Page 50 - Gst

Centre develops new metrics for imports after reports of under-reporting

In November, media reports emerged showing a $12 billion mismatch in the Indian and Chinese trade figures between January and September

What changed at last week's GST Council meeting?

In its latest meeting, the GST Council approved the decriminalisation of certain offenses and clarified the tax provisions on a number of items. What were the key decisions taken at the meeting?

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

Top Headlines: India's economic activity, online gaming policy, and more

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50K show-cause notices sent to companies, partnership firms after GST audit

It's first comprehensive audit exercise by GST authorities

Parliamentary committee recommends a GST Council-like body for RoDTEP

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22

Punjab FM opposes any increase in GST on education related goods

Describing any increase in GST on goods related to education a step against the interests of the students, Punjab Finance Minister Harpal Singh Cheema on Saturday opposed the proposal of considering the GST on pencil sharpeners at 18 per cent instead of existing slab of 12 per cent. While participating in the 48th meeting of the GST Council through video conferencing, the point raised by Cheema was also supported by the representatives of many other states, after which the decision in this regard was deferred, according to a Punjab government statement here. "Agreeing on the various recommendation made by the Fitment Committee which meet the interests of both state and nation, Finance Minister Harpal Singh Cheema gave valuable inputs during the GST Council meeting held under the chairpersonship of the Union Finance Minister Nirmala Sitharaman," said the statement. Opposing another recommendation regarding the change in GST rates for ethyl alcohol supplied to refineries for blending

Centre, state govts to focus on efforts to widen GST base: FM Sitharaman

According to finance minister Nirmala Sitharaman, monthly GST revenue collection has been above Rs 1.4 trillion in the recent past

Centre working on property, discoms data sharing to widen GST payer base

The Centre and states are working out strategies to widen taxpayer base under GST and have started pilot projects on sharing of data with discoms and property tax details to identify non-GST registered businesses. Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said a pilot project on data sharing with discoms is ongoing in Madhya Pradesh, while Gujarat is undertaking a pilot on PAN-based linkage of businesses. Maharashtra is doing a pilot on sharing property tax data and geo tagging businesses and linking with their property. "We are working out (a) strategy, we are discussing with states. Widening GST base would mean we have to see taxpayers who ought to be in tax net are they there or not. What we are looking at is robust data from all agencies," Johri told reporters here. Explaning how the data sharing with power distribution companies or discoms would work, Johri said the department would match data base to see who are electricity consumers with commercial

28% GST on online games when winning depends on certain outcome: CBIC chief

Central Board of Indirect Taxes chief Vivek Johri on Saturday said online games where winning is dependent on a certain outcome would attract 28 per cent GST on the full bet value. Though the report of the Group of Ministers (GoM) on online gaming did not come up for discussion at the GST Council, the department would go by the view that 28 per cent GST is payable on full bet value put in by a player, and not net of margins. The comments assume significance as the Gameskraft Technology Pvt Ltd (GTPL) GST evasion case is still in the court. Directorate General of GST Intelligence (DGGI) in September issued a show cause notice to Bengaluru-based online gaming company Gameskraft Technology Pvt Ltd (GTPL), for not Goods and Services Tax (GST) to the tune of Rs 21,000 crore. Asked what would be the position of the Central Board of Indirect Taxes (CBIC) since the Council has not decided yet on the GoM report, Johri said the department's view is that 28 per cent GST is payable on actionab

Auto industry body hails GST Council's clarification on definition of SUVs

Auto industry body Society of Indian Automobile Manufacturers on Saturday welcomed the GST Council's clarification on the definition of SUVs, saying it is on the lines of its discussions with the finance ministry. Briefing reporters after the 48th GST Council meeting, finance minister Nirmala Sitharaman said the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions -- it is popularly known as SUV; has engine capacity exceeding 1,500cc; length exceeding 4,000 mm; has ground clearance of 170 mm and above. In response, SIAM in a statement said this has brought in a clarity that higher rate of compensation cess of 22 per, over and above of 28 per of GST, will be applicable only on such vehicles which meet all the four conditions. "SIAM is thankful to ministry of finance, government of India and the GST Council for issuing a clarification on the definition of SUVs," it added. This is on the lines of SIAM's recommendations and bas

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GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

GST Council meet: Council agrees to decriminalise certain offences

The GST Council on Saturday agreed to decriminalise certain offences and doubled the threshold for launching prosecution to Rs 2 crore, Revenue Secretary Sanjay Malhotra said. The Council could decide on only 8 out of the 15 agenda items due to paucity of time, Finance Minister Nirmala Sitharaman said, adding the items not considered included one pertaining to setting up of appellate tribunals for GST. The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could also not be taken up. Malhotra said GST on online gaming and casinos was not discussed as the report of a Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added. He further said the Council agreed to raise the threshold of launching prosecution to Rs 2 crore from the present Rs 1 crore. Also, the GST on husk of pulses was reduced to nil f

GST Council meet begins; decriminalisation, gutkha biz tax on agenda

Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to ...

Contribution of cesses to central govt's tax kitty doubles to over 18%

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

GST Council meet: GoM pitches for 'specific tax levy' on pan masala, gutkha

Proposes levy on 38 such items in the range of 12-69% of retail sale price

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Best of BS Opinion: Critical decisions, chaos on the ground, and more

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