Page 8 - Latest Updates on Goods and Services Tax
Puducherry and Punjab have the highest GST revenue shortfall, shows data
The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level
 "Puducherry and Punjab have the highest GST revenue shortfall, shows data")
5 years of GST: Profiteering charges leave many companies perplexed
No structured guidelines for firms to avoid profiteering; standard method to compute undue profits, say experts
 "5 years of GST: Profiteering charges leave many companies perplexed")
India Inc gives thumbs up to GST, but says long way to go in fixing issues
GST-related litigation set to rise as companies and the government differ on tax rates and data reconciliation
 "India Inc gives thumbs up to GST, but says long way to go in fixing issues")
Top Headlines: TDS levy on cryptos, GST rate of 200 items, and more
From TDS levy on cryptocurrencies to GST rate of over 200 items staying the same, here are the top headlines on Thursday morning
Fitment committee rejects demands to reduce GST rate on over 200 items
The Council unlikely to decide on crypto assets in next week's meeting
 "Fitment committee rejects demands to reduce GST rate on over 200 items")
We hope to mop up Rs 1.3 trn GST in current fiscal year: CBIC's Vivek Johri
System 'revolutionised' to plug chances of leakage, he tells 'Business Standard' in interview
 "We hope to mop up Rs 1.3 trn GST in current fiscal year: CBIC's Vivek Johri")
GST Council may defer decision on taxing crypto assets in June 28-29 meet
Fitment panel proposes deeper study by Haryana and Karnataka and asks to submit report to the panel for further deliberations
 "GST Council may defer decision on taxing crypto assets in June 28-29 meet")
Indian economy: Not just a twin but a triple-deficit problem looms
While the twin deficit problem of widening fiscal and current account deficits has been spoken about, a third problem of widening deficit in the states also stares the Indian economy in the face
Inverted duty correction on GST Council's agenda in next week's meeting
GST Council may discuss easing of registration norms for e-sellers
 "Inverted duty correction on GST Council's agenda in next week's meeting")
Top headlines: 5 years of GST, International Yoga Day 2022, and more
From Goods and Services Tax implementation completing 5 years, to Yoga Day celebrations, here are the top headlines on Tuesday morning
5 years on, work still in progress: The promises, challenges of GST regime
While tax evasion, technical glitches, and litigation continue to plague the indirect tax system, the revenue collections have picked up in recent months
 "5 years on, work still in progress: The promises, challenges of GST regime")
Agnipath: Prime Minister Narendra Modi's 'Nike model' just doesn't do it
From land acquisition to GST to Agnipath, the Prime Minister seems to put outcome ahead of the process
GoM fails to reach consensus on GST rate rationalisation; seeks extension
The GoM will seek an extension to submit its final report, they said, adding issues of tax rates will also be raised in the upcoming Council meeting later this month
GoM on GST rate rejig to meet tomorrow, may seek extension to submit report
The ministerial panel, headed by Karnataka CM Basavaraj Bommai, will be meeting for the second time since it was set up in September last year
Anti-profiteering Authority to be merged with Competition Commission
The National Anti-profiteering Authority (NAA) came into existence in 2017 and has received two extensions since then
 "Anti-profiteering Authority to be merged with Competition Commission")
Electric vehicles: India may slash GST on lithium-ion batteries to 5%
India likely to slash the GST rate on lithium-ion batteries from 18% to 5%
 "Electric vehicles: India may slash GST on lithium-ion batteries to 5%")
Time to rationalise
GST structure needs improvement
Centre working on mechanism to resolve GST disputes with states: Report
The finance ministry is working on the procedures of the GST dispute resolution mechanism as some of the states have been demanding
 "Centre working on mechanism to resolve GST disputes with states: Report")
GoM may suggest pruning GST exemption list ahead of Council meeting
A meeting of the GST Council is expected this month or early next month. It may discuss the inverted duty structure, too
Govt releases Rs 86,912 cr to states, clears entire GST compensation dues
To meet the shortfall in GST compensation to states, the Centre said that it borrowed Rs 1.59 trillion in FY22 and Rs 1.1 trillion in FY21 from the market and passed them on to the states
