Page 26 - Latest Updates on Goods and Services Tax
GST: An unappreciated reform
The cascading effect of taxes owing to crisscross and delinked taxes, which were officially acknowledged but never addressed, is a thing of the past
 "GST: An unappreciated reform")
Honest, thorough reappraisal of GST long overdue
The GST regime was ushered in without adequate preparation of the information technology platform for filing returns
 "Honest, thorough reappraisal of GST long overdue")
Don't make mistake of dismissing Galwan incident as patrol clash: Punjab CM
Twenty Indian soldiers, including four from the state, were killed in a violent clash with Chinese troops in the valley in eastern Ladakh on June 15.
 "Don't make mistake of dismissing Galwan incident as patrol clash: Punjab CM")
Slowing Chinese imports may delay automakers' electric vehicle target
Support from Centre on alternative fuel technologies and batteries holds key
 "Slowing Chinese imports may delay automakers' electric vehicle target")
GST officials detect Rs 105-cr tax evasion by Indore-based cigarette maker
DGGI had conducted searches at the firm's premises that revealed that a secret exit had been set up on the rear side through which unaccounted raw materials were brought and finished goods cleared
 "GST officials detect Rs 105-cr tax evasion by Indore-based cigarette maker")
Input tax credit cannot be availed on GST paid for employees cabs
The AAR in its ruling said since the applicant failed to cite any law under which the service of providing transportation facility to its employees is obligatory, ITC will not be available
 "Input tax credit cannot be availed on GST paid for employees cabs")
Covid-19 crisis: Indian economy's road to recovery still has long way to go
Agriculture was expected to be the only silver lining in the economy in the current financial year
 "Covid-19 crisis: Indian economy's road to recovery still has long way to go")
Covid-hit states urge quick release Rs 20,000 cr IGST dues from Centre
They argue that while Centre recently released Rs 36,400 crore in pending IGST dues in lieu of compensation for December, Jan and Feb, more remained to be given to them
 "Covid-hit states urge quick release Rs 20,000 cr IGST dues from Centre")
Will consider corporation tax rate benefit extension: FM Sitharaman
Says GST rate reduction to go to Council; Council is likely to meet on Friday through video conferencing.
 "Will consider corporation tax rate benefit extension: FM Sitharaman")
Looking beyond crises
Lack of strategic vision in the NDA has caused it to fail at economic management
 "Looking beyond crises")
Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns
From why this year's budgeted net tax revenue for the Centre is impossible to achieve to how Indians are blase about class-driven brutality, here's a selection of Business Standard Opinion pieces
 "Best of BS Opinion: Govt's limited fiscal cushion, doing-business concerns")
Reimagining GST for the post-Covid era
Revival of economic activity should overwhelm its agenda
 "Reimagining GST for the post-Covid era")
Covid-19 crisis: Centre releases Rs 36,400-crore GST compensation to states
States have been up in arms against the Centre over the non-payment of compensation dues according to the calender
 "Covid-19 crisis: Centre releases Rs 36,400-crore GST compensation to states")
E-way bills in May treble from April levels; Still behind pre-March levels
This indicates that GST revenue for May, but collected in June, could recover after reporting a close to 85% shortfall in April vis-a-vis last year
 "E-way bills in May treble from April levels; Still behind pre-March levels")
GST Council to take up late fee waiver for GSTR 3B returns in next meeting
The current requests for waiver of late fee pertain to the old periodm from August 2017 to January 2020
 "GST Council to take up late fee waiver for GSTR 3B returns in next meeting")
No need to include petroleum in GST
At present, petroleum is an item, along with alcohol, which gives satisfaction to states that they have some fiscal federalism left with them
 "No need to include petroleum in GST")
A silent Surat: No orders, dormant looms and no diamond polishing
The final part of the series looks at how industries are waiting for demand to bounce back
 "A silent Surat: No orders, dormant looms and no diamond polishing")
Low demand, high inventory; housing sector facing its worst: CREDAI head
Shah said that interest subvention is the "need of the hour"
 "Low demand, high inventory; housing sector facing its worst: CREDAI head")
Lockdown 4.0: Not looking for dole, need better policies, say Meerut MSMEs
The fourth of a five-part series looks at the situation in the industrial heartland of Western UP where firms prefer GST refunds, supportive policies over handouts
 "Lockdown 4.0: Not looking for dole, need better policies, say Meerut MSMEs")
Coronavirus to trigger fresh consolidation across sectors, says BofA
Brokerage says organised, large firms will grab more market share in the post-Covid world
 "Coronavirus to trigger fresh consolidation across sectors, says BofA")
