Page 19 - Goods And Services Tax

Setting up GSTAT: GoM may pitch for easing eligibility for states' officers

States learnt to be at loggerheads with Centre as they seek equal representation

Lack of clarity on GST paid on liquidated damages may lead to litigation

There is fear that entities may be asked to reverse ITC or pay back refunds, experts say

Bumper GST collections could lead to compensation windfall for states

Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it

Amid robust tax growth, customs and excise duties decline over 10% in Q1

Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23

Aiming for cooperative federalism, govt created Centre-states mistrust

There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues

GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1

Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above

SC dismisses plea seeking GST exemption for Haj via private tour operators

The private tour operators argued that the levy is discriminatory as it exempts certain pilgrims who undertake the journey through the Haj Committee of India

'No tax should be levied on common man's items': Kerala on GST hike

Kerala Finance Minister KN Balagopal said the state had repeatedly expressed its reservations over imposing GST on certain packaged food items, contradicting Union Finance Minister's claims

Crypto markets rebound but assets future in India uncertain: Experts

From April 1, a 30 per cent tax was applied on income from the sale of cryptocurrency. From July 1, an additional 1 per cent tax was applied in the form of tax deducted at source (TDS)

Rajya Sabha adjourned for the day as Oppn continues to protest price hike

Rajya Sabha proceeding washed out completely and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of GST on daily essentials

Lok Sabha adjourned till 4 pm amid Opposition protests over price rise

Lok Sabha proceedings were adjourned till 4 pm on Wednesday amid vociferous protests by Opposition members over price rise and the imposition of the Goods and Services Tax on some daily-use items

Renting apartments gets costlier for companies with new GST rates in effect

The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)

GST changes from Monday may put pressure on retail inflation: Experts

Falling global commodity prices may neutralise the impact, say experts

GST on labelled food items, hospital rooms above Rs 5K from Monday

Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners will be hiked to 18 per cent on Monday

FinMin seeks industry views on changes in monthly GST payment form

The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15. The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. "Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter, the ministry said. Abhishek Jain, Tax Partner, KPMG in India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month. The paper takes into consideration various suggestions of both taxpayers and administrators, including .

Global recession fears may ease inflationary pressures: Govt report

Review released by ministry also said that global headwinds would continue to pose downside risk to growth as crude oil and edible oils, remain major imported components

Crisis and macroeconomic policy

The book is worth a read for all those interested in our economy - students or commentators of various tints - not least because most arguments are data-anchored but devoid of spite

GoM on GST Appellate Tribunal set up, to be headed by Dushyant Chautala

The Goods and Services Tax (GST) Council has set up a six-member group of ministers (GoM) to recommend necessary amendments required in the GST laws and other legal changes for setting up the GSTAT

5 years of GST: Why the indirect tax regime may not see big-bang reforms

From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies

Scope for further pruning of GST exemption list: Revenue secy Tarun Bajaj

Industry body Ficci in a letter to the finance ministry on Monday said that 5 per cent GST on non-ICU hospital rooms above Rs 5,000 will increase the cost of healthcare services