Page 24 - Gst

Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18

The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18

FM tells officers to effectively implement GST, keep positive attitude

The goods and services tax (GST) should be implemented effectively and officers should keep their attitude towards taxpayers positive, Union Finance Minister Nirmala Sitharaman said here on Friday. Speaking at the inauguration of the newly constructed GST Bhawan at Hiran Magri in Udaipur, Sitharaman said, "GST offices are being made convenient since 2019... This will help taxpayers to easily get their problems resolved." Calling for a "positive atmosphere" between the officer and taxpayers, the FM said, "Officers should keep their attitude positive towards the taxpayer so that there is no need to take harsh steps." "In the GST Council, too, officers and ministers are solving problems immediately," she said. The problems of taxpayers should be resolved immediately so that doubts do not turn into problems, she said. "GST officers should have such a mindset that they are ready to help the taxpayers, which will boost business," he said. The finance minister also pointed out that the

Govt likely to withdraw Infosys $4 billion tax demand after backlash

Authorities last month ordered Infosys to pay the additional amount, arguing that its overseas offices should pay GST dating back to 2017

GST rate panel for keeping current 4-slab tax structure 'for now'

Asks fitment panel to submit findings on potential impact of rate changes to Council at Sep 9 meet

Airtel, SBI Life receive tax demand notice from GST appellate authority

The Goods and Service Tax Appellate Authority has ordered Bharti Airtel to pay Rs 194 crore GST on licence fees and spectrum usage charges demanded by the Department of Telecom, a regulatory filing said on Thursday. The matter pertains to the demand for Goods and Service Tax (GST) of Rs 604.66 crore by the GST Department under the reverse charge mechanism on license fee (LF) and spectrum usage charges (SUC) basis the demand note issued by the Department of Telecommunications. The company had filed an appeal against the order. "On an appeal filed by the Company to Commissioner (Appeals), Central Goods and Service Tax Appellate Authority, Delhi, the Appellate Authority has passed an appeal order reducing the said demand to Rs 194 crore," the company said. The order was received by the company on August 21, and it is assessing the impact of the appeal order and shall take appropriate action.

GoM on rate rationalisation to meet 1st time ahead of GST council meeting

Ahead of the GST Council meeting on September 9, the Group of Ministers (GoM) on GST rate rationalisation will meet here on Thursday, officials said. This will be the first meeting of the high profile GoM comprising ministers of seven states with Bihar Deputy Chief Minister Samrat Chaudhary as the convenor. The other members of the panel are West Bengal Finance Minister Chandrima Bhattacharya, Karnataka Revenue Minister Krishna Byre Gowda, Kerala Finance Minister K N Balagopal, Uttar Pradesh Finance Minister Suresh Kumar Khanna, Goa Transport Minister Mauvin Godinho, Rajasthan Medical, and Health Services Minister Gajendra Singh. "The GoM will meet today to take stock of the progress and the future course of action," an official said. The GST Council, in its previous meeting in June, had tasked the GoM to give a broad overview of the work done or a draft report on GST rate rationalisation. It would include the status of the work and aspects covered by the panel so far and work pend

Over Rs 80,000 crore worth GST notices issued for assessment year 2018-22

Alleged shortfall in tax paid, reversal of ITC among reasons

Need to maintain balance between enforcement, ease of biz: Revenue secy

Revenue Secretary Sanjay Malhotra on Tuesday stressed the importance of maintaining a fine balance between enforcement actions and ease of doing business while dealing with suspected GST evasion cases. Addressing the second edition of the National Conference of Enforcement Chiefs of State and Central GST formations, Malhotra also highlighted the need to track the masterminds and beneficiaries of fake input tax credit so that strict action is taken to have the necessary deterrence effect. The meeting comes amid the ongoing special drive to detect fake GST registration. The all-India drive began on August 16 and will continue for two months. "The Secretary stressed the importance of maintaining a fine balance between enforcement actions and ease of doing business," an official statement said. In his address, Central Board of Indirect Taxes and Customs (CBIC) Chairman Sanjay Agarwal emphasised the need for enforcement agencies to stay ahead of the evaders so that the sanctity of the G

GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020

This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations

Hero MotoCorp gets over Rs 17 cr tax notice from Delhi GST authorities

Hero MotoCorp on Sunday said it has received a demand notice of over Rs 17 crore from Delhi GST authorities. The company has received an order dated August 17, 2024, for disallowance of input tax credit for FY 2019-20 from the Office of the GST Officer, Government of NCT of Delhi, the two-wheeler major said in a regulatory filing. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, Hero MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the ..

Consult board on law interpretation while auditing: CBIC to GST officials

The CBIC has asked GST officers conducting audit to refer to the board those cases where they face issues of conflicting interpretation of provisions of the tax law. In an instruction to field offices, the Central Board of Indirect Taxes and Customs (CBIC) said during the process of audit, a CGST Audit Principal Commissioner may come across a scenario where a taxpayer has followed a prevalent trade practice based on particular interpretation of Goods and Services Tax (GST) law and more than one such interpretation of the law could result in litigation. "In such cases, it is desirable that the zonal (Pr.) Chief Commissioner make a self-contained reference to the relevant policy wing of the Board i.e. the GST Policy or TRU (Tax research Unit)," the CBIC said, adding that the Commissioner would make the reference before conclusion of the audit and before issuing show cause notice to promote uniformity and avoid litigation. Moore Singhi Executive Director Rajat Mohan said industry has .

Games24x7 looks to keep users engaged despite heavy GST on online gaming

The gaming unicorn is investing in product enhancements to boost user engagement, and is looking to cross-monetize its offerings

IIT-Delhi gets notice for Rs 120-cr GST on research funds, given 30 days

The notice demands Rs 120 crore in GST from the premier institute on research funding acquired between 2017 and 2022, as well as interest and penalties

Reduce GST on online news subscriptions to 5%: MIB tells revenue dept

Printed newspapers, journals, and periodicals are presently exempted from the Goods and Services Tax while online news subscriptions at taxed at 18 per cent

Mahindra Holidays gets GST notice of Rs 16.77 cr for excess ITC utilisation

Mahindra Holidays & Resorts India on Wednesday said tax authorities have slapped a demand notice of about Rs 16.77 crore, including a penalty. "We wish to inform you that the company has received an Order dated August 13, 2024, from the Assistant Commissioner, Anna Salai, Chennai Central, Tamil Nadu," Mahindra Holidays & Resorts India Ltd said in a regulatory filing. The company is taking appropriate steps to pursue legal remedies before the appropriate authority in this regard, it added. "The Company has received an Order from the Authority for FY2019-20 requiring the Company to pay a demand of Rs 16,76,61,092 (including a penalty of Rs 88,81,479) under applicable provisions of the TN GST Act, 2017 & CGST Act, 2017. "The Order has been passed primarily on account of GST on Other Incomes, Reverse Charge Mechanism on Other Expenses, Excess utilisation of ITC, Reversal of ITC on exempt supplies, etc.," Mahindra Holidays & Resorts India Ltd said in the filing. The ...

CBIC to begin special drive to weed out fake GST registration on Aug 16

Central and state GST officers will launch a pan-India special two-month drive against fake registration beginning August 16, the CBIC said on Monday. This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraudulently avail and pass on input tax credit and evade GST. "The second Special All-India Drive may be launched by all Central and State Tax administrations from 16th August 2024 to 15th October 2024 to detect suspicious/ fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers from the GST eco-system and to safeguard Government revenue," the Central Board of Indirect Taxes and Customs (CBIC) said in an instruction to field formations. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, a total of 21,791 entities (11,392 entities pertaining to state tax jurisdiction and 10,399 entities pertaining to CBIC ...

Bajaj Finance receives show cause notice for Rs 342 cr GST demand

Bajaj Finance on Monday said it has received a show cause notice for a GST demand of Rs 342 crore. In a filing to the BSE, Bajaj Finance said in the show cause notice (SCN) from the Director General of GST Intelligence (DGGI), Kochi Zonal Unit, the authorities have alleged that the fixed amount of upfront interest collected from customers in B2B business should be considered as fee/service charge and accordingly is liable to GST. "The amount of GST demanded vide above referred SCN is Rs 342 crore (excluding interest and penalty) for the period from July 2017 to March 2024," it said. The DGGI has also proposed an equal amount of penalty and interest till the date of payment of the said tax. The company is in the process of filing a reply against the SCN to substantiate its stand. Shares of Bajaj Finance closed at Rs 6610.30, down 0.13 per cent over the previous close on the BSE.

Falling prices, imports major issues for lab-grown diamond industry: GTRI

Significant fall in prices, eroding consumer interest and competition with imports are some of the major challenges being faced by the domestic lab-grown diamond industry, think tank GTRI said on Sunday. It also said that while India faces the issue of production overcapacity, it continues to import lab-grown diamonds in large amounts and this issue needs deeper investigation. To address these challenges, the government needs to take certain steps such as setting clear and consistent rules to standardize quality, certification, and market practices; issuing a Quality Control Order to check quality of imports; and investment in research and development to improve production processes, reduce costs, and enhance the quality of lab-grown diamonds. The Global Trade Research Initiative (GTRI) said that India's lab-grown diamond industry is facing a major challenge, with prices falling by 65 per cent in the past year, from Rs 60,000 to Rs 20,000 per carat due to local overproduction and ..

Steel prices trade at 3-year lows on increased supplies, says report

Domestic steel prices have dropped to a three-year low on account of increased imports, according to a report. Hot rolled coils (HRC) prices have fallen to Rs 51,000 a tonne from a peak of Rs 76,000 a tonne in April 2022, markets research firm BigMint said in a report. The rate of cold rolled coils (CRC) is trading at Rs 58,200 a tonne from the peak of Rs 86,300 a tonne in April 2022. The prices exclude the 18 per cent GST on the commodity. "The rates of HRC and CRC in India are trading at their three-year low graph. The surge in imports has impacted the domestic prices hitting the demand," BigMint said. According to the data, imports during the April-June quarter surged by 68 per cent to 1.93 million tonnes (MT) from 1.15 MT in the same period of 2023-24. Steel imports rose by 38 per cent to 8.319 MT in 2023-24, making India a net importer of the commodity. Steel players have raised the issue of increased imports from select countries with the government and sought measures to .

GST reforms shaping India's economic future

One of the most noteworthy accomplishments of GST has been its role in simplifying and expediting company compliance