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
Category: GST
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
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
aniltikotekar4sme.com 