Page 39 - Latest Updates on Goods and Services Tax
Two years on, still not a good and simple tax: What ails the GST regime
Find a fix for anti-profiteering measures, filing glitches, advance ruling mechanism, say experts
 "Two years on, still not a good and simple tax: What ails the GST regime")
2 years of GST: India Inc seeks less slabs, more items under its ambit
Batting for a single registration process pan-India, CII said building on the milestones of the past two years, it is time to implement GST 2.0
 "2 years of GST: India Inc seeks less slabs, more items under its ambit")
Govt should stop terming luxury cars sin goods, reduce GST burden: JLR
At present, the Indian luxury vehicles market is around 40,000 units annually, and JLR with its product portfolio addresses a segment of around 27,000 units
 "Govt should stop terming luxury cars sin goods, reduce GST burden: JLR")
Anand Mahindra bats for lower GST on automobiles, says would help economy
Mahindra echoed calls from the auto industry to reduce goods and services tax (GST) on vehicles
 "Anand Mahindra bats for lower GST on automobiles, says would help economy")
Will enforcement and easier compliance help Modi 2.0 improve GST revenue?
Booming economic growth is the only way to improve GST collections in the medium term, say FinMin officials. The trouble is that GDP expansion itself is on shaky ground currently
 "Will enforcement and easier compliance help Modi 2.0 improve GST revenue?")
West Bengal FM Amit Mitra wants 1% GST rate for houses up to Rs 40 lakh
Amit Mitra raised certain contentious issues such as the fate of input tax credit if a proposal by a group of ministers on real estate is implemented
 "West Bengal FM Amit Mitra wants 1% GST rate for houses up to Rs 40 lakh")
GoM favours paring GST to 5% on residential properties from 12% currently
The GoM also favoured slashing GST on affordable housing from 8 per cent to 3 per cent
 "GoM favours paring GST to 5% on residential properties from 12% currently")
The highs, hurdles and the grey areas of one and a half years of GST
Despite the changes in its journey so far, GST hasn't yet embraced petroleum, parts of the real estate and electricity. The required consensus over the issue still eludes the Council
 "The highs, hurdles and the grey areas of one and a half years of GST")
GST evasion worth Rs 388.96 bn detected during April-Oct in 2018-19
During the seven-month period, the CBIC recovered evasion worth Rs 94.8 billion in GST
 "GST evasion worth Rs 388.96 bn detected during April-Oct in 2018-19")
The new GST test
Non-BJP states now have enough muscle to block resolutions
 "The new GST test")
Advance rulings system under GST will take time to resolve, says CBIC
The CBIC member said that the issue will take time to get resolved
 "Advance rulings system under GST will take time to resolve, says CBIC")
Goods can be impounded for lapses under GST, says Kerala High Court
The court made observations on larger and harsh outcomes originating from minor lapses
GST collection crosses Rs 1-trillion mark in October: Arun Jaitley
After it touched the one trillion mark for first time in April 2018, GST collections had missed the target for five straight months
 "GST collection crosses Rs 1-trillion mark in October: Arun Jaitley")
Centre, states divide Rs 320 bn IGST in Oct; states to get over Rs 150 bn
As much as Rs 290 bn was settled in September, Rs 120 bn in August, Rs 500 bn in June and Rs 350 bn in February this year
Now, vehicle owners required to pay 18% GST for pollution check certificate
Since the services of testing of pollution are provided on payment of service charge, GST is payable at an applicable rate, AAR said
 "Now, vehicle owners required to pay 18% GST for pollution check certificate")
Finance ministry extends deadline for filing Sep GST returns to Oct 25
With this extension, businesses which wish to claim Input Tax Credit (ITC) benefit for July 2017-March 2018 period can do so till October 25
 "Finance ministry extends deadline for filing Sep GST returns to Oct 25")
Tamil Nadu asks govt to settle Rs 56-bn IGST dues, give Rs 20-bn assistance
Tamil Nadu CM Edapaddi K Palaniswamy on Monday met PM Narendra Modi at New Delhi and submitted a 20-point memorandum
 "Tamil Nadu asks govt to settle Rs 56-bn IGST dues, give Rs 20-bn assistance")
J&K HC issues notice to Centre, state officials over blocked IGST refunds
The authorities are linking the issue with personal ledger accounts
More agents of foreign companies to approach courts against 18% IGST
IGST is levied on these agents under Section 13(8)(b) of the IGST Act
 "More agents of foreign companies to approach courts against 18% IGST")
Govt spent Rs 1.32 bn on GST advertisements; print media got biggest share
Ahead of its rollout, the Centre had gone for a media blitz to create awareness about the new tax regime
 "Govt spent Rs 1.32 bn on GST advertisements; print media got biggest share")
