AAKR ASSOCIATES

Taxation & Accounting

Category: Vat

Haryana sees over 200,000 new registrations under GST

In 2018-19, the state collected Rs 55,231 crore under these heads, contributing Rs 4,602.56 crore per month on an average. CHANDIGARH: Haryana finance minister Captain Abhimanyu on Tuesday said that more than 200,000 new registrations have been recorded under goods and services tax (GST) in the state since its nationwide rollout in July 2017, adding […]

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GST Council may give 1-year extension to anti-profiteering authority

NEW DELHI: The GST Council is likely to extend till November 30, 2020 the tenure of the National Anti-profiteering Authority (NAA), which deals with customer complaints regarding not receiving tax cut benefits, at its next meeting on June 21, an official said. The Council at its 35th meeting, the first under new Finance Minister Nirmala […]

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View: New government should hit the ground running on reforming the GST

A lot of items, at present, are outside the GST net. The new govt must improve its coverage. The goods and services tax (GST) will require attention from the new government that comes in later this week. First, GST must improve its coverage. Today, real estate and electricity are outside its ambit. While the Centre […]

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600 Days Of GST

GST may not be the most perfect single tax system, but it is continuously evolving. On July 1, 2017, Goods and Service Tax (GST) was introduced in the Indian Economy, which was a replacement to existing indirect taxes like excise duty, Service Tax, VAT, etc. It was levied all over India on the supply of […]

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1 step forward, 2 steps back. Is GST going the VAT way?

Tax experts say India has kept finding ways to complicate things. The Kerala GST cess takes things from bad to worse By doubling the goods and services tax (GST) eligibility limit, India’s version of GST has inched closer to the global format. However, tax experts say India has kept finding ways to make things complicated, with […]

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List of taxes that every Indian pays: From GST to Income Tax

The taxes are divided between the state and central government. Have you ever wondered why India is always leading ahead of other countries in terms of growth? However, we do not see any progress on ground zero. Currently India’s GDP (gross domestic product) growth rate to 7.2 per cent in 2018-19 from 6.7 per cent […]

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Single standard rate to simplify GST

A course correction in the Goods and Services Tax (GST) regime is some time away and will surely be painful to begin with. But this correction is the right path to take and, eventually, India should move towards a much-improved taxation regime where the number of rate slabs will reduce and the compliance burden will […]

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Working to bring 99% things in sub-18% GST slab: PM Narendra Modi

Before implementation of the GST, registered enterprises only numbered 65 lakh, which has now risen by 55 lakh, Modi said, addressing the Republic Summit here. Indicating that further simplification of the Goods and Services Tax is on the anvil, Prime Minister Narendra Modi said his government wants to ensure that ’99 percent things’ attract sub-18 […]

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GST led to ‘household savings’ as tax rates came down

NEW DELHI: An average Indian household is saving up to Rs 320 every month on purchase of commonly used goods including cereals, edible oil and cosmetics post GST implementation, a finance ministry source said citing an analysis of consumer expenditure data. The government rolled out the Goods and Services Tax (GST) on July 1, 2017, […]

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