Page 24 - Goods And Services Tax

Committed to compensate states for 5 yrs for revenue loss due to GST: FM

The Centre is committed to compensate states for five years for the revenue loss due to GST implementation as provided in the statute, Finance Minister Nirmala Sitharaman said on Tuesday.

About Rs 52,000 cr GST compensation pending to states till Sept: FinMin

Nearly Rs 52,000 crore of GST compensation was due to the states as of September 2021, Parliament was informed on Monday. Giving details of Goods and Services Tax (GST) compensation released and pending to be released as on November 24, 2021, Minister of State for Finance Pankaj Chaudhary said in the Lok Sabha that Rs 1,10,208 crore and Rs 1.59 lakh crore was released to the states as back to back loan in 2020-21 and 2021-22 fiscals, respectively. Total GST compensation pending till September 2021 stood at Rs 51,798 crore, he said. This includes Rs 13,153 crore pending to Maharashtra, Rs 5,441 crore to Uttar Pradesh, Rs 4,943 crore to Tamil Nadu, Rs 4,647 crore to Delhi and Rs 3,528 crore to Karnataka. States of Arunachal Pradesh, Manipur, Mizoram and Nagaland do not have any GST compensation pending from the Centre. In reply to a separate question, Chuadhary said the Centre has released Rs 17,000 crore on November 3, 2021, towards GST compensation to states from the compensation

Income tax department exempts e-auctioneers from 1% TDS

The department clarified that when these taxes are separately disclosed on invoices, then they have to be deducted before calculating the TDS

GST notification to correct tax anomaly in textiles: FM

Industry says will benefit only a chosen few

'Uniform rate of 12% for MMF textiles sector to reduce compliance burden'

Removal of inverted tax structure on MMF Textiles value chain and uniformity of rates brings relief to textiles sector, says govt

NPE targets, GST correction may push cellphone production by $15 bn: ICEA

The National Electronics Policy 2019 had set a target to create a USD 400 billion electronics manufacturing ecosystem by 2025

Bringing petroleum products under GST to cut taxes on petrol, diesel: Gadkari

The move would also increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday

Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST

While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation

Centre releases Rs 17,000 crore to states as GST compensation

With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore

GST collections may break all records soon: Revenue secretary Tarun Bajaj

Bajaj expects the collections to break the Rs 1.4-trillion record

Centre releases Rs 44,000 cr as loan facility in-lieu of GST compensation

The Ministry of Finance made the announcement on Thursday

GST shortfall: Centre releases Rs 1.6 trillion to states this fiscal year

This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.

Work in progress

GST must be reformed to achieve its potential

India's post-pandemic fiscal future

The post-pandemic fiscal future would also depend on the way government expenditure is directed

AAR says no GST exemption for tourist vehicles carrying Covid patients

Experts described the decision as callous on front-line workers

Agencies may have to pay GST on service charges collected on govt's behalf

This follows a ruling by AAR Telangana on the matter, which also ruled that neither services provided by agency to govt, nor services provided on govt's behalf to businesses are exempt

SC stays GST on royalty paid by petitioner to state for mining rights

GST at the rate of 18 per cent is imposed on royalty given to the state governments for mining rights

GST rationalisation: Challenge and response

A revision of slab rates may create some disquiet, but, if cleverly crafted, it could be a game-changer for manufacturing

GST rate clarifications on cattle feed may lead to disputes

DDGS falls under the category of residues and will get similar treatment in terms of GST rate as is given to other residues

Refund interest paid on ineligible input tax credit, says industry

The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation