Gst2.0

MoS Finance likely to be convenor of GoM on GST compensation cess

The Group of Ministers on reworking the nomenclature for GST compensation cess is likely to be convened by Union Minister of State for Finance Pankaj Chaudhary and include members from states, an official has said. The official further said the Terms of Reference (ToR) and the members of the GoM are in the process of getting finalised. "The GoM will have to suggest how the cess collected on demerit and luxury goods will be apportioned between Centre and states and suggest the legal changes that would be required to enforce the change," the official said. The members of the Group of Ministers (GoM) on GST compensation cess are in the process of being decided. But, since the issue is with regard to cess, which is collected by the Centre, and its apportionment, the GoM would have a member from the Centre as well, the official explained. Generally, the senior-most member of the GoM is made its convenor. So, the Union Minister of State for Finance is likely to be the convenor of the GoM

Information asymmetry

GST data must be released

Heatwave grip on May consumption, base-year effect cool GST growth

Analysts suggest that while this does not signify a slowdown, it indicates a moderation in consumption, likely influenced by severe heatwave conditions prevailing in the country during May

GST Day 2024: Check date, history, significance, quotes and more

GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments

Major GST relief for foreign holding cos in intra-loan transactions

18% GST on additional fees, other considerations on providing loans

7 years of GST: Balancing tech & transformation

The time has come to usher in GST 2.0

SC asks Centre to furnish details on notices, arrests done under GST Act

The Supreme Court has asked the Centre to furnish details of issuance of notices and arrests done under the provisions of the Goods and Services Tax, saying it may interpret the law and lay down appropriate guidelines to avoid any harassment of citizens by depriving their liberty. A special bench of Justices Sanjeev Khanna, MM Sundresh and Bela M Trivedi, which is hearing a batch of 281 petitions challenging various provisions of the GST Act, Customs Act and the provisions of PMLA, voiced concern over the ambiguity in section 69 of the GST Act that deals with the powers of arrest. The bench said it would interpret the law to "strengthen" the liberty, if need be, but not allow citizens to be harassed. "You furnish the data on notices issued and arrests made under the GST Act for alleged defaults of Rs 1 crore to Rs 5 crore respectively for the past three years. There can be harassment of people and we won't permit that. If we find there is ambiguity in the provision, we will set it .

Winter Session: After disruptions, suspensions, Parl to reconvene today

As the session resumes at Rajya Sabha, Union Finance Minister Nirmala Sitharaman will move for leave to introduce a Bill to amend the Central Goods and Services Tax Act, 2017

To encourage helmet usage, IRF submits proposal to make them GST-free

Section 129 of the Central Motor Vehicle Act, 1988 mandates the wearing of helmets for all two-wheeler riders

Union govt extends tenure of CBDT Chairman Nitin Gupta by nine months

The Union government gave a nine-month extension in service "on contract basis" to CBDT Chairperson Nitin Gupta on Saturday, the day of his scheduled retirement. Gupta (60), a 1986-batch Indian Revenue Service (IRS) officer of the Income-tax department, was appointed the Central Board of Direct Taxes (CBDT) head in June last year. He was scheduled to retire on September 30. The government order said the Appointments Committee of the Cabinet (ACC) has approved the re-appointment of Gupta as the CBDT Chairman on a contract basis, with effect from 1.10.2023 till 30.06.2024, or until further orders, whichever is earlier, in relaxation of the recruitment rules, on usual terms and conditions applicable to re-employed central government officers. The CBDT is the apex policy-making body for the Income-tax department. It is headed by a chairman and can have six members who are in the rank of special secretary.

Creating industrial hubs, implementing single GST crucial for MSMEs: Rahul

Creating industrial hubs and implementing a single GST rate are imperative measures to shield MSMEs which collectively possess the power to drive India's growth engine, Congress leader Rahul Gandhi said on Sunday as he shared a video of his recent visit to a chocolate-making factory in Ooty. Gandhi had visited "one of Ooty's most celebrated brands" Moddys Chocolates earlier this month while on his way to his parliamentary constituency Wayanad after his Lok Sabha membership was restored. Nestled amidst the picturesque Nilgiris lies a globally renowned Indian industry -- the chocolate-makers of Ooty, a statement issued by the Congress said. "On my way to Wayanad, recently, I had the delightful experience of visiting one of Ooty's most celebrated brands: Moddys Chocolates. The entrepreneurial spirit of the couple behind this small business, Muralidhar Rao and Swati, is inspiring," Gandhi was quoted as saying in the statement. Equally remarkable is the all-women team which works ...

GSTN seeks firm to prepare roadmap for transitioning IT systems to GST 2.0

With Infosys' contract for providing technology support for Goods and Services Tax (GST) ending in September 2024, GST Network (GSTN) has started scouting for a consultancy firm to prepare the bid document for selection of a new service provider and a roadmap for transitioning the system capacity to the next level -- GST 2.0. The consultancy firm would have to ensure a competitive bidding process and a seamless transition of the IT service backbone of GSTN to another technology company, who would be providing the software and hardware required in GST systems for the next seven years beginning October 1, 2024. The scope of work of the consultancy firm would include preparing a request for proposal (RFP) document by evaluating the present system, based on the experience of the GST technology system of the past seven years, and provide a roadmap for enhancement and operations for the next contract period. Indirect tax reform, GST, was introduced in India on July 1, 2017. Prior to the

Govt stands firm on its decision to levy 28% GST on e-gaming, casinos

The government officials clarified that so long as money is involved in a game, govt will make no distinction between a game of skill and a game of chance

Construction of jetty at Fort Kochi to attract concessional 12% GST: AAR

AAR did not rule on whether contractors engaged for the project are eligible for 12% GST

Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles

The industry has sought 5 per cent GST on flex-fuel two-wheelers and a price guarantee on fuel for flex-fuel vehicles

SC ruling on user development fee provides guidance for GST, tax on royalty

The SC had held that UDF collected by the DIAL is in the nature of statutory levy and the same would not be taken as consideration against any services

India reimposes windfall tax on crude oil, levy on diesel exports scrapped

Latest move to reimpose windfall tax on crude oil means that now only domestically produced crude oil will attract a windfall tax of Rs 6,400 per tonne while petrol, diesel and ATF will remain exempt

I-T Dept sends 8,000 notices to taxpayers who claimed exemption for charity

The people who have been served notices include salaried employees, self-employed individuals, and companies

Appeal by firm can be heard even without certified copy of order: HC

Earlier, an appellate authority under the GST regime had rejected the appeal on the ground that it was not accompanied by a certified copy of the order against which the appeal was filed

Govt specifies retail price based GST cess rate for pan masala, tobacco

The government has specified the retail sale price-based GST cess rate that would be levied on pan masala and tobacco manufacturers with effect from April 1. This is a departure from the earlier regime that imposed cess, over and above the 28 per cent Goods and Services Tax (GST) rate on ad-valorem basis. As per a finance ministry notification dated March 31, the GST cess rate that would be applicable on pan masala is 0.32 times the retail sale price (RSP) of the pan masala pouch. Pan masala, containing tobacco gutkha, now has a cess rate of 0.61 times the RSP, while the rate for smoking mixtures for pipes and cigarettes is 0.69 times. Chewing tobacco , filter khaini, and jarda scented tobacco attract a cess of 0.56 times the RSP, and the rate for branded unmanufactured tobacco and hookah or gudaku is 0.36 times the RSP. The new rates are applicable from April 1, 2023. Moving to RSP-based levy would mean that manufacturers would now have to pay the cess on the final retail price o