Page 15 - Goods And Services Tax

Indian gaming industry needs stable regulatory environment: Sameer Barde

The industry's worry is the "knee-jerk reaction" of states in regulating the industry, Barde said

Rice unfit for humans and used for other purposes to attract 5% GST: AAR

Authority couldn't find adequate rate for the farm produce on the basis of its final product

Handle with care

GST notices should not become a tool for harassment

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

GST Council meet: Decriminalisation of offences, gutkha biz on agenda

The GST Council in its meeting on Saturday is expected to decide on a number of issues like decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses. Besides, GST on online gaming and casinos may come up for deliberations as the Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, submitted its report on the issue to Finance Minister Nirmala Sitharaman on Thursday. "Union Finance Minister Smt. @nsitharaman will chair the 48th GST Council meeting via VC from New Delhi tomorrow. The meeting will be attended by MoS Finance besides Finance Ministers of States & UTs & Senior officers from Union Government & States," the Finance Ministry tweeted. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. With regard to decriminalisation of offences, the law committee of the GST Council, ...

GST Council meet: GoM pitches for 'specific tax levy' on pan masala, gutkha

Proposes levy on 38 such items in the range of 12-69% of retail sale price

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Critical decisions

GST Council is expected to improve business conditions

GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions

Defers the classification of crypto assets under GST regime

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...

GST Council to discuss decriminalisation at Council meet on December 17

One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore

GSTN in AA network: Operational costs of banks expected to come down

GSTN is expected to go live on AA network in late January or early February, people aware of the development say

Saas-based accounting platform Zoho Books has eyes on world markets

Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa

TMS Ep313: GST share of states, China plus one, Markets, FPO

Why do states want a bigger share of GST? Does China plus one strategy mean advantage India? Will the rally in the broader markets continue? What is a follow-on public offer? All answers here

Why do states want a bigger share of GST?

Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?

Centre confident of meeting fiscal deficit target for FY23: Report

Centre expects the gross tax revenue to be "at least" Rs 3-3.5 trillion above the FY23 target of Rs 27.6 trillion

States' Budget demand: 60% GST share, extended compensation period

State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present

CBIC not to file review petition in SC for restoring IGST on ocean freight

Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India