Page 85 - Gst

Traders urge Finance minister, GST council to modify new GST notification

Trading community urged FM Nirmala Sitharaman and GST Council to withdraw certain provisions of the new GST notification issued a few days back

MSMEs, small dealers not to be affected by 1% cash GST payment rule

Small businesses and dealers will not be impacted by the new government rule of paying at least 1 per cent of GST liability in cash

45K entities to come under mandatory 1% cash payment of GST liability ambit

The new rule restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent effective January 1, 2021

Clampdown on fake bills: Rs 50 lakh a month biz to suffer 1% GST in cash

Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well

At least 1% GST dues to be paid in cash if monthly sales top Rs 5 mn

While calculating the turnover threshold, sales from GST exempt goods and zero rates supply would not be included

8th instalment of Rs 6,000 cr released to states to meet GST shortfall

The Ministry of Finance has released eighth weekly installment of Rs 6,000 crore to states to meet the Goods and Services Tax (GST) compensation shortfall.Of this, Rs 5,516.6 crore has been released to 23 states and an amount of Rs 483.4 crore has been released to the three union territories with legislative assembly (Delhi, Jammu & Kashmir and Puducherry) which are members of the GST Council.The remaining five states -- Arunachal Pradesh, Manipur, Mizoram, Nagaland and Sikkim -- do not have a gap in revenue on account of GST implementation, according to an official statement released on Monday.The government had set up a special borrowing window in October to meet the estimated shortfall of Rs 1.1 lakh crore in revenue arising on account of implementation of GST.The borrowings have been done in seven rounds. The amount has been borrowed this week at an interest rate of 4.1902 per cent. So far, an amount of Rs 48,000 crore has been borrowed by the Central government through the .

FICCI wants abolition of anti-profiteering provisions in GST law

This is to allow market forces to determine prices of goods and service

Govt extends deadline for completing GST anti-profiteering probe

The government has extended the deadline till March 31

Centre releases Rs 42,000 cr to states to meet GST compensation shortfall

The latest instalment of Rs 6,000 crore was released to the states on Monday

Exporters must carefully study GST notifications

The exporters need not give in to the unreasonable demands of the DRI.

Businesses to get fully auto-populated monthly sales return form GSTR-3B

Businesses will now get complete auto-populated monthly sales return form GSTR-3B, GST Network said

IIP grows 3.6% in Oct, touches 8-month high on consumer goods, electricity

The Index of Industrial Production (IIP) grew by 3.6 per cent in October on a year-on-year (YoY) basis compared to a 0.4 per cent expansion in the previous month

GST invoice fraud: 132 arrested, 163,000 registrations cancelled

In its drive to check fake firms GST field formations have cancelled 163,042 registrations in the month of October and November this year due to non-filing of GSTR-3B returns for more than six months

Delhi HC defers case on constitutional validity of NAA under GST system

No consensus on questions to be raised, court decides to hear them all

Top headlines: CIC structures on RBI's watch list; DLF to delve in Mumbai

From CIC structures of large groups on RBI's watch list to Pfizer working on cold storage issues to ensure temperature integrity, here are top headlines this morning

Notifications on GST exemptions puzzle exporters

On January 23, 2018, the exporters were barred from exporting on payment of IGST under refund claim if the supplier to the AA holder availed IGST exemption on his imports under his AA.

Centre's GST compensation formula gets approval from all states, UTs

Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre

Now Jharkhand also opts for the special window for GST compensation

With this, all states and 3 UTs choose the window set up by the Centre to borrow on behalf of states the shortfall arising out of GST implementation

Chhattisgarh opts for special window for GST compensation; Jharkhand left

Now all states, except Jharkhand, have opted for Centre's borrowing options. Recently, Punjab, Kerala and West Bengal also accepted Centre's proposal after much opposition

High GST on aircraft components forcing P&W to go abroad for maintenance

High GST rate on aircraft engine components has been forcing Pratt & Whitney to go abroad for engine maintenance despite having a collaboration with Air India's engineering subsidiary AIESL for the servicing, according to an industry source. Engine components attract as higher as 18 per cent goods and service tax (GST), which makes the business unviable in India, and the engine maker wants the government to bring it in parity with 5 per cent GST as in the case of aircraft components, the source said. In February, Pratt & Whitney (P&W), which has supplied its Geared Turbo Fan (GTF) engines in large numbers to IndiGo and GoAir for their Airbus A320neo family planes, inked a pact with Air India Engineering Services Ltd (AIESL) to service these engines at the latter's MRO facility in Mumbai. A P&W spokesperson in a statement to PTI, however, said that collaboration with AIESL remains strong, despite the challenges faced by the industry due to the coronavirus pandemic. "We .