Page 3 - Goods And Service Tax

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Tobacco in gunny bags to attract 28% GST, 71% compensation cess: AAR

No new product emerges from the post-coating process, rules authority in Gujarat

Subsuming electricity into GST

This will reduce costs for businesses, eliminate cross-subsidy and reduce the inefficiencies in the use of electricity by the agriculture and residential sectors

GST collection in Himachal rises 25% to Rs 4,052 cr till Dec this fiscal

The Goods and service tax (GST) collections in Himachal Pradesh increased by 25 per cent to Rs 4,052 crore till December this fiscal from Rs 3,172 crore in the year-ago period, an official spokesperson said here on Monday. In a release issued here, he said that the State Taxes and Excise Department collected Rs 341 crore under GST in December 2022, and attributed the growth in GST collections during the current financial year to strengthened enforcement and improved taxpayer compliances. "The department continues to focus on improvement in return filing, speedy scrutiny of returns and timely completion of GST audits with strong enforcement measures. The department has verified 10 lakh e-way bills during road checkings conducted in the current financial year," he added. The department remains committed to improving voluntary compliance with time-bound redressal of the issues of the stakeholders under the 'Tax Haat Programme'. "The department continues to focus on capacity building o

GST compensation of Rs 17,176 cr pending to states as of June 2022: Govt

The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17,176 crore is pending to states as on June 2022. Replying to supplementaries during the Question Hour, Minister of State for Finance Pankaj Chaudhary said the Centre is giving GST compensation to states for five years. He said even during Covid times when no GST was collected, the Government of India had given compensation to states after taking loans of Rs 1.1 lakh crore and 1.59 lakh crore during 2020-21 and 2021-22. "A total of only Rs 17,176 crore GST compensation is pending as on June 2022," the minister told the house. Replying to other queries, Finance Minister Nirmala Sitharaman said, "As of now, since we have somewhat cleared all the dues up to June, and about Rs 17,000 crores pending is to be given." "Details of GST compensation pending for June 2022 for Tamil Nadu is Rs 1200.6148 crores only.Utilisation certificate from a state has not been reached, that cannot be treated as pending one," she

High regulatory burden, taxes keep cars out of reach of Indians: Automaker

The levies by the Indian govt have made purchasing vehicles expensive for the population, said RC Bhargava, Maruti Suzuki's chairman

RSS-affiliated BKS warns govt of trouble if farmers demand not met on time

Several farmers told PTI that they are ready to intensify the protest if the government did not meet their demands within three months

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

Budget 2023-24 should clear confusion over options for personal income tax

From 2020-21 onwards, the Budget gave an option of a lower personal income tax regime to those earning up to Rs 15 lakh, provided they forgo some exemptions

Amit Mitra asks FM Sitharaman to urgently call GST Council meeting

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

FM Sitharaman likely to begin pre-Budget talks from third week of November

FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders

GST collection over Rs 1.51 trillion in October, second highest ever

Revenue for October is second highest monthly collection, next only to April 2022

Supreme Court rejects plea by Hero MotoCorp for full budgetary support

But suggests GST Council, states consider mechanism for reimbursing eligible units

Many roads lead to GST

The solution to many difficulties that we see today lies in a sound indirect tax system

CBIC offers clarity on classification of cranes for GST, customs duty

Experts say this would reduce litigation in courts, as different classes of cranes attract different tax rates

Policy debate: Decoupling freebies from politics

Freebies pose serious fiscal challenges, but they need an economic policy response

New foreign trade policy may focus on non-fiscal measures to boost exports

The policy could throw light on how India may want to be integrated into the global value chain, for which realignment has started, and factors that have affected the integration

Transport services to civic bodies not exempt from GST in each & every case

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

Providing HSN code responsibility of bidder, not tendering authority: SC

Apex court says it is the bidders' responsibility to find out the relevant HSN code

Centre may release Rs 35,000 cr to states as June GST compensation

GST compensation has remained a sticking point between the Centre and states