Page 29 - Latest Updates on Goods and Services Tax
Priyanka Gandhi demands removal of GST from Covid-related drugs, equipment
Ahead of the 43rd GST Council meeting, the Congress leader demanded that the Centre remove GST from all life-saving medicines and equipment being used in the fight against the pandemic
 "Priyanka Gandhi demands removal of GST from Covid-related drugs, equipment")
Rate changes to e-invoicing: 5 things to know about GST council meet today
Meeting is likely to exempt government departments and local authorities from e-invoicing.
 "Rate changes to e-invoicing: 5 things to know about GST council meet today")
FM Nirmala Sitharaman to chair 43rd meeting of the GST Council today
The minister is scheduled to chair the meeting through video conferencing on Friday
 "FM Nirmala Sitharaman to chair 43rd meeting of the GST Council today")
Footwear, readymade garments likely to attract higher rates of GST
The fitment committee, which recommends rate changes to the Council, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments, and fabrics to 12% from 5% now
 "Footwear, readymade garments likely to attract higher rates of GST")
Structural shift
Higher GST collection reflects better compliance
 "Structural shift")
GST panel rejects demand for tax waiver on Covid-19 vax, ventilator
GST fitment panel has recommended a short-term rate cut on four Covid-19 related items
 "GST panel rejects demand for tax waiver on Covid-19 vax, ventilator")
GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone
GST Council may green-light entry given disappointing progress
 "GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone")
Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19
The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1 trillion estimated in the Budget
 "Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19")
States likely to ask for five-year extension of GST compensation
Tax sops on Covid supplies to also be on agenda at Council meet
 "States likely to ask for five-year extension of GST compensation")
Rationalise rates
GST Council must address the shortfall in collection
Covid-related imports not exempt from IGST if payment made: Expert
GST will be payable whether you buy from a party abroad or from a local supplier
 "Covid-related imports not exempt from IGST if payment made: Expert")
Second Covid-19 wave: Daily e-way bill generation falls to one-year low
GST mop-up likely to fall in May, June
 "Second Covid-19 wave: Daily e-way bill generation falls to one-year low")
Constitutional violation to not call GST Council meet, says Amit Mitra
Amit Mitra urged Nirmala Sitharaman to convene a GST Council meeting at the earliest
 "Constitutional violation to not call GST Council meet, says Amit Mitra")
GST exemption on vaccines will lead to high prices: FM Sitharaman
Statement follows West Bengal CM Mamata Banerjee's letter to PM seeking GST exemption
 "GST exemption on vaccines will lead to high prices: FM Sitharaman")
Govt extends income tax, GST compliance timelines amid Covid-19 crisis
Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore
 "Govt extends income tax, GST compliance timelines amid Covid-19 crisis")
At Rs 1.41 trillion, GST collection for April 2021 sets new record
Despite the second wave of coronavirus pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience, says govt
 "At Rs 1.41 trillion, GST collection for April 2021 sets new record")
Mayday in April
Aviation experts and analysts said that the second wave was likely to be crippling for a sector that was already gasping for air
Govt examining industry demands; breather on tax compliance deadline likely
Proposals for a 3-month extension of compliance timeline being considered
 "Govt examining industry demands; breather on tax compliance deadline likely")
GST evasion by winning bidders: Rly purchases since July '17 face enquiry
DGGI decision relates to misclassification of supplies
 "GST evasion by winning bidders: Rly purchases since July '17 face enquiry")
GST officers to soon have real-time data on vehicles moving without e-way
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills
 "GST officers to soon have real-time data on vehicles moving without e-way")
