Page 29 - Gst

NITI Aayog proposes tax exemption to boost state universities R&D

Concerns include lack of an incentive system for faculties to pursue research, the dominance of R&D from central universities rather than private and state institutions, and funding constraints

'Need to moderate rate, widen tax base for Viksit Bharat goal by 2047'

There is a need for a shift in the taxation mindset from rates to revenue by moderating tax rates and widening base in order to achieve the goal of 'Viksit Bharat' by 2047, experts said. They underscored the need on transition from rates to revenue focused on lowering tax rates, enlarging the tax-paying base and thereby creating the means for financing of India's investment and development needs. "Conventional higher tax rates haven't resulted in significant tax buoyancy. Recognising this fact, governments in India since 1991 onwards have clearly batted for moderate tax rates leading to greater levels of transparency and compliance," EY India senior partner Sudhir Kapadia said. Time has come to bite the bullet for reforms in direct taxes, he said, adding, there could be one simplified rate structure for businesses and for individuals, there could be one simple three-rate structure with low or moderate rates, no surcharges and cesses and no significant deductions. On GST, he said, a

Reforms in customs duties, GST, commerce to push India's growth: GTRI

Implementation of key strategic reforms such as simplification of customs duty structure, GST, and not incentivising low value-added electric vehicles would help India ensure its sustainable development and inclusive growth, GTRI said on Thursday. Economic think tank Global Trade Research Initiative (GTRI) also said that India is standing on the cusp of a transformative era and there is an urgent need for comprehensive economic reforms. "From simplifying the convoluted customs duty structure to pioneering regulatory sandboxes for cryptocurrencies, and from boosting the MSME sector through GST (Goods and Services Tax) reforms to fortifying our energy security, this agenda lays the foundation for a robust, resilient, and globally competitive India," it said. It said that the current basic customs duty structure, which affects USD 680 billion worth of imports, has not been reviewed in 20 years, leading to over 27 different duty rates and over 100 specific or mixed duty slabs. Currentl

Int'l Road Federation wants no GST on helmets to make them affordable

International Road Federation (IRF) on Wednesday urged the Goods and Services Tax (GST) Council and the Ministry of Finance to reduce tax on helmets from 18 per cent to nil, to encourage the use of the safety gear. IRF in a statement said two-wheeler riders are most vulnerable during road accident fatalities and lowering GST rates on helmets will help in making helmets more affordable for the masses amid increasing road accident fatalities. Citing a Bosch Report, IRF said India accounts for about 12 per cent of road accident deaths worldwide and the economic loss is about USD 15.71-38.81 billion to the Indian Economy. "The two-wheeler riders, being most vulnerable, constitute almost 31.4 per cent of road accidental deaths primarily due to head injuries. One of the most effective measures to reduce the two-wheeler accident injuries and fatalities is the use of standard helmets," said IRF president emeritus K K Kapila. Kapila added that the helmet usage in India has been found to be

$3.5 bn domestic online gaming industry seeks GST adjustment to help thrive

The Indian online gaming industry, valued at over USD 3.5 billion on Monday urged the government to reconsider levying 28 per cent GST on Contest Entry Amount' (CEA) in order to save the domestic industry. The Skill Online Games Institute (SOGI) argues that this high tax rate is stifling domestic companies and hindering the industry's potential for significant growth. "The shift from 18 per cent on gross gaming revenue to CEA in October last is not just a financial burden on legitimate domestic platforms but also unintentionally bolstered illegal offshore betting and gambling activities," SOGI Founder President Amrit Kiran Singh said. "There is a need for the re-assessment of GST policy to curve the unintended consequences of fostering illegal gambling and to support the growth of the domestic online gaming industry," he said. Singh highlighted concerns that the high tax rate is driving Indian companies out of business, while foreign companies, particularly those from China where

A new beginning

Don't let coalition be a constraint for growth

Using GST as consumption proxy

Unlike private consumption data, GST can provide real-time insights into consumption patterns, economic activity, and state-wise variations

Bringing natural gas under GST will lead to faster adoption: Oil secy

The government is cautiously optimistic of solving the GST issue in 2024-25, he said

'Telcos will pay GST along with instalments towards spectrum charges'

Telecom companies will have to pay GST along with the instalments paid towards spectrum charges, a senior official said. The Department of Telecom (DoT) will hold the next round of spectrum auction on June 6 for eight spectrum bands meant for mobile phone services. The base price for the auction has been set at Rs 96,317 crore. The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction. The official said Goods and Services Tax (GST) will have to be paid at 18 per cent by telecom companies along with each instalment. "The GST Council in its next meeting is likely to clarify the procedure for payment of GST by companies winning the bids during the spectrum auction," the official told PTI. The clarification will end confusion among field formations regarding the method for collection of GST in the auction process. All the available spectrum in the 800 MHz, 900 MHz, 1,800 MHz, 2,100 MHz,

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