Clipped from: https://www.financialexpress.com/economy/over-40000-gst-returns-for-2018-19-under-scrutiny/2601998/ The central tax authorities have booked thousands of cases involving fake ITC of over Rs 50,000 crore in the past one-and-half year. While
Category: GST
Removing GST bottlenecks and turbocharging MSMEs – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-commentary/view-removing-bottlenecks-and-turbocharging-msmes/articleshow/93037259.cms Synopsis A 2021 Small Industries Development Bank of India (Sidbi) survey showed that about 67% of MSMEs were closed for three months during
No need to distort the GST package – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/no-need-to-distort-the-gst-package/articleshow/93012976.cms Synopsis GST allows manufacturers to claim credit for the taxes paid on inputs and creates audit trails in the income and production chain.
GST: Understanding how the rules around tax on rent will apply to tenants | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-understanding-how-the-rules-around-tax-on-rent-will-apply-to-tenants-122072100921_1.html Businesses with a turnover of less than Rs 40 lakh per annum and salaried individuals are not required to pay the GST on
A lot needs to be done about GST: Ahluwalia – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/a-lot-needs-to-be-done-about-gst-ahluwalia/article65667352.ece Chief of Bureau The Hindu Business Line (Hyderabad) Richa Mishra along with her daughters presenting a memento to former deputy chairman of the
No need to distort the GST package – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/no-need-to-distort-the-gst-package/articleshow/93012976.cms Synopsis GST allows manufacturers to claim credit for the taxes paid on inputs and creates audit trails in the income and production chain.
Renting apartments gets costlier for companies with new GST rates in effect | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/renting-apartment-get-costlier-for-companies-with-new-gst-rates-in-effect-122072000598_1.html The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST) As the revised rates of GST after
CAIT to states: Withdraw 5% GST on unbranded food items | The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-cait-to-states-withdraw-5-gst-on-unbranded-food-items/2600745/ Ease of Doing Business for MSMEs: According to CAIT, 85 per cent of the country’s population buy unbranded items and hence, the decision
*Companies make over 25 kg packs to avoid 5% GST – The Economic Times
Clipped from: https://economictimes.indiatimes.com/industry/cons-products/fmcg/companies-make-over-25-kg-packs-to-avoid-5-gst/articleshow/92989805.cms Synopsis The CBIC on Sunday clarified that pre-packaged food items weighing more than 25 kg in a single packet would be exempted from
Nirmala Sitharaman: FM Nirmala Sitharaman clarifies on GST rates on certain items, says decision taken to curb tax leakage – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/fm-nirmala-sitharaman-clarifies-on-gst-rates-on-certain-items-says-decision-taken-to-curb-tax-leakage/articleshow/92979224.cms Synopsis Finance Minister Nirmala Sitharaman on Tuesday took to Twitter to clarify the decisions taken by the GST Council in its 47th meeting.
*******GST on Rental Income of a Residential House Property given to a registered person
Clipped from: https://taxguru.in/goods-and-service-tax/gst-rental-income-residential-house-property-registered-person.html?utm_source=feedburner&utm_medium=email GST Impact on Rental Income of a Residential House Property has given to a registered person (Under GST) under GST Law w.e.f. 18.07.2022.
*****Indian handset makers get Rs 20,000 cr tax bill: Industry players call it retrospective tax | The Financial Express
Clipped from: https://www.financialexpress.com/industry/indian-handset-makers-get-rs-20000-cr-tax-bill-industry-players-call-it-retrospective-tax/2598234/ Industry players said the tax has been levied from 2017 onwards and termed it a retrospective tax. Along with the assembly panels come
*******GST changes from Monday may put pressure on retail inflation: Experts | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-changes-from-today-to-put-pressure-on-retail-inflation-experts-122071800632_1.html Falling global commodity prices may neutralise the impact, say experts Retail price inflation moderated to 7.01 per cent in June, from 7.04 per
*******Single package of cereals, pulses, flour etc. weighing more than 25 kg not to attract GST – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/single-package-ofcereals-pulses-flour-etc-weighing-more-than-25-kg-not-to-attract-gst/article65653034.ece CBIC issues clarification on GST for pre-packaged commodity in a set of Frequently Asked Questions Central Board of Indirect Taxes & Custom (CBIC)
Changes proposed in disclosure of ITC in Table 4 of GSTR-3B–TAXGURU.IN
Clipped from: https://taxguru.in/goods-and-service-tax/proposed-disclosure-itc-table-4-gstr-3b.html?utm_source=feedburner&utm_medium=email After the introduction of GSTR-2B and auto population of figures in GSTR-3B, there has been greater accountability on the taxpayer to ensure that
*******Exempting pre-packed pulses, cereals, other food items above 25 kg from GST big relief for wholesalers: CAIT | The Financial Express
Clipped from: https://www.financialexpress.com/industry/sme/msme-eodb-exempting-pre-packed-pulses-cereals-other-food-items-above-25-kg-from-gst-big-relief-for-wholesalers-cait/2597422/ Ease of Doing Business for MSMEs: According to FAQs issued by CBIC on Sunday, only pre-packed and labelled food items such as pulses,
*******CBIC clarifies ambiguity on GST on pre-packaged items, new rates from Monday – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/cbic-clarifies-ambiguity-on-gst-on-pre-packaged-items-new-rates-from-monday/articleshow/92940746.cms Synopsis Also the clarification said that if several packages intended for retail sale to the ultimate consumer, say 10 packages of 10 Kg
*Pay 5% GST on pre-packed, labelled food items, hospital rooms above ₹5,000 from Monday – The Hindu
lipped from: https://www.thehindu.com/business/pay-5-gst-on-pre-packed-labelled-food-items-hospital-rooms-above-5000-from-monday-july-18-2022/article65650139.ece?homepage=true Hotel rooms with tariff of up to ₹1,000/day, maps and charts, including atlases, will attract a 12% GST File photo for representation. Hotel
*****Hospital room rent to become costlier as GST applicable from July 18 – The Economic Times
Clipped from: https://economictimes.indiatimes.com/wealth/tax/hospital-room-rent-to-become-costlier-as-gst-applicable-from-july-18/articleshow/92898194.cms Synopsis The Goods and Services Tax (GST) council in its last meeting held on June 28-29, 2022, decided to expand the tax base
*****Draft paper released on changes to GSTR-3B – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/draft-paper-released-on-changes-to-gstr-3b/articleshow/92907769.cms Synopsis The draft, approved by the GST Council in its 47th meeting held last month, has incorporated many recommendations by the industry such
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