Page 46 - Gst

GST rate rationalisation unlikely before 2024 Lok Sabha elections

Centre, states not in favour any major change in GST structure amid inflationary pressure

Initial field work for annual survey of services sector begins for 2022-23

However, the survey itself may not come up before the end of 2024

Tobacco in gunny bags to attract 28% GST, 71% compensation cess: AAR

No new product emerges from the post-coating process, rules authority in Gujarat

Lok Sabha approves setting up of GST Appellate Tribunal to solve disputes

Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up of an appellate tribunal for resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was passed by Lok Sabha on Friday, benches of the GST Appellate Tribunal would be set up in every state while there will be a principal bench in Delhi which will hear appeals related to 'place of supply'. Even after more than five years of implementation of the Goods and Services Tax (GST), the appellate tribunal has not been set up. As a result, unresolved legal matters under GST have accumulated. Nangia Andersen India's Tanushree Roy, Director- Indirect Tax, said establishment of the appellate tribunal would result in lower burden on high courts, Supreme Court and at the same time, would also provide taxpayers the much needed reprieve. "This is certainly a welcome

Former BharatPe CEO Ashneer Grover launches fantasy cricket platform

As per information available on CrickPe's website, it is an app that allows users to play cricket online

As liquidity tightens, call money rate jumps to 7% before easing

Advance tax, GST payments leading to tight liquidity; RBI may do more repos

Chatroom: 'No GST rebate or exemption against supply of services to EOUs'

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

Roof mounted AC units for passenger coaches to have 28% GST: Punjab AAAR

Issue was product would come under which heading of harmonised system of nomenclature code

Panel working on classification of millet products to determine GST rates

The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June

A 4-member GST appellate tribunal likely in each state, says official

A 4-member appellate tribunal is proposed to be set up in each state to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), according to an official. Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members, the official told PTI. A division bench comprising two members -- one technical and one judicial -- will decide the appeals brought before it. As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals, the official noted. There will also be a national appellate tribunal, which would be set up in Delhi, and comprise one judicial member and one technical member. The national appellate bench will mainly look into appeal cases on disputes between the department and assessee over the 'place of supply' under the GST regime. It, however, will not take up any appeal with regard to divergent

Bombay HC relief for GST assessees amid non-existence of tribunal

No recovery from taxpayers once a declaration of intent filed by them to appeal against order of lower authorities is put on record

Ice cream sold over counter but not prepared in outlet to attract 18% GST

If ordered with food, tax would be the lower rate; over the counter, it would attract a higher GST

'Importers should ensure that certificate of origin is genuine'

Business Standard brings you the fortnightly Q&A on SMEs

PM asks India Inc to step up investment, take advantage of opportunities

Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment and take advantage of the opportunities unveiled in the Budget 2023-24. Addressing the 10th webinar on Budget, Modi said the government has increased outlay on capital expenditure to Rs 10 lakh crore, the highest ever. In this backdrop, he said, "I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it." The prime minister further said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax. This, he said, has resulted in better tax collection. In 2013-14 gross tax revenue was about Rs 11 lakh crore which rose to Rs 33 lakh crore in 2023-24, an increase of 200 per cent. The number of individual tax returns increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. "Paying tax is such a duty, which is directly related to natio

Clear starts GST e-invoicing generating services for large taxpayers

Firm says since the infrastructure is largely digital, it is simultaneously affordable, scalable, modern, secure and pervasive

Chatroom: Importers must ensure genuineness of COO, says expert

Business Standard brings you the fortnightly Q&A on SMEs

Fitment panel to examine compensation cess structure for pan masala

To review the feasibility of MRP-linked compensation cess rates

Uttarakhand GST dept busts syndicate that covered-up illegal timber sale

Using digital tracking and electronic surveillance, Uttarakhand tax authorities have busted a group of traders who would float fake firms to give a legal cover to their illegal trade of timber and its products and evade GST worth crores of rupees, officials said on Sunday. The Uttarakhand GST department launched an expansive search and seizure operation -- named Operation D Day-Rising Woods' -- to unearth the racket in Jaspur area of Udham Singh Nagar district, they said. Udham Singh Nagar is considered one of the biggest timber markets and timber and its products are supplied across the country from here. The investigators suspect the involvement of people from other states such as Uttar Pradesh, Haryana, Delhi, Bihar and Rajasthan. The operation involved 27 teams with more than 300 tax and forensic officials and financial technology experts and they raided 27 commercial establishments and residences of transporters, advocates and chartered accountants. The investigators, who hav

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

5% GST payable on all pre-packaged and labelled jaggery: Karnataka AAR

Like many other agricultural commodities, jaggery was exempted from GST until July 18 last year