Page 9 - Latest Updates on Goods and Services Tax
GST fitment committee set to review 18% tax on co-lending services
Under the co-lending model, NBFCs are required to retain a minimum of 20 per cent of individual loans on their books, while the remaining balance is held by banks
 "GST fitment committee set to review 18% tax on co-lending services")
GST mop-up sees six-month high in Oct with Rs 1.87 trillion, up 8.9% Y-o-Y
From April to October 2024, gross GST collections on a year-to-date basis reached Rs 12.74 trillion, marking a 9.4 per cent increase compared to Rs 11.64 trillion during the same period last year
 "GST mop-up sees six-month high in Oct with Rs 1.87 trillion, up 8.9% Y-o-Y")
Meticulous planning behind Kerala GST's massive gold jewellery raids
Investigation is ongoing, and estimating the precise amount of tax evasion will be only possible after completing the verification of the seized gold and other documents
 "Meticulous planning behind Kerala GST's massive gold jewellery raids")
After Sebi, Parliament committee to conduct CCI's performance review
The Public Accounts Committee of Parliament, chaired by Congress leader KC Venugopal, has decided to assess the performance of regulatory bodies established by Acts of Parliament this financial year
 "After Sebi, Parliament committee to conduct CCI's performance review")
GST Council forms GoM on compensation cess; report expected by Dec 31
With just one-and-a-half year remaining for the cess to end, the GST Council in its 54th meeting on September 9 decided to set up a GoM to decide the future course of the cess
 "GST Council forms GoM on compensation cess; report expected by Dec 31")
Design architecture for B2C e-invoicing for retailers ready: GSTN CEO
The threshold for businesses that would be required to issue e-invoices is in the process of being decided.
 "Design architecture for B2C e-invoicing for retailers ready: GSTN CEO")
GoM on GST rate rationalisation to discuss slab, rate tweaks on Sep 25
During the August meeting, the panel had tasked the fitment committee comprising tax officers from the Centre and states to analyse implication of tax rate change on some items and gather more data
GST Council forms GoM to review tax rate on insurance; report by Oct 30
In 2023-24, the centre and states collected Rs 8,262.94 crore through GST on health insurance premiums, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premiums
Rahul slams govt over video of restaurant chain owner 'apologising' to FM
In a post on X, Gandhi said when owner of a small business, like Annapoorna restaurant in Coimbatore, asks for a simplified GST regime, his request is met with 'arrogance and outright disrespect'
 "Rahul slams govt over video of restaurant chain owner 'apologising' to FM")
Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam
The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th ACMA session
 "Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam")
Transfer of leasehold land: Authorities may have upper hand in GST levy
When a company sells its rights to leasehold land to a third party for the remaining lease term, the transaction typically attracts stamp duty
Chocolate firms, bakeries receive notices for alleged GST underpayment
Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%
 "Chocolate firms, bakeries receive notices for alleged GST underpayment")
GST payers with no valid bank account barred from filing GSTR-1 from Sept 1
GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.
 "GST payers with no valid bank account barred from filing GSTR-1 from Sept 1")
Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18
The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18
 "Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18")
GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020
This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations
Reduce GST on online news subscriptions to 5%: MIB tells revenue dept
Printed newspapers, journals, and periodicals are presently exempted from the Goods and Services Tax while online news subscriptions at taxed at 18 per cent
 "Reduce GST on online news subscriptions to 5%: MIB tells revenue dept")
GST Council to meet on Sept 9, to start discussion on rate rationalisation
The GST Council, comprising finance ministers of Centre and states, is the apex decision making body with regard to Goods and Services Tax (GST), which was rolled out on July 1, 2017
 "GST Council to meet on Sept 9, to start discussion on rate rationalisation")
Second all-India drive against fake GST registrations to begin on Aug 16
Under GST, entities take fake registration for the purpose of fraudulently claiming ITC by issuing bogus invoices
 "Second all-India drive against fake GST registrations to begin on Aug 16")
GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam
Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam
CBIC to begin special drive to weed out fake GST registration on Aug 16
This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraudulently avail and pass on input tax credit
 "CBIC to begin special drive to weed out fake GST registration on Aug 16")