Page 24 - Latest Updates on Goods and Services Tax
Recommendations of GST Council binding in framing rules: Govt sources
The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified
 "Recommendations of GST Council binding in framing rules: Govt sources")
Recommendations of GST Council not binding on the Centre, states: SC
The Supreme Court said the Parliament and state legislatures possess equal powers to legislate on GST
 "Recommendations of GST Council not binding on the Centre, states: SC")
GoM calls for 28% GST on online gaming, casinos; tax likely on face value
At the moment, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game
 "GoM calls for 28% GST on online gaming, casinos; tax likely on face value")
Govt mulls extending April GST payment deadline; asks Infosys to fix glitch
As taxpayers face technical glitch on the GST portal, the government said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem
Non-commercial construction in education institutions to draw less GST
Gujarat AAR ruled that such buildings would attract 12% GST, not 18% levied for other construction activities
 "Non-commercial construction in education institutions to draw less GST")
GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity
Tops Rs 1.5 trillion for the first time; record collections for 2 months in a row
 "GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity")
Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco
A two-judge bench, comprising justice Alok Aradhe and justice S Vishwajith Shetty, basically upheld the earlier order by a single bench of the court in this regard
 "Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco")
Rs 79,000 crore of GST dues to states pending for FY22: Finance Ministry
It added that all dues had been paid for FY21. So far, it has released Rs 7.35 trillion to States, including the assistance released on a back-to-back basis
 "Rs 79,000 crore of GST dues to states pending for FY22: Finance Ministry")
No feedback sought from states on hiking GST rates, says finance ministry
It further said views of the states were sought generally on the Terms of References (ToRs) of the Group of Ministers (GoM) soon after it was set up in September 2021
 "No feedback sought from states on hiking GST rates, says finance ministry")
Goa to recommend status quo on GST rate rationalisation, says Minister
The committee's rate rationalisation report, Godinho said, will decide on rate rationalisation and which rates to increase and when and how
Centre releases Rs 6,000 cr to states as GST compensation
Till now, 70% of the total estimated Goods and Services Tax compensation shortfall has been released to the states
 "Centre releases Rs 6,000 cr to states as GST compensation")
Addressing uncertainty
Necessary changes in GST must be made in time
Govt likely to propose 18% GST on crypto mining, trading entities
Though the date for the next GST Council meeting has not been set, it could happen in March
 "Govt likely to propose 18% GST on crypto mining, trading entities")
Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers
At present, the transfer of 'Rights to Use' is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle
 "Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers")
Budget is visionary, will boost Make in India & Atmanirbhar Bharat plans
Union Budget 2022 seems to be a visionary and simplified budget showcasing the long term focus of the government to take India @75 to India@100
 "Budget is visionary, will boost Make in India & Atmanirbhar Bharat plans")
GST collection in Jan crosses Rs 1.3-trn mark for fourth time in FY22: Govt
Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020
Bring natural gas under GST for PM's vision of gas-based economy: Industry
Natural gas is currently outside the ambit of GST, and existing legacy taxes
 "Bring natural gas under GST for PM's vision of gas-based economy: Industry")
Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand
Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment.
 "Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand")
Implement uniform 18% GST rate on all auto components: ACMA
Industry body Automotive Component Manufacturers Association (ACMA) has urged the Centre to implement a uniform GST rate of 18 per cent on all auto components.
 "Implement uniform 18% GST rate on all auto components: ACMA")
How real is the GST boost?
The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply
 "How real is the GST boost?")