Page 43 - Gst

Rising GST mop-up an outcome of improved compliance: CBIC chairman

'When drawing up Revised Estimates in January, we are confident of exceeding projections based on overall collections'

Ice cream topping crackle likely to attract 18 per cent GST on AAR ruling

Court held crackle is not intended for direct consumption by users but as an industrial input

Time limit under GST to claim input tax credit constitutionally valid: HC

Under GST law, the deadline for claiming ITC is November 30

Finance Ministry notifies 31 state benches of GST appellate tribunal

The Finance Ministry has notified 31 benches of GST Appellate Tribunal (GSTAT) which will be set up in all states and Union Territories. Setting up of state-level benches of GSTAT would help businesses by way of faster dispute resolution. Currently, taxpayers aggrieved with ruling of tax authorities are required to move the respective High Courts. The resolution process takes a long time as High Courts are already burdened with backlog of cases and do not have a specialised bench to deal with GST cases. As per the notification, Gujarat and UTs -- Dadra and Nagar Haveli and Daman and Diu, will have two benches of the GSTAT; Goa and Maharashtra together will have three benches. Karnataka and Rajasthan will have two benches each, while Uttar Pradesh will have three benches. West Bengal, Sikkim and Andaman and Nicobar islands; and Tamil Nadu and Puducherry will together have two GSTAT benches each, while Kerala and Lakshadweep will have one bench. The seven North Eastern states -- ..

Banks receive GST notices for use of brand name by branches, subsidiaries

Tax authorities believe that the brand name is a free service given to related parties and thus subject to GST

Fuel for thought

Mr Gadkari's statement reflects a valid policy concern

FADA seeks reduction in GST rates for entry-level two-wheelers to 18%

The Federation of Automobile Dealers Associations on Thursday asked for the reduction in GST rates on entry-level two-wheelers to 18 per cent, saying the segment has not recovered from the impact of COVID-19 pandemic. Speaking at the Auto Retail Conclave here, Federation of Automobile Dealers Associations (FADA) President Manish Raj Singhania said in the ongoing fiscal so far, while the retail sales of total vehicles have grown by around 7 per cent, the entry-level two-wheeler segment is yet to witness the robust growth seen. "Although the two-wheelers segment experienced year-on-year growth, we are still 20 per cent behind the pre-COVID levels," Singhania said. Turning to Union Road Transport and Highways Minister Nitin Gadkari, who was the chief guest at the function, he said, "That's why FADA strongly urges honourable minister to help us get a reduction in GST rate from 28 per cent to 18 per cent for entry-level two-wheelers that is the 100cc and 125cc segment." He further said,

No pension, PF for I-T, GST tribunal members under amended tribunal rule

Earlier, serving judges of the High Court or the Supreme Court were appointed as chairperson or a member while staying in their existing service, and were entitled to pension and other benefits

GST registration in Gujarat stricter with passport-like mechanism: Minister

The Gujarat government has decided to put in place a passport-like mechanism, wherein the applicant undergoes police verification, in the GST registration process to tackle bogus billing, the legislative assembly was informed on Wednesday. The announcement was made by state Finance Minister Kanubhai Desai in the House on the first day of the monsoon session. To tackle the menace of bogus billing, we have decided to tighten the process of GST registration and make it more stricter. We will follow a passport-like registration process (including police verification) for those seeking a GST number. This will eliminate the chances of fraud through bogus billing, said Desai. The minister shared the plan while responding to the members of the opposition Congress over the issue of unscrupulous individuals claiming tax credits by producing fake bills. He was speaking after tabling a Bill which seeks to rationalise the rate of interest on delayed payment of taxes and duties. The minister ..

Nitin Gadkari moots extra 10% GST on diesel vehicles, then clears air

Stocks of auto companies take a hit

Goods in transit can't be seized under GST law without inquiry: HC

Court rules the items cannot be confiscated without investigation even if the original supplier does not have GST registration

GST dept imposes Rs 2.64 lakh fine on Pidilite on input tax credit issue

Pidilite Industries, a leading adhesive, waterproofing solutions and construction chemicals maker on Saturday said a fine of Rs 2.64 lakh has been imposed on the company by the GST department. The company, however, expects a favourable outcome at the appellate level. Based on the company's assessment, prevailing law and the legal advice of the external counsel, Pidilite Industries "reasonably expects" a favourable outcome after it challenges the penalty at the appellate level, the company said in a regulatory filing. "The company has received an order dated August 30, 2023, which was received by the company on September 7, 2023... from the office of the Assistant Commissioner of Central Tax, Division III, Bhosari, Pune imposing a penalty of Rs 2,64,844 under applicable provisions of the CGST Act, 2017," it said. The order has been passed with regard to disallowance of input tax credit (ITC) in the state of Maharashtra for CIPY, a company which has been merged with Pidilite Industr

Players optimistic about online gaming's potential despite high tax: Report

A study by the Electronic Gaming Foundation in consultancy with the Indian Statistical Institute (ISI) has found that, despite a high tax rate, the players are optimistic about the potential of the online skill gaming industry in India. Skill gaming is a game in which the outcome is impacted by the player's skill and not chance or luck. The study, titled "Unveiling the Potential and Scope of the Online Skill Gaming Industry", comes at a time when the sector is facing taxation similar to sin goods at 28 per cent, which has called into question the survival of many entities, mainly the smaller ones. The survey, advised by two ISI professors, Diganta Mukherjee and Subhamoy Maitra, surveyed 4,644 engineering students and professionals across five states - Andhra Pradesh, Telangana, Kerala, Karnataka, and Tamil Nadu - to explore their perceptions, aspirations, and preferences regarding the online skill gaming sector. The study found that the majority of respondents are optimistic about

28% GST on deposit refunds issued by online gaming portals, casinos

Once a given amount is deposited with the platform, tax will be imposed on the whole amount, irrespective of the part of the deposit returned to the player at a later point

Govt notifies valuation methodology for calculating GST on online gaming

The government on Friday notified amendments to GST law in relation to the valuation methodology to be adopted by online gaming companies and casinos for calculating tax. The Ministry of Finance notified amendments to Central GST law for calculating value of supply in case of online gaming and casinos as per the decision of the GST Council last month. EY Tax Partner Saurabh Agarwal said this shall effectively settle the ambiguity and uncertainty around this issue. "However, the aspect of whether mere deposit of money in a wallet qualifies as a supply is unclear, and may possibly be challenged by industry," Agarwal added. AMRG & Associates Senior Partner Rajat Mohan said under the valuation rules, the full tax rate would be applicable on the total amount paid to online gaming company/ casinos, without any relief to the taxpayer in case of refund/return of money. Notification clarified that winnings by any player would remain tax-neutral, as the entire tax is collected at first ...

Arunachal assembly passes amended GST Bill, changes made in APGST Act

The Arunachal Pradesh assembly on Wednesday passed the Goods & Services Tax Bill, 2023 in its amended form. The Bill has 26 clauses amending various sections of the Arunachal Pradesh Goods & Services Tax Act, 2017 either for inserting new provisions, substituting existing rules or omitting some provisions. Certain changes have been made in the APGST Act based on recommendations made by the GST Council. These changes will come into effect from October 1 this year, Deputy Chief Minister Chowna Mein said. It is mandatory on our part to amend the Arunachal Pradesh Goods & Services Tax Act, 2017 as done by the central government and other state governments by enacting the Arunachal Pradesh Goods & Services Tax (Amendment) Bill, 2023, he said. GST is administered by both Centre and state and so any change or amendment required in the Act has to be carried by both central and state governments. The GST legislative changes recommended by the GST Council and vetted by Union Law

Punjab records 28% jump in GST revenue in April-August this fiscal

Punjab recorded a 28.2 per cent rise year-on-year in goods and services tax revenue during April-August 2023, state Finance Minister Harpal Singh Cheema said on Tuesday. A total of Rs 8,524.17 crore in GST has been mopped up during the first five months of the current fiscal against Rs 6,648.89 crore collected in the year-ago period, Cheema said. An additional revenue of Rs 1,875.28 crore has been collected from GST up to August this fiscal. In an official release, Cheema said the total revenue collected from GST, excise, value-added tax and other sources in 2023-24 registered an increase of 17.49 per cent as compared to the last fiscal year.

Biz can claim ITC on goods procured for distribution to dealers: GST AAR

Businesses can claim input tax credit on items, like gold coins and white goods, procured for distribution to dealers upon achieving pre-specified sales targets as part of promotional schemes, a GST advance ruling authority has ruled. The Karnataka-bench of the AAR (Authority for Advance Ruling) ruled that ITC can be availed on taxes paid for procurement of white goods or gold coins for the purpose of incentive to dealer as it is a supply. Orient Cement Ltd had approached the AAR seeking ruling in whether ITC can be claimed on distribution of gold coins and white goods to its dealers upon achieving a specified target fixed under the scheme. The company also offers various promotional schemes "Monthly/ Quarterly Quantity Discount Scheme", etc. The said sales promotion scheme helps the company in achieving their sales and collection targets. The AAR noted that the applicant is issuing these gold coins and white goods so procured as incentives as per the agreement reached between himse

GST collection grows 11% YoY to around Rs 1.6 trillion in August: Govt

The GST revenues for August 2023 have shown a growth of 11 per cent year on year due to increased compliance and less evasion, Revenue secretary Sanjay Malhotra said on Friday. The collection from Goods and Services Tax (GST) was Rs 1,43,612 crore in August 2022. "Roughly numbers are in the range of 11 per cent year on year growth as in earlier months," Malhotra told reporters. A 11 per cent growth roughly translates to around Rs 1.60 lakh crore. He was replying to a question on the expected GST revenue numbers for August, the data for which will be released later on Friday. Malhotra said GDP growth was 7.8 per cent in June quarter and nominally it has grown 8 per cent. "GST revenues during June quarter grew by more than 11 per cent. This translates into a tax:GDP ratio of more than 1.3," Malhotra said. Malhotra said GST collections have grown by more than nominal GDP and this is despite no increase in tax rates. This is because of better compliance and improved tax collection .

India continues to be fastest-growing economy, thanks to Modinomics: BJP

Various growth parameters indicate that India continues to be the fastest-growing economy in the world and the country's GDP data for the first quarter of the current fiscal should come at around 8 per cent, thanks to "Modinomics", the BJP said on Thursday. The increase in both rural and urban demand, the consumption pattern, the Goods and Services Tax (GST) collection and various other parameters provide "very good indications" for the future, Bharatiya Janata Party's (BJP) national spokesperson Syed Zafar Islam told a press conference at the party headquarters here. "With festivals approaching, there will be further increase in demand. The economy of the country will be in a much better position. The growth momentum will also increase further," he said, giving credit to "Modinomics" -- Prime Minister Narendra Modi's economic vision. "The GDP data for the first quarter is going to come today. I don't know what the figure will be, but the speed of growth indicates that it will be ..