Page 35 - Gst

You may be able to file revised GST returns from April 2025 if...

An official said that allowing updated returns under the GST regime will simplify the process of filing returns

ICICI Bank faces Rs 7.47 cr GST demand from Maharashtra department

The demand is based on the disallowance of input tax credit claimed, as per the GST audit conducted by the Maharashtra GST Department

Valuation rules for GST on e-gaming platforms effective prospectively: FM

Finance Minister Nirmala Sitharaman on Tuesday said the valuation rules for levying 28 per cent GST on entry-level bets on online gaming platforms are effective prospectively. "The clarification on that (online gaming) was issued. 28 per cent is the tax and as to who it will apply to and on whom the incidence will fall is clearly explained... The valuation rules to exclude winnings is prospective. So, I hope there is not confusion on that," Sitharaman said in the Lok Sabha. The minister was replying to a discussion in the House on the GST (Second Amendment) Bill, which provides for capping the age limit for president and members of GSTAT. This implies that bets placed from the winning amount on online gaming portals will not attract 28 per cent Goods and Services Tax (GST) with effect from October 1. In its meeting in August, the GST Council had clarified that 28 per cent GST is applicable on online gaming. Thereafter, amendments to Central GST Act were cleared by Parliament in Au

LS passes Bills to cap age of GSTAT Prez, effect Budget duty changes

The Lok Sabha on Tuesday passed a Bill that seeks to give immediate effect to the changes in customs and excise duties announced in the Budget. The House after a brief discussion on the Provisional Collection of Taxes Bill 2023, passed the Bill by voice vote. Jayant Sinha (BJP) and B V Satyavathi (YSRCP) participated in the brief discussion on the Bill which is aimed at curbing speculative activities following changes in customs and excise duties in the Budget. Moving the Bill for passage, Finance Minister Nirmala Sitharaman said, the Provisional Collection of Taxes Bill, 2023 seeks to obtain the authority from Parliament to provisionally levy and collect the newly imposed or increased duties of customs and excise for 75 days. This Bill proposes to replace the erstwhile Provisional Collection of Taxes Act, 1931 with a minor change that is technical in nature. The provisions of the Bill empower collection provisionally, during the period between the introduction and enactment of th

How plethora of GST notices are spoiling the ease of doing business

While there are issues relating to mismatch in input and output returns, input tax credit availed of on exempted items, there are broader legal interpretational issues in GST notices as well

At Rs 3 trillion, corporate guarantees highest in 4 years but far from peak

Despite this steep rise, total outstanding corporate guarantees are still 28 per cent lower than the record high of Rs 4.23 trillion at the end of FY14

Chennai tribunal gives split verdict over GST on salaries to expats

The issue dealt with by Cestat was limited to the question of valuation and arriving at the taxable value and not the taxability of the transaction

Softbank-backed Meesho adds nearly 25,000 non-GST sellers in 2 months

Softbank-backed Meesho on Friday said it has onboarded nearly 25,000 non-GST sellers since October 2023. In July, the GST Council provided exemption to small businesses having turnover below Rs 40 lakh in case of goods and Rs 20 lakh in case of services from GST registration for making intra-state supplies through e-commerce platform. The rule kicked in from October 1. "Welcoming nearly 25,000 non-GST sellers onto our platform reinforces our efforts to foster an inclusive digital ecosystem. "Committed to our goal of digitising 10 million sellers by 2027, Meesho stands firm in driving innovation and embracing the government's historic decision to eliminate mandatory GST registration for small businesses selling online," Meesho CXO Business, Megha Agarwal said in a statement. Earlier this year, Meesho implemented significant technological adaptations, paving the way for non-GST sellers to commence selling on the platform from October 1, 2023. "In the last two months, non-GST sellers

E-commerce firm Meesho says added 25,000 non-GST sellers in 2 months

Company says it is 'committed' to goal of goal of digitising 10 million sellers by 2027

New bills to replace law on customs, excise, age limits of GSTAT members

The other Bill - The Central Goods and Services Tax (Second Amendment) Bill, 2023 - seeks to raise the age limit for president and members of the GSTAT

GST on expat salary: CBIC asks officers not to apply SC order mechanically

Investigation in each case requires a careful consideration of facts, including the terms of contract: CBIC

Tax on expat salaries: Japan firm's India unit gets interim relief on GST

The GST authorities had issued a show cause notice to Kanematsu India, demanding over Rs 2.6 crore on reimbursement of expat employees salaries made by the company to the Japanese parent

No GST dues pending, some states have not submitted AG's report: Sitharaman

The Centre on Tuesday said no GST dues of any state are pending before it and that some state governments have not submitted AG's authenticated certificate for release of their share of funds. The narrative that GST dues are pending from the Centre is not correct and is a "misnomer" as states have not submitted AG's report, Union Finance Minister Nirmala Sitharaman said replying to a supplementary question in Rajya Sabha. "It is important to understand that if the AG's (accountant general) certification is (mandatory)... If the AG's certificate does not reach us, we can not clear," she said. Some states, even after sending AG's certificate, tell us to hold on till they clear it finally, she said. The finance minister was responding to a question from Trinamool Congress member Saket Gokhale, who asked about the GST dues of states, especially to West Bengal. He also sought a reason for which the GST dues of the states were withheld. Replying to it, the finance minister said she wou

Global South disappointed over GST draft at COP28; calls for revisions

Developing countries have deplored the latest draft of the global stocktake, the most important document of the ongoing climate conference (COP28) here, calling for major changes, including in the section offering options to slash planet-warming greenhouse gas emissions, negotiators from the Global South said on Tuesday. The latest global stocktake (GST) draft, which will be the centrepiece of the final deal document, does not mention the "phase-out of fossil fuels". However, it includes stronger language on coal usage, which is problematic for heavily coal-dependent countries like India and China. Approximately 40 per cent of global CO2 emissions stem from coal, with oil and gas contributing to the remaining percentage. India, relying on coal for about 70 per cent of its power generation, aims to add 17 gigawatts of coal-based power generation capacity in the next 16 months. India has voiced strong concerns about the specific targeting of coal. Together with other developing ...

States' gross fiscal deficit below Budget Estimate for a 2nd yr: RBI report

The implementation of goods and services tax (GST) has led to increased tax buoyancy for the states," the report said

Input tax refunds under GST: 'HC's IndianOil ruling to benefit all firms'

The court has instructed the authorities to process the input tax refund sought by IndianOil despite the tax rate on its principal input and principal output being the same

LIC gets demand order for GST collection worth Rs 183 cr from Telangana

LIC added that the monetary penalty will not have an impact on the financials of the corporation

COP28: New GST draft text gives four options for move towards clean energy

A new draft of the Global Stocktake released on Friday here at the COP28 has four options for the move towards clean energy ranging from phase out of fossil fuels to no mention of the phase out at all. The Global Stocktake is a fundamental component of the Paris Agreement of 2015 which is used to monitor its implementation and evaluate the collective progress made in achieving the agreed goals of restricting emission to keep temperature rise to 1.5 degrees Celsius as compared to the pre-industrial era. At the ongoing climate change negotiations, called the Conference of Parties (COP28), the Global Stocktake (GST) text is the most crucial document set to be finalised by the negotiators by the end of this two-week long annual meet. Several contentious issues, including proposals to phase out fossil fuels, triple renewables capacity, and double energy efficiency improvement are still unresolved as negotiations continue in the second week. The four options for the move towards clean .

West Bengal clears bill to impose 28% GST on online gaming, horse racing

The West Bengal assembly on Thursday passed a bill by virtue of which online gaming, horse racing and casinos will be taxed at the highest GST rate of 28 per cent on full face value of the bets involved. Minister of State for Finance Chandrima Bhattacharya said when the West Bengal Goods and Services Tax (Second Amendment) Bill, 2023, will become an Act, it will augment the revenue of the state. West Bengal is one of the states which has advocated taxation of such online gaming and similar activities at the highest rate, she said. Bhattacharya said activities like online gaming, casinos and horse racing are all games of chance and not those of skill, and in these cases, the right to participate and the right to win cannot be separated. The minister, who is a member of the GST Council, said West Bengal has been in favour of taxing such activities at the highest rates. She also alleged that there had been a delay in tabling this Bill in the assembly as the governor was seeking numer

CBIC issues 33,000 notices for GST return discrepancies in FY18, FY19

Central tax officers have sent around 33,000 GST notices to businesses for discrepancies in returns filed and short payment of taxes in 2017-18 and 2018-19 financial years, a CBIC official said on Wednesday. The National Co-ordination Committee of the State and Central GST officers, chaired by the Revenue Secretary, is likely to be held by the end of this month or early January, which among other things would also sensitise tax officers regarding issuance of notices, the official said. Speaking at the Assocham National Conference on GST, Central Board of Indirect Taxes and Customs (CBIC) Member-GST Shashank Priya said the notices sent for 2017-18 and 2018-19 were a "small percentage" of the total returns filed for the two fiscal years. He said the bunching up of demand notices was also on account of extension in the deadline given to taxpayers for filing annual returns for the two years. Goods and Services Tax (GST) was rolled out on July 1, 2017. The last date for filing annual ..