Page 24 - Gst

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

HC rejects appeal over reversal of input tax credit on fraudulent supplies

The court said that merely because the firms were registered on the date of the transaction, it cannot be said that the department is bound to give ITC benefit to the assessee

GST dept developing registration system for shared warehouse for e-commerce

GST authorities are working out a mechanism to deal with the taxation and registration issues related to shared warehouses maintained by e-commerce companies, where multiple suppliers store their goods for the last mile delivery, an official said. The issue of taxation for warehouses has cropped up after multiple suppliers have geo-tagged the same warehouse as their 'additional place of business' under the Goods and Services Tax (GST) rules. "We are working to see whether a 'shared workplace' or 'coworking space' concept can be implemented for the warehouses maintained by e-commerce companies to store goods of multiple suppliers," the official told PTI. Under Goods and Services Tax (GST) law, suppliers to an e-commerce platform can store their goods at a common warehouse. However, the suppliers in their GST registration are required to show the warehouse as an additional place of business. The official said that when multiple taxpayers register at a single warehouse, the geo-tag ..

IT firms' work for international clients may not always attract IGST

Experts say the ruling may have ramifications for other industries which provide services to foreign clients too, particularly in the IT, consulting, marketing, and recruitment sectors

Chatroom: CBIC's clarificatory circulars have retrospective effect

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

SC issues notice to Centre over petition on imposition of GST on JDA

The Telangana High Court had held that JDA is different from an agreement for the sale of land and therefore the rights under this should be taxed

Arrest under GST Act should not be based on mere suspicion, says SC

The Supreme Court told the Centre on Thursday that any arrest under the Goods and Services Tax (GST) Act should not be on mere suspicion but has to be based on cogent material and adherence to proper procedure. A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi said the material upon which an arrest is made should be verifiable by a magistrate. "An arrest under the Act cannot be on mere suspicion but after proper inquiry and adherence to the procedure laid down under the law. It should be based on material that should be verifiable by the magistrate and certified by the commissioner," the bench told Additional Solicitor General (ASG) S V Raju, who appeared in the court on behalf of the Centre. The ASG replied, "Yes, any arrest made is based on proper material. We do not arrest anybody in the air." The court is hearing a batch of 281 petitions that have challenged various provisions of the Customs Act, the GST Act and the Prevention of Money Laundering Act amid ...

IDBI Bank gets Rs 2.97 crore GST demand order from Dehradun officials

IDBI Bank on Tuesday said it has received a GST demand order of Rs 2.97 crore along with interest and penalty for alleged excess availment of input tax credit (ITC). In a regulatory filing, the private sector bank said the Dehradoon state tax department has issued an order under the GST rules pertaining to 2018-19 fiscal for alleged excess availment and utilisation of ITC. The order includes a tax demand of Rs 1.42 crore as well as interest and penalty of Rs 1.41 crore and Rs 0.14 crore, respectively. "The bank is evaluating appropriate legal remedy, including appeal, as per law," IDBI Bank said. Shares of IDBI Bank were trading at Rs 85.41, down 3.82 per cent over previous close on the BSE.

GST helped states earn 24% more than the old regime: FM Sitharaman

She praised the new tax system for being pro-poor and beneficial to 4.4 million small taxpayers and micro, small and medium enterprises (MSMEs)

Car dealers may have to pay 18% GST on sale of demonstration cars

The ruling has evoked sharp criticism from experts who say it may lead to litigation

Govt adopted pro-poor approach in GST implementation: FM Sitharaman

Finance Minister Nirmala Sitharaman on Monday said the government has adopted "a pro-poor approach" while implementing Goods and Services Tax, and despite lower taxes rates the revenues as a percentage of GDP have reached the pre-GST level. In a post on X (formerly Twitter), Sitharaman said without GST, states' revenue from subsumed taxes from FY 2018-19 to 2023-24 would have been Rs 37.5 lakh crore. With GST, states' actual revenue amounted to Rs 46.56 lakh crore. "Despite the GST rate being less than the prescribed Revenue Neutral Rate and COVID-19 affecting the revenues, GST collections (as a percentage of GDP) have now reached the levels they were before GST (both net and gross). "This demonstrates that the Centre & States, collectively, through better tax administration, are able to collect the same revenue with a lower burden on our taxpayers," she said. GST, which was rolled out on July 1, 2017, had subsumed 17 taxes and 13 cesses into a 5-tier structure, thereby ...

FM Sitharaman swears in Justice (Retd) Mishra as 1st President of GSTAT

Finance Minister Nirmala Sitharaman on Monday administered the oath of office to Justice (Retd) Sanjaya Kumar Mishra as first President of the GST appellate tribunal (GSTAT). Mishra's appointment marks the beginning of the operationalisation of the GSTAT, a crucial body for resolving GST-related disputes. "Union Minister for Finance and Corporate Affairs Nirmala Sitharaman administered the oath of integrity and secrecy to Justice (Retd.) Sanjaya Kumar Mishra as the President of the GST Appellate Tribunal (GSTAT), in New Delhi, today," an official statement said. Mishra was a former Chief Justice of the Jharkhand High Court and was selected by a Search-cum-Selection Committee headed by the Chief Justice of India. The GSTAT is the Appellate Authority established under the Central Goods and Services Tax Act, 2017, to hear various appeals under the said Act and the respective State/Union Territories GST Acts against the orders of the first appellate authority. It consists of a princip

SC asks Centre to furnish details on notices, arrests done under GST Act

The Supreme Court has asked the Centre to furnish details of issuance of notices and arrests done under the provisions of the Goods and Services Tax, saying it may interpret the law and lay down appropriate guidelines to avoid any harassment of citizens by depriving their liberty. A special bench of Justices Sanjeev Khanna, MM Sundresh and Bela M Trivedi, which is hearing a batch of 281 petitions challenging various provisions of the GST Act, Customs Act and the provisions of PMLA, voiced concern over the ambiguity in section 69 of the GST Act that deals with the powers of arrest. The bench said it would interpret the law to "strengthen" the liberty, if need be, but not allow citizens to be harassed. "You furnish the data on notices issued and arrests made under the GST Act for alleged defaults of Rs 1 crore to Rs 5 crore respectively for the past three years. There can be harassment of people and we won't permit that. If we find there is ambiguity in the provision, we will set it .

Manpasand Beverages scam: How Sebi exposed the Rs 40-crore GST fraud

The Vadodara-based Manpasand Beverages has been at the centre of controversy since Deloitte resigned as its auditor in May 2018

Rs 10,000 cr transactions, bogus firms: How police busted multi-cr GST scam

The Dhingra family duped the government of around Rs 68 crore by fraudulently claiming input tax credit on behalf of nine bogus firms

Gross GST collection in April shoots past Rs 2 trn to record high

Net GST collections rise by 17%

YES Bank receives GST demand orders levying penalty worth Rs 6.87 lakh

Yes Bank on Wednesday said it has received two GST demand orders, which levied a penalty of over Rs 6.87 lakh. The penalty levied by the Manipur and Punjab GST departments amounts to Rs 5.05 lakh and over Rs 1.81 lakh, respectively. "the bank has received two orders from the Goods and Services Tax (GST) Department, Manipur and Punjab...on April 30, 2024, raising demand for reversal of input tax credit (ITC) along with interest and levy of a penalty of Rs 5,05,940 and Rs 1,81,623, respectively," Yes Bank said in a regulatory filing. It said the tax and interest demand is below the material threshold limit currently applicable to the bank. "The bank does not expect any material impact on financial, operation or other activities of the bank due to the said orders," it said. The bank will pursue an appeal against these orders, it added.

GST mop-up hits record on good economic momentum, efficient collections: FM

Finance Minister Nirmala Sitharaman on Wednesday said GST collection breached the Rs 2 lakh crore milestone on the back of strong economic momentum and efficient tax realisation. In a post on X (formerly Twitter), the minister also lauded the efforts of the central and state officers of the revenue department and the Central Board of Indirect Taxes & Customs (CBIC) for their "sincere and collaborative efforts" in achieving this landmark. "GST collection crosses Rs 2 lakh crore benchmark, thanks to the strong momentum in the economy and efficient tax collections," she said. Goods and Services Tax collection grew 12.4 per cent to a record high of Rs 2.10 lakh crore in April, driven by increased domestic transactions and imports. The collection was Rs 1.87 lakh crore in April 2023. Out of the IGST collection, Rs 50,307 crore was settled towards CGST and Rs 41,600 crore towards SGST. This translates to a total revenue of Rs 94,153 crore for CGST and Rs 95,138 crore for SGST in April ..

GST collections hit new record at Rs 2.10 trillion in April 2024, up 12.4%

Driven by domestic transactions and imports, the gross goods and services tax (GST) collections for April 2024 saw a 12.4 per cent year-on-year growth