Page 22 - Goods And Services Tax

Govt releases Rs 86,912 cr to states, clears entire GST compensation dues

To meet the shortfall in GST compensation to states, the Centre said that it borrowed Rs 1.59 trillion in FY22 and Rs 1.1 trillion in FY21 from the market and passed them on to the states

CBIC cautions against coercive tax collection during searches

The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment

CBIC issues SOPs for recovering tax dues from insolvent companies

The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process

Storm in a GST cup

The notion that the recent Supreme Court ruling alters the nature of fiscal federalism is misplaced, but the Council would do well to set up dispute resolution tribunals

GST: Cooler heads for constructive ends

To be sure, the cooperative spirit has gone missing since about 2018, reflecting the heavy-handedness of the Centre, not just on the GST but across a range of issues

States seek legal views on Supreme Court ruling before GST Council meet

While many states want to extend the GST compensation regime beyond June 2022, the Centre's view stands that the compensation will be given to states only until that time

Non-BJP states hail Supreme Court verdict on GST Council recommendations

Verdict upholds federal rights of states and the people: Kerala FM Balagopal

SC verdict on GST Council: Importers to save on 5% IGST on ocean freight

SC said the impugned levy imposed on the 'service' aspect of the transaction is in violation of the principle of 'composite supply' enshrined under Section 2(30) read with Section 8 of the CGST Act

GST Council will work like it has for 5 years: Tarun Bajaj on SC verdict

Bajaj clarified that Article 279A of the Constitution allows the Council to make recommendations but nowhere has it said that Council will 'mandate'

Recommendations of GST Council binding in framing rules: Govt sources

The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified

Recommendations of GST Council not binding on the Centre, states: SC

The Supreme Court said the Parliament and state legislatures possess equal powers to legislate on GST

GoM calls for 28% GST on online gaming, casinos; tax likely on face value

At the moment, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game

Govt mulls extending April GST payment deadline; asks Infosys to fix glitch

As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 GSTR-2B and auto-population of GSTR-3B on portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted. GSTR-2B is an auto-drafted Input Tax credit (ITC) statement which is available to every GST registered entities based on the information furnished by their suppliers in their respective sales return form GSTR-1. GSTR-2B statement is usually made available to businesses on the 12th day of succeeding month, based on which they can claim ITC while paying taxes and filing GSTR-3B. GSTR-3B is filed in staggered manner between 20th, .

Non-commercial construction in education institutions to draw less GST

Gujarat AAR ruled that such buildings would attract 12% GST, not 18% levied for other construction activities

GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity

Tops Rs 1.5 trillion for the first time; record collections for 2 months in a row

Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco

A two-judge bench, comprising justice Alok Aradhe and justice S Vishwajith Shetty, basically upheld the earlier order by a single bench of the court in this regard

Rs 79,000 crore of GST dues to states pending for FY22: Finance Ministry

It added that all dues had been paid for FY21. So far, it has released Rs 7.35 trillion to States, including the assistance released on a back-to-back basis

No feedback sought from states on hiking GST rates, says finance ministry

It further said views of the states were sought generally on the Terms of References (ToRs) of the Group of Ministers (GoM) soon after it was set up in September 2021

Goa to recommend status quo on GST rate rationalisation, says Minister

The committee's rate rationalisation report, Godinho said, will decide on rate rationalisation and which rates to increase and when and how

Centre releases Rs 6,000 cr to states as GST compensation

Till now, 70% of the total estimated Goods and Services Tax compensation shortfall has been released to the states