Page 29 - Latest Updates on Goods and Services Tax
Odisha GST collections up 11% to Rs 27,044 cr during April-February
The gross GST collection during the last month was Rs 2,790 crore
 "Odisha GST collections up 11% to Rs 27,044 cr during April-February")
Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms
This was done by a network of 23 shell companies. Two people were arrested for the same on February 29
 "Fake invoicing racket worth Rs 7,896 cr busted; accused use 23 shell firms")
Samsung fined Rs 37 lakh for not passing GST benefits to consumers
The National Anti-Profiteering Authority (NAA) held that the South Korean company did not reduce the selling price of its 32-inch LED TV 32FH4003
 "Samsung fined Rs 37 lakh for not passing GST benefits to consumers")
GST collection crosses Rs 1-trn mark for the fourth month in a row in Feb
The mop-up could have been much higher, but tax on imports fell 2 per cent year-on-year
 "GST collection crosses Rs 1-trn mark for the fourth month in a row in Feb")
GST collections at Rs 1.05 trn in Feb, up 8% over the same month last year
The total number of GSTR 3B returns filed for the month of January up to February 29 stood at 8.3 million -- same as last month
 "GST collections at Rs 1.05 trn in Feb, up 8% over the same month last year")
We have saved Rs 1 trn through DBT by using tech efficiently: Sitharaman
She also said that they have "revolutionised" technology-driven PFMS and it has empowered India to be accountable, responsive and transparent
 "We have saved Rs 1 trn through DBT by using tech efficiently: Sitharaman")
Trade wants GST Council to change late payment rule
Demands on the basis of gross tax liability can be held in abeyance
 "Trade wants GST Council to change late payment rule")
Centre approves levy of 28% GST on lotteries from March 1, rate notified
The revenue department notified the GST rate on supply of lotteries and amended its earlier Central Tax (Rate) notification
 "Centre approves levy of 28% GST on lotteries from March 1, rate notified")
Every penny counts as GST officers send demand notices to companies
Desperate push to meet collection target; firms receive notices for as low as Rs 2
 "Every penny counts as GST officers send demand notices to companies")
Centre releases Rs 19,950 crore as GST compensation to states and UTs
This is for the first time that the Centre has given compensation to states for one month only
 "Centre releases Rs 19,950 crore as GST compensation to states and UTs")
GST profiteering: Delhi HC comes to the rescue of Nestle, grants stay
The stay, granted through an order issued on February 10, was given on grounds that Nestle had already paid Rs 16.58 crore of the total demand of Rs 89.73 crore
 "GST profiteering: Delhi HC comes to the rescue of Nestle, grants stay")
Best of BS Opinion: What lessons can India learn from a buffalo race
Writers examine how to reform GST, the corporate sector's apolitical stance, Sebi's new rules for investment advisors and the draft pesticides Bill
 "Best of BS Opinion: What lessons can India learn from a buffalo race")
Reforming GST
We must simplify, lower and make GST comprehensive to fulfil its promise
 "Reforming GST")
States to get Oct-Nov GST compensation before next Council meet
The Centre has estimated a compensation cess shortage of Rs 63,200 crore in 2019-20 (FY20)
 "States to get Oct-Nov GST compensation before next Council meet")
Ahead of UP budget, Adityanath govt looks to balance populism, development
The economic slowdown has taken a toll on the state's industrial growth and consequently the collection of taxes, which is further putting a strain on its finances
 "Ahead of UP budget, Adityanath govt looks to balance populism, development")
Will calculate interest on delayed GST payment on net tax liability: CBIC
There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed payment
 "Will calculate interest on delayed GST payment on net tax liability: CBIC")
Tamil Nadu presents fiscal deficit budget, expects 7.27 % growth
State's debt to increase to over Rs 4.56 trillion
 "Tamil Nadu presents fiscal deficit budget, expects 7.27 % growth")
Sabka Vishwas legacy dispute scheme may not add much to govt coffers
Govt faces uphill task of meeting indirect tax target despite scaling it down
 "Sabka Vishwas legacy dispute scheme may not add much to govt coffers")
States may not get GST compensation in full, says Finance Ministry
Centre for rate hike to make up for Rs 30K-cr revenue gap
 "States may not get GST compensation in full, says Finance Ministry")
Some Budget proposals prone to litigation, may give rise to tax disputes
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence
 "Some Budget proposals prone to litigation, may give rise to tax disputes")
