Page 9 - Latest Updates on Goods and Services Tax
CBIC cautions against coercive tax collection during searches
The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment
CBIC issues SOPs for recovering tax dues from insolvent companies
The CBIC said it has nominated a nodal officer to ensure filing of claims with the Insolvency and Bankruptcy Board of India (IBBI) within 90 days of the commencement of the process
 "CBIC issues SOPs for recovering tax dues from insolvent companies")
Storm in a GST cup
The notion that the recent Supreme Court ruling alters the nature of fiscal federalism is misplaced, but the Council would do well to set up dispute resolution tribunals
 "Storm in a GST cup")
GST: Cooler heads for constructive ends
To be sure, the cooperative spirit has gone missing since about 2018, reflecting the heavy-handedness of the Centre, not just on the GST but across a range of issues
 "GST: Cooler heads for constructive ends")
States seek legal views on Supreme Court ruling before GST Council meet
While many states want to extend the GST compensation regime beyond June 2022, the Centre's view stands that the compensation will be given to states only until that time
 "States seek legal views on Supreme Court ruling before GST Council meet")
Non-BJP states hail Supreme Court verdict on GST Council recommendations
Verdict upholds federal rights of states and the people: Kerala FM Balagopal
 "Non-BJP states hail Supreme Court verdict on GST Council recommendations")
SC verdict on GST Council: Importers to save on 5% IGST on ocean freight
SC said the impugned levy imposed on the 'service' aspect of the transaction is in violation of the principle of 'composite supply' enshrined under Section 2(30) read with Section 8 of the CGST Act
 "SC verdict on GST Council: Importers to save on 5% IGST on ocean freight")
GST Council will work like it has for 5 years: Tarun Bajaj on SC verdict
Bajaj clarified that Article 279A of the Constitution allows the Council to make recommendations but nowhere has it said that Council will 'mandate'
 "GST Council will work like it has for 5 years: Tarun Bajaj on SC verdict")
Recommendations of GST Council binding in framing rules: Govt sources
The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified
 "Recommendations of GST Council binding in framing rules: Govt sources")
Recommendations of GST Council not binding on the Centre, states: SC
The Supreme Court said the Parliament and state legislatures possess equal powers to legislate on GST
GoM calls for 28% GST on online gaming, casinos; tax likely on face value
At the moment, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game
 "GoM calls for 28% GST on online gaming, casinos; tax likely on face value")
Govt mulls extending April GST payment deadline; asks Infosys to fix glitch
As taxpayers face technical glitch on the GST portal, the government said it is considering extending the April tax payment deadline and has directed Infosys for early resolution of the problem
Non-commercial construction in education institutions to draw less GST
Gujarat AAR ruled that such buildings would attract 12% GST, not 18% levied for other construction activities
 "Non-commercial construction in education institutions to draw less GST")
GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity
Tops Rs 1.5 trillion for the first time; record collections for 2 months in a row
 "GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity")
Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco
A two-judge bench, comprising justice Alok Aradhe and justice S Vishwajith Shetty, basically upheld the earlier order by a single bench of the court in this regard
 "Karnataka High Court backs simultaneous levy of excise duty, GST on tobacco")
Rs 79,000 crore of GST dues to states pending for FY22: Finance Ministry
It added that all dues had been paid for FY21. So far, it has released Rs 7.35 trillion to States, including the assistance released on a back-to-back basis
No feedback sought from states on hiking GST rates, says finance ministry
It further said views of the states were sought generally on the Terms of References (ToRs) of the Group of Ministers (GoM) soon after it was set up in September 2021
 "No feedback sought from states on hiking GST rates, says finance ministry")
Goa to recommend status quo on GST rate rationalisation, says Minister
The committee's rate rationalisation report, Godinho said, will decide on rate rationalisation and which rates to increase and when and how
Centre releases Rs 6,000 cr to states as GST compensation
Till now, 70% of the total estimated Goods and Services Tax compensation shortfall has been released to the states
 "Centre releases Rs 6,000 cr to states as GST compensation")
Addressing uncertainty
Necessary changes in GST must be made in time