Page 74 - Gst

12% uniform GST rate on apparel and footwear from Jan evokes mixed reaction

Experts hail move, section of clothing industry decries it saying only a small group within the sector had inverted duty structure

Only works contract in land deals will attract GST: Telangana AAR

A works contract is essentially a contract of service that may also involve supply of goods in the execution of the agreement

Excess money in cash ledger refundable even two yrs after paying GST: CBIC

Decision will ease cash flow of companies as govt lifts time bar. Earlier, assessees could not take refund of this money after two years

Grants, non-philanthropic donations to attract 18% GST, says AAR

Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled

SME Chatroom: General bond can be furnished for warehousing imported goods

Business Standard brings you the fortnightly Q&A on SMEs

Eggs are farm produce, transporting them is exempt from GST: Karnataka AAR

The ruling was pronounced on an application by SAS Cargo, which transports eggs and hatcheries by rail

Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST

While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation

18% GST on insurance premium is atrocious: Former IRDAI member Nilesh Sathe

Says insurance becomes a necessity in the absence of any social security for citizens, nowhere else in the world one has to pay such heavy tax on premium

Aircraft leasing companies hit tax air pocket over SpiceJet dues

Unable to repossess aircraft they had leased to low-cost airline as tax authorities resist efforts

CBIC asks GST officers to block ITC on the basis of evidence, not suspicion

The CBIC has come out with guidelines on blocking of tax credit by GST field officers, saying that such blocking should be on the basis of 'material evidence.'

Swiggy isn't the only company complaining about forced GST payment

Tax consultants allege many others face coercion from field officers

Appellate Authority overrules AAR to bring Fryum papad under GST exemption

Holds that Fryum is a brand, not a generic product, and that it is similar to traditional round papad in all respects; normal papad attracts 0% GST

SME Chatroom: Anti-dumping duty on inputs payable on sales from SEZ to DTA

Business Standard brings you the fortnightly Q&A on SMEs

GST collection in October up 24% at Rs 1.3 trillion, second highest ever

Finance ministry expects positive trend to continue and H2 to post higher revenues; says constant rise in collection in the past five months indicates faster economy recovery

Top headlines: Oct GST collection second highest ever; auto sales skid

Maruti Suzuki and Hyundai report a double-digit drop in sales in October as auto firms struggle to get computer chips for their vehicles. More in our top headlines.

GST collection up Rs 1.3 trn in Oct, above trn for fourth month in a row

This is the second highest collection of GST since its implementation on July 1, 2017

GST revenue at over Rs 1.3 trn in Oct; second highest so far: Govt

Revenues for October 2021 are 24 per cent higher than the GST revenues in the same month last year.

Punjab CM Channi waives GST on langar at Sri Devi Talab temple

Punjab Chief Minister Charanjit Singh Channi on Sunday announced waiver of Goods and Services Tax (GST) on langar at the Sri Devi Talab temple here. The chief minister also paid obeisance at the revered Shakti Peeth Sri Devi Talab Mandir. "The selfless service of Langar at the centres of Religious & Spiritual Pilgrimage - is an integral part of Punjab's rich Culture & Heritage. While paying obeisance at Sri Devi Talab Temple, I announced to waive off the GST on Langar served at this highly revered Temple," Channi said in a tweet. Speaking at the temple, Channi said the ethos of love, brotherhood and harmony in society will be maintained at every cost and will always remain his government's top priority. He described his visit to the temple as a "gratifying experience". He said the Sri Devi Talab temple is a fountainhead of inspiration and positivity for millions of people from around the world. Channi said he came to the shrine to pray for the state, its peace and development,

GST shortfall: Centre releases Rs 1.6 trillion to states this fiscal year

This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.

Work in progress

GST must be reformed to achieve its potential