Govt to reimburse state taxes paid by industrial units under JKGST Act

Govt to reimburse state taxes paid by industrial units under JKGST Act

JAMMU: To provide budgetary support to the eligible manufacturing units operating in Jammu and Kashmir, the state government has notified the scheme for reimbursement of state taxes paid under Jammu and Kashmir Goods and Services Tax (JKGST) Act 2017. As per SRO-63 issued by the Principal Secretary Finance, Navin Kumar Choudhary, the scheme shall be […]

India’s GDP growth to slip below 7% this fiscal, say experts

NEW DELHI: India’s economic growth is likely to be below 7 per cent this fiscal, say experts, citing GST disruption and lingering impact of note ban. The Indian economy grew 7.1 per cent in 2016-17, against 8 per cent in 2015-16. The Central Statistics Office (CSO) is scheduled to release its advance estimates of national […]

‘No single rate for all items under GST’

NEW DELHI: The government of India on Tuesday ruled out having a single rate for all commodities under the Goods and Services Tax (GST) saying items like food products have been placed at minimum taxation levels while luxury goods were in the higher categories. During the Question Hour in Rajya Sabha, India’s Finance Minister Arun […]

GoI relaxes norms for rectification of returns under GST

GoI relaxes norms for rectification of returns under GST

NEW DELHI: India’s Finance Ministry has permitted businesses to rectify mistakes in their monthly returns – GSTR-3B – and adjust tax liability, a move that will help them file correct returns without fear of penalty. This relaxation will give an opportunity to businesses to claim tax credit correctly by rectifying the mistakes made initially while […]

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