Page 2 - Gst Law
GST shortfall: FinMin releases weekly installment of Rs 6,000 cr to states
The Finance Ministry on Wednesday released the 14th installment of Rs 6,000 crore to states to meet the GST compensation shortfall, taking the total amount of fund released so far to Rs 84,000 crore. Till now, 76 per cent of the total estimated GST compensation shortfall has been released to states and 3 UTs. Out of this, an amount of Rs 76,616.16 crore has been released to 23 states and Rs 7,383.84 crore to the 3 UTs with Legislative Assembly (Delhi, J&K, Puducherry). The remaining 5 states, Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim, do not have a gap in revenue on account of GST implementation, it added. 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 implementation of GST. The Finance Ministry in a statement said it has released the 14th weekly installment of Rs 6,000 crore to states to meet the GST compensation shortfall. The amount has been borrowed this week
 "GST shortfall: FinMin releases weekly installment of Rs 6,000 cr to states")
GST shortfall: FinMin releases weekly instalment of Rs 6,000 cr to states
This takes the total amount of fund released to Rs 78,000 crore
60.3 million GST e-invoices were generated in December 2020
As many as 60.3 million GST e-invoices were generated in December 2020, higher than 58.9 million in November
Firms likely to move court against arrest provisions under GST laws
While the government claims that companies are booked under GST laws for fraudulently claiming the input tax credit, experts find loopholes in the provisions, particularly those related to arrests
 "Firms likely to move court against arrest provisions under GST laws")
Delhi HC issues notices to govt, GST Council on retro amendment
The amendment relates to limiting the transitional input tax credit to 90 days form the roll out of the goods and services tax (GST) from July one, 2017
 "Delhi HC issues notices to govt, GST Council on retro amendment")
Honest, thorough reappraisal of GST long overdue
The GST regime was ushered in without adequate preparation of the information technology platform for filing returns
 "Honest, thorough reappraisal of GST long overdue")
Centre clears double taxation under GST kept in bonded warehouses
According to GST laws, IGST would be levied and collected in accordance with the provisions of the Customs Tariff Act
 "Centre clears double taxation under GST kept in bonded warehouses")
After 11 months of inception, SEZ Rules yet not aligned with GST laws
The commerce ministry should now wake up and suitably amend the SEZ laws
 "After 11 months of inception, SEZ Rules yet not aligned with GST laws")
Two businessmen held under GST law for availing of Rs 1.28-bn tax credits
Sources said investigation was underway and the fraud amount was expected to go up to Rs 2 billion
 "Two businessmen held under GST law for availing of Rs 1.28-bn tax credits")
GST: What are requirements for clearance of samples supplied free of cost?
The GST law specifically restricts input tax credit in respect of goods disposed of by way of free samples
 "GST: What are requirements for clearance of samples supplied free of cost?")
When GST heads to the courtroom
Compliance requirements, valuation, input tax credit transfers are likely to lead to tax litigation
 "When GST heads to the courtroom")
A better late than never GST move
Govt has allowed claim of transitional credit before payment of tax for the month of July
 "A better late than never GST move")
Will GST apply for payment made for March work?
GST law requires recipient registered under it to deposit liability under reverse charge mechanism
 "Will GST apply for payment made for March work?")