Page 5 - Latest Updates on Goods and Services Tax
GST rates could change to correct inverted duty, exemptions: Report
Group of ministers headed by Karnataka Chief Minister Basavaraj Bommai is working on the second round of GST rate changes, a news report said
 "GST rates could change to correct inverted duty, exemptions: Report")
Eye on FTAs, Centre turns to GSTN for services trade data mining
Currently, the value of exports and imports of services is released by the Reserve Bank of India (RBI) and it comes with a lag of over two months
 "Eye on FTAs, Centre turns to GSTN for services trade data mining")
Grave governance challenges await Bihar's new coalition government
Committed expenditures of the state, which has the lowest per capita income, exceed its own revenue by 47% in FY23
 "Grave governance challenges await Bihar's new coalition government")
Do you need to pay 18% GST on rent?
Levying of Goods and Services Tax (GST) on home rent is also worrying people in some quarters. Who all will pay this tax on rent? Let us find out
 "Do you need to pay 18% GST on rent?")
Fair share
Dependence on cess and surcharge must come down
GoM on online gaming, casinos: No consensus yet on 28% GST on gross revenue
GGR is the total amount collected by casinos and online gaming companies before shelling out the money to the winners
 "GoM on online gaming, casinos: No consensus yet on 28% GST on gross revenue")
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
Tax conundrum: FPIs uneasy after 18% GST on regulatory services
Set to approach Sebi, finance ministry for clarification
Setting up GSTAT: GoM may pitch for easing eligibility for states' officers
States learnt to be at loggerheads with Centre as they seek equal representation
 "Setting up GSTAT: GoM may pitch for easing eligibility for states' officers")
Lack of clarity on GST paid on liquidated damages may lead to litigation
There is fear that entities may be asked to reverse ITC or pay back refunds, experts say
Aiming for cooperative federalism, govt created Centre-states mistrust
There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues
 "Aiming for cooperative federalism, govt created Centre-states mistrust")
Bumper GST collections could lead to compensation windfall for states
Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it
 "Bumper GST collections could lead to compensation windfall for states")
GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1
Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")
SC dismisses plea seeking GST exemption for Haj via private tour operators
The private tour operators argued that the levy is discriminatory as it exempts certain pilgrims who undertake the journey through the Haj Committee of India
 "SC dismisses plea seeking GST exemption for Haj via private tour operators")
'No tax should be levied on common man's items': Kerala on GST hike
Kerala Finance Minister KN Balagopal said the state had repeatedly expressed its reservations over imposing GST on certain packaged food items, contradicting Union Finance Minister's claims
Crypto markets rebound but assets future in India uncertain: Experts
From April 1, a 30 per cent tax was applied on income from the sale of cryptocurrency. From July 1, an additional 1 per cent tax was applied in the form of tax deducted at source (TDS)
 "Crypto markets rebound but assets future in India uncertain: Experts")
Rajya Sabha adjourned for the day as Oppn continues to protest price hike
Rajya Sabha proceeding washed out completely and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of GST on daily essentials
 "Rajya Sabha adjourned for the day as Oppn continues to protest price hike")
Lok Sabha adjourned till 4 pm amid Opposition protests over price rise
Lok Sabha proceedings were adjourned till 4 pm on Wednesday amid vociferous protests by Opposition members over price rise and the imposition of the Goods and Services Tax on some daily-use items
 "Lok Sabha adjourned till 4 pm amid Opposition protests over price rise")
Renting apartments gets costlier for companies with new GST rates in effect
The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)
 "Renting apartments gets costlier for companies with new GST rates in effect")
