Page 35 - Latest Updates on Goods and Services Tax
States concerned over GST compensation delays, ask FM to speed up payments
Punjab is awaiting Rs 2,100 crore as compensation while arrears stand at Rs 2,000 crore
 "States concerned over GST compensation delays, ask FM to speed up payments")
Amit Mitra writes to FM, calls for 'urgent' GST meet to plug loopholes
GST revenue fell below the Rs 1-trillion mark for the third straight month in October, and was 5.3 per cent lower than the corresponding month last year, at Rs 95,380 crore
 "Amit Mitra writes to FM, calls for 'urgent' GST meet to plug loopholes")
HC issues notice to Centre over input tax credit denial to restaurants
GST rate on restaurants was cut from 18 per cent to 5 per cent in November 2017, but without any input tax credit
Simplifying GST: Govt plans mass outreach programme for return filers
FM Sitharaman meets stakeholders; pan-Indian initiative for new forms on December 7
 "Simplifying GST: Govt plans mass outreach programme for return filers")
Deadline for GST filing, returns extended to March 31; forms simplified
The earlier deadline for filing of GSTR-9 and GSTR-9C for 2017-18 was November 30, 2019, while that for 2018-19 was December 31, 2019
 "Deadline for GST filing, returns extended to March 31; forms simplified")
Commerce Ministry raises issue of notices to exporters for GST 'violation'
The commerce ministry has stated that the 'overzealous revenue collection' move by Directorate of Revenue Intelligence was against exporters
 "Commerce Ministry raises issue of notices to exporters for GST 'violation'")
Experts suggest Singapore GST model to ensure ease of compliance in India
Singapore's system (of GST) is very user-friendly and transparent in its accountancy practices
Oct GST collections remain subdued at Rs 95,380 cr despite festive season
This is the third consecutive month when GST mop-up remained below the Rs 1 trillion mark, despite October being a festive month
Food grain may be brought under GST, tax mechanism likely to be rejigged
Through this route, registered entities can pay GST on behalf of unregistered players
 "Food grain may be brought under GST, tax mechanism likely to be rejigged")
Gas and ATF likely to be brought under GST soon, says govt source
Experts said that the ATF price would come down if it is kept in the 18% GST bracket
 "Gas and ATF likely to be brought under GST soon, says govt source")
Experts call for multiple GST rate cuts in India citing Singapore example
Singapore has only one tax rate under GST- seven per cent -- on taxable goods and services while India has multiple slabs to charge the indirect tax
 "Experts call for multiple GST rate cuts in India citing Singapore example")
India growing fast, has tremendous potential, says Blackstone co-founder
Stephen A Schwarzman on why he is still bullish on India, how loss makes for the deepest learning's, and how corporate culture is the difference between winning and losing
 "India growing fast, has tremendous potential, says Blackstone co-founder")
FY20 gross tax revenue likely to fall short by around Rs 2 trillion
FinMin is said to have shared assessment with 15th FC
 "FY20 gross tax revenue likely to fall short by around Rs 2 trillion")
Bring natural gas, aviation turbine fuel in GST ambit: Dharmendra Pradhan
FM Sitharaman assures sanctity of contracts
 "Bring natural gas, aviation turbine fuel in GST ambit: Dharmendra Pradhan")
Govt constitutes panel to suggest measures to augment GST revenue
The committee shall submit its first report within 15 days to the GST Council Secretariat
Letter to BS: Controversy remains after CBIC removes circular on GST
What else could explain the fact that notwithstanding the withdrawal thereof by the CBIC, its over-enthusiastic field officers continue to harass the dealers
Little hope of volume recovery in second quarter from pricey FMCG firms
Analysts estimate low single-digit volume growth, the lowest since June 2017 quarter; companies will need to clock double-digit volume growth in second half to touch FY19 levels
 "Little hope of volume recovery in second quarter from pricey FMCG firms")
Pragmatic tax collection can cut fiscal deficit
Time has come to monitor empirically the buoyancy and elasticity of the tax system
 "Pragmatic tax collection can cut fiscal deficit")
Risk to state govt finances
Debt at the subnational level is high
 "Risk to state govt finances")
Good news: Your stay at luxury hotels to be less expensive from today
Travellers staying in a hotel room costing over Rs 7,500 per night will now have to pay GST of 18 per cent, against 28 per cent earlier
 "Good news: Your stay at luxury hotels to be less expensive from today")
