Page 32 - Latest Updates on Goods and Services Tax
GST mop up crosses Rs 1 trn, indicates stabilisation of revenue collection
The mop-up stood at Rs 1.031 trillion in December, slightly lower than the seven-month high of Rs 1.034 trillion collected in November
 "GST mop up crosses Rs 1 trn, indicates stabilisation of revenue collection")
States' GST mop-up up 16% in December ; UP, Telangana remain laggards
Only Uttar Pradesh and Telangana witnessed a growth rate of less than 14 per cent
 "States' GST mop-up up 16% in December ; UP, Telangana remain laggards")
Maruti Suzuki annual sales slump 12.3% in CY19, worst in a decade
During the year, the maker of the bestselling Baleno and Brezza, saw its sales volumes contract to 1.6 million units in the domestic market, from 1.8 million units a year ago
 "Maruti Suzuki annual sales slump 12.3% in CY19, worst in a decade")
Expectations vs reality: SGST is a victim of irrational estimates
Wide variations in growth estimates for state GST raise serious questions about the assumptions on which the projections were made
 "Expectations vs reality: SGST is a victim of irrational estimates")
Tiruppur, once the thriving export hub of Tamil Nadu, is fraying at edges
GST glitches are crimping working capital supply and adding to the difficulties of competing against nimble, low-cost competitors in other countries
 "Tiruppur, once the thriving export hub of Tamil Nadu, is fraying at edges")
GST facelift: Electronic invoicing, new returns to be introduced in 2020
In the e-invoicing system, the invoices are authenticated electronically by GST Network (GSTN) for further use on the common GST portal.
 "GST facelift: Electronic invoicing, new returns to be introduced in 2020")
Budget 2020: NATHEALTH urges govt for zero-rating GST on health services
This saving will be passed on to the end consumers and will lower the cost of care, it added
 "Budget 2020: NATHEALTH urges govt for zero-rating GST on health services")
New procedures in GST system may be challenged in courts, say experts
Experts said under the pre-GST state-level value-added regime, cancellation of registration rarely happened
 "New procedures in GST system may be challenged in courts, say experts")
Valuations shoot up despite note ban, GST and other factors in last decade
Massive polarisation as only a few stocks outperform handsomely
 "Valuations shoot up despite note ban, GST and other factors in last decade")
GST officials unearth Rs 241-cr tax evasion through fake invoicing
The racket was busted by the anti-evasion wing of CGST Delhi South Commissionerate
 "GST officials unearth Rs 241-cr tax evasion through fake invoicing")
NAA fines J&J Rs 230 crore for profiteering from cut in GST rates
"The methodology adopted by the respondent (J&J) was illogical, unreasonable, arbitrary, and incorrect", the order said
 "NAA fines J&J Rs 230 crore for profiteering from cut in GST rates")
Addressing the Great Slowdown
Here's a list of measures that will not help India overcome the slowdown
 "Addressing the Great Slowdown")
IBC to Central GST Act, 10 laws that changed the way India does business
IBC is considered one of the biggest success stories in the government's efforts to de-clog the economic system from ill-effects of stressed assets
 "IBC to Central GST Act, 10 laws that changed the way India does business")
No possibility of GST rate hike till revenue stabilises: Sushil Modi
He said the Council had decided to consider changes in the rates once a year, and not in each and every meeting
 "No possibility of GST rate hike till revenue stabilises: Sushil Modi")
CBIC extends last date of filing GSTR3B by three days to December 23
These returns are to be filed by 20th of the month, next to the month of transactions
 "CBIC extends last date of filing GSTR3B by three days to December 23")
Re-think GST: No economy can afford to persist with a failed tax experiment
Let's pretend no more that the system isn't broken. The Centre needs to break heads in the GST Council and work out new slabs and rates (the fewer the better) and make a fresh start, writes T N Ninan
Don't over-react on GST
Govt must be restrained on collection targets
GST compensation dues for 9 states could double to Rs 70,000 crore: ICRA
Centre will recover the excess amount paid last year by adjusting the same in this year's payment
 "GST compensation dues for 9 states could double to Rs 70,000 crore: ICRA")
Business fears hit to cash flow from new GST input tax credit restriction
Gupta of ClearTax feels a further reduction in credit could have been considered later
 "Business fears hit to cash flow from new GST input tax credit restriction")
Non-BJP states fear sovereign default on Centre's GST compensation
States are given compensation by the Centre if they don't clock 14 per cent growth in GST revenues in a year on the base of 2015-16.