Page 17 - Latest Updates on Goods and Services Tax
Let states come and discuss tax on fuel in GST Council meeting: FM
I would be glad to be having this on the agenda and discuss it. I have no issues. Let the states come and discuss it, she said in the Lok Sabha.
 "Let states come and discuss tax on fuel in GST Council meeting: FM")
Ready to discuss bringing petrol, diesel under GST at next Council meet: FM
State levies and central excise duty account for more than half of the retail selling prices of petrol and diesel
 "Ready to discuss bringing petrol, diesel under GST at next Council meet: FM")
Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct
The Centre has released Rs 1.06 lakh crore to the states since October 2020 to meet GST compensation shortfall, the Finance Ministry said on Tuesday
 "Centre releases Rs 1.06 trn GST compensation shortfall to states since Oct")
Merchandise export receivables can't be set off against service import dues
You may remit the amount against the import of services separately and ask the buyer abroad to remit the full payment against your export bill
 "Merchandise export receivables can't be set off against service import dues")
GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study
A dollar increase in crude oil prices will push up petrol price by 50 paise and diesel by 150 paise per litre
 "GST can make fuel cheaper by up to Rs 20 and Rs 25 per litre: Study")
Don't cut fuel taxes
Roll-back will increase fiscal risks
Do economic forecasts depend on the nature of the economist?
The forecaster's personality seems to influence the forecast. While some are congenital optimists, others are pessimists. They are like the bulls and bears of economics-econometrics confluence
From GST collection to car sales, macro data signals steady recovery
GST mop-up rises 7% to Rs 1.13 trn in Feb; Manufacturing PMI eases slightly to 57.5
 "From GST collection to car sales, macro data signals steady recovery")
GST collections surpass Rs 1.1 trn-mark for 3rd straight month in Feb
The revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year
 "GST collections surpass Rs 1.1 trn-mark for 3rd straight month in Feb")
Traders body to launch agitation from Mar 5 against GST, e-commerce issues
Traders' body CAIT on Sunday said it would launch a nation-wide agitation against issues related to the goods and services tax and alleged malpractices of foreign e-commerce firms.
 "Traders body to launch agitation from Mar 5 against GST, e-commerce issues")
Govt extends due date for filing FY20 GST annual returns till March 31
The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31.
Bringing petroleum products under GST will be a good move, says CEA
He, however, said the decision will have to be taken by the GST council
 "Bringing petroleum products under GST will be a good move, says CEA")
GST rate rationalisation: The larger objective
Besides merging the rate slabs of 12 per cent and 18 per cent, the GST Council could consider phasing out exemptions to those commodities that were subject to VAT duty by the States
GST registration: Foreigners exempted from Aadhaar authentication
However, Indian citizens will have to follow the Aadhaar authentication or personal verification route for GST registration
 "GST registration: Foreigners exempted from Aadhaar authentication")
12 including a CA arrested in a single day for fake GST invoice frauds
12 including a CA arrested in a single day for fake GST invoice frauds
 "12 including a CA arrested in a single day for fake GST invoice frauds")
Fake invoicing: 12 arrested including a CA in a single day, 329 since Nov
Goods and Services Tax (GST) authorities have been using data analytics, data sharing and artificial intelligence tools to unearth the ITC utilisation frauds via fake invoicing and bogus firms
HUL, Colgate among Nomura's top picks in case of GST slab rejig
The rate rejig, analysts say, will alter the tax burden on companies, which they expect to get passed on to the consumers
 "HUL, Colgate among Nomura's top picks in case of GST slab rejig")
Without legislative backup, govt must not amend rules
The GST Council should prevail on the government to avoid such practices as they lead to unnecessary litigation
Course correction
Underperformance of GST must be addressed
Clarity on GST rate key likely to determine benefits for gas users
For now, analysts expect industrial users, city gas distributors and utilities to benefit
 "Clarity on GST rate key likely to determine benefits for gas users")
