Page 15 - Gst

CPI(M) gives notice to suspend biz in RS to discuss imposition of 5% GST

Communist Party of India (Marxist) floor leader in Rajya Sabha, Elamaram Kareem gave notice under rule 267 to suspend business and discuss the issue of price rise and imposition of 5 per cent GST

New GST rates come in effect from today: Check the rate change list here

While the GST council proposed to withdraw tax exemptions for a few items and rate changes for others, exemptions for many others were removed

GST rate hike comes in effect from Monday: Here's what will get costlier

From next week, many household items, hotels, and bank services among other things will get costlier

CBIC issues clarification on GST on pre-packaged items from Monday

The Central Board of Indirect Taxes and Customs on Sunday said single packages of food items like cereals, pulses and flour weighing up to 25 kg will be considered as 'prepackaged and labelled'

GST on labelled food items, hospital rooms above Rs 5K from Monday

Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners will be hiked to 18 per cent on Monday

GST on packaged food from July 18: Rice will become costlier in Tamil Nadu

The rice merchants and rice mill association have urged the Tamil Nadu government to exert pressure on the Union government for a roll back to bring the food products under GST

IMA urges FM Sitharaman to grant GST exemption to healthcare services

Indian Medical Association (IMA) on Saturday wrote a letter to Union Finance Minister Nirmala Sitharaman requesting to grant exemption in Goods and Services Tax (GST) for healthcare services.Citing in a letter, IMA mentioned that the 47th GST Council meeting has recommended that "Like CTEPs, common bio-medical waste treatment facilities for treatment or disposal of biomedical waste shall be taxed at 12 per cent so as to allow them ITC."IMA said these facilities were earlier in the GST exempted category and will be taxed post-July 18.47th GST Council meeting has also recommended that "Room rent, excluding ICU, exceeding Rs 5,000 per day per patient charged by the hospital will also be taxed at 5 per cent, without ITC."The IMA said, in its letter, that this facility was also GST exempted category and was to be effective from July 18."We, as the collective voice of all establishments and doctors of the country, express our serious concerns and objections to these new taxes in the ...

Delhi grain markets remain closed as traders protest GST on packed food

Wholesale grain markets at Narela, Bawana and other parts of the city wore a deserted look due to the market bandh called by traders. Many retail grain markets in the city were also closed.

FinMin seeks industry views on changes in monthly GST payment form

The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15. The GST Council in its meeting last month recommended that the changes in GSTR-3B or monthly tax payment form be placed in public domain for seeking inputs and suggestions of the stakeholders. "Accordingly, general public and the trade at large are hereby informed that a detailed Concept Paper on comprehensive changes in FORM GSTR-3B is enclosed. All members of trade/ stakeholders are requested to kindly furnish their views/comments/suggestions on the Concept Paper latest by 15th September 2022 at gstpolicywing-cbic@gov.in so as to facilitate finalization of the matter, the ministry said. Abhishek Jain, Tax Partner, KPMG in India, said GSTR-3B is a return form capturing the summary of outward and inward supplies for a particular month. The paper takes into consideration various suggestions of both taxpayers and administrators, including .

Karnataka traders to observe bandh against GST on rice, foodgrains

The State Rice Mill Owners' Association has demanded that the central government reverse its decision and the GST Council take a review of its decision to impose GST on foodgrains

Global recession fears may ease inflationary pressures: Govt report

Review released by ministry also said that global headwinds would continue to pose downside risk to growth as crude oil and edible oils, remain major imported components

Sale of online space for advertisement to attract 18% GST, says AAR

Sale of advertisement space on internet would be liable to 18 per cent Goods and Services Tax, the Karnataka bench of Authority for Advance Ruling has said. E-commerce portal Myntra Designs Pvt Ltd had approached the AAR seeking a ruling on whether providing advertisement space on its portal to foreign entity Lenzing Singapore Pte Ltd was liable to GST. The AAR said Myntra is only leasing the advertisement space to its customer and the advertiser (Lenzing) is providing advertisement services to its customer. The service provided by Myntra to Lenzing is that of rendering 'sale of internet advertising space (except on commission)' and is charging a fixed rate and not a commission for providing such space. Hence, the same will be classified under 'other professional, technical and business services' under GST law and is liable to GST at 18 per cent. AMRG & Associates Senior Partner Rajat Mohan said, This ruling would clarify on the scope of sale of space on internet and on the ...

GST: GoM to finalise report on casinos, online gaming by Aug 10

The state finance ministers' panel looking to bring online gaming and casinos under GST failed to reach a consensus on Tuesday and decided to finalise its report by August 10. Officials said the Group of Ministers (GoM) held a virtual meeting on Tuesday and discussed various methods of taxation of casinos, horse racing and online gaming. The panel felt that further deliberations were required on the matter and fixed August 10 as the date for finalising its report, the officials added. The report is likely to be taken up for discussion in the GST Council meeting scheduled to be held in Madurai next month. Last month, the council, comprising the Centre and state finance ministers, referred back the report that was submitted by the GoM for further discussions. The GoM, under Meghalaya Chief Minister Conrad Sangma, in its report had highlighted that horse racing, online gaming and casinos are all part of betting and gambling, and 28 per cent GST on gross sales value should be ...

India isn't anywhere near a middle income trap, says Nicholas Stern

'We would not have got a Paris agreement without the enthusiastic participation of India'

GoM on GST Appellate Tribunal set up, to be headed by Dushyant Chautala

The Goods and Services Tax (GST) Council has set up a six-member group of ministers (GoM) to recommend necessary amendments required in the GST laws and other legal changes for setting up the GSTAT

CBIC to issue SOP for GST summons to stop harassment of businesses

The new SOP will make officials more accountable and will also make the entire process transparent

Panel on GST Appellate Tribunal formed, to submit report by month-end

The 6-member GoM would also ensure that the amendments are in line with various court judgements relating to setting up the tribunal

Sale of machine made or polyester national flag exempt from GST: FinMin

Hand-woven, hand-spun national flags made of cotton, silk, wool or Khadi are already exempt from GST.

5 years of GST: Why the indirect tax regime may not see big-bang reforms

From July 1, 2017, a uniform tax on goods and services - marketed by Prime Minister Narendra Modi as "One Nation, One Tax, One Market" - replaced a bewildering array of local sales and entry levies

Government notifies host of procedural changes in GST rules

The changes were vetted by the Goods and Services Tax (GST) Council at its meeting last week