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
Category: GST
GST revenue shortfall: Centre may have to borrow Rs 1.58 trillion | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-revenue-shortfall-centre-may-have-to-borrow-rs-1-58-trillion-121052700040_1.html Shortfall estimated at Rs 2.7 trn; Rs 1.1 trn may be met via cess collection Compensation cess is levied on a few items
Footwear, readymade garments likely to attract higher rates of GST | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/footwear-readymade-garments-likely-to-attract-higher-rates-of-gst-121052700012_1.html The fitment committee, which recommends rate changes to the Council, has proposed increasing the rate on footwear (less than Rs 1,000), readymade garments,
Liaison office connecting India biz with Dubai HO, an ‘intermediary’ under GST – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/news/national/liaison-office-connecting-india-biz-with-dubai-ho-an-intermediary-under-gst/article34648881.ece The Authorities for Advance Rulings (AAR) continue to give contrary rulings, with the latest one from Maharashtra. This ruling held the liaison office
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
Demerit Goods: Higher rates likely on pan masala and gutkha to curb tax evasion – The Financial Express
Clipped from: https://www.financialexpress.com/economy/demerit-goods-higher-rates-likely-on-pan-masala-and-gutkha-to-curb-tax-evasion/2259657/ The move is expected to help check massive tax evasion in these sectors. Currently, assorted tobacco items, pan masala and aerated water are
GST Council panel not for exempting Covid vaccines – Today’s Paper – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/article34645978.ece Fitment Committee for limited period rate cut onO2 device The GST Council’s Fitment Committee, which prepares proposals for rate revisions, is for keeping
GST Council meet on Friday; pvt fintech firms set to enter e-invoicing zone | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/gst-council-meet-on-friday-pvt-fintech-firms-set-to-enter-e-invoicing-zone-121052401577_1.html GST Council may green-light entry given disappointing progress The Goods and Services Tax (GST) Council on Friday will discuss bringing in private financial technology companies
GST Council unlikely to bite the bullet on fuels – Today’s Paper – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/todays-paper/article34637944.ece Officials say Centre, States facing revenue shortfall due to lockdowns, lower demand The GST Council, which is meeting on May 28, is unlikely
Rationalise rates | Business Standard Editorials
Clipped from: https://www.business-standard.com/article/opinion/rationalise-rates-121052300914_1.html GST Council must address the shortfall in collection After a few months of robust performance, goods and services tax (GST) collection is expected to be
Centre, states stare at Rs 2-trillion GST cess gap amid Covid-19 | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/centre-states-stare-at-rs-2-trillion-gst-cess-gap-amid-covid-19-121052400026_1.html The GST compensation of states is expected to widen to Rs 2.5-3 trillion in FY22 as against the cess collection of Rs 1
Levying IGST on imported oxygen concentrators for personal use ‘unconstitutional’: Delhi HC – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/levying-igst-on-imported-oxygen-concentrators-for-personal-use-unconstitutional-delhi-hc/article34617008.ece Division Bench quashes Finance Ministry notification issued on May 1 The Delhi High Court, on Friday, held that the imposition of Integrated Goods
Delhi HC: No IGST levy on oxygen concentrators imported for personal use – The Economic Times
Clipped from: https://economictimes.indiatimes.com/news/economy/policy/delhi-hc-holds-as-unconstitutional-imposition-of-igst-on-imported-oxygen-concentrators-for-personal-use/articleshow/82829692.cmsSynopsis The Delhi High Court has ruled that the government cannot levy integrated goods and service tax (IGST) on oxygen concentrators that are imported
FAITH urges Centre to review and rationalise GST on tourism value chain – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/economy/policy/faith-urges-centre-to-review-and-rationalise-gst-on-tourism-value-chain/article34606072.ece Say hospitality players must be allowed to get a refund of unutilised GST credit lying with State governments The Federation of Associations in
GST Council may take up plea on lowering general interest rates – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/gst-council-may-take-up-plea-on-lowering-general-interest-rates/article34599784.ece States believe falling interest rate regime justifies demand from all quarters The GST Council, which is meeting on May 28, is expected to
CBIC notifies changes in GST refund policy, revocation of cancelled registration – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/economy/policy/cbic-notifies-changes-in-gst-refund-policy-revocation-of-cancelled-registration/article34596504.ece Now, refund application can be withdrawn at any time prior to issuance of refund. Central Board of Indirect Taxes & Custom (CBIC) has
MSME body wants FM to extend GST deadlines – The Economic Times
Clipped from: https://economictimes.indiatimes.com/small-biz/sme-sector/msme-body-wants-fm-to-extend-gst-deadlines/articleshow/82728650.cmsSynopsis Kassia president KB Arasappa also requested the Finance Minister to take steps to see refunds were released on priority. Karnataka has been under
Daily e-way bill generation falls to one-year low | Business Standard News
Clipped from: https://www.business-standard.com/article/economy-policy/daily-average-e-way-bill-generation-in-may-falls-one-year-low-of-to-1-21-mn-121051701285_1.html GST mop-up likely to fall in May, June Photo: Shutterstock Fewer e-way bills have been generated in May so far, with the daily
Judiciary walks the talk on Taxpayers’ Charter – The Hindu BusinessLine
Clipped from: https://www.thehindubusinessline.com/business-laws/judiciary-walks-the-talk-on-taxpayers-charter/article34573636.ece As promised in the Taxpayers Charter, the IT department is committed to providing fair treatment and delivering professional assistance in all dealings with
Food items supplied under govt scheme to ITI trainees not to attract GST: AAR – The Hindu BusinessLine
lipped from: https://www.thehindubusinessline.com/economy/food-items-supplied-under-govt-scheme-to-iti-trainees-not-to-attract-gst-aar/article34572622.ece ‘ITI is institution providing education up to higher secondary level’ The supply of food items under government-sponsored schemes for students to institution such
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