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The GST is imposed at variable rates on variable items. The rate of GST is 18% for soaps and 28% on washing detergents. GST on movie tickets is based on slabs, with 18% GST for tickets that cost less than ₹100 and 28% GST on tickets costing more than ₹100 and 28% on commercial vehicle and private and 5% on readymade clothes. [33]
From 1 May 2018 onwards Ministry of Finance of Government of India started releasing monthly GST revenue collection data via official press release through Press Information Bureau. And to further improve transparency Government of India started issuing state-wise monthly collection data from 1 January 2020.
Under Indian GST Act, 2016, Any supplies (supply should be defined in accordance with GST India) made by a registered dealer as an export (both goods or services) or supply to an SEZ qualifies for Zero Rated Supplies in GST. This attracts zero rate of taxation and ITC (Input Tax Credit) can also be explained through the e-portal of GST Council.
The Indian Revenue Service (Customs & Central Excise) (IAST: Bhāratīya Rājasva Sevā), often abbreviated to IRS (Customs & Central Excise) or IRS (Customs & Indirect Taxes), now called IRS(C&IT) is a part of central civil service of the Government of India.
Nominal one per cent central excise duty on 130 items entering the tax net. Earlier there were 370 items which were under the bracket of state VAT but were exempted from Central Excise. Out of these 130 come under the bracket from now. Rest are expected to be included from the induction of GST; Defence budget hiked to ₹ 1,640 billion (US$20 ...
The 2015 Union budget of India refers to 2015–2016 Union budget of India. The beginning of the budget printing began on 19 February 2015 with the traditional halwa ceremony. From 20 February until the presentation of budget about 100 government employees remained locked up in the North Block of the Secretariat Building, New Delhi , which ...
Two Indian chemical companies have been indicted for allegedly importing ingredients for the highly addictive opioid fentanyl into the United States and Mexico, the U.S. Department of Justice said ...
Production Linked Incentive, or PLI, scheme of the Government of India is a form of performance-linked incentive to give companies incentives on incremental sales from products manufactured in domestic units.