Page 12 - Latest Updates on Goods and Services Tax
GST mop up tops Rs 1 trn for third straight month; at Rs 1.17 trn in Sep
The revenues for the month of September 2021, are 23 per cent higher than the GST revenues in September 2020.
 "GST mop up tops Rs 1 trn for third straight month; at Rs 1.17 trn in Sep")
Field officers are recovering GST without notice: Industry experts
In the recent instruction, the GST investigation wing asked the field formation to issue showcause notices well before the last date, so that the probe can be completed
 "Field officers are recovering GST without notice: Industry experts")
Ministerial panels to review GST exempt list, identify evasion sources
The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems.
Inter-co managerial/leadership services to attract 18% GST
Managerial and leadership services by corporate office to its group companies/construction sites registered in different states would attract 18 per cent GST, Maharashtra bench of AAR has ruled
 "Inter-co managerial/leadership services to attract 18% GST")
Regaining fiscal balance
GST rate restructuring will be critical for consolidation
IT-BPM industry welcomes GST clarification on intermediaries
This is a long-standing issue between the IT-BPM industry and the government
 "IT-BPM industry welcomes GST clarification on intermediaries")
GST on ice cream parlours may lead to litigation, say experts
The Council said ice cream parlours would draw 18% GST
 "GST on ice cream parlours may lead to litigation, say experts")
Structural changes in GST
Correction to revenue-neutral rate must not be delayed
 "Structural changes in GST")
States slam FM plan to not extend GST compensation after June 2022
Opposition-ruled states saymatter was deferred for further discussions during Friday's meeting
 "States slam FM plan to not extend GST compensation after June 2022")
Come Jan 1,non-filers of monthly GST return to be barred from filing GSTR-1
Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year.
 "Come Jan 1,non-filers of monthly GST return to be barred from filing GSTR-1")
Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted
GST Council decides against inclusion of petroleum
 "Swiggy, Zomato to pay GST from Jan; expensive life-saving drugs exempted")
Compensation cess and petroleum to fire up GST Council meeting
The Centre is likely to convey that GST revenues would do better than expected this year and a compensation cess of Rs 1 trillion would be released to states
 "Compensation cess and petroleum to fire up GST Council meeting")
Next steps for GST Council
It should address issues with a longer-term view
 "Next steps for GST Council")
GST Council may deliver blow to food-delivery operators Swiggy, Zomato
Many restaurants are not depositing GST, while some are not even registered
 "GST Council may deliver blow to food-delivery operators Swiggy, Zomato")
Coconut oil in less than 1-litre bottle may soon attract 18% GST
Coconut oil sold in a container of 1,000 ml or above would be taxed as edible oil and attract 5 per cent GST
Top headlines: Tata Sons AGM today, GST Council meet on Friday
Business Standard brings the top headlines of the day
 "Top headlines: Tata Sons AGM today, GST Council meet on Friday")
GST Council meet on Friday: Profiteering cases likely to go to CCI
The Council will also discuss bringing petroleum products within the GST ambit
 "GST Council meet on Friday: Profiteering cases likely to go to CCI")
GST Council may allow intra-state pharma cess, discuss states' dues
It may discuss extending the compensation cess for states beyond 2022
 "GST Council may allow intra-state pharma cess, discuss states' dues")
GST Council may take up proposal for cutting rate on steel scrap to 5%
The GST rate on other kinds of scrap such as plastic, rubber, and wood has already been reduced from 18% to 5%
 "GST Council may take up proposal for cutting rate on steel scrap to 5%")
Hit by GST recovery notices and summons, industry calls for help
GST authorities are issuing notices containing denial of input tax credit and in many cases they are blocking the entire input tax credit, even if only one vendor fails to deposit GST
 "Hit by GST recovery notices and summons, industry calls for help")
