Page 31 - Latest Updates on Goods and Services Tax
GST officers to soon have real-time data on vehicles moving without e-way
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills
 "GST officers to soon have real-time data on vehicles moving without e-way")
Flavoured milk to draw 12% GST: Gujarat-based Authority for Advance Rulings
The ruling was delivered in a case filed by Vadilal Industries for its product Power Sip. Harpreet Singh, partner at KPMG, said the government should now clarify its position on this issue
 "Flavoured milk to draw 12% GST: Gujarat-based Authority for Advance Rulings")
Renewed risks to recovery
Rising Covid cases could reverse recent gains
 "Renewed risks to recovery")
Contradictory AAR verdicts on CSR under GST regime baffle companies
Recently, the Uttar Pradesh AAR had held that CSR spend by companies is eligible for input tax credit
 "Contradictory AAR verdicts on CSR under GST regime baffle companies")
Best of BS Opinion: The GST puzzle, infecting public health, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: The GST puzzle, infecting public health, and more")
The GST puzzle
The sharp rise in GST collection in March could be a false indicator if further rate reforms are delayed
Robust kickoff to FY22 marred by anxieties over Covid resurgence
The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass
GST to be levied on underlying goods/services in gift vouchers, rules AAAR
The Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.
 "GST to be levied on underlying goods/services in gift vouchers, rules AAAR")
GST dilemma: Contradictory AAR rulings leave industry perplexed
States like Punjab and Delhi have reported delays in disposing of AAR applications.
 "GST dilemma: Contradictory AAR rulings leave industry perplexed")
Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March
Tax collections exceed Revised Estimates; Centre's fiscal deficit expected lower than 9.5% of GDP in FY21
 "Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March")
March GST collections at nearly Rs 1.24 trillion, an all-time high
The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic
Limited e-invoicing window a worry for small and medium companies
The e-invoicing system was first made mandatory for entities with a turnover of Rs 500 crore and above and later extended to businesses with Rs 100 crore or more on January 1
 "Limited e-invoicing window a worry for small and medium companies")
Let states come and discuss tax on fuel in GST Council meeting: FM
I would be glad to be having this on the agenda and discuss it. I have no issues. Let the states come and discuss it, she said in the Lok Sabha.
 "Let states come and discuss tax on fuel in GST Council meeting: FM")
Ready to discuss bringing petrol, diesel under GST at next Council meet: FM
State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel
 "Ready to discuss bringing petrol, diesel under GST at next Council meet: FM")
Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct
The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday
Merchandise export receivables can't be set off against service import dues
You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill
 "Merchandise export receivables can't be set off against service import dues")
GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study
A dollar increase in crude oil prices will push up petrol price by 50 paise and diesel by 150 paise per litre
 "GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study")
Don't cut fuel taxes
Roll-back will increase fiscal risks
Do economic forecasts depend on the nature of the economist?
The forecaster's personality seems to influence the forecast. While some are congenital optimists, others are pessimists. They are like the bulls and bears of economics-econometrics confluence
From GST collection to car sales, macro data signals steady recovery
GST mop-up rises 7% to Rs 1.13 trn in Feb; Manufacturing PMI eases slightly to 57.5
 "From GST collection to car sales, macro data signals steady recovery")