Page 66 - Gst

Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco

A two-judge bench, comprising justice Alok Aradhe and justice S Vishwajith Shetty, basically upheld the earlier order by a single bench of the court in this regard

GoM likely to discuss imposing flat 28% GST on online gaming

Set to meet on Monday to iron out issues, including tax ambiguities

FinMin 'embarrassed' PM by putting out GST dues: Chidambaram

Senior Congress leader P Chidambaram took a dig at the Centre over the Rs 78,704 crore it owes to the states in GST compensation

Siddaramaiah writes to PM Modi, urges Centre for GST exemption on newsprint

According to Siddaramaiah, the tax on printing paper for RNI registered agencies before GST implementation was at three per cent, and it was increased to five per cent under GST system

Raise GST rates, but not without reforms

Avoid past mistakes and reduce the number of GST rate slabs along with rate increases

GST Council has not sought states' views on hiking tax rates: Report

The Council had last year set up a panel of state ministers, headed by Karnataka Chief Minister Basavaraj Bommai, to suggest ways to augment revenue by rationalising tax rates

Top Headlines: LIC IPO size may be cut, India's trade pacts, and more

Business Standard brings you the top headlines at this hour

States need to reset spending, cut freebies: SBI advisor's report

'Clearly, states seem to be currently living beyond their means and it is imperative that states rationalise their spending priorities in accordance with revenue receipts,' Ghosh said

Structural changes

GST system needs careful interventions

GST: GoM yet to take a view on rate rationalisation, says report

There was a thought in some quarters that the slab of 5% may be broken into 3% and 8%, and the remaining slabs of 12, 18 and 28% will continue

'Govt should stop fleecing Indians': Cong on possible change in GST rates

The government should "stop fleecing" Indians already reeling under record inflation and high taxes, the Congress said on Monday citing reports about a possible change in GST rates.

GST Council may do away with 5% rate; move items to 3% and 8% slabs: Report

Although various options are under consideration, the Council is likely to settle for an 8% GST for most items that currently attract 5% levy, say sources

Reality check on tax growth

The record rise in tax collections in 2021-22 should be judged in a larger context

GST Council meeting unlikely this month as some issues couldn't be taken up

Currently, GST is a four-tier structure attracting tax rates of 5, 12, 18, and 28 per cent

FAQ on taxation of cryptocurrencies, virtual digital assets in works

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said.

Fruit-based fizzy drinks to draw 40% rate under GST after Gujarat ruling

The authority did not agree with a petitioner's that fruit-based drinks should attract 12 per cent GST.

Looking back at GST implementation: What the future holds?

The system is stabilising and efforts for simplification and strict compliance are seen in collections.

Tax administration finally being cleaned up, being made more efficient

GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.

Tamil Nadu sets up GST advisory council on fiscal powers of state, Centre

The Tamil Nadu government has set up an advisory council on the fiscal powers of the state and the Centre with special reference to the goods and services tax (GST)

GST for Covid-19 medicines pegged at 5%, says Pankaj Chaudhary

Covid medicines and instruments are being sold at a GST rate of five per cent while other medicines are sold at a GST rate between five and 12 per cent, Pankaj Chaudhary said