Page 81 - Gst

IT-BPM industry welcomes GST clarification on intermediaries

This is a long-standing issue between the IT-BPM industry and the government

Supplies to IT/ITeS parent firms eligible for refunds, clarifies CBIC

The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad

GST panel to consider giving waiver on one day interest, late fee

As some taxpayers faced difficulties in filing GST return on Monday, the tax department on Tuesday said the IT grievance redressal committee would consider giving interest and late fee waiver

GST Council extends concessions on certain Covid drugs till Dec 31: FM

The all-powerful GST Council on Friday extended concessional tax rates on certain Covid-19 drugs by three months till December 31

GST Council meet on Friday: Profiteering cases likely to go to CCI

The Council will also discuss bringing petroleum products within the GST ambit

No GST on back-office sector, says govt in intermediary services dispute

More than 200 companies are involved in disputes over the definition of intermediary services, says report.

GST on ice cream parlours may lead to litigation, say experts

The Council said ice cream parlours would draw 18% GST

SME Chatroom: 'ITC available based on IGST payment shown in bill of entry'

In the case of related party transactions, where contemporaneous imports/exports are not available, the matter goes to the Special Valuation Branch for further investigations

Structural changes in GST

Correction to revenue-neutral rate must not be delayed

Quick analysis of petroleum's contribution to Centre and states' exchequer

Petroleum's share of taxes not included in GST rose to 20% in FY20. While 40% of this should go to the states, the Centre has been raising cess on petroleum, which isn't shared with states

States slam FM plan to not extend GST compensation after June 2022

Opposition-ruled states saymatter was deferred for further discussions during Friday's meeting

Come Jan 1,non-filers of monthly GST return to be barred from filing GSTR-1

Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year.

Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted

GST Council decides against inclusion of petroleum

Compensation cess and petroleum to fire up GST Council meeting

The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states

Next steps for GST Council

It should address issues with a longer-term view

Will GST be structurally overhauled at the Council's meeting in Lucknow?

Apart from fewer slabs, the council will do well to take on issues like bringing petroleum under GST, addressing conflicting rulings of AARs and the issue of compensation to states beyond 2022

GST Council may deliver blow to food-delivery operators Swiggy, Zomato

Many restaurants are not depositing GST, while some are not even registered

Coconut oil in less than 1-litre bottle may soon attract 18% GST

Coconut oil sold in a container of 1,000 ml or above would be taxed as edible oil and attract 5 per cent GST

GST Council to weigh bringing fuel under indirect tax regime: Report

Any change to the GST system would require approval by three-fourths of the panel, which includes representatives from all states and territories

GST Council may allow intra-state pharma cess, discuss states' dues

It may discuss extending the compensation cess for states beyond 2022