GST has subsumed
In his speech today PM said that, GST has subsumed over a dozen state and central levies like excise duty, service tax and VAT, and has replaced them with four tier tax structure of 5, 12, 18 and 28 per cent for goods and services across the country.
Is he not aware that State Excise and VAT is still applicable on Liquor and Central Excise and VAT is still applicable of Fuel (Petrol/Diesel). more
Is he not aware that State Excise and VAT is still applicable on Liquor and Central Excise and VAT is still applicable of Fuel (Petrol/Diesel). more
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The government is not honest in this regard. It is very prompt in increasing the prices of petroleum products in the event of even $1 increase in the prices of crude oil in the international market and in increase of Re.1 in the price of USD but on falling the prices it does not honestly pass on the benefits to the consumers. Probably it happens only in our country as we accept all misdoings & injustice of the government silently without making any protests. more
Aug 21
It appears some more time would be required to streamline the issue to the desired extent. Till then tolerate it rather than commenting on anybody's understanding of the subject. Recently different figures of new income tax payers added after demonetization (NOTABANDI) have been given by highly responsible persons as: 91 lac, 56 lac, 34 lac and 31 lac. Not clear who is truly aware to what extent OR they have been provided with wrong data by the responsible system. more
Aug 20
We had been preparing to Launch GST for years together and we knew at least 3 months in advance that, GST will be implemented from 1st July 2017. Didn't we have sufficient time for preparing grounds for implementing GST? If 3 months were not sufficient, how much more time we will need?
If demonetization (NOTE BANDI) was such a great success, why the Government is not able to announce the amount of money collected, which was already counted by Banks and returned to RBI? They can always announce figures subject to correction....... may be after 10 years..... when RBI is able to count entire currency. Initially, they were announcing figure off and on and then sudden silence after Mid December 2016. Why? Wouldn't that raise a question? more
If demonetization (NOTE BANDI) was such a great success, why the Government is not able to announce the amount of money collected, which was already counted by Banks and returned to RBI? They can always announce figures subject to correction....... may be after 10 years..... when RBI is able to count entire currency. Initially, they were announcing figure off and on and then sudden silence after Mid December 2016. Why? Wouldn't that raise a question? more
Aug 21
As per the CAG report tabled in parliament on 11 March, 2017 and as reported by TOI on 16 March, 2017: “Excise revenue from petroleum products, which made up for 52% of collections in 2013-14, went up to almost 69% during 2015-16 as the government resorted to a massive increase in levies in the wake of falling global prices. The central excise duty on petrol and high speed diesel increased from Rs 1.2 per litre and Rs 1.46 per litre to Rs 8.95 per litre and Rs 7.96 per litre respectively during the last two financial years. Revenue from petroleum products went up from Rs 88,000 crore in 2013-14 to Rs 1.99 lakh crore in 2015-16. Tax on sin goods (mainly tobacco products) at Rs 21,000 crore was second highest contributor to indirect taxes. Compared to countries like Pakistan and Sri Lanka, India has one of the highest retail prices of fuel oil in the subcontinent. The high price of petrol and diesel in India was contrary to the international trend in crude oil prices that crashed from a high of $112 a barrel in 2014 to as low as $30. Though the lower oil prices substantially reduced India's oil bill as the country depends on 80% imports, domestic prices were kept high by increasing central excise duties.” The CAG report gives further details on how the tax revenue is spent. The citizens have a right to know how the taxes paid by them are used. more
Aug 16
In 2017, presuming Rs. 3050 per barrel of Crude price, Excise Duty works out to Rs. 21.48 and Rs. 17.33 and VAT 13.92 and 8.18 (VAT may vary from state to state) per liter for petrol and Diesel respectively. That means, total duties of Rs. 45.40 for Petrol and Rs. 25.51 on Diesel on a basic (Ex-refinery) price of Rs. 27.50 per liter (including processing, margins for OMC and freight etc.). Now, what would be the Tax collection for 2017-18? more
Aug 17
Atul ji, he is very well aware. Hope every one is also aware of their duties and responsibilities towards the nation rather than questioning the PM every time!!! more
Aug 16
That is what exactly I said in my post on President's speech. If Legal reforms are carried out, there would be a fear in mind of Law Breakers. Otherwise they will keep breaking the Law because nothing will happen to them after breaking the Law because there is always someone to protect them.
Why I raised the concern on Liquor and Fuel because these two industries are among top few corrupt industries, including Health and Education. None of these 4 are under GST ambit. Is the Government knowingly protecting these corrupt industries? Or is the General Public supposed to implement GST on these industries? more
Why I raised the concern on Liquor and Fuel because these two industries are among top few corrupt industries, including Health and Education. None of these 4 are under GST ambit. Is the Government knowingly protecting these corrupt industries? Or is the General Public supposed to implement GST on these industries? more
Aug 16
He is aware Appears the States still want it for additional revenue Will get resolved in due course more
Aug 15
Please check, how is it working for Cigarettes. Depending on the length of the cigarette, additional cess per unit is being levied. more
Aug 17
GST upper limit is 28% and states would not be benefited. Hence deliberate exclusion more
Aug 16
I don't think, at least on Fuel, there is any additional income generated for states which GST cannot fulfill. And like Cigarettes, additional duty can be levied, which can be given to states.
The aim is taxing. If center gets some addition tax by implementing GST on Liquor, that amount can always be diverted to States. Then What is the issue? Is Corruption involved with these industries an issue? more
The aim is taxing. If center gets some addition tax by implementing GST on Liquor, that amount can always be diverted to States. Then What is the issue? Is Corruption involved with these industries an issue? more
Aug 16
