Page 47 - Latest Updates on Goods and Services Tax
Business fears hit to cash flow from new GST input tax credit restriction
Gupta of ClearTax feels a further reduction in credit could have been considered later
 "Business fears hit to cash flow from new GST input tax credit restriction")
Non-BJP states fear sovereign default on Centre's GST compensation
States are given compensation by the Centre if they don't clock 14 per cent growth in GST revenues in a year on the base of 2015-16.
 "Non-BJP states fear sovereign default on Centre's GST compensation")
Panel flags Rs 63,000-crore compensation cess shortfall in 2019-20
Instead, it has recommended that the present inverted duty structure be corrected, besides restructuring of GST rate slabs
 "Panel flags Rs 63,000-crore compensation cess shortfall in 2019-20")
Relax fiscal deficit limit from 3% to 4% of GDP, states ask Sitharaman
State FMs had met Sitharaman for a pre-Union Budget interaction
 "Relax fiscal deficit limit from 3% to 4% of GDP, states ask Sitharaman")
GST revenue growth promised to states may be trimmed to 10-12% from FY21
The idea was discussed during the presentation given by chairman of the 15th Finance Commission (15th FC) N K Singh, in the previous GST Council meeting
 "GST revenue growth promised to states may be trimmed to 10-12% from FY21")
BS Banking Annual 2019: Indian banks safe, say SBI, HDFC Bank chiefs
HDFC Bank MD Aditya Puri and SBI Chairman Rajnish Kumar discuss the present and the future of the industry in a fireside chat
 "BS Banking Annual 2019: Indian banks safe, say SBI, HDFC Bank chiefs")
GST Council may crack down on fraudulent invoices, input tax credit refunds
The law committee has proposed blocking of input tax credit for errant businesses "with the intent to safeguard government revenue''
 "GST Council may crack down on fraudulent invoices, input tax credit refunds")
Govt sets Rs 1.1 trillion as monthly GST target for tax officials
Four of eight months in this fiscal year have delivered less than Rs 1 trn collection
 "Govt sets Rs 1.1 trillion as monthly GST target for tax officials")
Post GST, FMCG firms top in consumer complaints for over-charging customers
As per official data, as many as 42 consumer complaints were registered against various FMCG companies with many of them found to be not passing the benefits of lower tax rates
 "Post GST, FMCG firms top in consumer complaints for over-charging customers")
Budget 2020: IT firms want 15% corporate tax for services companies in SEZs
The sunset clause for SEZ nearing - March 31, 2020 - and the IT industry has been a big beneficiary of the policy
 "Budget 2020: IT firms want 15% corporate tax for services companies in SEZs")
EAC of Finance Commission deliberates on ways to improve tax collections
Talking to reporters, Finance Commission Chairman N K Singh said the Commission plans to make recommendations on Goods and Services Tax (GST), which will be for the GST Council to consider
 "EAC of Finance Commission deliberates on ways to improve tax collections")
Top 10 headlines: GST compensation cess, Zomato-UberEats deal, and more
Finance ministers of non-BJP-ruled states are likely to discuss on Monday their strategy for the GST Council meet
 "Top 10 headlines: GST compensation cess, Zomato-UberEats deal, and more")
GST Council meet may turn stormy over states' cess; Rs 50k-cr dues pending
The Centre has, so far, not given any definite timeline for making the pending compensation cess payments to states, thereby triggering a face-off between the two sides
 "GST Council meet may turn stormy over states' cess; Rs 50k-cr dues pending")
Industry favours staggered GST returns, seeks HSN code only up to 4 digits
In the new returns, there would be one main form - GST RET-1, which will contain details of all supplies made, input tax credit availed, and payment of taxes.
Centre will honour GST compensation payment to states, says FM Sitharaman
This monthly compensation was to be paid within two months but states haven't received any such amount since August 2019
Soon, govt may introduce lottery system to incentivise GST filing
On the lines of the Delhi government's scheme for consumers under the VAT regime, the Centre's lottery system will aim to increase compliance
 "Soon, govt may introduce lottery system to incentivise GST filing")
Name inadvertently mentioned as head of GoM on IGST, says Sitharaman
She said that while she was meeting states regarding GST compensation issue, "there was a confusion", that Nirmala Sitharaman has withdrawn from a GoM
 "Name inadvertently mentioned as head of GoM on IGST, says Sitharaman")
GST in Kashmir will erode the Valley's special status, protest traders
The shutdown call was given by Kashmir Traders and Manufacturers (KTMF)
 "GST in Kashmir will erode the Valley's special status, protest traders")
GST in Kashmir: Traders march against new regime with black flags; detained
A special session of the state legislature began today to discuss GST implementation
GSTN to be converted into a fully govt-owned company in 3-4 months: CEO
The GST Council had decided to convert it into a fully govt-owned company in May, 2018
 "GSTN to be converted into a fully govt-owned company in 3-4 months: CEO")