Page 11 - Gst Council

GST council to consider decriminalisation of GST law in Dec 17 meet

The GST Council in its next meeting is likely to discuss decriminalisation of offences under GST law, along with raising the threshold of launching prosecution to Rs 20 crore, from Rs 5 crore at present, officials said on Monday. The council, chaired by Union Finance Minister Nirmala Sitharaman and comprising her state counterparts, is scheduled to meet virtually on December 17. The government had in September said that GST officers can launch prosecution against GST offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. One of the proposal before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore. Also, the property of offenders below the set threshold will not be attached, officials said. The council is also likely to consider removing those penal offences which are alre

Amit Mitra asks FM Sitharaman to urgently call GST Council meeting

Points out that under the regulations governing the all-powerful body, a meeting should be held every quarter

FM Sitharaman likely to begin pre-Budget talks from third week of November

FM Nirmala Sitharaman and senior officials will hold eight meetings in all with all stakeholders

Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens

Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore

Define game of chance, game of skill to decide on taxation: GST law panel

The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations

GST authorities issuing SCN will have to complete enforcement action

Tax authorities issuing show-cause notices will have to complete all enforcement and consequential action against the assessee against whom GST evasion was detected, the GST Council has said. Under the GST regime, states administer and control 90 per cent of the assessees with an annual turnover of up to Rs 1.5 crore. Assessees with an annual turnover of over Rs 1.5 crore are administered by the Centre and state tax authorities in 50:50 ratio on computer-based random sampling. In order to resolve the jurisdictional issues while dealing with enforcement cases, the GST Council has clarified that the tax authorities, whether Centre or state, which initiates the enforcement action will be responsible for completing all consequential actions like appeal, review, adjudication. The GST Council Secretariat, in an office memorandum, said that varied practices are being followed by the field formations regarding the issuance of recurring Show Cause Notices (SCNs) as well as other consequenti

GST Council likely to meet in Dec, may take up report on e-game tax

The Council meeting was expected to be held in August in Madurai

GST Council to meet before mid-Nov; GoM report on tax casinos on agenda

The GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming, an official said. In addition, the status on the much awaited full report of the committee tasked with rationalisation of GST rates may also come up for discussion at the 48th Council meeting in Madurai. Even if the report, which is to look at merger in GST slab that may result in prices of some goods and services going up, is presented, it is unlikely to be acted upon by the GST Council in view of high inflation. The GoM on rate rationalisation set up on September 24, 2021 was originally due to submit its report within two months or November 2021. The panel has got subsequent extensions since then. The Council, in its last meeting in June, had given the GoM time till September to submit a full report. The official said that the GoM on GST appellate tribunal has already submitted its report,

Supreme Court rejects plea by Hero MotoCorp for full budgetary support

But suggests GST Council, states consider mechanism for reimbursing eligible units

Centre to soon waive compensation cess on coal gasification: Report

After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes

Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr

So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision

India's $2-billion online gaming industry jolted by taxing times

The $2 billion online gaming industry in India, while grappling with these issues, the online gaming industry should be treated as entertainment and not gambling, as it comes under the games of skill

Businesses will be able to claim pre-GST tax credits from October 1: Report

When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

GoM for different GST on sports betting, casinos and horse racing

Group of ministers to seek legal opinion for the move

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR

But says drugs, consumables purchased by outpatients in the course of treatment will be taxed

GST rates could change to correct inverted duty, exemptions: Report

Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said

GoM on casinos, online gaming to submit report to FM in 1-2 days: Report

The GST Council is likely to meet towards the end of this month or early September and discuss the report of the Group of Ministers (GoM), the sources added.

Setting up GSTAT: GoM may pitch for easing eligibility for states' officers

States learnt to be at loggerheads with Centre as they seek equal representation