Page 25 - Gst

Gujarat High Court rules mango pulp attracts 12% GST since July 2017

The court said that the item is covered by the category-mangoes other than sliced and dried

Patanjali Foods gets show cause notice for GST dues worth Rs 27 crore

Patanjali Foods has been served a show cause notice by the GST intelligence department, asking the company to explain why input tax credit worth Rs 27.46 crore should not be recovered from it. The Yoga guru Ramdev-led Patanjali Ayurved Group firm, which is mainly into the edible oil business, has received the notice from the Directorate General of GST Intelligence, Chandigarh Zonal Unit, according to a regulatory filing made by the company on April 26. "A show cause notice is received by the company... requiring the company, its officers and authorised signatories to show cause as to why input tax credit amounting to Rs 27,46,14,343 should not be recovered (along with interest), and why penalty should not be imposed...," the company said. The department has cited Section 74 and other applicable provisions of the Central Goods and Services Act, 2017 and Uttarakhand State Goods and Services Act, 2017 read with Section 20 of the Integrated Goods and Services Tax (IGST) Act, 2017. "As

GST, China imports emerge as major poll issues among lock industry traders

High GST rates, pandemic effect and Chinese locks the triple whammy undercutting the livelihoods of thousands of workers and traders in Uttar Pradesh's famed Tala Nagri' has emerged as a major concern this election and voters are looking for a candidate who will pull the lock industry out of the slump. The Rs 4,000 crore industry of Aligarh, where lock making is likened to an art dating back to the Mughals, is not so robust anymore with shifting global market dynamics taking their toll. With Lok Sabha elections just two days away, the clamour for decisive action that will save the livelihood of the estimated one lakh people dependent on the lock industry is growing. And at the centre of the problems, say industry insiders, are high GST rates, which in turn have led to a surge in Chinese lock imports. "The steep GST rates have made it increasingly challenging for us to compete with Chinese locks flooding the market at significantly lower prices," said Omvir Singh, owner of a cottage

Channapatna's eroding toy story sees a beacon of hope amid Karnataka polls

Ahead of the general elections in Karnataka, artisans who work at these toy factories are demanding the upcoming govt to create a conducive business environment for them and save their "dying" art

SEZ units exempt from IGST on certain services from DTA players: AAR ruling

AAR observed that this clarification was given to a specific SEZ unit and is not a circular but there is no bar in borrowing the rationale of the clarification

Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal

Facing a GST demand for export services to subsidiaries from July 2017 to March 2021, Zomato plans to challenge the Rs 11.81 crore penalty and demand in appellate court

GST scores big for sports goods makers in West UP; pharma feels the pain

The BJP's manifesto, titled 'Modi ki Guarantee 2024', promises to simplify GST compliances and laws, provide digital credit, and streamline the tax portal for MSMEs

Small businesses in Uttar Pradesh happy with GST; timely payments a concern

Apart from payment delays, the rising cost of raw materials was a worry for a brass and iron manufacturer in the city

A trillion dreams: Is this realistic, or are four states chasing a chimera?

The exchange rate will play a crucial role in this calculation and some assumptions must be made on this front

Reforming GST

It should be a priority after the elections

GSTN says GSTR-1 filing due date for March to be extended till Apr 12

The GST Network (GSTN) on Thursday said the due date for filing return for outward supplies or GSTR -1 for March will be extended till April 12. In a post on X (formerly Twitter), the GST Tech said the GSTN has noticed that taxpayers are facing difficulties in filing GSTR-1 intermittently since Wednesday due to technical issues leading to slow response on the portal. "GSTN has accordingly recommended to @cbic_india that the due date for filing of GSTR-1 for the monthly taxpayers be extended by a day ie till 12/4/24," the GST Tech said. The due date to file GSTR-1 for a given tax period is 11th day of the succeeding month in case of taxpayers filing it monthly and the 13th day of month succeeding the end of every quarter in case of taxpayers filing quarterly.

Huge tax and licence raj in liquor

There is a need to avoid huge taxes and undue licensing. All this can also reduce corruption and even doubts about corruption

Kudos to CBIC for instructions on GST investigations

For issue of summons, prior approval of an officer not below rank of assistant/deputy commissioner must be obtained and relevancy and propriety of information/documents being sought must be recorded

Hero MotoCorp receives Rs 605 crore tax demand notice from I-T dept

The country's largest two-wheeler maker Hero MotoCorp on Thursday said it has received demand notices from the Income Tax department for around Rs 605 crore, including interest, for six assessment years. On April 3, 2024, the company received assessment orders/ demand notices dated March 30, 2024, pertaining to six assessment years from the Income Tax department, the company said in a regulatory filing. The two-wheeler major is examining the orders/ notices received and shall take appropriate steps, including the filing of appeals and rectification applications, it added. The notice pertains to six assessment years, amounting to a tax demand of Rs 308.65 crore and interest thereon of Rs 296.22 crore, Hero MotoCorp said. This is on account of certain disallowances, for the assessment years 2013-14 to 2017-18 and 2019-20, it added. "In the opinion of the management, the demand raised is unsustainable in nature, and is unlikely to have material impact on financials, operations or oth

From United Spirits to Zomato, multiple companies get tax demand notices

ICICI Securities on Tuesday said it has received a tax demand of about Rs 66.70 lakh from the Gujarat state GST department. In a regulatory filing, the brokerage firm said the demand includes demand of GST worth Rs 31.78 lakh, interest of Rs 31.72 lakh and penalty of Rs 3.20 lakh. The Gujarat GST authority has demanded about Rs 66.70 lakh GST, along with interest and penalty, for alleged excess claim of GST credit. The company will defend the matter before the appellate authorities and file an appeal against the order before the Commissioner (Appeals). Shares of ICICI Securities closed at Rs 719.85 apiece, down 0.54 per cent over the previous close on BSE.

GST collections hit Rs 1.78 trillion in March, the second highest ever

Net GST collections rise 18.4% in March, 13.4% in FY24

Odisha registers 10.73% increase in gross GST collection during FY24

Odisha has recorded a growth of 10.73 per cent in gross GST collection in the 2023-24 fiscal, a statement said on Monday. The state has collected Rs 54,747.97 crore in gross GST from April 2023 to March 2024. The highest-ever monthly collection of gross GST of Rs 5,135.81 crore was recorded in February, said the statement issued by the Commissionerate of CT & GST, Odisha. The highest and second-highest ever monthly collection of state GST (OGST+IGST settlement) were recorded in November (Rs 2,700.85 crore) and December (Rs 2,528.41 crore). Similarly, the progressive collection of state GST (OGST+IGST settlement) up to the month of March 2024 was Rs 24,051.45 crore against the collection of Rs 18,600.52 crore up to March 2023, registering a growth of 29.31 per cent.

Citing 'disparity', Electric two-wheeler manufacturers call for GST reforms

This is a major concern for the industry, especially for start-ups, as it increases costs and makes it difficult to manage working capital, the industry feels

Zomato gets GST demand order of Rs 23.26 cr from Karnataka tax authorities

Zomato on Sunday said it has received a tax demand, interest, along with penalty, to the tune of Rs 23.26 crore from the Assistant Commissioner of Commercial Taxes (Audit), Karnataka. The online food delivery platform said it will appeal against the order before the appropriate authority. In a regulatory filing to the BSE, the company said it has "received an order for FY 2018-19 pursuant to the audit of GST returns and accounts by the Assistant Commissioner of Commercial Taxes (Audit), Karnataka, raising demand of GST of Rs 11,27,23,564, along with applicable interest and penalty totaling to Rs 23,26,64,271. "We believe that we have a strong case on merits and the company will be filing an appeal against the order before the appropriate authority," Zomato said in the filing.

HDFC Life gets GST demand orders of Rs 27 cr for short payment of taxes

HDFC Life Insurance Company on Thursday said it has received GST demand orders of over Rs 27 crore for alleged short payment of taxes. In two separate regulatory filings, the insurer said it has received tax demand orders of over Rs 16.5 crore and Rs 10.5 crore from authorities for alleged short payment of GST and input tax credit claim mismatch. The demand orders include interest and penalty as well. The company said it will file appeals against the GST demand orders before the Appellate Authority. Shares of HDFC Life settled 1.27 per cent higher at Rs 634.20 apiece on the BSE.