Page 13 - Latest Updates on Goods and Services Tax
Papad, irrespective of shape, is exempt from GST, CBIC clarifies
Papad, by whatever name known, is exempt from the GST and the tax rate does not vary based on its shape, the CBIC has clarified.
 "Papad, irrespective of shape, is exempt from GST, CBIC clarifies")
GST collection in August at over Rs 1.12 trillion: Govt
Govt says the robust GST revenues are likely to continue in the coming months too
 "GST collection in August at over Rs 1.12 trillion: Govt")
K'taka CM demands extension of GST compensation to states for 3 more yrs
Basavaraj S Bommai on Thursday demanded the Centre to extend the GST compensation period to states beyond 2022, for three more years
 "K'taka CM demands extension of GST compensation to states for 3 more yrs")
R C Bhargava, Venu Srinivasan face off with govt on auto GST rate
Sales of commercial vehicles in FY21 were the worst in 11 years; for three-wheelers, they were the lowest in 19 years
 "R C Bhargava, Venu Srinivasan face off with govt on auto GST rate")
States' tax revenues lower than two years ago as demand for spending rises
An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower
 "States' tax revenues lower than two years ago as demand for spending rises")
Apr-June net GST collections at 26.6% of budget estimates: Govt
The government has achieved 26.6 per cent of the budget estimates for GST collections in the first three months of the current fiscal, Parliament was informed on Monday.
GST officers detect Rs 4,000 cr of Input Tax Credit fraud in Apr-Jun
GST officers detected over Rs 4,000 crore of Input Tax Credit (ITC) fraud in June quarter 2021-22, Parliament was informed on Monday.
BS Number Wise: Tax mop up shines through fragile recovery
Direct-tax-to-GDP ratio in the first quarter of 2021-22 increased to 5.14 per cent, compared with 3.29 per cent over the last two years
 "BS Number Wise: Tax mop up shines through fragile recovery")
India PMI manufacturing up at three-month high in July as lockdowns ease
Jumps to 3-month high after June contraction; marginal rise in jobs
 "India PMI manufacturing up at three-month high in July as lockdowns ease")
GST collection recovers to a 3-month high of Rs 1.16 trn in July
On a year-on-year basis, the July GST collection witnessed a 33 per cent jump
 "GST collection recovers to a 3-month high of Rs 1.16 trn in July")
Securing India's fiscal health
Govt should prepare for medium-term challenges
 "Securing India's fiscal health")
Businesses can now self-certify GST returns, instead of mandatory CA audit
GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said
 "Businesses can now self-certify GST returns, instead of mandatory CA audit")
Centre to clear pending GST compensation in instalments: Karnataka CM
Karnataka Chief Minister Basavaraj Bommai has said the Centre has agreed to give last year's pending GST compensation of Rs 11,400 crore at the earliest in instalments.
 "Centre to clear pending GST compensation in instalments: Karnataka CM")
Sitharaman as FM: Some positive surprises, a few works in progress
Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan
Centre frontloads Rs 75,000 crore to states as GST compensation
Move to help state govts spur capex amid pandemic
No FTA with nations you have armed conflict with: Fin secy on RCEP decision
Somanathan said that a dose of carefully calibrated tariff protection for select sectors showing potential may be desirable
 "No FTA with nations you have armed conflict with: Fin secy on RCEP decision")
SME CHATROOM: Third-party payment allowed for imports subject to conditions
Notification No. 66/2017 exempts all suppliers of goods who have not opted for composition scheme, from payment of GST on advances received
 "SME CHATROOM: Third-party payment allowed for imports subject to conditions")
Banker's Trust: Has crony capitalism hijacked bad loan resolution?
If bankers move fast and preserve the enterprise value of defaulting companies, recovery rate will improve even as the new insolvency law, much like the GST, remains a work in progress
GST probe busts firms for 'fake' input tax credit invoices worth Rs 91 cr
GST officers have busted a network of 23 entities involved in creation of fake invoices worth Rs 551 crore and passing inadmissible input tax credit worth Rs 91 crore.
Covid impact: June GST collection falls below Rs 1 trn-mark after 8 months
With reduction in caseload and easing of lockdowns, the e-way bills generated during June indicates recovery of trade and business, says govt
 "Covid impact: June GST collection falls below Rs 1 trn-mark after 8 months")