Page 25 - Goods And Services Tax

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

GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels

The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery

GST mop up tops Rs 1 trn for third straight month; at Rs 1.17 trn in Sep

The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.

Field officers are recovering GST without notice: Industry experts

In the recent instruction, the GST investigation wing asked the field formation to issue showcause notices well before the last date, so that the probe can be completed

Ministerial panels to review GST exempt list, identify evasion sources

The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems. The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs. The 7-member panel, which would submit a report in two months, would be headed by Karnataka Chief Minister Basavaraj Bommai and include West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, Bihar Deputy Chief Minister Tarkishore Prasad. It would also review the supply of goods and services exempt under Goods and Services Tax with an objective to expand the tax base and eliminate breaking of ITC chain. The GoM on GST system reforms would identify potential sources of evasion and suggest changes in business processes and IT systems to plug revenue leakage. The eight-member panel, headed by ...

Inter-co managerial/leadership services to attract 18% GST

Managerial and leadership services by corporate office to its group companies/construction sites registered in different states would attract 18 per cent GST, Maharashtra bench of AAR has ruled. B G Shirke Construction Technology Pvt Ltd had approached the Authority for Advance Ruling (AAR) seeking to know whether the managerial and leadership services provided by the registered/corporate office to its group companies would be considered as 'supply of service'. Also, whether the lump sum amount charged by the registered/corporate office on its group companies would be liable to Goods and Services Tax (GST). Passing its ruling, the Maharashtra AAR held that managerial and leadership services by corporate office to its group companies and other construction sites registered in different States is "supply of service" and would be taxable under GST. AMRG & Associates Senior Partner Rajat Mohan said this ruling would mean an additional levy of 18 per cent GST on the inter-company ...