Page 4 - Latest Updates on Goods and Services Tax
Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23
Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in
 "Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23")
Exporters call on FM Sitharaman to extend GST exemption on export freight
If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market
 "Exporters call on FM Sitharaman to extend GST exemption on export freight")
Solar projects awarded before customs duty change allowed cost pass-through
Change in law allowed for hike in GST rate too as project developers face cost hikes
 "Solar projects awarded before customs duty change allowed cost pass-through")
Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'
The Council is expected to meet next month to take up the panel's report on the issue
 "Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'")
Govt may retain or cut bond borrowings for current fiscal on robust revenue
India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced
 "Govt may retain or cut bond borrowings for current fiscal on robust revenue")
Centre upbeat on Rs 1.5-trillion GST revenue every month from October
GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion
 "Centre upbeat on Rs 1.5-trillion GST revenue every month from October")
Manufacturing in dire straits: Output up just 1.1% compared with 2019-20
Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively
 "Manufacturing in dire straits: Output up just 1.1% compared with 2019-20")
Businesses will be able to claim pre-GST tax credits from October 1: Report
When the new tax regime under GST was introduced in 2017, several businesses could not file their tax claims due to a lack of clarity on the rules and technical glitches
 "Businesses will be able to claim pre-GST tax credits from October 1: Report")
Flavoured milk or beverage? AAAR says Vadilal's Power Sip is the latter
GST rate is 5% on milk and 12% for beverage; company says product is flavoured milk
 "Flavoured milk or beverage? AAAR says Vadilal's Power Sip is the latter")
GoM for different GST on sports betting, casinos and horse racing
Group of ministers to seek legal opinion for the move
 "GoM for different GST on sports betting, casinos and horse racing")
GST collections above Rs 1.4 trillion for sixth consecutive month
Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections
Hit on revenues from alcohol to dent Delhi govt's revenue balance
The projected revenue from alcohol estimated at the time of presenting the Budget constituted around 20 per cent of the state's expected own tax revenue and 15 per cent of its total receipts.
 "Hit on revenues from alcohol to dent Delhi govt's revenue balance")
3D-printed homes, implants, jewellery: An industry takes shape in India
High equipment costs and shortage of skilled manpower a challenge, despite MeitY push
 "3D-printed homes, implants, jewellery: An industry takes shape in India")
Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR
An outpatient will be charged GST for medicines and consumables bought that were prescribed in the course of providing health care services
 "Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR")
Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR
But says drugs, consumables purchased by outpatients in the course of treatment will be taxed
 "Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR")
Printing question paper exempt from GST, but not answer booklet, rules AAR
Holds that an answer booklet is a good, whereas printing question paper is a service provided to educational institution
SC dismissal of review petition on HSN codes setback for industry
Auto component industry may have to pay up to 15% basic Customs duty and 28% GST
 "SC dismissal of review petition on HSN codes setback for industry")
Private education training firms subject to GST, rules Kerala AAR
Ernakulam-based company is not a formal school but an institution providing special training, it says
 "Private education training firms subject to GST, rules Kerala AAR")
CBIC directs GST officers to not summon senior execs in first instance
Also instructs them to not arrest a person if he has a different interpretation of law
 "CBIC directs GST officers to not summon senior execs in first instance")
Most economists see GDP growing at slower pace in Q1 than MPC projection
At the MPC's estimate of 16.2%, the economy would have grown 6.1% over the corresponding quarter of 2019-20
 "Most economists see GDP growing at slower pace in Q1 than MPC projection")
