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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

Envisioning GST five years hence

The learning is for everyone, and with a common legal framework, the experiences of states are being shared with the Centre and vice versa in a constructive manner

GST Council to discuss tax valuation norms on online gaming on July 11

The GST Council is likely to discuss the recommendations of a group of state finance ministers regarding levy of 28 per cent tax on online gaming, casinos and horse racing, in its 50th meeting next week. The council is also likely to thrash out a consensus on whether the tax would be levied on the full value of bets placed or on the Gross Gaming Revenue (GGR). Sources said the report of the GoM, convened by Meghalaya Chief Minister Conrad Sangma, has been circulated to the states and a threadbare discussion is likely in the council meeting on July 11. The GoM members were unanimous on 28 per cent GST to be levied on these activities. However, since no consensus could be reached on whether the tax should be levied on the full face value of bets placed or the GGR, which is the fees charged by online gaming portals, the GoM left the decision on the GST Council, sources said. In December, the GoM submitted its report to Union Finance Minister Nirmala Sitharaman.

No ITC claim if vendors of suppliers of company don't pay GST: Punjab AAR

Experts disagree with ruling and say it could be reviewed at higher judicial forums

Next steps for GST

Administrative and policy interventions needed

E-commerce operators face problem in GST drive to check fake registration

The pan-India drive against fake GST registration has created problems for e-commerce companies which maintain virtual offices in various states with minimal staff and no books of accounts. Talking to PTI, MakeMyTrip Group Vice President -Taxation Tajinder Singh said that the GST officials should enquire with the head offices with regard to virtual offices before categorising the state registration as a fake entity for non-production of books of accounts. "We maintain virtual offices in states ...in this fake registration drive the field offices have mistook these offices as fake registration, however we were only using these offices for tax payment, there was no ITC flow or fraud being committed using those registration. Because of this, lot of registration were blocked for compliance purpose and that created problems for us," Singh said. Centre and state GST authorities have on May 16 launched a two-month drive to check fake registration under Goods and Services Tax (GST). The fak

Falling inbound shipments cast a shadow on IGST and cess on imports

Imports were the only exception in the otherwise strong GST numbers in the first three months of the current financial year

Over 12k fake entities in GST; CBIC plans biometric authentication

CBIC is working on biometric authentication of risky entities under GST as it looks to crack down on fraudsters who are misusing the PAN and Aadhaar of other people to obtain GST registration, CBIC chief Vivek Johri said. Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain. The biometric authentication of authorised representatives or directors or partners of a company will be made for new registration applications and existing businesses registered under Goods and Services Tax (GST) if tax officers have a suspicion that the entities are being set up only to fraudulently claim ITC. Also, geo-tagging of all entities is being planned by the officers of the Central Board of Indirect Taxes and Customs (CBIC) to authenticate that the address provided during GST registration is the place from where the entity

GST added to revenue buoyancy, helped bring down taxes for common man: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has helped bring down the taxes for consumers by removing the cascading effect of 'tax-on-tax' and added to the revenue buoyancy of states. She said the GST system has seen massive scaling up since its implementation on July 1, 2017, and the benefit accrued to consumers and governments because of GST implementation is an "exemplar". "GST has brought in greater tax buoyancy as a result of which, more than your GSDP growth, your tax collection is growing. Therefore, both Centre and states benefit...We have to dispel this myth that states are losing out after having joined hands for GST...Today, no state suffers after GST, and that is despite Covid," Sitharaman said. Giving a comparison of tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, wh

GST increased states' revenue buoyancy, benefit stands out as exemplary: FM

Finance Minister Nirmala Sitharaman on Saturday said Goods and Services Tax (GST) has increased revenue buoyancy of states, and the all-round benefit stands out as "exemplary". The multiplicity of taxes in the pre-GST regime resulted in a "tax-on-tax" effect, causing the same product to be taxed multiple times and hence becoming costlier for the consumers, she said at the GST Day 2023. Giving a comparison of the tax rates pre and post-GST, Sitharaman said, "GST has done justice to the consumers by bringing the rates down compared to the previous regime". Before GST was introduced, India's indirect tax system was fragmented, where every state was effectively a distinct market for the industry as well as the consumer. "Whether it is common consumer, whether it is the state government, a matter of tax buoyancy, whether it is making it digital and simpler, GST stands out as an exemplar," Sitharaman said. State revenue buoyancy pre-GST was 0.72, while post-GST, it is 1.22. "GST has br

Tripura sets tax collection target of Rs 3,000 cr this fiscal: State FM

Tripura has set a revenue target of Rs 3,000 crore this fiscal, state Finance Minister Pranajit Singha Roy said on Saturday. The state's tax collection has doubled after the introduction of the Goods and Services Tax (GST), he said. "Initially, there were doubts on GST introduction in the country. People even faced difficulties after the new tax regime kicked off, but over the years all the bottlenecks have been addressed. Our tax collection has more than doubled under the GST regime," he told reporters on the sidelines of a GST programme at Town Hall. He said the tax collection, which was around Rs 1,300 crore before GST rollout, increased to Rs 2,765 crore in the last fiscal. "Now, we have set a target of over Rs 3,000 crore for the 2023-24 FY. We are trying to connect new tax payers who still remain outside the GST ambit. In a state like Tripura, GST means a lot to carry out development work and welfare activities," he said. Roy said Prime Minister Narendra Modi has been workin