T.N. Finance Minister to write to GST Council

 









Tamil Nadu Finance Minister Palanivel Thiaga Rajan on Tuesday told the Assembly that he would write to the Centre, the Union Finance Ministry and the GST Council to come out with a clear statement to put an end to the rumours that there was a proposal to increase the GST rates.

“I will write it in a day or two and I do not have any other information,” he said, responding to PMK floor leader G.K. Mani, who raised concern over the reports that the GST rates could be increased.\

The Minister said the GST compensation period of five years was coming to an end in June this year, and Chief Minister M.K. Stalin had sought an extension when he met Union Finance Minister Nirmala Sitharaman. The Chief Minister had also written to Prime Minister Narendra Modi on this issue.

Mr. Palanivel Thiaga Rajan called for toning up the functioning of the GST Council. “The compensation period is going to end in June 30. As of now, we do not have information from the Union government whether the period would be extended, and due to this, the revenue of each State would decrease by several thousand crores of rupees.”

Pointing out that Prime Minister Narendra Modi had opposed the GST when he was the Gujarat Chief Minister and former Chief Minister Jayalalithaa was also against it, Mr. Palanivel Thiaga Rajan said the effective tax rate, which was 15% of the indirect tax when the States had separate sales tax and VAT, came down to 11.4% when the GST was introduced.

He said there were two flaws in the GST when it was framed, and tax revenue had not increased as expected even after five years.



Download our App to get knowledge updates: https://play.google.com




Join Our Telegram Channel for more updates:https://t.me/praveengst:









Comments

Post a Comment

Popular posts from this blog

Centre appeals against ruling on levy of GST on maintenance charges to resident welfare associations

Image
  The Centre has preferred a writ appeal before the Madras High Court against a single judge's order that flat or villa owners paying more than ₹7,500 a month towards maintenance charges to their residents’ welfare associations must pay Goods and Services Tax (GST) at the rate of 18% only for the amount exceeding ₹7,500 and not for the entire monthly contribution. Justices T.S. Sivagnanam and Sathi Kumar Sukumara Kurup on Wednesday allowed an application filed by the Centre to dispense with production of a certified copy of the judgment passed by Justice Anita Sumanth recently and directed the Registry to list the appeal for admission in the usual course. Justice Sumanth had in July this year quashed an order passed by the Authority for Advance Ruling (AAR) on June 21, 2019 as well as a consequent circular issued by the Department of Revenue under the Union Finance Ministry on July 22, 2019 since both of them had insisted upon collecting GST for entire monthly contribution. The jud...
Read more

Seven key things to know before filing income tax return (ITR) for FY21

Image
  The last date to file income tax return for the financial year 2020-21 has been extended to September 30, 2021. Although there is more than two months left for the deadline to end, it is always recommended to complete the task as soon as possible and not to wait for the last minute. Worth mentioning here is that the income tax department last month launched a new e-filing portal (www.incometax.gov.in) to speed up the processing of tax returns. The I-T department will soon launch a mobile application, having all the features of the new portal. This year taxpayers have to take care of the following changes in the ITR filing process. 1) A new utility named JSON has been launched for filing tax return forms for FY21. At present, only three forms, ITR 1, 2 and 4 have been released. These new forms will import pre-fill data such as personal details, salary income, dividend income, interest income, capital gains and all the information available in Form 26AS. 2) Taxpayers will have the ...
Read more

Income Tax Dept detects ₹350 cr unaccounted cash receipts after raid in Rajkot

Image
  The Income Tax Department carried out a search and seizure operation on a real estate group based in Gujarat's Rajkot and found unaccounted cash receipts in various projects of approximately ₹350 crore, the Finance Ministry said on Friday. The group is among Gujarat’s prominent real estate builders and developers and is actively engaged in real estate, construction and land trading businesses in and around Rajkot. More than 40 premises were covered in the search operation. During the course of operation, many incriminating documents and digital evidences were seized indicating involvement of the group in unaccounted transactions. The IT sleuths found substantial evidence of transactions outside the regular books of accounts, unaccounted cash expenses, cash advances received and interest paid in cash. Evidence of on-money payments in real estate projects-flats, shops and land deals has also been found. Total unaccounted cash receipts in various projects of approximately ₹350 crore...
Read more