Page 54 - Gst

Mangrove cultivation different from agriculture, will attract 18% GST: AAAR

The Appellate Authority for Advance Rulings (AAAR) has ruled that cultivation of mangroves is different from agriculture and hence would not be exempted from the Goods and Services Tax (GST)

Drawback, GST, RoDTEP refund different levies

Availing of refund under one scheme does not take away the right to claim refund under another scheme. Exporters can contest any attempts to delay or deny such refunds

'Sinking hole of regulations': Mitra calls for simplification of GST system

Mitra underscored his point with the number of times notifications and amendments in laws had been made

Budget 2023: International Road Federation seeks removal of GST on helmets

India accounts for about 11% of the road accident deaths worldwide and the two-wheeler riders, being most vulnerable, constitute almost 31.4 per cent of road accidental deaths

Give specifics of notices to exporters seeking GST relief, says SC

Apex court seeks details from revenue department as it reserves final order

Top headlines: IndOS vs iOS, Oxfam's 'Survival of Richest' report & more

Business Standard brings you the top headlines at this hour

GST not payable on Govt incentive to banks for promoting RuPay card

Incentives paid by the government to banks for promoting RuPay debit cards and low-value BHIM-UPI transactions will not attract GST, the Finance Ministry said. Last week the Cabinet cleared a Rs 2,600-crore incentive scheme for banks to promote RuPay debit cards and low-value BHIM-UPI transactions in the current fiscal. Under the Incentive scheme for the promotion of RuPay Debit Cards and low-value BHIM-UPI transactions, the government pays banks an incentive as a percentage of the value of RuPay Debit card transactions and low-value BHIM-UPI transactions up to Rs 2,000. The Payments and Settlements Systems Act, 2007 prohibits banks and system providers from charging any amount from a person making or receiving payments through RuPay Debit cards or BHIM. In a circular to chief commissioners of GST, the Ministry said the incentive is in the nature of a subsidy directly linked to the price of the service and the same does not form part of the taxable value of the transaction in view

Apparel, drugs, and leather exporters under scanner for tax scheme misuse

Sources say refunds of 600 entities not being processed

GST would apply if a rented residential building is sublet as hostel: AAAR

Residential properties taken on rent by families or individuals for own use exempted

Cut down on sugar

Multiple levers are available to improve public health

GST collection in Karnataka over Rs 10,000 crore: CM Basavaraj Bommai

Chief Minister of Karnataka Basavaraj Bommai on Wednesday said the monthly collection of goods and services tax (GST) in the State has crossed Rs 10,000 crore for three months in a row. He said Karnataka is behind Maharashtra in emerging out of the impact of the COVID-19 pandemic. Karnataka's monthly GST collection has crossed Rs 10k crore for 3 months in a row, just behind Maharashtra. The positive growth proves we are on the trajectory of good growth & well past the negative impact of the Covid-induced slowdown. Proud to be boosting national economy, Bommai tweeted. According to data given by the Chief Minister, Maharashtra was in number-one spot with Rs 23,598 crore in December, Karnataka in second with Rs 10,061 crore and Gujarat third with Rs 9,238 crore followed by Tamil Nadu with Rs 8,324 crore.

Delhi govt's GST collection increases 22% to Rs 41,351 cr in Apr-Dec

The Delhi government's goods and services tax (GST) collection increased 22 per cent to Rs 41,351 crore for the first three quarters (April-December) this fiscal, officials said on Tuesday. In 2021-22, the government's GST collection in the first three quarters was recorded at Rs 33,691 crore. The tax collection of the Delhi government plummeted during the last two fiscals due to interruptions of the COVID pandemic. "There was a negative growth in tax collection in 2020-21 due to the lockdown. Next year (2021-22), the situation improved and this year collections are good as economic activities have revived," one of the officials said. The Delhi government has projected a total receipt of Rs 47,700 crore as tax revenue in its budget for 2022-23. With the average monthly collection now hovering around Rs 4,500 to Rs 4,600, officials said an increase of 15-20 per cent in revenue collection than the estimated amount is expected by the end of the financial year.

GST collection in Himachal rises 25% to Rs 4,052 cr till Dec this fiscal

The Goods and service tax (GST) collections in Himachal Pradesh increased by 25 per cent to Rs 4,052 crore till December this fiscal from Rs 3,172 crore in the year-ago period, an official spokesperson said here on Monday. In a release issued here, he said that the State Taxes and Excise Department collected Rs 341 crore under GST in December 2022, and attributed the growth in GST collections during the current financial year to strengthened enforcement and improved taxpayer compliances. "The department continues to focus on improvement in return filing, speedy scrutiny of returns and timely completion of GST audits with strong enforcement measures. The department has verified 10 lakh e-way bills during road checkings conducted in the current financial year," he added. The department remains committed to improving voluntary compliance with time-bound redressal of the issues of the stakeholders under the 'Tax Haat Programme'. "The department continues to focus on capacity building o

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

CBIC asks tax officers to verify invoice details in ITC mismatch cases

The CBIC has asked tax officers to verify details of invoices to resolve mismatches in ITC claims which have come up during the GST audit for 2017-18 and 2018-19. A large incidence of mismatch in Input tax credit (ITC) claims and details of outwards supplies has come to light during the GST audit for 2017-18 and 2018-19 undertaken by tax officials, following which show cause notices were issued to taxpayers. The Central Board of Indirect Taxes and Customs (CBIC) in a circular said it has received various representations from the trade as well as the tax authorities, seeking clarification regarding the manner of dealing with such discrepancies between the amount of ITC availed by the registered persons in their Form GSTR-3B and the amount as available in their Form GSTR-2A during 2017-18 and 2018-19. GST authorities, for the first time, are undertaking audit of the new tax regime which was rolled out on July 1, 2017. The CBIC said in order to ensure uniformity in the implementation

Ludhiana division tops Goods and Services Tax collection in Punjab

Maintaining its top position in the collection of GST in Punjab, the Ludhiana division leads in both collection and growth rate in the first eight months of this fiscal, the government said on Sunday

Rice unfit for humans and used for other purposes to attract 5% GST: AAR

Authority couldn't find adequate rate for the farm produce on the basis of its final product

Best of BS Opinion: Unilateral carbon pricing, cyber threats, and more

Here is the best of Business Standard's opinion pieces for today

GST compensation of Rs 17,176 cr pending to states as of June 2022: Govt

The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17,176 crore is pending to states as on June 2022. Replying to supplementaries during the Question Hour, Minister of State for Finance Pankaj Chaudhary said the Centre is giving GST compensation to states for five years. He said even during Covid times when no GST was collected, the Government of India had given compensation to states after taking loans of Rs 1.1 lakh crore and 1.59 lakh crore during 2020-21 and 2021-22. "A total of only Rs 17,176 crore GST compensation is pending as on June 2022," the minister told the house. Replying to other queries, Finance Minister Nirmala Sitharaman said, "As of now, since we have somewhat cleared all the dues up to June, and about Rs 17,000 crores pending is to be given." "Details of GST compensation pending for June 2022 for Tamil Nadu is Rs 1200.6148 crores only.Utilisation certificate from a state has not been reached, that cannot be treated as pending one," she