Page 25 - Latest Updates on Goods and Services Tax
Bringing petroleum products under GST to cut taxes on petrol, diesel: Gadkari
The move would also increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday
 "Bringing petroleum products under GST to cut taxes on petrol, diesel: Gadkari")
Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST
While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation
 "Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST")
Centre releases Rs 17,000 crore to states as GST compensation
With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore
 "Centre releases Rs 17,000 crore to states as GST compensation")
GST collections may break all records soon: Revenue secretary Tarun Bajaj
Bajaj expects the collections to break the Rs 1.4-trillion record
 "GST collections may break all records soon: Revenue secretary Tarun Bajaj")
Centre releases Rs 44,000 cr as loan facility in-lieu of GST compensation
The Ministry of Finance made the announcement on Thursday
 "Centre releases Rs 44,000 cr as loan facility in-lieu of GST compensation")
GST shortfall: Centre releases Rs 1.6 trillion to states this fiscal year
This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.
Work in progress
GST must be reformed to achieve its potential
India's post-pandemic fiscal future
The post-pandemic fiscal future would also depend on the way government expenditure is directed
 "India's post-pandemic fiscal future")
AAR says no GST exemption for tourist vehicles carrying Covid patients
Experts described the decision as callous on front-line workers
Agencies may have to pay GST on service charges collected on govt's behalf
This follows a ruling by AAR Telangana on the matter, which also ruled that neither services provided by agency to govt, nor services provided on govt's behalf to businesses are exempt
SC stays GST on royalty paid by petitioner to state for mining rights
GST at the rate of 18 per cent is imposed on royalty given to the state governments for mining rights
GST rationalisation: Challenge and response
A revision of slab rates may create some disquiet, but, if cleverly crafted, it could be a game-changer for manufacturing
 "GST rationalisation: Challenge and response")
GST rate clarifications on cattle feed may lead to disputes
DDGS falls under the category of residues and will get similar treatment in terms of GST rate as is given to other residues
 "GST rate clarifications on cattle feed may lead to disputes")
Refund interest paid on ineligible input tax credit, says industry
The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation
GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels
The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery
 "GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels")
GST mop up tops Rs 1 trn for third straight month; at Rs 1.17 trn in Sep
The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.
Field officers are recovering GST without notice: Industry experts
In the recent instruction, the GST investigation wing asked the field formation to issue showcause notices well before the last date, so that the probe can be completed
 "Field officers are recovering GST without notice: Industry experts")
Ministerial panels to review GST exempt list, identify evasion sources
The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems.
Inter-co managerial/leadership services to attract 18% GST
Managerial and leadership services by corporate office to its group companies/construction sites registered in different states would attract 18 per cent GST, Maharashtra bench of AAR has ruled
 "Inter-co managerial/leadership services to attract 18% GST")
Regaining fiscal balance
GST rate restructuring will be critical for consolidation