Page 10 - Latest Updates on Goods and Services Tax
Govt likely to propose 18% GST on crypto mining, trading entities
Though the date for the next GST Council meeting has not been set, it could happen in March
 "Govt likely to propose 18% GST on crypto mining, trading entities")
Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers
At present, the transfer of 'Rights to Use' is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle
 "Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers")
Budget is visionary, will boost Make in India & Atmanirbhar Bharat plans
Union Budget 2022 seems to be a visionary and simplified budget showcasing the long term focus of the government to take India @75 to India@100
 "Budget is visionary, will boost Make in India & Atmanirbhar Bharat plans")
GST collection in Jan crosses Rs 1.3-trn mark for fourth time in FY22: Govt
Revenues for month of January 2022 were 15% higher than GST revenues in the same month last year and 25% higher than the GST revenues in January 2020
 "GST collection in Jan crosses Rs 1.3-trn mark for fourth time in FY22: Govt")
Bring natural gas under GST for PM's vision of gas-based economy: Industry
Natural gas is currently outside the ambit of GST, and existing legacy taxes
 "Bring natural gas under GST for PM's vision of gas-based economy: Industry")
Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand
Automobile dealers' body FADA has urged the government to reduce GST rates on two-wheelers to 18 per cent in order to generate demand in the segment.
 "Budget 2022: FADA seeks GST rate cut on two-wheelers to 18% to spur demand")
Implement uniform 18% GST rate on all auto components: ACMA
Industry body Automotive Component Manufacturers Association (ACMA) has urged the Centre to implement a uniform GST rate of 18 per cent on all auto components.
 "Implement uniform 18% GST rate on all auto components: ACMA")
How real is the GST boost?
The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply
 "How real is the GST boost?")
Father-son duo held by CGST department for fake ITC of Rs 22 crore
A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.
 "Father-son duo held by CGST department for fake ITC of Rs 22 crore")
Odisha records 43% growth rate in GST collection during December 2021
GST collection of Odisha has touched a collection of Rs 4080.14 crore during December 2021 as against Rs 2860.20 crore collected during December 2020 registering a growth of 43 per cent.
Restrictive GST rules take effect
Many changes in the GST laws have come into effect from the beginning of this year
Re-import of steel cylinders should be exempted from SIMS registration
See no reason to cover re-imports of such Indian origin goods under SIMS
 "Re-import of steel cylinders should be exempted from SIMS registration")
Avoid policy adventurism
New provisions will hurt the GST system
 "Avoid policy adventurism")
Meeting FY22 fiscal deficit target hinges on disinvestment proceeds
Savings in some departments may come to govt's aid
 "Meeting FY22 fiscal deficit target hinges on disinvestment proceeds")
IGST on ocean freight can't be imposed on importers, companies tell SC
They pleaded for quashing of a govt petition filed in the apex court against a Gujarat HC ruling that had declared IGST on ocean freight as violative of the Constitution
 "IGST on ocean freight can't be imposed on importers, companies tell SC")
The shovel returns
Housing down-cycle shaved more than 1 per cent from growth annually for nearly a decade; it is turning now
 "The shovel returns")
GST Council likely to meet early Jan, may discuss rate rationalisation
At the 45th GST Council Meeting in Lucknow on September 17, the Council had decided to rectify the inverted duty structure for footwear and textiles
 "GST Council likely to meet early Jan, may discuss rate rationalisation")
At Rs 1.31 trn, India's Nov GST collection second-highest in a month yet
The finance ministry said the April figures were linked to year-end revenues
GST rates and manufacturing growth
The capital goods component is especially important now in view of the mandated guidelines for installation of pollution control equipment
Committed to compensate states for 5 yrs for revenue loss due to GST: FM
The Centre is committed to compensate states for five years for the revenue loss due to GST implementation as provided in the statute, Finance Minister Nirmala Sitharaman said on Tuesday.
 "Committed to compensate states for 5 yrs for revenue loss due to GST: FM")