Page 11 - Gst

GST amendment on registration cancellation: Bombay HC notice to Centre

The Bombay High Court has issued notices to the Union and Maharashtra governments seeking their response to a petition against an amendment to the Goods and Services Tax (GST) Rules by which GST registration can be suspended without giving the affected party a hearing. A division bench of Justices K R Shriram and A S Doctor, on August 29, issued notice to the Attorney General of India and Advocate General of Maharashtra as the plea challenges the validity of a provision of law. The order was made available on Monday. The court was hearing a petition filed by SAT Industries Limited challenging a show cause notice issued to it in August 2022 for cancellation of its GST registration. As per the firm's plea, in the notice itself it has been stated that "please note that your registration stands suspended with effect from 08/08/2022". Senior counsel Vineet Kothari, appearing for the petitioner, claimed the original Rule 21A (2) of the Central Goods and Service Tax Rules, 2017 provided t

GoM for different GST on sports betting, casinos and horse racing

Group of ministers to seek legal opinion for the move

GST officers can launch prosecution in cases of over Rs 5 cr tax evasion

GST officers can now launch prosecution against offenders in cases where the amount of evasion or misuse of input tax credit is more than Rs 5 crore, the Finance Ministry has said. However, this monetary threshold will not be applicable in the case of habitual evaders or in cases where arrests have been made at the time of investigation. "One of the important considerations for deciding whether prosecution should be launched is the availability of adequate evidence, the GST investigation wing under the Finance Ministry said, while issuing instructions for launching prosecution. Prosecution should normally be launched where the amount of tax evasion, or misuse of ITC, or fraudulently obtained refund is more than Rs 5 crore, it said. Launching of prosecution by taxmen means commencement of legal proceedings against the offender. This limit will not apply and prosecution can be launched in the case of a company/taxpayer habitually involved in tax evasion or misusing Input Tax Credit

GST collections above Rs 1.4 trillion for sixth consecutive month

Mop-up increases 28% YoY in August to Rs 1.43 trillion; most big states see double-digit growth in collections

Top headlines: GST collections rise 28% in Aug; export tax on diesel hiked

The government raised the tax on the export of diesel and jet fuel (ATF) and hiked the windfall profit levy on domestically-produced crude oil in line with rising product margins and oil prices

GST collection rises 28% in August to Rs 1.43 trillion: Finance Ministry

Collections from Goods and Services Tax (GST) rose 28 per cent to Rs 1.43 lakh crore in August, the Finance Ministry said on Thursday. GST collection has remained over the Rs 1.4-lakh-crore mark for the sixth straight month in August. "Better reporting coupled with economic recovery has been having a positive impact on the GST revenues on a consistent basis," the ministry said in a statement. The gross GST revenue collected in August 2022 stood at Rs 1,43,612 crore of which Central GST is Rs 24,710 crore, State GST is Rs 30,951 crore, Integrated GST is Rs 77,782 crore (including Rs 42,067 crore collected on import of goods) and cess is Rs 10,168 crore (including Rs 1,018 crore collected on import of goods), the ministry said. The revenues for the month of August 2022, registered 28 per cent increase than the GST revenues of Rs 1,12,020 crore collected in August 2021.

Medicine purchases by inpatients exempt from GST: Tamil Nadu AAR

An outpatient will be charged GST for medicines and consumables bought that were prescribed in the course of providing health care services

Animal spirits? Chris Wood surprised by resilience of Indian stock market

Further evidence of economic resilience and animal spirits, according to Wood, is continuing strong goods and services tax (GST) revenues and buoyant retail sales

Medicine purchases by inpatients exempt from GST, says Tamil Nadu AAR

But says drugs, consumables purchased by outpatients in the course of treatment will be taxed

Printing question paper exempt from GST, but not answer booklet, rules AAR

Holds that an answer booklet is a good, whereas printing question paper is a service provided to educational institution

States' revenue growth to slide to 9% despite robust GST collections: Study

States' revenue growth will slide to 7-9 per cent in FY23 even as handsome GST collections will help in the accretion, a report said on Wednesday. The revenue growth had galloped 25 per cent in FY22 courtesy a lower base in the pandemic-affected FY21, the report by rating agency Crisil, which analysed 17 states accounting for 90 per cent of the aggregate GSDP, said. In FY23, healthy tax buoyancy will be supporting the revenue growth, with Goods and Services Tax (GST) collections and devolutions from the Centre -- which together comprise up to 45 per cent of the states' revenue -- expected to show robust double-digit growth, it said. The agency's senior director Anuj Sethi said the biggest impetus to the revenue growth will come from aggregate state GST collections, which had already rebounded by 29 per cent in FY22. "We expect this momentum to sustain and collections to further increase 20 per cent this fiscal, supported by better compliance levels, higher inflationary environment

Providing HSN code responsibility of bidder, not tendering authority: SC

Apex court says it is the bidders' responsibility to find out the relevant HSN code

SC dismissal of review petition on HSN codes setback for industry

Auto component industry may have to pay up to 15% basic Customs duty and 28% GST

CBIC directs GST officers to not summon senior execs in first instance

Also instructs them to not arrest a person if he has a different interpretation of law

We will rapidly expand our operations in India: Foxconn Chairman Young Liu

Foxconn's commitment to India can be seen as a strong push by Taiwan to improve ties with other nations as China steps up its military belligerence near the island nation

Top Headlines: GST compensation to states; battle for 5G networks, and more

The Centre may release about Rs 35,000 crore to states as GST arrears by September-end, Business Standard has learnt

Centre may release Rs 35,000 cr to states as June GST compensation

GST compensation has remained a sticking point between the Centre and states

Eye on FTAs, Centre turns to GSTN for services trade data mining

Currently, the value of exports and imports of services is released by the Reserve Bank of India (RBI) and it comes with a lag of over two months

No GST on residential premises if rented out for personal use: Govt

The government dismissed media reports which claimed that there is an 18 per cent Goods and Services Tax (GST) on house rent paid by tenants.

TMS Ep235: India inflation, CXO pay, dairy stocks, GST on rent

Is the worst of inflation behind us? How can we solve India Inc's high CEO pay problem? Is it time to sell dairy stocks? Do you need to pay GST on rent? All answers here