Page 26 - Goods And Services Tax

Hit by GST recovery notices and summons, industry calls for help

GST authorities are issuing notices containing denial of input tax credit and in many cases they are blocking the entire input tax credit, even if only one vendor fails to deposit GST

Papad, irrespective of shape, is exempt from GST, CBIC clarifies

Papad, by whatever name known, is exempt from the GST and the tax rate does not vary based on its shape, the CBIC has clarified. The clarification by the Central Board of Indirect Taxes and Customs (CBIC) came after industrialist Harsh Goenka tweeted that round shaped papad is exempt from Goods and Services Tax whereas a square papad attracts the levy. "Did you know that a round papad is exempt from GST and a square papad attracts GST? Can anyone suggest a good chartered accountant who can make me understand the logic?" Goenka, chairman of RPG Enterprises, tweeted on Tuesday. "Papad, by whatever name known, is exempt from GST vide Entry No. 96 of GST notification No.2/2017-CT(R). This entry does not distinguish based on the shape of papad. This notification is available at cbic.gov.in," the CBIC said in a late night tweet, which quoted Goenka's tweet. GST, which subsumed over a dozen local levies, like excise duty, service tax and VAT, was rolled out on July 1, 2017.

GST collection in August at over Rs 1.12 trillion: Govt

Govt says the robust GST revenues are likely to continue in the coming months too

K'taka CM demands extension of GST compensation to states for 3 more yrs

Basavaraj S Bommai on Thursday demanded the Centre to extend the GST compensation period to states beyond 2022, for three more years

R C Bhargava, Venu Srinivasan face off with govt on auto GST rate

Sales of commercial vehicles in FY21 were the worst in 11 years; for three-wheelers, they were the lowest in 19 years

States' tax revenues lower than two years ago as demand for spending rises

An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower

Apr-June net GST collections at 26.6% of budget estimates: Govt

The government has achieved 26.6 per cent of the budget estimates for GST collections in the first three months of the current fiscal, Parliament was informed on Monday. In reply to a written question in the Lok Sabha, Minister of State for Finance Pankaj Chaudhary said net GST collection in the April-June quarter was over Rs 1.67 lakh crore, which is 26.6 per cent of the budget estimate of Rs 6.30 lakh crore for full 2021-22 fiscal. The net GST collections include Central GST+Integrated GST+Compensation cess. In the 2020-21 fiscal, the net GST collection was over Rs 5.48 lakh crore, which was more than the revised estimates (RE) of Rs 5.15 lakh crore. In 2019-20, the net collection was over Rs 5.98 lakh crore, which is 97.8 per cent of the RE. Chaudhary said the government has been making concerted efforts to raise tax revenue collections which inter-alia includes GST rate rationalisation to improve tax compliance, e-invoice system, mandatory e-filing and e-payment of taxes, pena

GST officers detect Rs 4,000 cr of Input Tax Credit fraud in Apr-Jun

GST officers detected over Rs 4,000 crore of Input Tax Credit (ITC) fraud in June quarter 2021-22, Parliament was informed on Monday.

India PMI manufacturing up at three-month high in July as lockdowns ease

Jumps to 3-month high after June contraction; marginal rise in jobs

GST collection recovers to a 3-month high of Rs 1.16 trn in July

On a year-on-year basis, the July GST collection witnessed a 33 per cent jump

Securing India's fiscal health

Govt should prepare for medium-term challenges

Businesses can now self-certify GST returns, instead of mandatory CA audit

GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said

Centre to clear pending GST compensation in instalments: Karnataka CM

Karnataka Chief Minister Basavaraj Bommai has said the Centre has agreed to give last year's pending GST compensation of Rs 11,400 crore at the earliest in instalments.

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Centre frontloads Rs 75,000 crore to states as GST compensation

Move to help state govts spur capex amid pandemic

No FTA with nations you have armed conflict with: Fin secy on RCEP decision

Somanathan said that a dose of carefully calibrated tariff protection for select sectors showing potential may be desirable

SME CHATROOM: Third-party payment allowed for imports subject to conditions

Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received

Banker's Trust: Has crony capitalism hijacked bad loan resolution?

If bankers move fast and preserve the enterprise value of defaulting companies, recovery rate will improve even as the new insolvency law, much like the GST, remains a work in progress

GST probe busts firms for 'fake' input tax credit invoices worth Rs 91 cr

GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.

Covid impact: June GST collection falls below Rs 1 trn-mark after 8 months

With reduction in caseload and easing of lockdowns, the e-way bills generated during June indicates recovery of trade and business, says govt