrol and diesel which actually cost Rs 29.53 and Rs 29.12 after refining.</p>

<p>The Centre levies excise duty of Rs 21.14 on petrol and Rs 17.33 on diesel and the states impose value-added tax that ranges between 20-47 per cent.&nbsp;</p>


Sparks flew in Rajya Sabha on Tuesday as the ruling BJP and the opposition Congress traded charges over not brining petroleum products under the purview of Goods and Service Tax (GST). Congress leader and former finance minister P Chidambaram said that not that BJP is in powe in 19 states, what

Sparks flew in Rajya Sabha on Tuesday as the ruling BJP and the opposition Congress traded charges over bringing petroleum products under the purview of Goods and Service Tax (GST). Congress leader and former finance minister P Chidambaram said now that BJP is in power in 19 states, what prevents them from bringing petroleum products under GST. Now that BJP is in power in 19 states and at the Centre what prevents them from bringing petroleum products under GST? When will the GST Council take up this subject: P Chidambaram, Congress in Rajya Sabha pic.twitter.com/xWybbIjTDB — ANI (@ANI) December 19, 2017 × ''Now that BJP is in power in 19 states and at the Centre what prevents them from bringing petroleum products under GST? When will the GST Council take up this subject,'' P Chidambaram said in Rajya Sabha. Responding to Chidambaram, Union Finance Minister Arun Jaitley said that they are in favour of bringing petroleum products under GST. We are in favour of bringing petroleum products under GST. We would await consensus of the states and hope states agree to the consensus sooner or later: Union Finance Minister Arun Jaitley in Rajya Sabha pic.twitter.com/jO4eZILPSq — ANI (@ANI) December 19, 2017 × ''We are in favour of bringing petroleum products under GST. We would await consensus of the states and hope states agree to the consensus sooner or later,'' said Jaitley. Since the GST came into effect, bringing petroleum products under the purview of GST has been a contentious issue with Congress accusing BJP led NDA government of dragging its feet on the matter. Amid an outcry over spiralling fuel prices, state governments, including those ruled by the BJP, are opposing petroleum minister Dharmendra Pradhan’s suggestion that petroleum products should be brought under the Goods and Service Tax (GST). States say the move would adversely impact their revenue, which has increased by almost 50 per cent for most states in the past three years on account of high value-added (VAT) tax. Consumers pay more than 100 per cent tax –central and state levies combined -- on petrol and diesel which actually cost Rs 29.53 and Rs 29.12 after refining. The Centre levies excise duty of Rs 21.14 on petrol and Rs 17.33 on diesel and the states impose value-added tax that ranges between 20-47 per cent.

Chidambaram questions Jaitley's push to bring petroleum products under GST

<p>A day after Prime Minister Narendra Modi accused Congress vice-president Rahul Gandhi of propagating &#39;grand stupid thought&#39; on Goods and Service Tax (GST), Congress leader and former finance minister P Chidambaram hit out at PM by saying CEA Dr Arvind Subramaniam and many other economists are stupid? &nbsp;&nbsp;<br />
&nbsp;&nbsp;<br />
&quot;If it is Grand Stupid Thought to argue for a cap of the tax rate at 18%, then CEA Dr Arvind Subramaniam and many other economists are stupid. &nbsp;Is that what PM is saying?,&#39;&#39; Chidambaram tweeted today morning. &nbsp;</p>

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<p dir="ltr" lang="en">If it is Grand Stupid Thought to argue for a cap of the tax rate at 18%, then CEA Dr Arvind Subramaniam and many other economists are stupid. Is that what PM is saying?</p>
&mdash; P. Chidambaram (@PChidambaram_IN) <a href="https://twitter.com/PChidambaram_IN/status/936083726307508225?ref_src=twsrc%5Etfw">November 30, 2017</a></blockquote>
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<p><br />
In December, 2015, a panel headed by Chief Economic Adviser Arvind Subramanian has recommended a standard rate of 17-18 per cent under the then proposed goods and services tax (GST). The panel had submitted its recommendations to Finance Minister Arun Jaitley.&nbsp;<br />
&nbsp;&nbsp;<br />
The CEA report suggested a 40 per cent GST rate for luxury goods and tobacco at the higher-end and 12 per cent at the lower-end for essential goods.&nbsp;<br />
&nbsp;&nbsp;<br />
&#39;&#39;Has PM read the CEA&#39;s report on Revenue Neutral Rate? Did not CEA recommend an RNR of 15-15.5%?,&#39;&#39; former FM said in another tweet. &nbsp;<br />
&nbsp;&nbsp;<br />
&#39;&#39;Why can&#39;t the normal GST rate be 15% and RNR plus rate on luxury goods be 18%?,&#39;&#39; he said in another tweet. &nbsp;<br />
&nbsp;&nbsp;<br />
The former FM also took potshots at the ruling NDA for not slashing the petrol and diesel prices despite the crude oil prices falling by 50 per cent since BJP led NDA came to power.&nbsp;<br />
&nbsp;&nbsp;<br />
&#39;&#39;Tax and spend is the credo of the BJP government. Example: when crude oil prices fell by 50%, prices of petrol and diesel remained the same,&#39;&#39; Chidambaram stated in another tweet.&nbsp;<br />
&nbsp;&nbsp;<br />
Addressing a huge rally in Morbi town in Gujarat, which goes to polls in the first phase on December 9, Modi attacked Congress leader Rahul Gandhi for calling GST &#39;Gabbar Singh Tax&#39; and said a recently emerged &quot;economist&quot; was propagating a &quot;grand stupid thought&quot; by suggesting that GST rate be capped at 18 per cent.&nbsp;</p>


In December 2015, a panel headed by Chief Economic Adviser Arvind Subramanian has recommended a standard rate of 17-18 per cent under the then proposed goods and services tax (GST).

A day after Prime Minister Narendra Modi accused Congress vice-president Rahul Gandhi of propagating 'grand stupid thought' on Goods and Service Tax (GST), Congress leader and former finance minister P Chidambaram hit out at PM by saying CEA Dr Arvind Subramaniam and many other economists are stupid? "If it is Grand Stupid Thought to argue for a cap of the tax rate at 18%, then CEA Dr Arvind Subramaniam and many other economists are stupid. Is that what PM is saying?,'' Chidambaram tweeted today morning. If it is Grand Stupid Thought to argue for a cap of the tax rate at 18%, then CEA Dr Arvind Subramaniam and many other economists are stupid. Is that what PM is saying? — P. Chidambaram (@PChidambaram_IN) November 30, 2017 × In December, 2015, a panel headed by Chief Economic Adviser Arvind Subramanian has recommended a standard rate of 17-18 per cent under the then proposed goods and services tax (GST). The panel had submitted its recommendations to Finance Minister Arun Jaitley. The CEA report suggested a 40 per cent GST rate for luxury goods and tobacco at the higher-end and 12 per cent at the lower-end for essential goods. ''Has PM read the CEA's report on Revenue Neutral Rate? Did not CEA recommend an RNR of 15-15.5%?,'' former FM said in another tweet. ''Why can't the normal GST rate be 15% and RNR plus rate on luxury goods be 18%?,'' he said in another tweet. The former FM also took potshots at the ruling NDA for not slashing the petrol and diesel prices despite the crude oil prices falling by 50 per cent since BJP led NDA came to power. ''Tax and spend is the credo of the BJP government. Example: when crude oil prices fell by 50%, prices of petrol and diesel remained the same,'' Chidambaram stated in another tweet. Addressing a huge rally in Morbi town in Gujarat, which goes to polls in the first phase on December 9, Modi attacked Congress leader Rahul Gandhi for calling GST 'Gabbar Singh Tax' and said a recently emerged "economist" was propagating a "grand stupid thought" by suggesting that GST rate be capped at 18 per cent.

Chidambaram hits out at Modi over 'grand stupid thought' jibe on Rahul

<p><a href="http://www.wionews.com/sports/india-beats-china-in-womens-asia-cup-hockey-2017-23548">India beat China to win Asia Cup, qualify for Hockey World Cup</a></p>

<p>The Indian women&rsquo;s hockey team qualified for next year&rsquo;s World Cup after defeating China 5-4 via a shootout in a nail-biting Asia Cup final on Sunday. It was 1-1 at full-time after China found a late equaliser by Tiantian Luo, who converted a penalty corner in the 47th minute.</p>

<p><a href="http://www.wionews.com/india-news/cong-has-run-away-hp-poll-one-sided-modi-at-rally-23538">Indira Gandhi refused to carry out note ban: Modi</a></p>

<p>&quot;Former prime minister Indira Gandhi refused to carry out note ban. Had she done note ban when needed, I would not have had to carry out this big task,&#39;&#39; said PM&nbsp;Narendra Modi. Stressing that the implementation of demonetisation policy was required in 1971, but it was implemented by the BJP government, he added.</p>

<p><a href="http://www.wionews.com/india-news/rahul-tells-modi-to-quit-if-unable-to-control-price-rise-give-jobs-23545">Rahul asks Modi to quit if unable to control price rise, give jobs</a></p>

<p>Congress vice-president Rahul Gandhi today asked the Narendra Modi government to stop delivering &quot;hollow&quot; speeches and quit if it was unable to stop prices from rising and give jobs to the people. Gandhi tweeted: &quot;Mehngi gas, mehnga ration, band karo khokhla bhashan, daam bandho, kaam do, varna khali karo singhasan.<br />
&nbsp;</p>

<p><a href="http://www.wionews.com/world/securing-n-korea-nukes-would-require-us-ground-invasion-reports-23528">Securing N. Korea nukes would require US ground invasion: Reports</a></p>

<p>The only certain way to locate and secure all North Korea&#39;s nuclear weapons sites would be via a US ground invasion, the Washington Post reported Saturday, citing a letter from Pentagon officials sent to US lawmakers.</p>

<p><a href="http://www.wionews.com/india-news/council-to-consider-slashing-gst-on-common-use-goods-23536">Council to consider slashing GST on common use goods</a></p>

<p>The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week.</p>

<p>&nbsp;</p>

<p>&nbsp;</p>


"Former prime minister Indira Gandhi refused to carry out note ban. Had she done note ban when needed, I would not have had to carry out this big task,'' said PM?Narendra Modi.

India beat China to win Asia Cup, qualify for Hockey World Cup The Indian women’s hockey team qualified for next year’s World Cup after defeating China 5-4 via a shootout in a nail-biting Asia Cup final on Sunday. It was 1-1 at full-time after China found a late equaliser by Tiantian Luo, who converted a penalty corner in the 47th minute. Indira Gandhi refused to carry out note ban: Modi "Former prime minister Indira Gandhi refused to carry out note ban. Had she done note ban when needed, I would not have had to carry out this big task,'' said PM Narendra Modi. Stressing that the implementation of demonetisation policy was required in 1971, but it was implemented by the BJP government, he added. Rahul asks Modi to quit if unable to control price rise, give jobs Congress vice-president Rahul Gandhi today asked the Narendra Modi government to stop delivering "hollow" speeches and quit if it was unable to stop prices from rising and give jobs to the people. Gandhi tweeted: "Mehngi gas, mehnga ration, band karo khokhla bhashan, daam bandho, kaam do, varna khali karo singhasan. Securing N. Korea nukes would require US ground invasion: Reports The only certain way to locate and secure all North Korea's nuclear weapons sites would be via a US ground invasion, the Washington Post reported Saturday, citing a letter from Pentagon officials sent to US lawmakers. Council to consider slashing GST on common use goods The all-powerful GST Council may consider lowering tax rates on a host of goods such as handmade furniture, plastic products and daily use items like shampoo, and simplify return filing rules in its meeting this week.

WION evening news brief, Nov 5, 2017

<p>The GST rate on restaurants is expected to be lowered to 12% from the current 18%, the Times of India reported Wednesday.&nbsp;</p>

<p>The Times reported that the possible lowering of the GST rates comes after &quot;complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers&quot;&nbsp;and because the tax burden on people eating out was high.</p>

<p>&quot;It is one segment that was not passing on the benefits to consumers,&quot; the Times reported a senior officer as saying.</p>

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<h5>It was not yet clear what the GST rate imposed on five-star hotels would be</h5>
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<p>The Times reported that should the GST rate be lowered, there will then be two rates for restaurants.&nbsp;</p>

<p>Five per cent for restaurants with a turnover of up to Rs 1 crore and which opt for the composition scheme, and 12% for others.&nbsp;</p>

<p>The Times added that it was not yet clear what the GST rate imposed on five-star hotels would be.&nbsp;</p>

<p>The current GST rate imposed on air-conditioned restaurants is 18%, and that on non-AC restaurants is 12%.&nbsp;<br />
&nbsp;</p>


The GST rates could be lowered because of complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers

The GST rate on restaurants is expected to be lowered to 12% from the current 18%, the Times of India reported Wednesday. The Times reported that the possible lowering of the GST rates comes after "complaints that restaurants were pocketing the benefit of input tax credit for taxes paid by suppliers" and because the tax burden on people eating out was high. "It is one segment that was not passing on the benefits to consumers," the Times reported a senior officer as saying. It was not yet clear what the GST rate imposed on five-star hotels would be × The Times reported that should the GST rate be lowered, there will then be two rates for restaurants. Five per cent for restaurants with a turnover of up to Rs 1 crore and which opt for the composition scheme, and 12% for others. The Times added that it was not yet clear what the GST rate imposed on five-star hotels would be. The current GST rate imposed on air-conditioned restaurants is 18%, and that on non-AC restaurants is 12%.

GST rates on restaurants may be lowered

<p>Currently, anyone manufacturing a product, from a car to a bottle of deodorant, they have to pay the &lsquo;Central Excise Duty&rsquo; to the Central Government. Moreover, when the product is sold, a State tax called &lsquo;Value Added Tax&rsquo; (VAT) is to be paid too. There are also certain cess and surcharge which needs to be paid to the Central Government in addition to the Excise Duty. On the other hand, &lsquo;Service Tax&rsquo; is to be paid on provision of services, such as hotel stay, cab service, travel through train or flight, gym subscription etc. But, after the advent of Goods and Service Tax (GST), all these taxes and more will be subsumed under its ambit</p>

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<p>GST different from indirect taxation. (Others)</p>
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<p><strong>Taxes that will cease to exist after GST</strong></p>

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<p>Taxes that will cease to exist after GST (WION Web Team)</p>
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<p>How does GST impact a consumer?</p>

<p>A consumer will get affected by GST due to 3 major changes:</p>

<p>1) &nbsp; &nbsp;Elimination of double taxation i.e. tax on tax&nbsp;<br />
2) &nbsp; &nbsp;Common Input Credit System&nbsp;<br />
3) &nbsp; &nbsp;Change in overall tax rates&nbsp;</p>

<p><strong>Let us understand these points with some simple examples:</strong></p>

<p>1) &nbsp; &nbsp;Double Taxation- As explained earlier, when a good is manufactured, Excise Duty is paid on it. Now when it is offered for sale, it is further taxed with VAT. This VAT is applied on the amount which is achieved after adding Excise Duty. Thus, the taxed portion is again getting taxed. Let&rsquo;s take an example to understand this better.</p>

<p>Example: Mohan is a car manufacturer who sells cars directly to the customer. To simplify, let&#39;s take Excise Duty to be 10 per cent and VAT to be 10 per cent and GST to be 20 per cent.</p>

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<p>Old system verses GST system (Others)</p>
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<p>In this example, on the manufacturing cost of car i.e. Rs. 3,00,000, 10 per cent&nbsp;Excise duty is applied, and then when it is sold to the customer, another 10 per cent&nbsp;VAT is applied on the cost. Imposing Excise duty along with VAT on a single item makes it a classic case of double taxation.</p>

<p>Now, in the GST system, since there will be a single tax on both the manufacture and sale of goods, the problem of tax on tax or double taxation will be eliminated.&nbsp;</p>

<p>Thus, as we can see in the above example, even when the total tax rate remains constant at 20 per cent&nbsp;&nbsp;in both the cases, under the GST system the final cost of the Car is Rs. 3000 lower than the old system.&nbsp;</p>

<p>2) &nbsp; &nbsp;Input Credit- If a manufacturer has paid tax (excise or service tax) on the purchase of raw material to make a product, he can deduct it from the tax he will pay for the finished good.</p>

<p>Eg: Mohan buys an engine for making the car for Rs. 1,00,000 which includes&nbsp;Rs. 10,000 as excise duty. Now he can use this credit of Rs. 10,000 and only pay Rs. 50,000 instead of Rs. 60,000 as he needed to do in pre-GST times.</p>

<p>Under the old system, &lsquo;VAT&rsquo; is a State Tax while &lsquo;Excise&rsquo; and &lsquo;Service Tax&rsquo; are Central Taxes and credit of Central Tax and State Tax cannot be used against each other.&nbsp;</p>

<p>Thus, in&nbsp;the example below, Mohan cannot use the Rs. 10,000 excise duty paid on engine to pay less VAT.&nbsp;</p>

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<p>Old system verses GST system (Others)</p>
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<p>Here, when a car engine is purchased, Rs. 10,000 is paid as Excise Duty and while the benefit of the same could not&nbsp;be used in the old system, under the new system it can be utilised, resulting in a lower cost to the customer.&nbsp;</p>

<p>Thus, as we can see in the above example, even when the total tax rate remains constant at 20 per cent&nbsp;in both the cases, under the GST system the final cost of the car is Rs. 10,000 lower than the old system.&nbsp;</p>

<p>3)Change in overall tax rates - The GST rates which are fixed by the Indian government are not sum of all the taxes as shown&nbsp;in the above examples (10 per cent&nbsp;Excise+ 10 per cent&nbsp;VAT does not mean that GST rate will be 20 per cent). However,&nbsp;though a balance has been&nbsp;be maintained, prices ought to come down or go up from previous levels as VAT rates are different from state to state.</p>

<p>Thus, for instance, where a movie ticket can become cheaper in Mumbai as an entertainment tax of 45 per cent&nbsp;will be replaced by GST of 28 per cent, it will become dearer in Delhi where entertainment tax is only 20 per cent.</p>

<p><strong>Some goods and Services getting cheaper or dearer</strong></p>

<p>The overall impact of GST is expected to lower the price of most goods and services; however, the impact of the price will be different in different states of India.&nbsp;</p>

<p>Under the current system, states have the power to fix the taxes on certain goods and services as per their economic policy. A very common example of the same is the different prices of the same vehicle in different states. But under the GST system, the price of almost all goods and services across states will become the same and, thus, lead to a change from the previous levels. There is a list of items and the impact on their prices with the application of GST.</p>

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<p>Impact on prices (WION Web Team)</p>
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<p>Impact on prices (WION)</p>
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The overall impact of GST is expected to lower the price of most goods and services, however, the impact of the price will be different in different states of India.

Currently, anyone manufacturing a product, from a car to a bottle of deodorant, they have to pay the ‘Central Excise Duty’ to the Central Government. Moreover, when the product is sold, a State tax called ‘Value Added Tax’ (VAT) is to be paid too. There are also certain cess and surcharge which needs to be paid to the Central Government in addition to the Excise Duty. On the other hand, ‘Service Tax’ is to be paid on provision of services, such as hotel stay, cab service, travel through train or flight, gym subscription etc. But, after the advent of Goods and Service Tax (GST), all these taxes and more will be subsumed under its ambit GST different from indirect taxation. (Others) × Taxes that will cease to exist after GST Taxes that will cease to exist after GST (WION Web Team) × How does GST impact a consumer? A consumer will get affected by GST due to 3 major changes: 1) Elimination of double taxation i.e. tax on tax 2) Common Input Credit System 3) Change in overall tax rates Let us understand these points with some simple examples: 1) Double Taxation- As explained earlier, when a good is manufactured, Excise Duty is paid on it. Now when it is offered for sale, it is further taxed with VAT. This VAT is applied on the amount which is achieved after adding Excise Duty. Thus, the taxed portion is again getting taxed. Let’s take an example to understand this better. Example: Mohan is a car manufacturer who sells cars directly to the customer. To simplify, let's take Excise Duty to be 10 per cent and VAT to be 10 per cent and GST to be 20 per cent. Old system verses GST system (Others) × In this example, on the manufacturing cost of car i.e. Rs. 3,00,000, 10 per cent Excise duty is applied, and then when it is sold to the customer, another 10 per cent VAT is applied on the cost. Imposing Excise duty along with VAT on a single item makes it a classic case of double taxation. Now, in the GST system, since there will be a single tax on both the manufacture and sale of goods, the problem of tax on tax or double taxation will be eliminated. Thus, as we can see in the above example, even when the total tax rate remains constant at 20 per cent in both the cases, under the GST system the final cost of the Car is Rs. 3000 lower than the old system. 2) Input Credit- If a manufacturer has paid tax (excise or service tax) on the purchase of raw material to make a product, he can deduct it from the tax he will pay for the finished good. Eg: Mohan buys an engine for making the car for Rs. 1,00,000 which includes Rs. 10,000 as excise duty. Now he can use this credit of Rs. 10,000 and only pay Rs. 50,000 instead of Rs. 60,000 as he needed to do in pre-GST times. Under the old system, ‘VAT’ is a State Tax while ‘Excise’ and ‘Service Tax’ are Central Taxes and credit of Central Tax and State Tax cannot be used against each other. Thus, in the example below, Mohan cannot use the Rs. 10,000 excise duty paid on engine to pay less VAT. Old system verses GST system (Others) × Here, when a car engine is purchased, Rs. 10,000 is paid as Excise Duty and while the benefit of the same could not be used in the old system, under the new system it can be utilised, resulting in a lower cost to the customer. Thus, as we can see in the above example, even when the total tax rate remains constant at 20 per cent in both the cases, under the GST system the final cost of the car is Rs. 10,000 lower than the old system. 3)Change in overall tax rates - The GST rates which are fixed by the Indian government are not sum of all the taxes as shown in the above examples (10 per cent Excise+ 10 per cent VAT does not mean that GST rate will be 20 per cent). However, though a balance has been be maintained, prices ought to come down or go up from previous levels as VAT rates are different from state to state. Thus, for instance, where a movie ticket can become cheaper in Mumbai as an entertainment tax of 45 per cent will be replaced by GST of 28 per cent, it will become dearer in Delhi where entertainment tax is only 20 per cent. Some goods and Services getting cheaper or dearer The overall impact of GST is expected to lower the price of most goods and services; however, the impact of the price will be different in different states of India. Under the current system, states have the power to fix the taxes on certain goods and services as per their economic policy. A very common example of the same is the different prices of the same vehicle in different states. But under the GST system, the price of almost all goods and services across states will become the same and, thus, lead to a change from the previous levels. There is a list of items and the impact on their prices with the application of GST. Impact on prices (WION Web Team) × Impact on prices (WION) ×

Find out how GST impacts you

<p>Union minister Venkaiah Naidu said on Friday housing prices will come down after the rollout of Goods and Service Tax (GST) on June 30.<br />
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&quot;As Urban Development and Housing Minister, I am the happiest man that with the GST, prices of houses will definitely come down,&quot; Naidu said.<br />
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He also added that the only people opposing the GST are habitual tax evaders.<br />
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&quot;If anybody is opposing the GST, it is habitual tax evaders. Larger builders community is happy, except fly-by- night operators,&quot; he said.<br />
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GST will bring the Indian economy under a single tax bracket. Six slabs of taxation have been proposed by the council, ranging from zero per cent to 43 per cent.<br />
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'As Urban Development and Housing Minister, I am the happiest man that with the GST, prices of houses will definitely come down, Naidu said

Union minister Venkaiah Naidu said on Friday housing prices will come down after the rollout of Goods and Service Tax (GST) on June 30. "As Urban Development and Housing Minister, I am the happiest man that with the GST, prices of houses will definitely come down," Naidu said. He also added that the only people opposing the GST are habitual tax evaders. "If anybody is opposing the GST, it is habitual tax evaders. Larger builders community is happy, except fly-by- night operators," he said. GST will bring the Indian economy under a single tax bracket. Six slabs of taxation have been proposed by the council, ranging from zero per cent to 43 per cent.

Housing prices will come down after GST rollout: Venkaiah Naidu

<p>In an embarrassment for the Uttar Pradesh government, a minister from the state failed to spell out the full form of GST merely two days before its launch on midnight June 30.<br />
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Social Welfare, Scheduled Castes and Tribal Affairs minister Ramapati Shastri was caught on camera struggling to expand GST when asked to by reporters on Thursday.&nbsp;<br />
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&quot;The full form of GST is...,&quot; fumbled Shastri.<br />
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Though someone tried to prompt the answer, it didn&rsquo;t help him.<br />
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However, he hastily added that he knew the full form but was not able to recollect it instantly.<br />
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&quot;I know the full form. I am going through all the relevant documents to gather more knowledge about the GST,&quot; Shastri said.</p>

<p>Watch the video:</p>

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<p dir="ltr" lang="en"><a href="https://twitter.com/hashtag/WATCH?src=hash">#WATCH</a> UP Minister Rampati Shastri fails to spell out the full form of <a href="https://twitter.com/hashtag/GST?src=hash">#GST</a> <a href="https://t.co/wBNUdlBOXf">pic.twitter.com/wBNUdlBOXf</a></p>
&mdash; ANI UP (@ANINewsUP) <a href="https://twitter.com/ANINewsUP/status/880630073530892289">June 30, 2017</a></blockquote>
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A minister from UP failed to spell out the full form of GST merely two days before its launch

In an embarrassment for the Uttar Pradesh government, a minister from the state failed to spell out the full form of GST merely two days before its launch on midnight June 30. Social Welfare, Scheduled Castes and Tribal Affairs minister Ramapati Shastri was caught on camera struggling to expand GST when asked to by reporters on Thursday. "The full form of GST is...," fumbled Shastri. Though someone tried to prompt the answer, it didn’t help him. However, he hastily added that he knew the full form but was not able to recollect it instantly. "I know the full form. I am going through all the relevant documents to gather more knowledge about the GST," Shastri said. Watch the video: #WATCH UP Minister Rampati Shastri fails to spell out the full form of #GST pic.twitter.com/wBNUdlBOXf — ANI UP (@ANINewsUP) June 30, 2017 ×

WATCH: Full form of GST is? UP minister has no clue

The Indian government on Wednesday made crucial ammendments to its goods and services tax bill in a move to enlist the support of opposition parties as well as state governments.<br />
<br />
Indian finance minister Arun Jaitley met his state counterparts on Tuesday to forge a political consensus on the bill that is held up in parliament.<br />
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As part of the ammendments, the government has dropped a contentious 1 percent additional levy on inter-state movement of goods, and has agreed to compensate states for any revenue losses for five years.<br />
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While there is a broad political support for the measure, differences persist on the details, in particular pitching the tax at the right level to offset possible revenue losses.<br />
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The cabinet, headed by Prime Minister Narendra Modi, decided to include in the Constitutional Amendment Bill that any dispute between states and the centre will be adjudicated by the GST Council, which will have representation from both the Centre and states.<br />
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With states on board and the cabinet approving the amendments, the government is hopeful of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament, which ends on August 12.<br />
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The GST Bill, with the changes approved by the cabinet, could come up in the upper house of Parliament, the Rajya Sabha as early as this week, but certainly by next week.<br />
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By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which the main opposition party Congress has been blocking the bill in the upper house.<br />
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The other demands of including GST rate in the statute and a Supreme Court judge-headed dispute resolution body has not been accepted. It remains to be seen if meeting of its demands halfway will persuade the Congress to support the legislation.<br />
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The proposed tax reform, the biggest since India&#39;s independence from Britain in 1947, seeks to replace a slew of taxes and levies in 29 states, transforming the nation of near 1.3 billion people into a customs union.<br />
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The Bill, in its present form, provides that the centre will give 100 per cent compensation to states for first three years, 75 per cent and 50 per cent for the next two years.<br />
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However, the select committee of the Rajya Sabha had in its report recommended 100 per cent compensation for probable loss of revenue for five years.<br />
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As per the amendments, the centre will now constitutionally guarantee states any loss of revenue from the GST subsuming all indirect taxes, including VAT, in the first five years of introduction.<br />
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Analysts say the goods and services levy (GST) could boost India&#39;s economic growth by up to 2 percentage points.<br />
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(PTI, Reuters)<br />
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Indian finance minister Arun Jaitley met his state counterparts to forge a political consensus on the bill that is held up in parliament

The Indian government on Wednesday made crucial ammendments to its goods and services tax bill in a move to enlist the support of opposition parties as well as state governments. Indian finance minister Arun Jaitley met his state counterparts on Tuesday to forge a political consensus on the bill that is held up in parliament. As part of the ammendments, the government has dropped a contentious 1 percent additional levy on inter-state movement of goods, and has agreed to compensate states for any revenue losses for five years. While there is a broad political support for the measure, differences persist on the details, in particular pitching the tax at the right level to offset possible revenue losses. The cabinet, headed by Prime Minister Narendra Modi, decided to include in the Constitutional Amendment Bill that any dispute between states and the centre will be adjudicated by the GST Council, which will have representation from both the Centre and states. With states on board and the cabinet approving the amendments, the government is hopeful of passage of the long-pending Goods and Services Tax (GST) Bill in the ongoing monsoon session of Parliament, which ends on August 12. The GST Bill, with the changes approved by the cabinet, could come up in the upper house of Parliament, the Rajya Sabha as early as this week, but certainly by next week. By doing away with the 1 per cent inter-state tax over and above the GST rate, the government has met one of the three key demands over which the main opposition party Congress has been blocking the bill in the upper house. The other demands of including GST rate in the statute and a Supreme Court judge-headed dispute resolution body has not been accepted. It remains to be seen if meeting of its demands halfway will persuade the Congress to support the legislation. The proposed tax reform, the biggest since India's independence from Britain in 1947, seeks to replace a slew of taxes and levies in 29 states, transforming the nation of near 1.3 billion people into a customs union. The Bill, in its present form, provides that the centre will give 100 per cent compensation to states for first three years, 75 per cent and 50 per cent for the next two years. However, the select committee of the Rajya Sabha had in its report recommended 100 per cent compensation for probable loss of revenue for five years. As per the amendments, the centre will now constitutionally guarantee states any loss of revenue from the GST subsuming all indirect taxes, including VAT, in the first five years of introduction. Analysts say the goods and services levy (GST) could boost India's economic growth by up to 2 percentage points. (PTI, Reuters)

India makes crucial tweaks to push through stalled GST reform