Page 25 - Goods And Services Tax

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 ...

Regaining fiscal balance

GST rate restructuring will be critical for consolidation

IT-BPM industry welcomes GST clarification on intermediaries

This is a long-standing issue between the IT-BPM industry and the government

GST Council meet on Friday: Profiteering cases likely to go to CCI

The Council will also discuss bringing petroleum products within the GST ambit

GST on ice cream parlours may lead to litigation, say experts

The Council said ice cream parlours would draw 18% GST

Structural changes in GST

Correction to revenue-neutral rate must not be delayed

States slam FM plan to not extend GST compensation after June 2022

Opposition-ruled states saymatter was deferred for further discussions during Friday's meeting

Come Jan 1,non-filers of monthly GST return to be barred from filing GSTR-1

Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year.

Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted

GST Council decides against inclusion of petroleum

Compensation cess and petroleum to fire up GST Council meeting

The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states

Next steps for GST Council

It should address issues with a longer-term view

GST Council may deliver blow to food-delivery operators Swiggy, Zomato

Many restaurants are not depositing GST, while some are not even registered

Coconut oil in less than 1-litre bottle may soon attract 18% GST

Coconut oil sold in a container of 1,000 ml or above would be taxed as edible oil and attract 5 per cent GST

Top headlines: Tata Sons AGM today, GST Council meet on Friday

Business Standard brings the top headlines of the day

GST Council may allow intra-state pharma cess, discuss states' dues

It may discuss extending the compensation cess for states beyond 2022

GST Council may take up proposal for cutting rate on steel scrap to 5%

The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%