Page 27 - Latest Updates on Goods and Services Tax
Covid-19 lockdown: No proposal to impose calamity cess, say FinMin sources
The sources said any such proposal would prove to be counter-productive as sales are already at low volume at this time of lockdown.
 "Covid-19 lockdown: No proposal to impose calamity cess, say FinMin sources")
Emaar MGF found guilty of profiteering, to refund Rs 13 cr to homebuyers
The National Anti Profiteering Authority has ruled that the realty firm has benefited from additional input tax credit
 "Emaar MGF found guilty of profiteering, to refund Rs 13 cr to homebuyers")
GST boost to MSMEs
The definitional changes made for MSMEs would address the problem of "dwarfism"
 "GST boost to MSMEs")
Story in Numbers: Sanganeri textile exporters drained of colour in Covid-19
The sector was trying to emerge from the aftereffects of the implementation of GST when the pandemic struck
 "Story in Numbers: Sanganeri textile exporters drained of colour in Covid-19")
FM's reforms fail to impress airlines bleeding in coronavirus lockdown
Industry representatives says measures are for long term but they need immediate help
 "FM's reforms fail to impress airlines bleeding in coronavirus lockdown")
It's high time govt worked with trade to revive economy
The government cannot turn a blind eye, as if there were no errors on the GSTN portal
Miners want mandatory capex rule relaxed as workers stay away fearing Covid
None of the merchant mines in Odisha whose lease validity expired by March 31 has been able to restart. Though the successful bidders have got LoI, they awaiting formal vesting orders
 "Miners want mandatory capex rule relaxed as workers stay away fearing Covid")
Kick-start the economy with cash flow
Pay government dues and enable high-speed connectivity
 "Kick-start the economy with cash flow")
Financing business revival without pain
Here is the design of an impactful, fiscally responsible programme that removes the bottlenecks in credit decision-making
 "Financing business revival without pain")
How not to lose clean air gains
What is clear is that this joy of nature has come at enormous and unacceptable human cost to millions in the world
Don't eulogise GST for what it isn't
Regarding revenue realisation, there was a huge expectation that GST would lead to checking of leakage of revenue
 "Don't eulogise GST for what it isn't")
Javadekar takes suggestions from auto industry leaders to reboot sector
He said that the industry has a significant contribution to the GDP of the country
 "Javadekar takes suggestions from auto industry leaders to reboot sector")
IBA demands recast of loan accounts of small firms amid Covid-19 crisis
The RBI had permitted a one-time restructuring of existing loans to GST-registered MSME units
 "IBA demands recast of loan accounts of small firms amid Covid-19 crisis")
GST rates and the medical devices industry
Let us use the GST rate regime to build up a strong domestic industry in sectors like pharmaceuticals and medical devices that can play to our strengths in labour-intensive production
Will more foreign financing be needed?
It is important to remove the frictions, to connect the infinite capital of the global financial system with end-users in India
 "Will more foreign financing be needed?")
Move petroleum to GST: The time is now
The health crisis is a moment of reckoning and an opportune time to revisit GST policy-design
Covid-19 impact: Missing disinvestment targets will have consequences
Any slippage in disinvestment numbers combined with other revenue shortfall would mean the govt would have to borrow more in the market
 "Covid-19 impact: Missing disinvestment targets will have consequences")
Establish fiscal council to scale up spending
India will have to address the big fiscal prudence challenge, which is not captured by the fiscal deficit/GDP metric
I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately
The move is aimed at helping many overcome cash crunch due to nationwide lockdown, and is expected to benefit 1.4 million taxpayers
 "I-T Dept to release all pending tax refunds up to Rs 5 lakh immediately")
Top headlines: Govt to release GST dues, tea exports to fall, and more
Business Standard brings you top headlines of the day
 "Top headlines: Govt to release GST dues, tea exports to fall, and more")
