Page 22 - Gst

Good news for employees! Stock options from foreign firms won't attract GST

Stock options, also known as Esops, are a type of employee benefit. They give you the right to buy shares in the company you work for at a predetermined price in the future

GST Day 2024: Check date, history, significance, quotes and more

GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments

How successful GST has been after seven years since being implemented?

GST revenue peaked at a record high of Rs 20.2 trillion in 2023-24

GST suppliers giving discounts must ensure undertaking from client: CBIC

Suppliers giving post-sale discounts through credit notes under GST will have to ensure that the client gives an undertaking or a CA certificate stating that the ITC availed on the discount value has been reversed, the CBIC has said. Currently, there is no mechanism to track whether the Input Tax Credit (ITC) on such discounts has been reversed or not. Till the time a functionality is made available on the common portal to enable the suppliers as well as the tax officers to verify the reversal, the supplier may procure a certificate from the recipient of the supply, issued by the Chartered Accountant (CA) or the Cost Accountant (CMA), certifying that the recipient has made the required proportionate reversal of ITC at his end in respect of such credit note issued by the supplier. In cases, where the amount of tax (CGST+SGST +IGST and including compensation cess, if any) involved in the discount given by the supplier to a recipient through tax credit notes in a financial year does no

CBIC clarifies on taxability of salvage value in motor insurance claims

General insurers have to pay GST liability in case of disposal or sale of the salvage after settling the claims

ESOPs by foreign cos to employees of India unit not to attract GST: CBIC

ESOPs given by foreign companies to employees of its Indian subsidiary at prevailing market value will not attract GST, the CBIC has said. However, Employee Stock Option (ESOP)/Employee Stock Purchase Plan (ESPP)/ Restricted Stock Unit (RSU) provided by a foreign company to its India subsidiary employee would come under GST net if an additional amount over and above the cost of securities/shares is charged by the foreign holding company from the domestic arm. This clarification forms part of the 16 circulars issued by the Central Board of Indirect Taxes and Customs (CBIC), following the meeting of the GST Council on June 22. Some Indian companies provide the option to their employees for allotment of securities/shares of their foreign holding company as part of the compensation package as per the terms of the contract of employment. In such cases, on exercising the option by the employees of an Indian subsidiary, the securities of a foreign holding company are allotted directly by

7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges

With enhanced revenues, the stage seems set for GST 2.0

Chatroom: EO against AA can be discharged through physical/deemed exports

Rajagopalan answers SME queries related to GST, export and import matters

Seven years on

Reform of GST, rates included, is overdue

ACMA Budget 2024 wishlist: Incentivise capex, rationalise GST rates on EVs

Auto components industry body ACMA on Monday called for incentivising capex expenditure, increasing depreciation rates on plant and machinery and rationalising GST rates on EVs and its components, ahead of the upcoming Budget 2024-25. In its recommendations submitted to the Ministry of Finance and the nodal ministry for automotive industry, the Ministry of Heavy Industries, ACMA also asked the government for clarification of tax deductions on business benefits and perquisites under Section 194R while suggesting an amnesty scheme for resolving legacy disputes under customs laws. ACMA said it has proposed several key measures to further bolster the sector. "These include incentivising capex expenditure by reintroducing additional investment allowance provision, increasing depreciation rates on plant and machinery in the auto component industry from 15 per cent to 25 per cent, and rationalising GST rates on EVs and its components," ACMA said in a statement. ACMA President & CMD ...

GST Council's tax norm tweaks may ease burden on general insurers

According to insurance industry officials the decision is a big solace for the insurance & reinsurance industry as no tax can be levied on co-insurance premium and reinsurance commission

Industry body seeks PLI expansion, cut in GST on batteries, charging infra

Industry body India Energy Storage (IESA) has demanded that the government reduce the goods and services tax (GST) on batteries and electric vehicles charging infrastructure services as well battery swapping. Ahead of the India Energy Storage Week 2024 (IESW) in New Delhi from July 1-5, 2024, the IESA also suggested expansion of production-linked incentive (PLI) schemes for battery components and battery raw materials processing industry, in a wishlist submitted to the government, a statement said. "Lithium ion batteries current GST rate is 18 per cent and other batteries is 28 per cent. We want all batteries to come under the 18 per cent GST bracket. Charging infra services and battery swapping services should be reduced to 5 or 18 per cent from the existing 28 per cent," IESA President Rahul Walawalkar said in the statement. He lauded the government for the initiatives like advanced chemistry cell battery (ACC-PLI), Auto-PLI, Auto Components PLI, etc. He suggested further expansi

7 years of GST: Households emerge top beneficiaries, shows CBIC data

Finance Minister Nirmala Sitharaman said: "I want to reassure the assessees that our intent is to make GST assessees' life easier. We are working towards lesser compliance"

Taxpayers can now amend sales return form GSTR-1 before GST payment

GST taxpayers will now have the option to amend outward supply or sales return form GSTR-1 before payment of taxes for a month or quarter. The GST Council in its meeting on Saturday had recommended providing a new optional facility by way of Form GSTR-1A to facilitate taxpayers to amend the details in Form GSTR-1 for a tax period and/or to declare additional details. GSTR-1A will, however, have to be filed before filing of return in GSTR-3B for the said tax period. This will facilitate the taxpayer to add any particulars of supply of the current tax period missed out in reporting in form GSTR-1 of the said tax period or to amend any particulars already declared in GSTR-1 of the current tax period (including those declared in IFF, for the first and second months of a quarter, if any, for quarterly taxpayers), to ensure that correct liability is auto-populated in GSTR-3B. Currently, GST taxpayers file outward supply return GSTR -1 by the 11th day of the subsequent month. Taxpayers wi

News updates: Govt orders CBI probe in NEET paper leak case

Catch all the latest news updates from around the world here

Budget 2024: TN urges FinMin to provide Rs 63,000 cr for CMRL Phase II

Tamil Nadu government on Saturday urged Union Finance Minister Nirmala Sitharaman to make provisions in the upcoming union budget and sanction Rs 63,246 crore for the Chennai Metro Rail Phase II project for which the foundation stone was laid in November 2020. This central project recommended by the Public Investment Board in August 2021 was awaiting approval of the Cabinet Committee on Economic Affairs for the last three years, Tamil Nadu Finance Minister Thangam Thennarasu said. Pending this approval, the entire expenditure is being borne by the state from its own funds, he said. "The delay in approval is making a severe impact on our state finances and has slowed the pace of implementation of this project, causing hardships to the people of Chennai. I urge the Union Government to immediately sanction the project, as originally envisaged, and ensure adequate provisions are made in the Union Budget 2024-25," he said . He was speaking at the meeting of state finance ministers with .

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

Centre anticipates Rs 70k crore GST cess surplus from 'sin' goods

The surprise surplus is attributed to impressive revenue generation from taxes on the so called "sin" goods like pan masala, cigarettes

GST rate rationalisation panel reconstituted, Bihar dy CM named convenor

Bihar Deputy Chief Minister Samrat Chaudhary has been appointed as the convenor of the GoM on GST rate rationalisation. According to an official memorandum posted on the GST Council secretariat website, the other members of the reconstituted panel are Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. The GoM also includes West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, and Kerala Finance Minister K N Balagopal. The seven-member GoM has been tasked with suggesting required rate rationalisation and correction of inverted duty structure with an objective of simplifying the rate structure, reviewing the GST exemption list and enhancing revenues from Goods and Services Tax (GST). This is the second time that the GST rate rationalisation panel was reconstituted. The GoM was originally set up in September 2021, under then Karnataka C

Hike GST exemption limit for firms with up to Rs 1.5 cr turnover: GTRI

Think tank GTRI on Friday suggested a host of reforms like increasing GST exemption limit for firms with up to Rs 1.5 crore turnover, reducing the number of slabs, and doing away with state-wise registration to make GST more efficient, business-friendly, and contributing to economic growth. As the implementation of Goods and Services Tax (GST) celebrates its 7th anniversary, having launched on July 1, 2017, it has become the world's largest platform for indirect taxes with over 1.46 crore registrations, Global Trade Research Initiative (GTRI) said. In FY24, GST collections reached Rs 20.18 lakh crore (USD 243.13 billion), with 29.85 per cent from imports, 26.92 per cent from inter-state supplies, and 43.23 per cent from within-state supplies. The dominance of within-state supplies highlights the need to simplify GST rules to promote inter-state trade, the global trade research body said. GTRI also suggested increasing the GST exemption limit for firms with annual turnover of up to