Page 27 - Latest Updates on Goods and Services Tax
Compensation cess and petroleum to fire up GST Council meeting
The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states
 "Compensation cess and petroleum to fire up GST Council meeting")
Next steps for GST Council
It should address issues with a longer-term view
 "Next steps for GST Council")
GST Council may deliver blow to food-delivery operators Swiggy, Zomato
Many restaurants are not depositing GST, while some are not even registered
 "GST Council may deliver blow to food-delivery operators Swiggy, Zomato")
Coconut oil in less than 1-litre bottle may soon attract 18% GST
Coconut oil sold in a container of 1,000 ml or above would be taxed as edible oil and attract 5 per cent GST
 "Coconut oil in less than 1-litre bottle may soon attract 18% GST")
Top headlines: Tata Sons AGM today, GST Council meet on Friday
Business Standard brings the top headlines of the day
 "Top headlines: Tata Sons AGM today, GST Council meet on Friday")
GST Council may allow intra-state pharma cess, discuss states' dues
It may discuss extending the compensation cess for states beyond 2022
 "GST Council may allow intra-state pharma cess, discuss states' dues")
GST Council may take up proposal for cutting rate on steel scrap to 5%
The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%
 "GST Council may take up proposal for cutting rate on steel scrap to 5%")
Hit by GST recovery notices and summons, industry calls for help
GST authorities are issuing notices containing denial of input tax credit and in many cases they are blocking the entire input tax credit, even if only one vendor fails to deposit GST
 "Hit by GST recovery notices and summons, industry calls for help")
Papad, irrespective of shape, is exempt from GST, CBIC clarifies
Papad, by whatever name known, is exempt from the GST and the tax rate does not vary based on its shape, the CBIC has clarified.
 "Papad, irrespective of shape, is exempt from GST, CBIC clarifies")
GST collection in August at over Rs 1.12 trillion: Govt
Govt says the robust GST revenues are likely to continue in the coming months too
K'taka CM demands extension of GST compensation to states for 3 more yrs
Basavaraj S Bommai on Thursday demanded the Centre to extend the GST compensation period to states beyond 2022, for three more years
 "K'taka CM demands extension of GST compensation to states for 3 more yrs")
R C Bhargava, Venu Srinivasan face off with govt on auto GST rate
Sales of commercial vehicles in FY21 were the worst in 11 years; for three-wheelers, they were the lowest in 19 years
 "R C Bhargava, Venu Srinivasan face off with govt on auto GST rate")
States' tax revenues lower than two years ago as demand for spending rises
An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower
 "States' tax revenues lower than two years ago as demand for spending rises")
Apr-June net GST collections at 26.6% of budget estimates: Govt
The government has achieved 26.6 per cent of the budget estimates for GST collections in the first three months of the current fiscal, Parliament was informed on Monday.
GST officers detect Rs 4,000 cr of Input Tax Credit fraud in Apr-Jun
GST officers detected over Rs 4,000 crore of Input Tax Credit (ITC) fraud in June quarter 2021-22, Parliament was informed on Monday.
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
India PMI manufacturing up at three-month high in July as lockdowns ease
Jumps to 3-month high after June contraction; marginal rise in jobs
 "India PMI manufacturing up at three-month high in July as lockdowns ease")
GST collection recovers to a 3-month high of Rs 1.16 trn in July
On a year-on-year basis, the July GST collection witnessed a 33 per cent jump
 "GST collection recovers to a 3-month high of Rs 1.16 trn in July")
Securing India's fiscal health
Govt should prepare for medium-term challenges
 "Securing India's fiscal health")
Businesses can now self-certify GST returns, instead of mandatory CA audit
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said
 "Businesses can now self-certify GST returns, instead of mandatory CA audit")