Page 14 - Goods And Services Tax

GST Council meeting: Onus of deducting TCS may be on ONDC sellers

Tuesday's GST Council meet likely to put out clarification

On GST anniversary, CAIT calls for fresh review of indirect tax regime

Traders' body CAIT on Saturday called for a fresh review of GST and said a special task force should be constituted to suggest ways to reduce multiplicity of laws and regulations on traders under the indirect tax system. The Confederation of All India Traders (CAIT) described the completion of six years of implementation of GST in the country as a landmark success. The GST regime came into effect from July 1, 2017. However, it said much more needs to be done to make Goods and Services Tax (GST) a simplified and rationalised tax system. CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies. "For this, a special task force should be constituted, in which besides senior government officials, representatives of businessmen and industry should be included. While this task force will on one hand give suggestions to rationalize the GST tax system and reduce multiplicity of laws and ...

GST an engine for driving consumption, helped household save on bills: Govt

Goods and Services Tax (GST) has acted as an engine for driving domestic consumption and helped households save on monthly bills since its implementation six years ago, the government said on Friday.. Giving a comparison of the tax rates of various goods pre and post-GST rollout, the government said from streamlining processes to boosting investments, GST has been a catalyst for progress. "The implementation of GST has made it easier for taxpayers to comply with tax law and this can be seen in the fact that the number of registered taxpayers has increased from 1.03 crore that enrolled into GST by April 1, 2018 to 1.36 crore by April 1, 2023," the office of Finance Minister Nirmala Sitharaman tweeted. A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST a four-rate structure that exempts or imposes a low rate of 5 per cent tax on essential items and a top rate of 28 p

Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles

The industry has sought 5 per cent GST on flex-fuel two-wheelers and a price guarantee on fuel for flex-fuel vehicles

Under scanner: Insurance companies likely to soon face GST audits

Any mismatch in information across documents could raise a red flag

Treasury-bill auction sees firm demand on hopes of improving liquidity

Surplus liquidity in the system, as indicated by the amount of funds that banks park with RBI, increased to Rs 34,843.21 crore on Tuesday, from Rs 18,657.21 crore on Monday

GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered

The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations

Centre to come up with pre-filled GST return forms by year-end: Report

The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices

GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds

Strong increase in line with GDP growth estimate in FY24, say experts

GST collection rises to all-time high of Rs 1.87 trillion in April

GST collection grew by 12 per cent in April to Rs 1.87 lakh crore, the highest monthly mop-up since the rollout of the indirect tax regime. The gross GST revenue collected in the month of April 2023 is Rs 1,87,035 crore of which CGST is Rs 38,440 crore, SGST is Rs 47,412 crore, IGST is Rs 89,158 crore (including Rs 34,972 crore collected on import of goods) and cess is Rs 12,025 crore, the finance ministry said in a statement. The previous high collection of Rs 1.68 lakh crore was in April last year. "The revenues for the month of April 2023 are 12 per cent higher than the GST revenues in the same month last year," the ministry said. During the month, the revenues from domestic transactions (including import of services) are 16 per cent higher than the revenues from these sources during the same month last year. The total gross collection for the 2022-23 fiscal stood at Rs 18.10 lakh crore, 22 per cent higher than the previous year.

Issue of GST on intermediary services to foreign clients may get resolved

However, there could be issues in claiming input tax credit by these intermediaries

Intra-company services by offices registered separately to attract GST: AAR

GST applicable even if employees appointed for firm as a whole, says Tamil Nadu authority

Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR

Such damages are the sum that one party receives when the other party fails to meet provisions of a contract

Interstate flow of goods rose to 70% of GDP post-GST implementation

Paper published by IPPR suggests new indirect tax regime led to increasing economic integration among states

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

The applicant, a manufacturer, had argued that 18% GST should be applicable

GST mop up at all-time high of Rs 18 trillion in FY23, shows data

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds

Taking a look at some high-frequency indicators for January-February

CEA V Anantha Nageswaran had said that to get to 7 percent GDP growth in FY23, the January-March quarter will have to register a 5.1% real GDP growth

Panel working on classification of millet products to determine GST rates

The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June

A 4-member GST appellate tribunal likely in each state, says official

A 4-member appellate tribunal is proposed to be set up in each state to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), according to an official. Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members, the official told PTI. A division bench comprising two members -- one technical and one judicial -- will decide the appeals brought before it. As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals, the official noted. There will also be a national appellate tribunal, which would be set up in Delhi, and comprise one judicial member and one technical member. The national appellate bench will mainly look into appeal cases on disputes between the department and assessee over the 'place of supply' under the GST regime. It, however, will not take up any appeal with regard to divergent

Q3 GDP numbers: Taking a look at some high-frequency indicators

The govt contends that Q3 GDP will be revised upwards. Many experts believe rural economic growth is still slow. Data shows both could be right