Page 24 - Latest Updates on Goods and Services Tax
Banks may not have to pay service tax for facilitating international trade
To facilitate trade, Indian banks provide services to exporters by sending the export documents to the bank of the importer abroad and collect payment
 "Banks may not have to pay service tax for facilitating international trade")
GSTR 1 and 3B to be linked to determine input tax credit and liability
The group of ministers (GoM) on Information Technology (IT) led by Bihar deputy chief minister Sushil Kumar Modi took stock of the preparedness and the timelines in a meeting held on Friday
 "GSTR 1 and 3B to be linked to determine input tax credit and liability")
Gujarat's new industrial policy pegs average annual outlay of Rs 8000 cr
Gujarat CM Rupani said that the new policy has been formed to further consolidate the growth momentum that the state has achieved over the past few years as well as enhance the current growth rate
 "Gujarat's new industrial policy pegs average annual outlay of Rs 8000 cr")
FinMin unlikely to take Covid-hit FY21 as a base for FY22 Budget
FY20 is being considered for a 'more realistic comparison'
 "FinMin unlikely to take Covid-hit FY21 as a base for FY22 Budget")
Economy picks up slightly but may still shrink from last year's level
Two key indicators--the rising number of e-way bills generated under GST, and a stronger SBI Composite Index point to a resurgence in economic activity
 "Economy picks up slightly but may still shrink from last year's level")
Govt notifies e-invoicing for companies with Rs 500-crore turnover
The move comes as the government is looking at ways to plug evasion amid dismal GST collections with the pandemic driving economy towards recession
 "Govt notifies e-invoicing for companies with Rs 500-crore turnover")
Borrowing by states for GST compensation to be cost inefficient: Punjab FM
Attorney General K K Venugopal has suggested that the Council can recommend to the Centre to allow states to borrow on the strength of future receipts from the compensation fund
Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions
The Central Board of Indirect Taxes and Customs (CBIC) has notified the revised format for e-invoice under GST by replacing existing form and also increased the turnover threshold
 "Biz with turnover above Rs 500 cr to raise e-invoice for B2B transactions")
States can borrow to fund GST compensation, Centre not obliged to pay: AG
K K Venugopal does not recommend borrowings by GST council; experts dislike the idea of burdening states with more debt
Centre not obliged to pay for shortfall in GST compensation fund, says A-G
Says Centre not obliged to pay GST compensation shortfall; experts dislike idea of burdening states with additional debt
 "Centre not obliged to pay for shortfall in GST compensation fund, says A-G")
Centre not obliged to pay for shortfall in GST compensation fund: AG
The Attorney General in his view said there is no obligation on the central government to pay the GST compensation shortfall
 "Centre not obliged to pay for shortfall in GST compensation fund: AG")
IGST crackdown: Exporters cry foul; govt refutes allegations of harassment
Say they are being harassed by the authorities even as 1,500 who claimed bogus GST refunds are untraceable
 "IGST crackdown: Exporters cry foul; govt refutes allegations of harassment")
Explained: How OCEN is trying to keep credit disbursement challenges at bay
Network to connect lenders, loan marketplaces, borrowers on a single platform and make access to credit a matter of minutes
 "Explained: How OCEN is trying to keep credit disbursement challenges at bay")
GSTN plans to send statement of liability shown in sales return via email
While GSTR-1 is filed by sellers and contains invoice-wise and category-wise details of all outward supplies. This has to be filed by 11th of the succeeding month
Economic activity reviving; GST collections good sign: CBDT chief Mody
He tells Dilasha Seth, in an interview, that 58,000 cases will be assessed through the faceless mechanism by October.
 "Economic activity reviving; GST collections good sign: CBDT chief Mody")
Centre likely to reduce AGR licence fee for wireless broadband to Re 1
Cabinet likely to take up the issue in its next meeting
 "Centre likely to reduce AGR licence fee for wireless broadband to Re 1")
I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs
The last date for filing as well as revising the Income Tax Return for Assessment Year 2019-20 (relevant to FY 2018-19) is July 31, 2020
 "I-T dept spots taxpayers with high-value transactions in FY19 with no ITRs")
Covid-19: Alcohol-based hand sanitizers to attract 18% GST, rules AAR
Springfields (India) Distilleries had moved Goa AAR over classification of the hand sanitizer and the applicable rate of GST.
 "Covid-19: Alcohol-based hand sanitizers to attract 18% GST, rules AAR")
PMO, FinMin to discuss revenue position and ways to augment receipts
It is learnt that Chief Economic Advisor Krishnamurthy Subramanian will give a presentation to PMO officials
 "PMO, FinMin to discuss revenue position and ways to augment receipts")
From arbitration to computing damages, here're the key court orders
The Supreme Court does not generally interfere in an interim order, but if a high court passes an order, which affects the revenue of the state, it will interfere in the public interest
 "From arbitration to computing damages, here're the key court orders")
