Page 23 - Goods And Services Tax

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

Addressing uncertainty

Necessary changes in GST must be made in time

Govt likely to propose 18% GST on crypto mining, trading entities

Though the date for the next GST Council meeting has not been set, it could happen in March

Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers

At present, the transfer of 'Rights to Use' is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle

Budget is visionary, will boost Make in India & Atmanirbhar Bharat plans

Union Budget 2022 seems to be a visionary and simplified budget showcasing the long term focus of the government to take India @75 to India@100

GST collection in Jan crosses Rs 1.3-trn mark for fourth time in FY22: Govt

Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020

Bring natural gas under GST for PM's vision of gas-based economy: Industry

Natural gas is currently outside the ambit of GST, and existing legacy taxes

Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand

Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment.

Implement uniform 18% GST rate on all auto components: ACMA

Industry body Automotive Component Manufacturers Association (ACMA) has urged the Centre to implement a uniform GST rate of 18 per cent on all auto components.

How real is the GST boost?

The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply

Father-son duo held by CGST department for fake ITC of Rs 22 crore

A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.

Odisha records 43% growth rate in GST collection during December 2021

GST collection of Odisha has touched a collection of Rs 4080.14 crore during December 2021 as against Rs 2860.20 crore collected during December 2020 registering a growth of 43 per cent.

Restrictive GST rules take effect

Many changes in the GST laws have come into effect from the beginning of this year

Re-import of steel cylinders should be exempted from SIMS registration

See no reason to cover re-imports of such Indian origin goods under SIMS

Avoid policy adventurism

New provisions will hurt the GST system

Meeting FY22 fiscal deficit target hinges on disinvestment proceeds

Savings in some departments may come to govt's aid

IGST on ocean freight can't be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution