Clipped from: https://timesofindia.indiatimes.com/city/cuttack/odisha-finance-department-gst-fraud-thrives-on-greed-of-poor/articleshow/82853586.cms CUTTACK: The state finance department’s commercial taxes & GST wing has claimed before the Orissa high court that the racket involved in mass fraud in
Category: GST
GoM on Covid items should focus on people’s interests | Business Standard Column
Clipped from: https://www.business-standard.com/article/opinion/gom-on-covid-items-should-focus-on-people-s-interests-121060700010_1.html The GoM will give its findings by June 8 and the GST Council will take suitable decisions soon. Last Monday, the Supreme Court
Should taxes on petro products be reduced? – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/opinion/should-taxes-on-petro-products-be-reduced/article34701363.ece The govt cannot afford to as it spends a huge amount on crude oil imports and petro goods are a healthy source of
Changing GST rates for Covid-supplies no panacea – The Financial Express
Clipped from: https://www.financialexpress.com/opinion/changing-gst-rates-for-covid-supplies-no-panacea/2263326/ The solution lies in ensuring adequate supply and not making ad hoc changes to GST rates As there is market failure due to
The great Indian tax paradox: Can the tax mop-up keep its pace in the current fiscal? – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/finance/the-great-indian-tax-paradox-can-the-tax-mop-up-keep-its-pace-in-the-current-fiscal/articleshow/83265391.cmsSynopsis Augmenting tax collection is critical. If the pandemic continues, pro-poor schemes will need more resources. Ramping up the heath infrastructure to prepare for
GST revenue down 27% in May at Rs 1.02 lakh cr–business today
Clipped from: https://www.businesstoday.in/current/economy-politics/gst-revenue-slips-to-rs-102-lakh-crore-in-may/story/440921.html May GST revenue is 65 per cent higher than GST revenue in the same month last year. GST revenue had plummeted to Rs
Do not politicise GST Council: Finance Minister Nirmala Sitharaman | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/do-not-politicise-gst-council-finance-minister-nirmala-sitharaman-121060500003_1.html The government is conscious of the intensity of the second wave of Covid-19 and is assessing its full impact before coming out with
Excise duty mop-up up by 62% in FY21, highest during Modi regime – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/excise-duty-mop-up-up-by-62-in-fy21-highest-during-modi-regime/article34719631.ece Petrol, diesel shore up govt’s revenues to ₹3.89-lakh crore The Centre has collected over ₹3.89-lakh crore through central excise duty during FY21; this
SME Chatroom: ‘No GST on expenses incurred as pure agent’ | Business Standard News
Clipped from: https://www.business-standard.com/article/sme/sme-chatroom-no-gst-on-expenses-incurred-as-pure-agent-121053100884_1.html You need not include the costs and expenses you incur as a ‘pure agent’ in the value of taxable supplies, provided you fulfil
Levying of IGST on Oxygen concentrators imported for personal use or as a gift to resume – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/levying-of-igst-on-oxygen-concentrators-imported-for-personal-use-or-as-a-gift-to-resume/article34707463.ece The Supreme Court stayed the Delhi High Court decision to quash the May 1 notification that prescribes IGST at 12 per cent on
Ministry notifies amendment in GST law for levying interest on net cash liability – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/finance-ministry-notifies-amendment-in-gst-law-for-levying-interest-on-net-cash-liabilty-wef-july-1-2017/article34707667.ece Taxpayers who have already paid interest on gross liability can seek refund The Finance Ministry notified amendment in Central Goods and Services Tax
E-way bill generation slows 35% over April – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/e-way-bill-generation-slows-35-over-april/article34702234.ece?homepage=true …but some recovery seen during last 15 days, overall mobility also improved The average E-way bill generation in May dropped to nearly 35
Taxability of annuity on road construction still a grey area – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-taxability-of-annuity-on-road-construction-still-a-grey-area/articleshow/83112950.cmsSynopsis In its recent meeting the Council had clarified that annuity paid for ‘service by way of access to a road or a bridge’
Compliance relaxations, late fee rationalisation to help small taxpayers – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/gst/gst-compliance-relaxations-late-fee-rationalisation-to-help-small-taxpayers/articleshow/83113630.cmsSynopsis For monthly and quarterly returns to be filed in the future, the late fee has been capped at Rs 500 for returns with
Decision deferred in deference to public – The Economic Times
Clipped from: https://economictimes.indiatimes.com/opinion/et-editorial/decision-deferred-in-deference-to-public/articleshow/83094003.cmsSynopsis The marginal benefit to individual Covid patients from scrapping tax is likely to be smaller than the loss to the collective from the
More misses than hits | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/more-misses-than-hits-121053000911_1.html GST Council should have addressed pressing issues The council that oversees goods and services tax (GST), the GST Council, met last Friday amid concern about
GST Council refers composition scheme for ice cream makers back to Fitment Committee – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/gst-council-refers-composition-scheme-for-ice-cream-makers-back-to-fitment-committee/article34683284.ece ‘Given the high value addition, the revenue implication is significant’ The ice cream sector will have to wait to be included in the
GST Council proposes amnesty scheme for small, medium taxpayers: Highlights – Times of India
Clipped from: https://timesofindia.indiatimes.com/business/india-business/gst-council-exempts-import-of-relief-items-highlights/articleshow/83037115.cms NEW DELHI: The 43rd GST Council on Friday took several key decisions including exemption of duty on import of Covid-19 related items, and
GST Council likely to exempt govt depts, local authorities from e-invoicing | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-council-likely-to-exempt-govt-depts-local-authorities-from-e-invoicing-121052701702_1.html The Council is meeting today to discuss issues such as rates on Covid-related supplies The e-invoicing system, aimed to plug revenue leakages and
GST Council may correct the inverted duty structure for textiles, footwear industries – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/gst-council-may-correct-the-inverted-duty-structure-for-textiles-footwear-industries/article34652138.ece Leading to higher refunds, affecting govt revenues The GST Council meeting on Friday is expected to take a call on removing the anomaly
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