Page 36 - Goods And Services Tax

Two-wheelers merit GST rate revision, says FM Nirmala Sitharaman

Council to take up issue; SoPs for hotels, tourism, aviation may be tweaked

States to pitch for dispute resolution system at GST Council meet on Aug 27

Punjab FM says not paying cess amounts to sovereign default

Finance Ministry remembers Jaitley's legacy by recounting GST benefits

The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 12.4 million

GST reduced tax rates, doubled taxpayer base to 12.4 million: FinMin

The number of assessees covered by the GST at the time of its inception were about 6.5 million

Businesses to get GST registration in 3 days with Aadhar verification

The Central Board of Indirect Taxes and Customs (CBIC) last week notified Aadhaar authentication for GST registration with effect from August 21, 2020

CEOs not to be issued summons at first instance for GST evasion: DGGI

The officers have been asked to ensure that a summon for personal appearance is issued only when specifically required. This would imply that the personal presence of an individual is minimised

GoM favours e-way bill for intra-state gold movement, discusses e-invoicing

The move will help track the movement of gold to help plug tax evasion and smuggling amid rising prices and subdued GST collections

GoM to take up proposal on gold e-way bills to check tax evasion, smuggling

A Group of Ministers (GoM) led by Kerala Finance Minister Thomas Isaac will take up the proposal - aimed at checking tax evasion and smuggling - on Friday

Taxes and trade

India is losing export opportunities

GST tweak can make India export hub: Volkswagen India MD Gurpratap Boparai

Boparai said a global manufacturer in India would have to invest mostly in the segment below 4 metres because it constituted 70 per cent of sales here

Coming soon: GST technological overhaul to ease compliance, plug leaks

Instead of completely changing the return forms, the effort is now to introduce, within the existing framework, changes in a staggered manner

GSTR 1 and 3B to be linked to determine input tax credit and liability

The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday

Banks may not have to pay service tax for facilitating international trade

To facilitate trade, Indian banks provide services to exporters by sending the export documents to the bank of the importer abroad and collect payment

Gujarat's new industrial policy pegs average annual outlay of Rs 8000 cr

Gujarat CM Rupani said that the new policy has been formed to further consolidate the growth momentum that the state has achieved over the past few years as well as enhance the current growth rate

FinMin unlikely to take Covid-hit FY21 as a base for FY22 Budget

FY20 is being considered for a 'more realistic comparison'

Economy picks up slightly but may still shrink from last year's level

Two key indicators--the rising number of e-way bills generated under GST, and a stronger SBI Composite Index point to a resurgence in economic activity

Govt notifies e-invoicing for companies with Rs 500-crore turnover

The move comes as the government is looking at ways to plug evasion amid dismal GST collections with the pandemic driving economy towards recession

Borrowing by states for GST compensation to be cost inefficient: Punjab FM

Attorney General K K Venugopal has suggested that the Council can recommend to the Centre to allow states to borrow on the strength of future receipts from the compensation fund

Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions

The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold

Centre not obliged to pay for shortfall in GST compensation fund, says A-G

Says Centre not obliged to pay GST compensation shortfall; experts dislike idea of burdening states with additional debt