Page 16 - Latest Updates on Goods and Services Tax
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 led to high tax buoyancy, augurs well for resource mobilisation: Survey")
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: Decriminalisation of offences, gutkha biz on agenda")
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
No consensus in GoM report on GST framework for online gaming
The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday
 "No consensus in GoM report on GST framework for online gaming")
Critical decisions
GST Council is expected to improve business conditions
GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions
Defers the classification of crypto assets under GST regime
 "GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions")
GST Council meeting: Panel for raising threshold for offences to Rs 2 cr
GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals
Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget
This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26
 "Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget")
'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'
Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said
 "'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'")
GST Council to discuss decriminalisation at Council meet on December 17
One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore
 "GST Council to discuss decriminalisation at Council meet on December 17")
GSTN in AA network: Operational costs of banks expected to come down
GSTN is expected to go live on AA network in late January or early February, people aware of the development say
 "GSTN in AA network: Operational costs of banks expected to come down")
Saas-based accounting platform Zoho Books has eyes on world markets
Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa
 "Saas-based accounting platform Zoho Books has eyes on world markets")