Page 107 - Gst

Auto industry united in seeking GST rate cut on vehicles, says SIAM

A media report on Thursday quoted Maruti Suzuki India Chairman RC Bhargava, who opposed the demand for GST cut stating the government cannot afford to reduce taxes

GST council allows Aadhaar for registration, defers decision on EVs

Businesses will be allowed to use Aadhaar for registering themselves on the GST portal.

Govt will take steps for further simplification of GST: President Kovind

The taxation regime, he noted, plays an important role in accelerating economic development

Govt identifies 5,106 risky exporters who fraudulently claimed GST refunds

It said that in the last two days -- June 17 and 18 -- only 1,436 shipping bills filed by total 925 exporters have been interdicted

Volume of litigation under GST regime to grow in a big way: Experts

A spate of show cause notices, statutory appeals and review petitions is likely to grow the volume of litigation substantially over the next two-three years, say experts

Tough tasks ahead

GST Council must focus on rationalising the tax system

New monthly GST return filing system to be rolled out from October: FinMin

Large taxpayers would upload their monthly Form GST ANX-1 from October 2019 onwards

GST Council to consider e-invoicing for firms with over Rs 500-cr turnover

Its introduction, on a voluntary basis for large firms, to be discussed at GST Council meet on June 20

Eight common mistakes to avoid while filing your GSTR-9 return

While the Government is going to be extra vigilant to flag defaulting filers, taxpayers need to be cautious to avoid making any errors, as there is no way to amend the GSTR-9 return once filed.

GST Council likely to tweak textiles rates in line with global markets

At present, there are three rates - 5%, 12% and 18% - for various items under the textile sector

SC agrees to hear govt on CGST, asks high courts to not hear such cases

The central government had moved SC seeking clarification on its powers to arrest a person without filing an FIR under the CGST

Top on agenda: Easing E&P norms, getting petro products under GST

The new government may also introduce a separate scheme for revival of stranded gas-based power projects

Tightening the GST net: Time to expand base, streamline flow of credit

The government should issue clear guidelines to determine the cases where the supplier has profiteered due to the reduction in output tax

What do GST rules say about refund for exporting goods and their payment

TNC Rajagopalan explains GST rules on exports and scrips.

Higher GST will apply to dues on finished real estate projects: CBIC

CBIC has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate

April GST return filing deadline extended till 20 June in parts of Odisha

The due date for filing summary sales return GSTR-3B and GSTR-1 for April was earlier notified as May 20 and May 11, respectively

GST chink likely to increase input tax credit of real estate companies

In a set of frequently asked questions (FAQs), the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday cleared the air on GST rates on under-construction houses

Centre allocates more from IGST to itself; states may view this as unfair

The 60:40 formula (in favour of the Centre) for sharing the IGST collections has given the Centre an added advantage in meeting its annual GST target

GST will not reduce state deficits as social expenditure rises: S&P Report

Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there is structural deficits due to persistent revenue expenditure mismatch. S&P Global Ratings credit analyst YeeFarn Phua in the report titled "Public Finance System Overview: Indian States" noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments. "However, states will continue to run large deficits because a significant part of this imbalance is from the expenditure side. States are unable to cut expenditures because of large and growing expenditure mandates for the social sector as well as capital spending. Therefore, the revenue-expenditure gap will ..

Why record high GST collection is an exception and not a norm yet

The government had touted GST as a tool to increase tax compliance when it was introduced in July 2017