Page 39 - Latest Updates on Goods and Services Tax
Multiplex chain PVR found guilty of profiteering, but escapes penalty
PVR escaped penalty because it voluntarily deposited Rs 13.72 lakh along with interest worth Rs 35,800 to the consumer welfare fund
 "Multiplex chain PVR found guilty of profiteering, but escapes penalty")
States' GST revenue shortfall can be bridged by monetising debt, NSSF: SBI
The Centre said a special window can be provided to the states, in consultation with the RBI, for borrowing at a reasonable interest rate
 "States' GST revenue shortfall can be bridged by monetising debt, NSSF: SBI")
GST Council meet: States accuse Centre of 'arm-twisting' them to borrow
Even BJP-ruled states like Karnataka suggest central govt should borrow to compensate states
 "GST Council meet: States accuse Centre of 'arm-twisting' them to borrow")
GST Council meet: States to push for borrowing by Centre on Thursday
Our worst fears are now coming true, Amit Mitra writes to Sitharaman
 "GST Council meet: States to push for borrowing by Centre on Thursday")
Sonia to chair meeting with Congress CMs, Mamata Banerjee, Uddhav Thackeray
Congress interim chief Sonia Gandhi will speak to the CMs to discuss the pending GST share, and the NEET and JEE examination issue.
 "Sonia to chair meeting with Congress CMs, Mamata Banerjee, Uddhav Thackeray")
Two-wheeler makers' shares surge after Sitharaman's comment on GST cut
Shares of two-wheeler majors Hero MotoCorp, Bajaj Auto and TVS Motor Company soared after Nirmala Sitharaman's comment that the GST Council will consider the proposal to cut GST on two-wheelers
 "Two-wheeler makers' shares surge after Sitharaman's comment on GST cut")
Two-wheelers merit GST rate revision, says FM Nirmala Sitharaman
Council to take up issue; SoPs for hotels, tourism, aviation may be tweaked
 "Two-wheelers merit GST rate revision, says FM Nirmala Sitharaman")
States to pitch for dispute resolution system at GST Council meet on Aug 27
Punjab FM says not paying cess amounts to sovereign default
 "States to pitch for dispute resolution system at GST Council meet on Aug 27")
Finance Ministry remembers Jaitley's legacy by recounting GST benefits
The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 12.4 million
 "Finance Ministry remembers Jaitley's legacy by recounting GST benefits")
GST reduced tax rates, doubled taxpayer base to 12.4 million: FinMin
The number of assessees covered by the GST at the time of its inception were about 6.5 million
 "GST reduced tax rates, doubled taxpayer base to 12.4 million: FinMin")
Businesses to get GST registration in 3 days with Aadhar verification
The Central Board of Indirect Taxes and Customs (CBIC) last week notified Aadhaar authentication for GST registration with effect from August 21, 2020
CEOs not to be issued summons at first instance for GST evasion: DGGI
The officers have been asked to ensure that a summon for personal appearance is issued only when specifically required. This would imply that the personal presence of an individual is minimised
GoM favours e-way bill for intra-state gold movement, discusses e-invoicing
The move will help track the movement of gold to help plug tax evasion and smuggling amid rising prices and subdued GST collections
 "GoM favours e-way bill for intra-state gold movement, discusses e-invoicing")
GoM to take up proposal on gold e-way bills to check tax evasion, smuggling
A Group of Ministers (GoM) led by Kerala Finance Minister Thomas Isaac will take up the proposal - aimed at checking tax evasion and smuggling - on Friday
Taxes and trade
India is losing export opportunities
GST tweak can make India export hub: Volkswagen India MD Gurpratap Boparai
Boparai said a global manufacturer in India would have to invest mostly in the segment below 4 metres because it constituted 70 per cent of sales here
 "GST tweak can make India export hub: Volkswagen India MD Gurpratap Boparai")
Coming soon: GST technological overhaul to ease compliance, plug leaks
Instead of completely changing the return forms, the effort is now to introduce, within the existing framework, changes in a staggered manner
 "Coming soon: GST technological overhaul to ease compliance, plug leaks")
GSTR 1 and 3B to be linked to determine input tax credit and liability
The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday
Banks may not have to pay service tax for facilitating international trade
To facilitate trade, Indian banks provide services to exporters by sending the export documents to the bank of the importer abroad and collect payment
 "Banks may not have to pay service tax for facilitating international trade")
Gujarat's new industrial policy pegs average annual outlay of Rs 8000 cr
Gujarat CM Rupani said that the new policy has been formed to further consolidate the growth momentum that the state has achieved over the past few years as well as enhance the current growth rate
 "Gujarat's new industrial policy pegs average annual outlay of Rs 8000 cr")