Page 11 - Latest Updates on Goods and Services Tax
About Rs 52,000 cr GST compensation pending to states till Sept: FinMin
Nearly Rs 52,000 crore of GST compensation was due to the states as of September 2021, Parliament was informed on Monday.
 "About Rs 52,000 cr GST compensation pending to states till Sept: FinMin")
Income tax department exempts e-auctioneers from 1% TDS
The department clarified that when these taxes are separately disclosed on invoices, then they have to be deducted before calculating the TDS
GST notification to correct tax anomaly in textiles: FM
Industry says will benefit only a chosen few
'Uniform rate of 12% for MMF textiles sector to reduce compliance burden'
Removal of inverted tax structure on MMF Textiles value chain and uniformity of rates brings relief to textiles sector, says govt
NPE targets, GST correction may push cellphone production by $15 bn: ICEA
The National Electronics Policy 2019 had set a target to create a USD 400 billion electronics manufacturing ecosystem by 2025
 "NPE targets, GST correction may push cellphone production by $15 bn: ICEA")
Bringing petroleum products under GST to cut taxes on petrol, diesel: Gadkari
The move would also increase the revenue of both the Centre and states, Union Minister Nitin Gadkari said on Wednesday
 "Bringing petroleum products under GST to cut taxes on petrol, diesel: Gadkari")
Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST
While regulatory uncertainty around cryptocurrencies continues, the tax department might be getting ready to tap into this new area. Here's what crypto and NFT investors need to know about taxation
 "Investing in cryptocurrencies, NFT? Soon, you may have to pay 18% GST")
Centre releases Rs 17,000 crore to states as GST compensation
With this, the total amount of compensation released to the states/UTs during 2021-22 so far is Rs 60,000 crore
GST collections may break all records soon: Revenue secretary Tarun Bajaj
Bajaj expects the collections to break the Rs 1.4-trillion record
 "GST collections may break all records soon: Revenue secretary Tarun Bajaj")
Centre releases Rs 44,000 cr as loan facility in-lieu of GST compensation
The Ministry of Finance made the announcement on Thursday
 "Centre releases Rs 44,000 cr as loan facility in-lieu of GST compensation")
GST shortfall: Centre releases Rs 1.6 trillion to states this fiscal year
This release of funds as back-to-back loans is in addition to the bi-monthly GST compensation being given out of cess collection.
Work in progress
GST must be reformed to achieve its potential
India's post-pandemic fiscal future
The post-pandemic fiscal future would also depend on the way government expenditure is directed
 "India's post-pandemic fiscal future")
AAR says no GST exemption for tourist vehicles carrying Covid patients
Experts described the decision as callous on front-line workers
Agencies may have to pay GST on service charges collected on govt's behalf
This follows a ruling by AAR Telangana on the matter, which also ruled that neither services provided by agency to govt, nor services provided on govt's behalf to businesses are exempt
SC stays GST on royalty paid by petitioner to state for mining rights
GST at the rate of 18 per cent is imposed on royalty given to the state governments for mining rights
GST rationalisation: Challenge and response
A revision of slab rates may create some disquiet, but, if cleverly crafted, it could be a game-changer for manufacturing
 "GST rationalisation: Challenge and response")
GST rate clarifications on cattle feed may lead to disputes
DDGS falls under the category of residues and will get similar treatment in terms of GST rate as is given to other residues
 "GST rate clarifications on cattle feed may lead to disputes")
Refund interest paid on ineligible input tax credit, says industry
The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation
GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels
The collection continues to exceed Rs 1 trillion mark for the third month showing clear signs of recovery
 "GST collection grows 23% to Rs 1.17 trn in Sep, surpasses pre-Covid levels")