Goods And Service Tax

The government has specified the retail sale price-based GST cess rate that would be levied on pan masala and tobacco manufacturers with effect from April 1. This is a departure from the earlier regime that imposed cess, over and above the 28 per cent Goods and Services Tax (GST) rate on ad-valorem basis. As per a finance ministry notification dated March 31, the GST cess rate that would be applicable on pan masala is 0.32 times the retail sale price (RSP) of the pan masala pouch. Pan masala, containing tobacco gutkha, now has a cess rate of 0.61 times the RSP, while the rate for smoking mixtures for pipes and cigarettes is 0.69 times. Chewing tobacco , filter khaini, and jarda scented tobacco attract a cess of 0.56 times the RSP, and the rate for branded unmanufactured tobacco and hookah or gudaku is 0.36 times the RSP. The new rates are applicable from April 1, 2023. Moving to RSP-based levy would mean that manufacturers would now have to pay the cess on the final retail price o

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The Goods and service tax (GST) collections in Himachal Pradesh increased by 25 per cent to Rs 4,052 crore till December this fiscal from Rs 3,172 crore in the year-ago period, an official spokesperson said here on Monday. In a release issued here, he said that the State Taxes and Excise Department collected Rs 341 crore under GST in December 2022, and attributed the growth in GST collections during the current financial year to strengthened enforcement and improved taxpayer compliances. "The department continues to focus on improvement in return filing, speedy scrutiny of returns and timely completion of GST audits with strong enforcement measures. The department has verified 10 lakh e-way bills during road checkings conducted in the current financial year," he added. The department remains committed to improving voluntary compliance with time-bound redressal of the issues of the stakeholders under the 'Tax Haat Programme'. "The department continues to focus on capacity building o

The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17,176 crore is pending to states as on June 2022. Replying to supplementaries during the Question Hour, Minister of State for Finance Pankaj Chaudhary said the Centre is giving GST compensation to states for five years. He said even during Covid times when no GST was collected, the Government of India had given compensation to states after taking loans of Rs 1.1 lakh crore and 1.59 lakh crore during 2020-21 and 2021-22. "A total of only Rs 17,176 crore GST compensation is pending as on June 2022," the minister told the house. Replying to other queries, Finance Minister Nirmala Sitharaman said, "As of now, since we have somewhat cleared all the dues up to June, and about Rs 17,000 crores pending is to be given." "Details of GST compensation pending for June 2022 for Tamil Nadu is Rs 1200.6148 crores only.Utilisation certificate from a state has not been reached, that cannot be treated as pending one," she

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