Page 55 - Gst

Govt to decriminalise some offences under GST, lower compounding charges

The government is working on decriminalisation of certain offences under GST by raising the threshold limit for launching prosecution and also lowering charges for compounding of offence, an official said on Wednesday. Currently, the law provides for launching prosecution against offenders in cases where the amount of Goods and Services Tax (GST) evasion or misuse of input tax credit is more than Rs 5 crore. "We are working on making the provision under GST Act for prosecution more simpler and friendly for taxpayers. We have Section 132 under CGST Act which criminalises illegal credit for GST evasion. The threshold level (for launching prosecution) are being reconsidered," finance ministry additional secretary (revenue) Vivek Aggarwal said at an Assocham event here. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. The compounding charges for offences under GST would also be lowered so that taxpayers are encouraged to compund their ...

India's $2-billion online gaming industry jolted by taxing times

The $2 billion online gaming industry in India, while grappling with these issues, the online gaming industry should be treated as entertainment and not gambling, as it comes under the games of skill

Govt working on GST on crypto transactions, defining legal framework

The government is working on a comprehensive indirect tax regime for crypto assets which will check revenue loss to the exchequer

Largest states lead as e-way bill generation climbs, shows data

A government statement on September 1 noted higher GST collections for August, though it did not mention statewise numbers on e-way bill generation

Centre upbeat on Rs 1.5-trillion GST revenue every month from October

GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion

Businesses will be able to claim pre-GST tax credits from October 1: Report

When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches

Manufacturing in dire straits: Output up just 1.1% compared with 2019-20

Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively

The case for greater centre-state coordination to meet long-term goals

Many public policy experts and policymakers have stated that more mechanisms are needed for regular centre-state coordination and interaction on various issues

GST wing of CBIC conducts tax inspections against insurance companies

A government source said the tax searches were about cases where the insurance companies had taken input tax credit in excess of what they are entitled to.

Transport services to civic bodies not exempt from GST in each & every case

Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR

Industry hails decision to separate gaming from gambling, horse racing

In July, the GST Council announced a 28 per cent tax on the industry, which experts and companies largely agreed to. Currently, an 18 per cent tax is applicable on the gross gaming revenue (GGR)

GST amendment on registration cancellation: Bombay HC notice to Centre

The Bombay High Court has issued notices to the Union and Maharashtra governments seeking their response to a petition against an amendment to the Goods and Services Tax (GST) Rules by which GST registration can be suspended without giving the affected party a hearing. A division bench of Justices K R Shriram and A S Doctor, on August 29, issued notice to the Attorney General of India and Advocate General of Maharashtra as the plea challenges the validity of a provision of law. The order was made available on Monday. The court was hearing a petition filed by SAT Industries Limited challenging a show cause notice issued to it in August 2022 for cancellation of its GST registration. As per the firm's plea, in the notice itself it has been stated that "please note that your registration stands suspended with effect from 08/08/2022". Senior counsel Vineet Kothari, appearing for the petitioner, claimed the original Rule 21A (2) of the Central Goods and Service Tax Rules, 2017 provided t

GoM for different GST on sports betting, casinos and horse racing

Group of ministers to seek legal opinion for the move

GST officers can launch prosecution in cases of over Rs 5 cr tax evasion

GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the Finance Ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence, the GST investigation wing under the Finance Ministry said, while issuing instructions for launching prosecution. Prosecution should normally be launched where the amount of tax evasion, or misuse of ITC, or fraudulently obtained refund is more than Rs 5 crore, it said. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. This limit will not apply and prosecution can be launched in the case of a company/taxpayer habitually involved in tax evasion or misusing Input Tax Credit

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

Top headlines: GST collections rise 28% in Aug; export tax on diesel hiked

The government raised the tax on the export of diesel and jet fuel (ATF) and hiked the windfall profit levy on domestically-produced crude oil in line with rising product margins and oil prices

GST collection rises 28% in August to Rs 1.43 trillion: Finance Ministry

Collections from Goods and Services Tax (GST) rose 28 per cent to Rs 1.43 lakh crore in August, the Finance Ministry said on Thursday. GST collection has remained over the Rs 1.4-lakh-crore mark for the sixth straight month in August. "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis," the ministry said in a statement. The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. The revenues for the month of August 2022, registered 28 per cent increase than the GST revenues of Rs 1,12,020 crore collected in August 2021.

Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR

An outpatient will be charged GST for medicines and consumables bought that were prescribed in the course of providing health care services

Animal spirits? Chris Wood surprised by resilience of Indian stock market

Further evidence of economic resilience and animal spirits, according to Wood, is continuing strong goods and services tax (GST) revenues and buoyant retail sales

Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR

But says drugs, consumables purchased by outpatients in the course of treatment will be taxed