Page 11 - Gst Council

GST Council may vet CBIC's plan for additional validations in return filing

The GST Council in its meeting next month is likely to consider CBIC's proposal to introduce additional validations in the GST return filing system to check evasion and fake input tax credit (ITC) claims, a senior official said. In a special drive since November 2020, central agencies have detected fake ITC claims worth Rs 62,000 crore and arrested 776 persons, including professionals. The move to introduce certain validations in the return filing system is aimed at checking frauds and revenue loss. The Central Board of Indirect Taxes and Customs (CBIC) last week introduced validation and risk rating for GST registrations, as it looks to curb fake entities issuing fake bills just to claim ITC benefit and defraud the exchequer. The official said the strategy to go in for additional validation both at the time of registration and filing of return is aimed at eliminating tax evasion. "We are planning to introduce validations in returns filing system in a way such that the process does

GST council may mull steps to prevent fake generation of ITC: Official

GST Council in its meeting next month, likely to discuss measures to ensure strict provisions for preventing fake generation of Input Tax Credit, aiming to prevent tax evasion, a senior official said

Top headlines: Govt to get Rs 63K cr dividend, Go First may resume ops

Business Standard brings you the top headlines at this hour

GST Council to meet in Delhi on July 11, may resolve online gaming issue

GGR is the total amount collected by casinos and online gaming companies before paying out money to winners

NITI meet: C'garh CM asks Centre to make arrangement for GST compensation

Chhattisgarh Chief Minister Bhupesh Baghel on Saturday urged the Centre to make a "permanent arrangement" to compensate for the revenue loss suffered by states due to the GST regime and demanded a refund of Rs 19,000 crore deposited in the New Pension Scheme. The chief minister made the demands during the eighth meeting of the governing council of NITI Aayog held here under the chairmanship of Prime Minister Narendra Modi. During the meeting, Baghel also asked the central government to transfer the amount of 4,170 crore additional levy received from minerals to Chhattisgarh. The senior Congress leader said a civil suit has been filed by the Chhattisgarh government in the Supreme Court in this matter, and requested the Centre to reply soon and resolve the issue, according to a statement issued by the state government. Besides, the chief minister demanded revision of royalty rates of coal and other major minerals from his state. Baghel said that due to non-amendment, the financial ..

Government to come up with angel tax rules for start-ups before April 30

Rajeev Chandrasekhar had admitted that the angel tax was an 'aberration' and reforms were under consideration

FinMin considering classifying online games as games of skill, chance

The Finance Ministry is considering classifying online gaming into categories of skill and chance, and levying a differential rate of GST, an official said. Online games where winning is dependent on a certain outcome or is in the nature of betting or gambling would attract 28 per cent Goods and Services Tax (GST), while those which involve some amount of skill could be taxed at a lower 18 per cent. A final decision on the taxation on online gaming would be taken by the GST Council in its next meeting, which is likely in May or June. "All online games are not games of chance and are not in the nature of betting or gambling. The Finance Ministry will be presenting its view before the council," the official told reporters here. The task would be to differentiate between what should be a game of skill and what can be called a game of chance. Currently, online gaming attracts 18 per cent GST. The tax is levied on gross gaming revenue, which is the fees charged by online gaming portals

FinMin notifies GST amnesty scheme for non-filers, small businesses

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

Petrol, diesel can be brought under GST ambit if Council takes a call: FM

Union Finance Minister Nirmala Sitharaman Monday said that petrol and diesel can be brought under the GST ambit if the GST council takes a call

LIVE: Delhi LG gives nod to convene House, hold mayoral poll on Feb 22

"Recommended MCD mayor elections to be held on 22 Feb," Kejriwal said in a tweet earlier in the day. Stay tuned for latest updates

GST Council okays setting up tribunals, specific levy for pan masala firms

GST Council also decided to clear the entire dues of GST compensation pending to states

GST Council cuts tax on jaggery; rationalises late fee on delayed returns

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said. Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board. She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June. The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date. Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

GST Council to discuss GoM reports on tax evasion by gutkha firms on Feb 18

The GST Council in its meeting on Saturday is likely to discuss setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha business, sources said. The report of panel of ministers on Goods and Services Tax (GST) on online gaming and casinos may not come up for deliberation at the February 18 meeting of the GST Council, chaired by Union finance minister Nirmala Sitharaman and comprising her state counterparts. The items, which could not be discussed by the Council in its last meeting on December 17, 2022, would top the agenda of the 49th GST Council meeting on February 18, the sources said. The report of the Group of Ministers (GoM), headed by Odisha finance minister Niranjan Pujari, on checking tax evasion by pan masala and gutkha industry would be taken up for discussion. The report of the GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala.

GST compensation to some states delayed due to lack of AG certificate: FM

Union Finance Minister Nirmala Sitharaman on Monday said GST compensation to some states is delayed due to non-availability of AG's authenticated certificate, and that Kerala has not sent even a single such certificate since 2017-18. Replying to a supplementary question, she also said that Rs 86,912 crore has been released for the Goods and Services Tax (GST) compensation payable to all states up to May 31, 2022. She said as per law, GST Council decides to whom the GST compensation is to be released, not by the central government. AG's certification is (mandatory) by law between the Centre, states and the AG (accountant general), and it is an agreed process. So, unless the authentication is given by the AG.. she said. The finance minister said if there is any delay of getting the AG's authentication, it is a matter between the AG and the state government concerned, and they have to sort it out. If between them there is a problem, the authentication certificate gets delayed in reac

GST Council will decide on cement tax rate after expert study, says CBIC

NEW DELHI (Reuters) - India's Goods and Services Tax Council will decide whether to cut tax rates on cement after an expert team submits its recommendation, chairperson of the CBIC said on Friday.

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

Parliamentary committee recommends a GST Council-like body for RoDTEP

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22