Page 29 - Goods And Services Tax

Mayday in April

Aviation experts and analysts said that the second wave was likely to be crippling for a sector that was already gasping for air

Govt examining industry demands; breather on tax compliance deadline likely

Proposals for a 3-month extension of compliance timeline being considered

GST evasion by winning bidders: Rly purchases since July '17 face enquiry

DGGI decision relates to misclassification of supplies

GST officers to soon have real-time data on vehicles moving without e-way

The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills

Flavoured milk to draw 12% GST: Gujarat-based Authority for Advance Rulings

The ruling was delivered in a case filed by Vadilal Industries for its product Power Sip. Harpreet Singh, partner at KPMG, said the government should now clarify its position on this issue

Renewed risks to recovery

Rising Covid cases could reverse recent gains

Contradictory AAR verdicts on CSR under GST regime baffle companies

Recently, the Uttar Pradesh AAR had held that CSR spend by companies is eligible for input tax credit

Best of BS Opinion: The GST puzzle, infecting public health, and more

Here's a selection of Business Standard opinion pieces for the day

The GST puzzle

The sharp rise in GST collection in March could be a false indicator if further rate reforms are delayed

Robust kickoff to FY22 marred by anxieties over Covid resurgence

The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass

GST to be levied on underlying goods/services in gift vouchers, rules AAAR

The Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.

GST dilemma: Contradictory AAR rulings leave industry perplexed

States like Punjab and Delhi have reported delays in disposing of AAR applications.

Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March

Tax collections exceed Revised Estimates; Centre's fiscal deficit expected lower than 9.5% of GDP in FY21

March GST collections at nearly Rs 1.24 trillion, an all-time high

The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic

Limited e-invoicing window a worry for small and medium companies

The e-invoicing system was first made mandatory for entities with a turnover of Rs 500 crore and above and later extended to businesses with Rs 100 crore or more on January 1

Let states come and discuss tax on fuel in GST Council meeting: FM

I would be glad to be having this on the agenda and discuss it. I have no issues. Let the states come and discuss it, she said in the Lok Sabha.

Ready to discuss bringing petrol, diesel under GST at next Council meet: FM

State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel

Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct

The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday. The ministry has released the 19th weekly instalment of Rs 2,104 crore to 23 states and 3 Union Territories with Legislative Assembly (Delhi, Jammu & Kashmir & Puducherry), taking the total amount released so far under the special borrowing window set up in October last year to Rs 1.06 lakh crore. The remaining five states of Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim do not have a gap in revenue on account of Goods and Services Tax (GST) implementation. So far, an amount of Rs 1,06,104 crore has been borrowed by the Central Government through the special borrowing window at an weighted average interest rate of 4.8842 per cent, the ministry said in a statement. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in revenue arising on account of ...

Merchandise export receivables can't be set off against service import dues

You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill

GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study

A dollar increase in crude oil prices will push up petrol price by 50 paise and diesel by 150 paise per litre