Page 42 - Latest Updates on Goods and Services Tax
IBA demands recast of loan accounts of small firms amid Covid-19 crisis
The RBI had permitted a one-time restructuring of existing loans to GST-registered MSME units
 "IBA demands recast of loan accounts of small firms amid Covid-19 crisis")
GST rates and the medical devices industry
Let us use the GST rate regime to build up a strong domestic industry in sectors like pharmaceuticals and medical devices that can play to our strengths in labour-intensive production
Will more foreign financing be needed?
It is important to remove the frictions, to connect the infinite capital of the global financial system with end-users in India
 "Will more foreign financing be needed?")
Move petroleum to GST: The time is now
The health crisis is a moment of reckoning and an opportune time to revisit GST policy-design
Covid-19 impact: Missing disinvestment targets will have consequences
Any slippage in disinvestment numbers combined with other revenue shortfall would mean the govt would have to borrow more in the market
 "Covid-19 impact: Missing disinvestment targets will have consequences")
Establish fiscal council to scale up spending
India will have to address the big fiscal prudence challenge, which is not captured by the fiscal deficit/GDP metric
I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately
The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers
 "I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately")
Top headlines: Govt to release GST dues, tea exports to fall, and more
Business Standard brings you top headlines of the day
 "Top headlines: Govt to release GST dues, tea exports to fall, and more")
Govt set to release Rs 20,000 cr pending GST compensation to states soon
second fiscal stimulus likely to be announced soon
 "Govt set to release Rs 20,000 cr pending GST compensation to states soon")
Beyond virus: Setting course for a V-shaped recovery with right decisions
It's time for thoughtful decisions through 2020 and 2021, where the desired outcome is one where private investment in 2025 is superior to the value seen in 2011 in real terms
 "Beyond virus: Setting course for a V-shaped recovery with right decisions")
GSTN provides work from home access to more than 1,700 tax officers
This has provided officers a secured access to work on various GST applications such as processing of registration application, refund application, audit, assessment, appeal etc
 "GSTN provides work from home access to more than 1,700 tax officers")
The fiscal gridlock
Budget constraints of states need immediate attention
 "The fiscal gridlock")
GSTN processed 10,077 new registrations, 7,876 refunds during lockdown
Till March 31, 2020, GSTN had enabled 1,748 tax officers from 18 states/UTs to access office through VPN, a secure way to access office networks.
 "GSTN processed 10,077 new registrations, 7,876 refunds during lockdown")
Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC
The Centre has also deferred the application of restricted input tax credit (ITC) of 10% under goods and services tax (GST), providing relief to industry
 "Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC")
Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST
The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30
 "Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST")
GST collection slips below Rs 1 trillion in March after four months
The numbers pertain to GST paid in February but collected in March, suggesting that collections might turn grimmer going forward.
 "GST collection slips below Rs 1 trillion in March after four months")
Costly delay
Hesitation in announcing a financial package is inexplicable
 "Costly delay")
Mix of needed and negatives
The most notable was to charge interest for delay in payment of GST on net cash tax liability, with effect from July 1, 2017
Best of BS Opinion: The GST dilemma, coronavirus supply shock, and more
GST rationalisation, IT design framework, Trump administration on coronavirus to banking crisis, Kanika Datta brings you the top opinions of the day
The GST dilemma
Design framework and tax evasion pose counter challenges
 "The GST dilemma")