The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total
Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones
An organisation of exporters wrote to Union Finance Minister Nirmala Sitharaman, urging her to extend the Goods and Services Tax (GST) exemption on export freight that lapsed on September 30. The Federation of Indian Export Organizations (FIEO) expressed concern that if the exemption is not extended, it will add to their liquidity challenges amid rising interest rates. Since its introduction in 2018, the government had extended the exemption twice till September this year. "Overseas freight rates had increased by 300350 per cent from preCovid levels. Now, there has been a slight decline in such rates, but these are still 200250 per cent higher than that of the 2019 levels," FIEO President A Sakthivel said. If the exemption is not renewed, exporters will be required to pay GST at 18 per cent on export freight, which will increase the logistical costs for Indian goods in the international market, he said. "Due to the recent increase in interest rates by the Reserve Bank of India, t
Companies supplying vehicles to local bodies must prove that the underlying activities are exempt services, such as public health, in order to avoid paying tax, ruled Gujarat-based AAR
Ernakulam-based company is not a formal school but an institution providing special training, it says
The private tour operators argued that the levy is discriminatory as it exempts certain pilgrims who undertake the journey through the Haj Committee of India
A lot of work still needs to be done to prune GST-exempted items, especially in the services sector, Revenue Secretary Tarun Bajaj said on Tuesday
Okays removing the exemption on mass consumption items
GST structure needs improvement
A group of ministers may propose pruning GST exemptions on certain goods and services and correcting the inverted duty structure. Read more on this in our top headlines
A meeting of the GST Council is expected this month or early next month. It may discuss the inverted duty structure, too
Fitment committee recommends rejecting MoSPI request for a waiver
The exemption will also cover goods already imported but lying uncleared on the date of its issuance of exemption
Rule 86B under Central GST Act limits use of input tax credit for discharging liability, changes GST registration rules as well
These providers, indenting agents in technical parlance, went to the Gujarat high court against the GST levied on them
The Centre has exempted food supplied by religious places of worship like temples, mosques, churches and gurudwaras from GST but ruled out granting tax exemption to inputs