Page 16 - Latest Updates on Goods and Services Tax
Constitutional violation to not call GST Council meet, says Amit Mitra
Amit Mitra urged Nirmala Sitharaman to convene a GST Council meeting at the earliest
 "Constitutional violation to not call GST Council meet, says Amit Mitra")
GST exemption on vaccines will lead to high prices: FM Sitharaman
Statement follows West Bengal CM Mamata Banerjee's letter to PM seeking GST exemption
 "GST exemption on vaccines will lead to high prices: FM Sitharaman")
Structural shift
Higher GST collection reflects better compliance
 "Structural shift")
Govt extends income tax, GST compliance timelines amid Covid-19 crisis
Late fees for filing summary return or GSTR 3B waived; Interest rate halved to 9% for 15-day delay in the case of GST assesses with turnover of over Rs 5 crore
 "Govt extends income tax, GST compliance timelines amid Covid-19 crisis")
At Rs 1.41 trillion, GST collection for April 2021 sets new record
Despite the second wave of coronavirus pandemic affecting several parts of the country, Indian businesses have once again shown remarkable resilience, says govt
 "At Rs 1.41 trillion, GST collection for April 2021 sets new record")
Mayday in April
Aviation experts and analysts said that the second wave was likely to be crippling for a sector that was already gasping for air
Govt examining industry demands; breather on tax compliance deadline likely
Proposals for a 3-month extension of compliance timeline being considered
 "Govt examining industry demands; breather on tax compliance deadline likely")
GST evasion by winning bidders: Rly purchases since July '17 face enquiry
DGGI decision relates to misclassification of supplies
 "GST evasion by winning bidders: Rly purchases since July '17 face enquiry")
GST officers to soon have real-time data on vehicles moving without e-way
The government is working on a system to soon provide report to GST officers on a real-time basis for those vehicles which are moving without e-way bills
 "GST officers to soon have real-time data on vehicles moving without e-way")
Flavoured milk to draw 12% GST: Gujarat-based Authority for Advance Rulings
The ruling was delivered in a case filed by Vadilal Industries for its product Power Sip. Harpreet Singh, partner at KPMG, said the government should now clarify its position on this issue
 "Flavoured milk to draw 12% GST: Gujarat-based Authority for Advance Rulings")
Renewed risks to recovery
Rising Covid cases could reverse recent gains
 "Renewed risks to recovery")
Best of BS Opinion: The GST puzzle, infecting public health, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: The GST puzzle, infecting public health, and more")
Contradictory AAR verdicts on CSR under GST regime baffle companies
Recently, the Uttar Pradesh AAR had held that CSR spend by companies is eligible for input tax credit
The GST puzzle
The sharp rise in GST collection in March could be a false indicator if further rate reforms are delayed
Robust kickoff to FY22 marred by anxieties over Covid resurgence
The financial year 2021-22 has started well, except that the anxieties due to the spread of coronavirus in India and abroad have increased. Hopefully, they too shall pass
GST to be levied on underlying goods/services in gift vouchers, rules AAAR
The Tamil Nadu bench of the AAAR has ruled that GST would be levied on the underlying goods/ services at the time of redemption such pre-paid instruments.
GST dilemma: Contradictory AAR rulings leave industry perplexed
States like Punjab and Delhi have reported delays in disposing of AAR applications.
 "GST dilemma: Contradictory AAR rulings leave industry perplexed")
Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March
Tax collections exceed Revised Estimates; Centre's fiscal deficit expected lower than 9.5% of GDP in FY21
 "Recovery on a roll: GST mop-up hits record Rs 1.24 trillion in March")
March GST collections at nearly Rs 1.24 trillion, an all-time high
The government said that the GST revenues were above Rs 1 trillion for the last six months and a steep increasing trend over this period are clear indicators of rapid economic recovery post pandemic
Limited e-invoicing window a worry for small and medium companies
The e-invoicing system was first made mandatory for entities with a turnover of Rs 500 crore and above and later extended to businesses with Rs 100 crore or more on January 1
 "Limited e-invoicing window a worry for small and medium companies")
