Page 65 - Gst

SC strikes down levy of GST on ocean freight in CIF contracts

The matter before the Court was the appeal against the decision of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd

Taxpayers can now claim refund of IGST on ocean freight, say Experts

Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC

TMS Ep176: SC on GST, diamond industry, volatile markets, delimitation

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

Top Headlines: IMF's prediction, GST Council recommendations, and more

The International Monetary Fund (IMF) has "corrected" an error in its calculations to now project that India would become a $5-trillion economy by 2026-27

How will the SC ruling affect the GST framework?

The Supreme Court ruled that GST on ocean freight paid for import of goods is unconstitutional. What does this mean for the GST framework? How will it affect the Centre's relationship with states?

Non-BJP states hail Supreme Court verdict on GST Council recommendations

Verdict upholds federal rights of states and the people: Kerala FM Balagopal

Recommendations of GST Council binding in framing rules: Govt sources

The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified

Gaming industry in a fix after GoM proposes application of GST at 28%

Indian gaming companies and the industry body representing the industry had made representations for the continuation of an 18 per cent taxation

GoM calls for 28% GST on online gaming, casinos; tax likely on face value

At the moment, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game

Top headlines: Elbers appointed as IndiGo CEO; GST hike likely on casinos

Business Standard brings you top news of the evening

Govt may levy 28% GST on casinos, online gaming as GoM finalises report

The panel of ministers tasked to review the GST levy on casinos, race courses and online gaming has finalised its report, which will be taken up in the upcoming GST Council meeting. The Group of Ministers, chaired by Meghalaya chief minister Conrad Sangma, had in its previous meeting earlier this month unanimously decided on hiking the tax rate on these services to 28 per cent. The GoM met again on Wednesday and finalised the method of valuing these services for the purpose of levying this tax. "The Group of Ministers (GoM) on casinos, race courses & online gaming has come to a consensus. The report of our submissions will be handed over to Hon'ble FM, Smti. @nsitharaman Ji in a day or two & the matter will be presented in the next @GST_Council Meeting," Sangma tweeted. At present, services of casinos, horse racing and online gaming attract 18 per cent GST. The government had in May last year set up a panel of state ministers for better valuation of services of casinos, online

Govt extends April GST payment deadline till May 24 amid tech glitches

As taxpayers face technical glitches on the GST portal, the government on Tuesday extended the due date for April tax payment till May 24 and has directed Infosys for early resolution of the problem. The due date for filing FORM GSTR-3B for the month of April 2022 has been extended till 24th May 2022, the Central Board of Indirect Taxes and Customs (CBIC) said in a late-night tweet. Earlier in the day, the CBIC had said that a technical glitch has been reported by Infosys in the generation of April GSTR-2B and auto-population of GSTR-3B on the portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted. GSTR-2B is an auto-drafted Input Tax credit (ITC) statement which is available to every GST registered entity based on the information furnished by their suppliers in their respective sales return form GSTR-1. GSTR-2B statement is usually made available to ...

Economy a cause of worry as foreign exchange reserves deplete: Congress

"The government is actually fueling the rise of inflation by its wrong policies, especially through high taxes on petrol and diesel, high administered prices and high GST tax rates," Chidambaram said

Non-commercial construction in education institutions to draw less GST

Gujarat AAR ruled that such buildings would attract 12% GST, not 18% levied for other construction activities

HC order to pare GST outgo for buyers of under-construction flats: Experts

Currently, GST is levied on sale of under-construction flats/units wherein the entire value of flat or uni is taxed after giving Ad Hoc deduction of 1/3 of value of flat/unit

Gujarat High Court offers GST relief to homebuyers of certain properties

Currently, 18% GST is levied on construction services in real estate. However, one-third abatement is given for land, due to which effective value of taxation comes to 12%

April GST mop-up notwithstanding, Rs 1.5 trn a month may not happen in FY23

CBIC to focus on scrutiny of returns and audit for better compliance during current fiscal; finance ministry official sceptical, says April usually has high collection due to payment of arrears

Panel for 28% GST on casino, online gaming: West Bengal FM Bhattacharya

The report of the GoM is likely to be taken up in the next meeting of the GST Council expected later this month

Inflation, imports main reasons for record GST collections, says report

The ministry attributed the robust mop-up to its tightened compliance measures and a crackdown on GST evaders and fake bills

Reforming fuel taxes

Combination of GST and carbon tax can help