Input tax credit under the goods and services tax framework allows businesses to set off tax paid on raw materials or input services against future
Category: GST
GST applicable on sublet accommodation, rules Karnataka AAR – The Economic Times
In a case involving about 42 single rooms having been sublet by a tenant to students for periods ranging between three months to 11 months,
Tax tweaks can spur economic revival | Business Standard Column
These are extremely challenging times, and collective efforts by the government and industry would be required to bring the economy back on track With most
GST relief 2.0: Govt can provide relaxations with respect to certain measures under GST – The Financial Express
Current relaxations, prospective exemptions, and time taken to restore normalcy may depress tax collections. An increase in the tax rate of certain goods can compensate
Procedural relief to GST payers, but experts say no substitute for financial package – The Financial Express
The e-way bill generated on or before March 24 and expiring during the March 20-April 15 period would now be valid till May 31. Additionally,
Delhi HC allows all GST assessees to claim due transitional credit till June 30 – The Hindu BusinessLine
Ruling will not only benefit petitioner but all affected assessees In what could be seen as a big relief for businesses, the Delhi High Court
Don’t eulogise GST for what it isn’t | Business Standard Column
Regarding revenue realisation, there was a huge expectation that GST would lead to checking of leakage of revenue Both industry and government made too many
gst: Covid-19: Revival of economy through tax measures – The Economic Times
The government (GoI) has so far been very supportive and empathetic towards businesses and was quick to respond through delayed application of few amendments introduced
GST audit guidelines need to be reviewed to include video conferencing: Experts – The Financial Express
As per the current goods and services tax (GST) audit guidelines, taxpayers have been broadly categorised into three groups based on their annual turnover —
GST collections may show negative growth into September, says GIFT study – The Hindu BusinessLine
Goods and Services Tax (GST) collections may likely witness a slow or even negative growth rate for at least six months from March due to
Why GST exemption is a bad idea–Times of India
To fight the Covid-19-instigated economic devastation, GoI and RBI have stepped in with incentives, cash doles and monetary policy support. Industry in India, like its
Government defers release of April GST collection data – The Economic Times
Summary As per convention, the government releases GST revenue collection number on the basis of cash collection in a particular month. However, with the situation arising
States seek GST compensation beyond 2022 to tide over Covid-19 crisis – The Economic Times
State finance ministers, during a video conference on Monday, also discussed issues arising out of the lockdown, including the urgent requirement of some form of
GST, GAAR reporting delayed till March 2021 amid coronavirus outbreak | Business Standard News
The I-T Dept had, in 2018, changed the tax audit form 3CD, seeking details under GST as well as GAAR, which seeks to prevent firms
6-month GST payment freeze for worst-hit sectors, a lower rate for realty among Covid options mulled – The Economic Times
Other proposals include switch to a cash-based tax system from current invoice-based one. India is considering a goods and services tax (GST) relief package to
Subsume multiple levies into GST to cut tax burden on mining sector: Ficci – The Economic Times
Underlining multiple challenges coupled with disruptions due to coronavirus lockdown, Ficci has also sought deferment of royalty and contributions to DMF and the National Mineral
Tax relief for recovery: GST concessions can go a long way in supporting businesses – The Financial Express
The post-Covid economic scenario will be extremely cost-sensitive. Seamless flow of ITC can greatly reduce cost stress. During lockdown, companies will still incur routine expenses
GST rates and the medical devices industry | Business Standard Column
Let us use the GST rate regime to build up a strong domestic industry in sectors like pharmaceuticals and medical devices that can play to
Move petroleum to GST: The time is now | Business Standard Column
The 2016 game-changing constitutional amendment to facilitate introduction of GST was described as a “grand-bargain”. The states agreed to “cede” their exclusive sovereignty to tax supply of
Businesses can claim GST refund for cancellation of services, goods contract; aviation sector to benefit | Business News,The Indian Express
In a move that would benefit the aviation and hospitality sectors, which have seen mass cancellation of bookings due to the nationwide coronavirus lockdown, the Central
