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GST Council: Oppn-ruled states raise concern over ED sharing info with GSTN

Several opposition ruled states expressed concern over Centre's decision to allow enforcement directorate (ED) to share information with GST Network, with finance minister of AAP-ruled Punjab Harpal Singh Cheema on Tuesday saying it amounts to 'tax terrorism' and scaring small business. The finance ministry, through a notification, brought in an amendment to the provisions of Prevention of Money Laundering Act (PMLA), 2002, as per which GSTN, which handles the technology backbone of Goods and Services Tax, has been included in the list of entities with which ED will share information. At the 50th GST Council meeting on Tuesday, Aam-Aadmi Party ruled Delhi and Punjab voiced concerns over the notification and demanded a discussion. "A lot of finance ministers raised the issue... Delhi, Punjab, West Bengal, Tamil Nadu, Himachal Pradesh, Karnataka, Chhattisgarh, Telangana, and Rajasthan have voiced their concern and said that it should be discussed in GST Council," Delhi finance ministe

Ministers concerned over including GST IT network in money laundering act

India's state ministers have raised concerns over the inclusion of goods and services tax's (GST) information technology network under the country's money laundering act

50th GST Council meet underway, taxation on online gaming on agenda

The 50th GST Council meeting started on Tuesday and is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming of ITC. At the beginning of the meeting taking place in the national capital, Finance Minister Nirmala Sitharaman released a short film titled 'GST Council - 50 steps towards a journey'. In 49 meetings held so far, the Council has taken approximately 1,500 decisions in the spirit of co-operative federalism, the office of Nirmala Sitharaman tweeted. "The 50th meeting is a milestone which indicates success of cooperative federalism and establishment of a good & simple tax regime," the tweet said. Sitharaman also released a Special Cover and customised 'myStamp', which was presented to her by the Chief Post Master General, Delhi Circle India Post Office, the finance ministry tweeted. The GST Council is chaired by the Union Finance Minister and comprises ministers from .

With GST being linked to ED, traders paying tax can be arrested: Kejriwal

Delhi Chief Minister Arvind Kejriwal alleged on Tuesday that with the Goods and Services Tax (GST) being linked with the Enforcement Directorate (ED), even those traders paying the tax can be arrested by the federal agency. Kejriwal hoped that people would oppose this development at the GST Council meeting on Tuesday. The government has amended the provisions of the money-laundering law to allow the ED to share information with the GST network. The move would help in the recovery of the GST evaded through money laundering. "A large proportion of traders do not pay GST -- some out of compulsion, some intentionally. A few days ago, the Centre also brought the GST within the purview of the ED. It means that now, if a businessman does not pay the GST, the ED will arrest him directly and bail will not be granted," Kejriwal alleged in a tweet in Hindi. GSTN handles the technology backbone of the indirect-tax regime and is the repository of all GST-related information, including return, t

Exempt small suppliers on e-commerce platforms from GST registration: GTRI

Think tank Global Trade Research Initiative (GTRI) said small suppliers on e-commerce platforms should be permitted to undertake inter-state supplies without GST registration if their turnover does not exceed the threshold. The GST Council has exempted small businesses making intra-state supplies through e-commerce platforms from taking GST registration if their turnover is below Rs 40 lakh in case of goods and Rs 20 lakh in case of services. The rule will kick in from October 1. Ahead of the 50th GST Council meeting on Tuesday, GTRI has recommended that similar registration rules should be applicable for inter-state supplies done by micro and small businesses through e-commerce platforms. Giving example, GTRI Co-Founder Ajay Srivastava said that a small village artisan with less than Rs 10,000 annual turnover selling metal-ware craft through her website must enrol for GST pay tax and file regular returns despite low turnover. However, if the artisan restricts business within a ...

GST Council to decide on taxation on online gaming, definition of MUVs

The GST Council at its meeting on Tuesday is likely to deliberate on a host of issues including taxation of online gaming, definition of utility vehicles and tightening of norms for registration and claiming ITC. The Council, chaired by Union finance minister and comprising state representatives, is also likely to clarify on GST rates applicable on food and beverages sold in multiplexes, exempt GST on import of cancer drug Dinutuximab, and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases. It is also expected to finalise contours for setting up appellate tribunal, and demand of the industry for reimbursement of full CGST and 50 per cent IGST in 11 hill states under the 'scheme for budgetary support'. The Council is likely to provide for mandatory physical verification of the business premises of "high risk" applicants before granting of GST registration, as well as reduced time for submitting Pan-linked bank account details to GST authorities. Also, a

CBIC issues SoP to check use of freebies to lure voters during elections

The CBIC has come out with detailed instructions for tax officers to implement the directions of the Election Commission with regard to the use of freebies, illicit cash, liquor and drugs to lure voters, and asked them to share information with other enforcement agencies. The GST and Customs officials will also be required to monitor the distribution of coupon-based or free fuel or cash for alluring prospective voters under the new Standard Operating Procedure (SoP). The officials would also monitor fuel consumption by candidates and parties and keep a tab on expenditure on food, hotels, parties, tent house etc. The GST officers would keep an extensive check on restaurant/eateries, marriage hall/ farm houses/ slaughter house/ meat house in the poll-bound area, said a detailed SoP issued by the Central Board of Indirect Taxes and Customs (CBIC). The GST and Customs officials would also set up "flying squads and static surveillance teams" for the effective conduct of road and transit

Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth

Toy manufacturers have urged the government to resolve a GST (Goods and Services Tax) anomaly and immediate roll-out of the production linked incentive scheme to boost the growth of the sector. These issues were raised by the industry during a meeting called by the Department for Promotion of Industry and Internal Trade (DPIIT) on July 8 here. The meeting was attended by representatives of global and domestic toy manufacturers, retailers, associations, and government officials to discuss the opportunities in the domestic toy sector. It was chaired by DPIIT Secretary Rajesh Kumar Singh. Toy Association of India (TAI) Senior Vice-President and Little Genius Toys CEO Naresh Gautam, who attended the meeting, said that besides PLI and GST, the industry has urged for resumption of Credit Linked Capital Subsidy Scheme (CLCSS). "PLI is the need of the hour as it would help in tapping huge business opportunities," Gautam, who has been making wooden toys for the last 32 years, said. He adde

Top headlines: GST council meet on July 11, India Inc Q1 profit may rise

Business Standard brings you the top headlines at this hour

All GST businesses will now have to geocode their addresses: GSTN

GST Network on Friday said it has geocoded 1.8 crore addresses of registered businesses and the functionality is now live for all states and UTs. Geocoding will help in finding out the exact location of the registered entity and check bogus registrations. The Central Board of Indirect Taxes and Customs (CBIC) has already conducted a pilot for geocoding in a couple of states. In an update to businesses, GSTN said the functionality for geocoding the principal place of business address is now live for all States and Union territories. This feature, which converts an address or description of a location into geographic coordinates, has been introduced to ensure the accuracy of address details in GSTN records and streamline the address location and verification process. "GSTN has successfully geocoded more than 1.8 crore addresses of principal places of business. Furthermore, all new addresses post-March 2022 are geocoded at the time of registration itself, ensuring the accuracy and ..

GST Council meet: Stricter tax regime for tobacco items likely in phases

No consensus yet on retail sale price-based levy on some items

A quarter of 69,000 suspected GST accounts fake, reveals CBIC drive

During the two-month drive, authorities used artificial intelligence (AI) and data analytics to identify around 69,000 suspects, of which 17,000 were fake accounts

Top Headlines: Tax credit on Council agenda, rupee internationalisation

Business Standard brings you the top headlines at this hour

GST Council meet: Ways to deal with tax credit mismatch on agenda

Cases to be scrutinised if difference is more than 20%, or over Rs 25 lakh

GST collection in Q1 rose 15%, reflects honest governance: CM Kejriwal

The Delhi government's GST collection rose 15 per cent in the first quarter of the 2023-24 fiscal compared to the year-ago period, with Chief Minister Arvind Kejriwal saying honest governance leads to increased revenue. According to figures shared by the chief minister on Twitter, the first quarter collections of goods and services tax (GST) in the past five years almost doubled from Rs 4,419.71 crore in 2018-19 to Rs 8,028.91 crore in 2023-24. Kejriwal said the growth meant his government will have more money to spend on building schools, hospitals and infrastructure. "Governments often say they don't have money for making good schools and hospitals. But our government in Delhi has shown that honest governance leads to increased revenue. "Delhi's first quarter GST collection has increased at an impressive 15 per cent from last year. This is how we will have money to build more schools, more hospitals, more infrastructure for the people of Delhi," he tweeted. Finance minister Atis

GST Council may exempt IGST on cancer drug import at next meeting

The GST Council at its next meeting on Tuesday is likely to exempt cancer medicine Dinutuximab imported by individuals from tax, decide on applicability of GST on food or beverages served in multiplexes and come out with a clear definition of utility vehicles for levying a 22 per cent cess, sources said. The Council, chaired by Union finance minister and comprising state ministers, will also decide on GST exemption for satellite launch services provided by private players. Besides, import of medicines and Food for Special Medical Purposes (FSMP) used in the treatment of rare diseases for personal use and also by centres of excellence are likely to be exempted from Integrated GST. Currently, such imports attract an IGST of 5 per cent or 12 per cent. The fitment committee, comprising central and state tax officers, has recommended to the Council to clarify on these major issues at the 50th meeting of the Council on July 11. In addition to the recommendations of the fitment committee,

GoM on online gaming, casinos broadly agrees on 28% GST, Goa differs

The GoM on online gaming, horse racing and casinos had a broad agreement that a 28 per cent GST should be levied on all the three supplies, but a consensus eluded on taxability of online games, as Goa suggested an 18 per cent tax on platform fees, sources said. A final view on taxation rate as well as whether tax is to be levied on gross gaming revenue (GGR) or fees charged by the platform; or on the full face value of bets put in by players of online gaming, horse racing and casinos would be taken by the GST Council on July 11. Also, the Council, chaired by the Union Finance Minister and comprising state counterparts, has to decide on whether these three activities fall under the category of actionable claim of betting and gambling, sources added. The Group of Ministers, convened by Meghalaya Chief Minister Conrad Sangma, has members from eight states-- West Bengal, Uttar Pradesh, Goa, Tamil Nadu, Telangana, Gujarat and Maharashtra. Of the eight states, West Bengal and Uttar Prade

TMS Ep470: GST, Gift City, mid & small-cap stocks, Cape Town Convention

What are the changes that GST needs? What does Google's fintech hub mean for Gift City? Is it time to sell mid, small-cap stocks? What is Cape Town Convention Bill? All answers here

GST Council likely to define MUVs and XUVs for levy of 22% cess: Report

The GST Council is likely to clarify on the definition of multi utility vehicles (MUVs) and crossover utility vehicles (XUVs) for levy of 22 per cent compensation cess over and above the 28 per cent GST rate, sources said. The Council is expected to clarify on the issue in its next meeting on July 11, they said. The Fitment Committee, comprising tax officials from the Centre and states, has recommended to the GST Council to define MUVs and XUVs at par with the sports utility vehicles (SUVs) for the purpose of Goods and Services Tax (GST). The committee has recommended that all utility vehicles, by whatever name called, would attract 22 per cent cess provided they meet three parameters -- length greater than 4-metre, engine capacity greater than 1500 cc and ground clearance more than 170 mm. The GST Council, chaired by the Union finance minister and comprising her state counterparts, had in December last year clarified on the definition of SUVs. At that time, some states had asked f