Gst

It's time to get real about rupee's role in international financial system

New Delhi's own experiment with Russian oil should be a sobering reminder of how little sanctions have done to dethrone the US currency. Internationalizing the rupee will neither be swift, nor easy

Spurring fiscal equality: Ratio of GST to GSDP higher in poorer states

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime

Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR

Such damages are the sum that one party receives when the other party fails to meet provisions of a contract

Interstate flow of goods rose to 70% of GDP post-GST implementation

Paper published by IPPR suggests new indirect tax regime led to increasing economic integration among states

Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR

The applicant, a manufacturer, had argued that 18% GST should be applicable

SC rules on service tax on corporate guarantees, gives pvt firm relief

No service tax on corporate guarantees by parent company to subsidiaries in absence of consideration, it says

India's Goods and Services Tax mop-up crossed Rs 18 trillion in FY23

March collection was the second-highest ever

GST mop up at all-time high of Rs 18 trillion in FY23, shows data

The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds

FinMin notifies GST amnesty scheme for non-filers, small businesses

Enterprises can apply for revocation of cancelled GST registration by June 30 after paying due taxes, interest and penalty

GST rate rationalisation unlikely before 2024 Lok Sabha elections

Centre, states not in favour any major change in GST structure amid inflationary pressure

Initial field work for annual survey of services sector begins for 2022-23

However, the survey itself may not come up before the end of 2024

Tobacco in gunny bags to attract 28% GST, 71% compensation cess: AAR

No new product emerges from the post-coating process, rules authority in Gujarat

Lok Sabha approves setting up of GST Appellate Tribunal to solve disputes

Lok Sabha on Friday cleared changes in the Finance Bill to pave the way for setting up of an appellate tribunal for resolution of disputes under GST. Currently, taxpayers are filing writ petitions before high courts in the absence of the appellate tribunal. As per the amendments proposed in the Finance Bill 2023, which was passed by Lok Sabha on Friday, benches of the GST Appellate Tribunal would be set up in every state while there will be a principal bench in Delhi which will hear appeals related to 'place of supply'. Even after more than five years of implementation of the Goods and Services Tax (GST), the appellate tribunal has not been set up. As a result, unresolved legal matters under GST have accumulated. Nangia Andersen India's Tanushree Roy, Director- Indirect Tax, said establishment of the appellate tribunal would result in lower burden on high courts, Supreme Court and at the same time, would also provide taxpayers the much needed reprieve. "This is certainly a welcome

Former BharatPe CEO Ashneer Grover launches fantasy cricket platform

As per information available on CrickPe's website, it is an app that allows users to play cricket online

As liquidity tightens, call money rate jumps to 7% before easing

Advance tax, GST payments leading to tight liquidity; RBI may do more repos

Chatroom: 'No GST rebate or exemption against supply of services to EOUs'

Section 16 of the CGST Act, 2017 allows you to take input tax credit of the input tax charged on any supply of goods or services, or both, subject to certain conditions

Roof mounted AC units for passenger coaches to have 28% GST: Punjab AAAR

Issue was product would come under which heading of harmonised system of nomenclature code

Panel working on classification of millet products to determine GST rates

The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June

A 4-member GST appellate tribunal likely in each state, says official

A 4-member appellate tribunal is proposed to be set up in each state to streamline and expedite the dispute resolution process with regard to Goods and Services Tax (GST), according to an official. Each state appellate tribunal would have two technical members (one officer each from the centre and states) and two judicial members, the official told PTI. A division bench comprising two members -- one technical and one judicial -- will decide the appeals brought before it. As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals, the official noted. There will also be a national appellate tribunal, which would be set up in Delhi, and comprise one judicial member and one technical member. The national appellate bench will mainly look into appeal cases on disputes between the department and assessee over the 'place of supply' under the GST regime. It, however, will not take up any appeal with regard to divergent

Bombay HC relief for GST assessees amid non-existence of tribunal

No recovery from taxpayers once a declaration of intent filed by them to appeal against order of lower authorities is put on record