Page 28 - Latest Updates on Goods and Services Tax
Govt set to release Rs 20,000 cr pending GST compensation to states soon
second fiscal stimulus likely to be announced soon
 "Govt set to release Rs 20,000 cr pending GST compensation to states soon")
Beyond virus: Setting course for a V-shaped recovery with right decisions
It's time for thoughtful decisions through 2020 and 2021, where the desired outcome is one where private investment in 2025 is superior to the value seen in 2011 in real terms
 "Beyond virus: Setting course for a V-shaped recovery with right decisions")
GSTN provides work from home access to more than 1,700 tax officers
This has provided officers a secured access to work on various GST applications such as processing of registration application, refund application, audit, assessment, appeal etc
 "GSTN provides work from home access to more than 1,700 tax officers")
The fiscal gridlock
Budget constraints of states need immediate attention
 "The fiscal gridlock")
GSTN processed 10,077 new registrations, 7,876 refunds during lockdown
Till March 31, 2020, GSTN had enabled 1,748 tax officers from 18 states/UTs to access office through VPN, a secure way to access office networks.
 "GSTN processed 10,077 new registrations, 7,876 refunds during lockdown")
Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC
The Centre has also deferred the application of restricted input tax credit (ITC) of 10% under goods and services tax (GST), providing relief to industry
 "Covid-19 crisis: Govt extends validity of e-way bills; gives relief in ITC")
Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST
The validity of e-way bills that were set to expire between March 20 and April 15, has been extended till April 30
 "Covid-19: Govt extends e-way bill validity, defers restricted ITC under GST")
GST collection slips below Rs 1 trillion in March after four months
The numbers pertain to GST paid in February but collected in March, suggesting that collections might turn grimmer going forward.
 "GST collection slips below Rs 1 trillion in March after four months")
Costly delay
Hesitation in announcing a financial package is inexplicable
 "Costly delay")
Mix of needed and negatives
The most notable was to charge interest for delay in payment of GST on net cash tax liability, with effect from July 1, 2017
Best of BS Opinion: The GST dilemma, coronavirus supply shock, and more
GST rationalisation, IT design framework, Trump administration on coronavirus to banking crisis, Kanika Datta brings you the top opinions of the day
The GST dilemma
Design framework and tax evasion pose counter challenges
 "The GST dilemma")
Rationalise GST now
Counteract coronavirus supply shock with tax reform
 "Rationalise GST now")
Mobile phones to get costlier as GST rate hiked to 18% from 12%
GST Council asks Infosys to fix GSTN glitches by July
 "Mobile phones to get costlier as GST rate hiked to 18% from 12%")
Industry and analysts denounce GST rate hike to 18% on mobile phones
Xiaomi MD says move could weaken demand as smartphone makers will be forced to raise prices
 "Industry and analysts denounce GST rate hike to 18% on mobile phones")
WTO-compliant remission of tax scheme for exporters gets canbinet nod
Under the scheme, an inter-ministerial committee will determine the rates and items on which the reimbursement of taxes and duties would be provided.
 "WTO-compliant remission of tax scheme for exporters gets canbinet nod")
FinMin flags 17 'areas of dissatisfaction' with Infosys-designed GSTN
Infosys, which in 2015 won the contract for managing backend for GST Network (GSTN), has drawn flak from the ministry over the tech glitches, some of them have been unresolved for almost two years.
 "FinMin flags 17 'areas of dissatisfaction' with Infosys-designed GSTN")
States also flout Budget numbers discipline
More attention needs to be focused on state Budgets
 "States also flout Budget numbers discipline")
AARs can determine place of supply under the GST regime: Kerala HC
This is an important settlement of a legal issue in GST since Authority for Advance Rulings have not been going into this matter, saying it is beyond their jurisdiction
GST portal glitches to dominate agenda of Council meeting on Saturday
States may ask Infosys to have a point of contact; IT firm chairman Nilekani to a presentation on Saturday
