Page 26 - Goods And Services Tax

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%

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