Page 78 - Gst

Govt working to bring changes in GST Act, public platforms: Jayant Sinha

The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday. "Public platforms such as UPI and Aadhaar are very important platforms. Even then, for us to leapfrog, we have to do more in terms of public platforms," Sinha said while speaking at the Assocham e-summit on 'Non-Banking Finance Companies & Infrastructure Financing: Transforming the Financial Lending Landscape'. When the Factoring Bill came to the Standing Committee on Finance, the government was opening up factoring to more non-banking financial companies and enabling more NBFCs to participate in that. "But even as we were doing that we were not addressing some important platform and data related issues. That is why we suggested that anything that is on GST as an invoice should automatically be gone to TReDS as well. Then it can be used on TReDS ..

From scrapping retro tax law to record GST mop-up: 2021 for revenue dept

A record GST tax collection, an overhaul of the income tax return filing portal and the landmark move to scrap retrospective taxation have set the stage for the next level of reforms in tax admin

New provision from Jan 1: GST officials to make surprise recovery visits

Those with an annual turnover of up to Rs 5 crore can file quarterly returns, if they choose so

Taxmen can directly start recovery for mismatch in sales in GSTR-1, 3B

Come January 1, GST officers can directly initiate recovery action against errant businesses that show higher sales in monthly return GSTR-1 but under-report it while tax payment in GSTR-3B

Cheeseballs, eggs and other food items caught in disputes over GST rates

The problem is exacerbated as new products get introduced in the market. Since they didn't exist when GST classification was done initially, putting them in an appropriate category will now take time

Reverse move to increase GST on textile items, AIADMK urges Centre

AIADMK top leader O Panneerselvam urged the Centre to ensure that the GST slab rate is brought down to 5% on textile and apparel items

'No recommendation by GST Council to bring petroleum products under GST'

Excise duty on petroleum products is calibrated time to time for generating resources for infrastructure and other developmental items of expenditure: Minister of State for Finance Pankaj Chaudhary

Meeting FY22 fiscal deficit target hinges on disinvestment proceeds

Savings in some departments may come to govt's aid

IGST on ocean freight can't be imposed on importers, companies tell SC

They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution

What does the industry expect from upcoming GST council meet?

The Centre is likely to convene GST Council meeting next month. On the agenda will be a rationalisation of taxes and inverted duty structure for certain goods. Find out what to expect from the meeting

Textile traders of Aligarh stages protest against GST hike from 5% to 12%

The textile traders of Aligarh staged a protest against the Central government following the decision to hike the Goods and Services Tax (GST) on textile fabrics from 5 percent to 12 percent.Staging a protest against the rise in goods and services tax (GST) from 5 per cent to 12 per cent, the Aligarh Cloth Merchant Association (ACMA) said that hike in GST rates would adversely impact the textile industries, which is already reeling from COVID-19 blow.In November, the Centre had decided to increase the GST on textile products from 5 per cent to 12 per cent from January 1.Speaking to ANI, Rajiv Agarwal, President of ACMA, "Cloth is one of the basic needs for humans. The hike in GST would affect the manufacturing and sale of textile goods. COVID-19-induced pandemic has adversely impacted the sale of textiles in India and affected our income."He further added, "I request Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to understand our pain and difficulties and ...

GST Council likely to meet early Jan, may discuss rate rationalisation

At the 45th GST Council Meeting in Lucknow on September 17, the Council had decided to rectify the inverted duty structure for footwear and textiles

After papad, cheese balls another food item to trigger GST dispute

The petitioner, Savencia Fromage & Dairy Pvt Ltd, argued for its inclusion under cheese which attracts a 12 per cent rate of GST

Fitment panel's GST recommendations may cause immediate spike in inflation

The 5% tax rate broadly covers most food items, so an increase here would directly impact the monthly grocery budget of households

Quitting without serving notice period? You may have to pay GST on salary

Employees liable to pay GST on salaries received in lieu of notice period, says an Advance Authority of Advance ruling

At Rs 1.31 trn, India's Nov GST collection second-highest in a month yet

The finance ministry said the April figures were linked to year-end revenues

GST rates and manufacturing growth

The capital goods component is especially important now in view of the mandated guidelines for installation of pollution control equipment

Top headlines: Int'l flights not from Dec 15; Nov GST mop up at Rs 1.31 trn

Business Standard brings you the top stories on Wednesday

A tough yarn for textiles: High input costs, GST expected to crimp margins

From January to November, yarn prices reportedly increased from Rs 220 per kg to around Rs 350

Maha has most GST dues pending with Centre, Cong says 'stepmom treatment'

The revelations came in response to a RTI query filed by activist Binod Agarwal from the Ministry of Finance, Under Secretary (State Taxes-II) and CPIO Mahendra Nath