Page 18 - Latest Updates on Goods and Services Tax
GST Council may take up rationalising tax rates, slab merger in next meet
15th Finance Commission has suggested merging 12 and 18% tax rates
 "GST Council may take up rationalising tax rates, slab merger in next meet")
SC asks Centre to file affidavit on technical glitches in GSTN
One of the major contentions put forward by the taxpayers was that the relevant GST forms could not be filed due to technological glitches faced on the GST Network portal
 "SC asks Centre to file affidavit on technical glitches in GSTN")
Registration of taxpayers to be suspended for anomalies in GST sales return
The registration would be suspended in cases where a comparison of the returns furnished by a registered person with the details of outward supplies furnished in form GSTR-1
 "Registration of taxpayers to be suspended for anomalies in GST sales return")
ICAI wants FM to withdraw Budget proposal on doing away with GST audit
The Institute argues that benefits of such an audit outweigh ease of compliance that the new rule would bring for assessees
 "ICAI wants FM to withdraw Budget proposal on doing away with GST audit")
A compliance strategy for GST
It is quite clear that to get the compliance benefit of the GST design, all economic entities must be brought within the tax net so that the invoice trail is established
15th FC report: Annual GST losses hit Rs 4 trillion on lower rates
Finance Commission finds inconsistencies in GST, bats for change, simplification and a three-rate structure
 "15th FC report: Annual GST losses hit Rs 4 trillion on lower rates")
At record Rs 1.19 trn, GST collections give FM confidence ahead of Budget
Since the collections were till 6 pm on January 31, some more money is expected to come into the government coffers for the month
 "At record Rs 1.19 trn, GST collections give FM confidence ahead of Budget")
Reality check on economic surveys: A case of hits and misses on GDP numbers
Of the seven surveys presented under Modi govt, predictions of three were quite close to the actual GDP growth rate, one saw the base year change in between, but the last three were way off the mark
 "Reality check on economic surveys: A case of hits and misses on GDP numbers")
Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection
People in the know said the government was examining measures like the strengthening of the Central Economic Intelligence Bureau (CEIB)
 "Govt mulls revenue dept restructuring; CBIC, CBDT to focus on collection")
Gujarat HC serves notice on Centre over interest on delayed payments
Earlier, the GST Council had decided that interest up to 18 per cent would be levied only on delayed payment through cash ledger and not via input tax credit
Hold back basic customs duty on solar equipment in Budget: Developers
Solar power developers in the country have demanded that the government should hold back the imposition of basic customs duty (BCD) on solar equipment for the time being in the forthcoming budget.
 "Hold back basic customs duty on solar equipment in Budget: Developers")
Budget 2021: Govt stares at revenue shortfall of Rs 7 trn this fiscal year
Revenue from disinvestment has been Rs 17,958 crore this financial year, against a target of Rs 2.10 trillion
 "Budget 2021: Govt stares at revenue shortfall of Rs 7 trn this fiscal year")
Cleaning up taxes
Govt must seize opportunity to reform holes in tax system
 "Cleaning up taxes")
DGGI issues show-cause notice to Amazon India over Rs 175 cr tax demand
Probe has allegedly found calculation errors by Amazon. The company paid higher GST but instead of claiming refund took wrong input tax credit
 "DGGI issues show-cause notice to Amazon India over Rs 175 cr tax demand")
Commerce ministry should amend SEZ rules for sourcing from EOUs: Expert
EOUs were de-licensed as bonded warehouses with effect from August 13, 2016
 "Commerce ministry should amend SEZ rules for sourcing from EOUs: Expert")
Restrictions by way of software changes counter-productive
What happens when the government uses the software to impose restrictions that are not sanctioned by legal provisions is that the Courts strike down such restrictions as invalid
Best of BS Opinion: GST's high point, clarity on bitcoin, and more
Here's a selection of Business Standard opinion pieces for the day
 "Best of BS Opinion: GST's high point, clarity on bitcoin, and more")
GST's high point
More than recovery, better compliance has improved collection
 "GST's high point")
FinMin releases Rs 6K crore to states to meet GST compensation shortfall
The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 trillion in revenue arising on account of implementation of GST
Budget 2021 will address woes of affected sectors, says Finance Secretary
AJAY BHUSHAN PANDEY says litigants in more than 96,000 appeals - involving disputed amounts of Rs 83,000 crore - have opted for the Vivad Se Vishwas scheme, which has been extended by a month
 "Budget 2021 will address woes of affected sectors, says Finance Secretary")
