Page 15 - Latest Updates on Goods and Services Tax
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")
Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR
One of the first rulings after the rate-change came into effect from July 18 last year
 "Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR")
GST Council meet: Tax on online gaming activities unlikely to be discussed
Council was to meet on Feb 18, but schedule may be changed
 "GST Council meet: Tax on online gaming activities unlikely to be discussed")
2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn
Revenues in the current financial year upto January 2023 was 24% higher than the GST revenues during the same period last year
 "2nd highest gross GST collection in January 2023 amounting Rs 1.55 trn")
GST led to high tax buoyancy, augurs well for resource mobilisation: Survey
However, the buoyancy improved to 1.1 after the GST implementation on July 1, 2017
GST officers to seek details of all invoices in case of ITC mismatch
The CBIC issued circular clarifying guidelines on recovery proceedings for the period 2017-18 and 2018-19
 "GST officers to seek details of all invoices in case of ITC mismatch")
Indian gaming industry needs stable regulatory environment: Sameer Barde
The industry's worry is the "knee-jerk reaction" of states in regulating the industry, Barde said
 "Indian gaming industry needs stable regulatory environment: Sameer Barde")
Rice unfit for humans and used for other purposes to attract 5% GST: AAR
Authority couldn't find adequate rate for the farm produce on the basis of its final product
 "Rice unfit for humans and used for other purposes to attract 5% GST: AAR")
Handle with care
GST notices should not become a tool for harassment
Taxes on all motor vehicles in India need to be rationalised: RC Bhargava
The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India
 "Taxes on all motor vehicles in India need to be rationalised: RC Bhargava")
GST Council meet: Decriminalisation of offences, gutkha biz on agenda
GST Council in its meeting is expected to decide on a number of issues like decriminalisation of offences under GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala
GST Council meet: GoM pitches for 'specific tax levy' on pan masala, gutkha
Proposes levy on 38 such items in the range of 12-69% of retail sale price