Page 15 - Latest Updates on Goods and Services Tax
Treasury-bill auction sees firm demand on hopes of improving liquidity
Surplus liquidity in the system, as indicated by the amount of funds that banks park with RBI, increased to Rs 34,843.21 crore on Tuesday, from Rs 18,657.21 crore on Monday
 "Treasury-bill auction sees firm demand on hopes of improving liquidity")
GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered
The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations
 "GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered")
Centre to come up with pre-filled GST return forms by year-end: Report
The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices
GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds
Strong increase in line with GDP growth estimate in FY24, say experts
 "GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds")
GST collection rises to all-time high of Rs 1.87 trillion in April
The revenues for April 2023 are 12 per cent higher than the GST revenues in the same month last year
 "GST collection rises to all-time high of Rs 1.87 trillion in April")
Issue of GST on intermediary services to foreign clients may get resolved
However, there could be issues in claiming input tax credit by these intermediaries
Intra-company services by offices registered separately to attract GST: AAR
GST applicable even if employees appointed for firm as a whole, says Tamil Nadu authority
Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR
Such damages are the sum that one party receives when the other party fails to meet provisions of a contract
Interstate flow of goods rose to 70% of GDP post-GST implementation
Paper published by IPPR suggests new indirect tax regime led to increasing economic integration among states
 "Interstate flow of goods rose to 70% of GDP post-GST implementation")
Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR
The applicant, a manufacturer, had argued that 18% GST should be applicable
 "Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR")
GST mop up at all-time high of Rs 18 trillion in FY23, shows data
The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds
Taking a look at some high-frequency indicators for January-February
CEA V Anantha Nageswaran had said that to get to 7 percent GDP growth in FY23, the January-March quarter will have to register a 5.1% real GDP growth
 "Taking a look at some high-frequency indicators for January-February")
Panel working on classification of millet products to determine GST rates
The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June
 "Panel working on classification of millet products to determine GST rates")
A 4-member GST appellate tribunal likely in each state, says official
As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals, the official noted
 "A 4-member GST appellate tribunal likely in each state, says official")
Q3 GDP numbers: Taking a look at some high-frequency indicators
The govt contends that Q3 GDP will be revised upwards. Many experts believe rural economic growth is still slow. Data shows both could be right
Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month
With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months
 "Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month")
February GST collections rise 12% to Rs 1.49 trillion: Finance Ministry
Normally February, being a 28-day month, witnesses a relatively lower collection of revenue, the ministry said
Petrol, diesel can be brought under GST ambit if Council takes a call: FM
Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call
 "Petrol, diesel can be brought under GST ambit if Council takes a call: FM")
GST Council likely to decide on common audit manual for Centre, states
GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities
 "GST Council likely to decide on common audit manual for Centre, states")
Govt looks to tap section of kirana stores to expand GST base: Report
The federal government is also working on a strategy with state governments and will seek their inputs to increase the base of indirect tax payers
 "Govt looks to tap section of kirana stores to expand GST base: Report")