GST Rules

India will continue to impose 18% GST on standalone brand purchases, with no relief for companies involved in brand M&As. Business acquisitions, however, remain exempt under existing GST rules

The Supreme Court has held that an assessee must comply with a summons and furnish a response to a show cause notice when it is issued by the central or the state tax authority. "Assessee" under the Income Tax Act of 1961 refers to any individual or entity that holds the legal liability of tax payment or any other financial commitments as specified by the Act. Thus, laying down guidelines to prevent duplication of adjudication by central and state GST authorities, a bench of Justices J B Pardiwala and R Mahadevan said that mere issuance of a summons does not enable either the issuing authority or the recipient to ascertain that proceedings have been initiated. "Where a summons or a show cause notice is issued by either the Central or the State tax authority to an assessee, the assessee is, in the first instance, obliged to comply by appearing and furnishing the requisite response, as the case may be. "Where an assessee becomes aware that the matter being inquired into or investigat

In his 79th Independence Day address, PM Modi called for a swadeshi push, announced GST reforms, a Rs 1 trillion jobs scheme, and self-reliance measures in energy and defence

Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%

The Goods and Services Tax regime has altered the contours of fiscal federalism in India, and steady growth of GST revenue is a robust barometer of the reform's success, Economic Advisory Council to the PM (EAC-PM) chairman Bibek Debroy said. In a working paper titled 'How the Pennies Drop: What GST revenue data tells us and What it doesn't', Debroy also proposed constructing a GST Rate Index to help track relative movements of the tax rates and get a sense of how it impacts tax collections and taxpayer behaviour. "The introduction of a Goods and Services Tax (GST) in India in 2017 not only impacted the economy but it also altered the contours of fiscal federalism in India. "Amongst others, the steady growth of GST revenue has been a robust barometer of the success of the reform," he said. Debroy also suggested a novel mechanism for computing the collection rate of GST, using only publicly available data, saying this has potential applications in revenue modelling; analysis of tren

Centre to issue circular soon outlining scenarios, which could trigger tax liability

Rishi Raj, a Gurgaon-based avid player of online poker, believes that the government has been successful where most of his family failed - getting him to quit the real money game

The GST Council is likely to decide on a new rule in GST law under which businesses would be required to explain the reasons for excess input tax credit (ITC) claimed or deposit the amount with the exchequer, sources said. They said the Law Committee, comprising tax officers from Centre and states, has opined that where the ITC availed in GSTR-3B return exceeds the amount of ITC available in accordance with the auto-generated statement GSTR-2B by a specified threshold, the registered person may be intimated on the portal about such difference and be directed to either explain the difference or pay the excess ITC along with interest. The Committee has suggested that the provision should kick in if the difference is more than 20 per cent and more than Rs 25 lakh. GST Council is likely to take a final call on the recommendation of the Committee in its 50th meeting on July 11. Currently, businesses use taxes paid by their suppliers commonly referred to as ITC to offset their GST liabil

Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR

Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on rent under the new rules

The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week

The 47th GST Council meeting took a host of decisions that will affect everyone. This report tells about the key outcomes of the meeting and its likely impact on the stakeholders

System 'revolutionised' to plug chances of leakage, he tells 'Business Standard' in interview

Decisions were no longer taken on the basis of a consensus as originally envisaged: Mitra

Petition was heard by a special bench that had given earlier order. Matter posted for hearing on April 9

As per rules, IGST must be shared equally between Centre and states and union govt is bound to part with another 42% of its share as per 15th Finance Commission recommendations

The statement follows a Bloomberg report which said that Toyota did not plan to expand further in India

In a major move towards GST taxpayers' facilitation, the government has decided to provide the facility of SMS filing of NIL statement of Form GSTR-1 from the first week of July.The Central Board of Indirect Taxes and Customs (CBIC) said that the filing of NIL statement in Form GSTR-1 also through SMS would substantially improve ease of GST compliance for over 12 lakh registered taxpayers. At present, these taxpayers have to log into their account on the common portal and then file their statement of outward supplies in Form GSTR-1 every month or each quarter, read a release from Finance Ministry."GST taxpayers with NIL outward supplies would not be required to log on to the GST Portal and would be able to file their NIL statement in Form GSTR-1 through just an SMS. The status confirmation of the filed statement or return application can be tracked by them on the GST Portal by logging in to their GSTIN account and navigating to Services>Returns>Track Return Status," the ministry

The changes in the indirect tax regime continue to remain the primary concern for business.

Gujarat HC has laid down 16 guidelines in the matter of Integrated GST applicable to importers and distributors and also asked the government to amend two provisions in the GST Act