Page 19 - Latest Updates on Goods and Services Tax
Hit on revenues from alcohol to dent Delhi govt's revenue balance
The projected revenue from alcohol estimated at the time of presenting the Budget constituted around 20 per cent of the state's expected own tax revenue and 15 per cent of its total receipts.
 "Hit on revenues from alcohol to dent Delhi govt's revenue balance")
Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR
An outpatient will be charged GST for medicines and consumables bought that were prescribed in the course of providing health care services
 "Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR")
Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR
But says drugs, consumables purchased by outpatients in the course of treatment will be taxed
 "Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR")
Printing question paper exempt from GST, but not answer booklet, rules AAR
Holds that an answer booklet is a good, whereas printing question paper is a service provided to educational institution
 "Printing question paper exempt from GST, but not answer booklet, rules AAR")
SC dismissal of review petition on HSN codes setback for industry
Auto component industry may have to pay up to 15% basic Customs duty and 28% GST
 "SC dismissal of review petition on HSN codes setback for industry")
Private education training firms subject to GST, rules Kerala AAR
Ernakulam-based company is not a formal school but an institution providing special training, it says
 "Private education training firms subject to GST, rules Kerala AAR")
CBIC directs GST officers to not summon senior execs in first instance
Also instructs them to not arrest a person if he has a different interpretation of law
 "CBIC directs GST officers to not summon senior execs in first instance")
Most economists see GDP growing at slower pace in Q1 than MPC projection
At the MPC's estimate of 16.2%, the economy would have grown 6.1% over the corresponding quarter of 2019-20
 "Most economists see GDP growing at slower pace in Q1 than MPC projection")
GST rates could change to correct inverted duty, exemptions: Report
Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said
Eye on FTAs, Centre turns to GSTN for services trade data mining
Currently, the value of exports and imports of services is released by the Reserve Bank of India (RBI) and it comes with a lag of over two months
 "Eye on FTAs, Centre turns to GSTN for services trade data mining")
Grave governance challenges await Bihar's new coalition government
Committed expenditures of the state, which has the lowest per capita income, exceed its own revenue by 47% in FY23
 "Grave governance challenges await Bihar's new coalition government")
Do you need to pay 18% GST on rent?
Levying of Goods and Services Tax (GST) on home rent is also worrying people in some quarters. Who all will pay this tax on rent? Let us find out
 "Do you need to pay 18% GST on rent?")
Fair share
Dependence on cess and surcharge must come down
GoM on online gaming, casinos: No consensus yet on 28% GST on gross revenue
GGR is the total amount collected by casinos and online gaming companies before shelling out the money to the winners
 "GoM on online gaming, casinos: No consensus yet on 28% GST on gross revenue")
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
Tax conundrum: FPIs uneasy after 18% GST on regulatory services
Set to approach Sebi, finance ministry for clarification
Setting up GSTAT: GoM may pitch for easing eligibility for states' officers
States learnt to be at loggerheads with Centre as they seek equal representation
Lack of clarity on GST paid on liquidated damages may lead to litigation
There is fear that entities may be asked to reverse ITC or pay back refunds, experts say
Bumper GST collections could lead to compensation windfall for states
Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it
 "Bumper GST collections could lead to compensation windfall for states")
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")