GST2.0

The UK-India Infrastructure Financing Bridge (UKIIFB), agreed during the UK Economic and Financial Dialogue (EFD) in September last year, has now been operationalised

When contacted, an Air India Express spokesperson said its flight IX 145 encountered an engine issue after takeoff from Delhi on September 2

The GST Council may propose a pilot project for voluntary e-invoicing in select sectors for B2C transactions

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

Council may maintain status quo on reducing tax rates on EV batteries to 5% from 18%

The demand for exemptions and a "seamless system" of tariff mechanism and GST system is a self-contradictory demand

Move will help sanction and process refunds faster; may boost exports

Experts point out that the Authority for Advance Ruling is state-specific, which at times results in conflicting rulings issued in different states