VAT News

India Determined to Raise Taxes and Review Exemptions in a Bid to Increase Revenue

The GST council is set to meet in the second half of December in order to discuss ways to increase revenue. This will include changes to GST rates and cess levied on select goods. This is the first meeting ever in India where tax increases will be considered seriously, ending the long run of GST rate reductions.

The move to review tax rates, exemptions and the cess comes amid a shortfall in revenue receipts of the union and the state governments and the latter accusing the Centre of delays in giving them their GST compensation. The proposed meeting will also consider ways to improve compliance.

vatglobal are experts in Indian tax compliance and assist companies around the world stay 100% compliant amidst the complex and ever-changing requirements of tax legislation. To speak to a consultant, email info@vatglobal.com.

Source - Livemint

Related articles

HMRC: No VAT on e-Publications for UK Citizens as of 1 May 2020

HMRC has scrapped VAT completely off e-books and e-publications from 20% down to 0%. In an effort to make reading more accessible for the UK public while in self-isolation due to the Coronavirus, HMRC fast-tracked the motion and implemented it seven months ahead of schedule. 

Read more
COVID-19 VAT tips for businesses

These COVID-19 VAT tips for businesses will help companies around the world boost liquidity in times of economic challenges. Learn how to harness VAT refunds and compliance.

Read more
COVID-19 VAT Cashflow Tips (Part Two)

COVID-19 is affecting business in ways no one thought possible. In order to free yourself from the burden of cashflow worry, we’re trying to do our bit to advice you on ways you can inject income into your bottom line.

Read more