Page 79 - Gst

GST Council must realise that lower rates lead to better compliance

The finance minister, as the Council's Chairperson, must convince states to bring more items down from the 18 percent and 28 percent slabs.

Madras High Court quashes part of CBIC circular on fish meal

This circular had clarified an earlier circular, issued a few days ahead of the roll out of GST from July 1, 2017

PHD chamber urges GST Council to rationalise rates in next meeting

Industry body PHDCCI on Saturday urged the GST Council to rationalise rates, stating that the current rates are not in sync with the demand creation and employment generation in the country

Meeting of Group of Ministers on GST rate rationalisation deferred

A meeting of the panel of state finance ministers looking into GST rate rationalisation has been deferred, sources said. The Group of Ministers (GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, also includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, and Bihar Deputy Chief Minister Tarkishore Prasad. It has met twice so far and was scheduled to meet on November 27 to consider recommendations of the Fitment committee regarding GST rate and slab changes. Sources said the meeting has been deferred and the GoM would submit its report to the GST Council, chaired by the union finance minister and comprising state counterparts. The Council, which meets once every quarter, is slated to meet next month. Sources had earlier said the Fitment committee, comprising tax officers from states and the Centre, has made many "sweeping" recommendations regarding slab and rate changes and taking items out of the exemption list. All

5% GST on auto-rickshaw services provided through e-commerce platforms

Auto-rickshaw services provided through e-commerce platforms would attract 5 per cent GST from January 1, 2022

Income tax department exempts e-auctioneers from 1% TDS

The department clarified that when these taxes are separately disclosed on invoices, then they have to be deducted before calculating the TDS

Producers' association writes to Sitharaman to abolish GST on film industry

The association, in its letter addressed to the FM, requested Sitharaman to consider "the pain and agony" the industry is going through

GST notification to correct tax anomaly in textiles: FM

Industry says will benefit only a chosen few

GoM to meet on Nov 27 to finalise report on GST rate rationalisation

Sources said the Fitment committee, comprising tax officers from states and the centre, has made many "sweeping" recommendations

Kerala FM fires salvo at Centre over fuel surcharge, says GoM meet Nov 27

Will raise state woes on 15th finance commission at GST Council

GST notification to correct tax anomaly in textiles: FM Sitharaman

Industry says will benefit only a chosen few

We will be net debt free by July 2022, says JSPL's MD V R Sharma

"Our main interest is not inorganic growth, it is brownfield expansion," said Sharma

'Uniform rate of 12% for MMF textiles sector to reduce compliance burden'

Removal of inverted tax structure on MMF Textiles value chain and uniformity of rates brings relief to textiles sector, says govt

Industry divided over 12% uniform GST rate on apparel and footwear

Large manufacturers and retailers are mostly happy as move addresses issue of inverted duty structure; some others see it as hurting small units, along with retailers and customers

Finance Ministry notifies 12% GST rate on MMF, yarn, fabrics from Jan 1

The finance ministry has notified uniform 12 per cent GST rate on manmade fibre, yarn, fabrics and apparel, thereby addressing the inverted tax structure in the MMF textile value chain

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