Page 3 - Goods And Service Tax

'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

Centre advances devolution as states hunt for funds, transfers Rs 1.16 trn

Money will help carry out their capital expenditure and welfare spending plans

Monetary policy: Negative interest rates are a matter of concern, says RBI

With regard to repo rate actions, if you look at other central banks, 50 bps has become the new normal. And, quite a number of central banks are hiking rates by 75-100 basis points: Shaktikanta Das

Rahul Gandhi, Priyanka Vadra, other Congress leaders detained amid protest

Congress MPs including Rahul Gandhi were detained at Police Lines Kingsway Camp during their protest against the Centre

GST collection jumps 28% YoY in July to second highest ever at Rs 1.49 trn

Collection remains above Rs 1.4 trn for fifth straight month

Fiscal deficit expected to follow previous years' trend in June quarter

Centre's capex outlay may touch 20 per cent of full-year target in Q1 at Rs 1.5 trillion

SC dismisses petitions seeking GST exemption on Haj services for pilgrims

A bench of Justices A M Khanwilkar, A S Oka and C T Ravikumar pronounced the judgment, saying they "dismissed" the petitions on both the grounds of exemption and discrimination

SC grants two-month window to taxpayers for claiming transitional credit

The apex court bench of Justice Abdul Nazeer and JK Maheshwari directed the revenue authorities to facilitate taxpayers who were not able to claim benefits when the country transitioned