Page 2 - Gst

Ice cream sold over counter but not prepared in outlet to attract 18% GST

If ordered with food, tax would be the lower rate; over the counter, it would attract a higher GST

'Importers should ensure that certificate of origin is genuine'

Business Standard brings you the fortnightly Q&A on SMEs

PM asks India Inc to step up investment, take advantage of opportunities

Prime Minister Narendra Modi on Tuesday urged India Inc to increase investment and take advantage of the opportunities unveiled in the Budget 2023-24. Addressing the 10th webinar on Budget, Modi said the government has increased outlay on capital expenditure to Rs 10 lakh crore, the highest ever. In this backdrop, he said, "I would also call upon the private sector of the country to increase their investment just like the government so that the country gets maximum benefit from it." The prime minister further said as opposed to the past, the tax burden has come down significantly in India due to GST, reduction in income tax and corporate tax. This, he said, has resulted in better tax collection. In 2013-14 gross tax revenue was about Rs 11 lakh crore which rose to Rs 33 lakh crore in 2023-24, an increase of 200 per cent. The number of individual tax returns increased from 3.5 crore to 6.5 crore from 2013-14 to 2020-21. "Paying tax is such a duty, which is directly related to natio

Clear starts GST e-invoicing generating services for large taxpayers

Firm says since the infrastructure is largely digital, it is simultaneously affordable, scalable, modern, secure and pervasive

Chatroom: Importers must ensure genuineness of COO, says expert

Business Standard brings you the fortnightly Q&A on SMEs

Fitment panel to examine compensation cess structure for pan masala

To review the feasibility of MRP-linked compensation cess rates

Uttarakhand GST dept busts syndicate that covered-up illegal timber sale

Using digital tracking and electronic surveillance, Uttarakhand tax authorities have busted a group of traders who would float fake firms to give a legal cover to their illegal trade of timber and its products and evade GST worth crores of rupees, officials said on Sunday. The Uttarakhand GST department launched an expansive search and seizure operation -- named Operation D Day-Rising Woods' -- to unearth the racket in Jaspur area of Udham Singh Nagar district, they said. Udham Singh Nagar is considered one of the biggest timber markets and timber and its products are supplied across the country from here. The investigators suspect the involvement of people from other states such as Uttar Pradesh, Haryana, Delhi, Bihar and Rajasthan. The operation involved 27 teams with more than 300 tax and forensic officials and financial technology experts and they raided 27 commercial establishments and residences of transporters, advocates and chartered accountants. The investigators, who hav

Feb GST collection up 12% YoY to Rs 1.49 trn, dips month-on-month

With this, the monthly GST revenues remained over Rs 1.4 trillion for 12 straight months

5% GST payable on all pre-packaged and labelled jaggery: Karnataka AAR

Like many other agricultural commodities, jaggery was exempted from GST until July 18 last year

Centre making contradictory statements over Bengal's GST dues: Minister

West Bengal Finance Minister Chandrima Bhattacharya on Thursday claimed that the Centre was making contradictory statements on the state's GST compensation dues by deciding to release the balance for June 2022, and at the same time asserting that audited figures were not submitted. Bhattacharya pointed out that Union Finance Minister Nirmala Sitharaman, after the 49th meeting of the GST Council last week, had said in a release that West Bengal will receive Rs 823 crore for June 2022 as GST compensation. "This is contradictory On one hand, it is said that we have not given the accountant general (AG) certificate and no calculation (of the dues) was done, and on the other hand, she (Sitharaman) says everything has been paid till May 2022 and this (amount of Rs 823 crore) is only for June 2022... My respectful submission is this makes no sense," the minister noted. Bhattacharya was speaking at an interactive session here, titled 'Bengal's Fiscal Health in Post Pandemic: Road Ahead', ..

Top headlines: Mega push for Jal Jeevan mission, India inks pact with UAE

Business Standard brings you the top headlines at this hour

Bogus invoices row: GST authorities summon insurance intermediaries

I-T joins probe, quizzes chief financial officers seeking info on 'commissions'

Chatroom: 'Seller and buyer can agree to deviate from Incoterms'

Under the Customs laws, you are required to declare the transaction value, i.e., the price paid or payable for the goods

Next phase for GST

Appellate tribunal will improve business environment

LIVE: Delhi LG gives nod to convene House, hold mayoral poll on Feb 22

"Recommended MCD mayor elections to be held on 22 Feb," Kejriwal said in a tweet earlier in the day. Stay tuned for latest updates

Haryana to get Rs 629 cr outstanding amount of GST compensation: Chautala

Haryana Deputy Chief Minister Dushyant Chautala on Saturday said the state will soon receive the outstanding amount of Rs 629 crore of GST compensation for June 2022 from the Centre. The approval for the same was given at the 49th GST Council meeting held in New Delhi on Saturday under the chairmanship of Union Finance Minister Nirmala Sitharaman, Chautala was quoted as saying in an official statement. Sitharaman announced at the meeting that the Centre has decided to clear the entire pending balance of GST compensation, amounting to Rs 16,982 crore, for June 2022. Chautala, who is also the convenor of the Group of Ministers (GoM) on the Goods and Services Tax Appellate Tribunal (GSTAT), shared the information after attending the council meeting. He presented the recommendations of the GoM, formed by the GST Council for the constitution of the GSTAT, at the meeting. Chautala also requested the fitment committee to examine the issue of GST rates on sports utility vehicles (SUVs) an

GST Council okays setting up tribunals, specific levy for pan masala firms

GST Council also decided to clear the entire dues of GST compensation pending to states

GST Council adopts GoM report on setting up tribunals with modifications

Union Finance Minister Nirmala Sitharaman on Saturday said the GST Council adopted the report of the Group of Ministers on GST Appellate Tribunal with certain modifications, and the final draft amendments will be circulated to state finance ministers for their comments. The GoM on Goods and Services Tax Appellate Tribunals (GSTATs) was set up in July last year under the chairmanship of Haryana deputy chief minister Dushyant Chautala. The panel has suggested that the tribunals should consist of two judicial members, and one technical member each from the Centre and states, besides a retired Supreme Court judge as president. The GoM report on the establishment of the GST Appellate Tribunal has been accepted with slight modifications in the language that will be shared with States on Sunday and following which a final draft of the Tribunal's setting up will be worked out, Sitharaman told reporters after chairing the 49th meeting of the GST Council. She also informed that the Council h

GST Council cuts tax on jaggery; rationalises late fee on delayed returns

GST Council on Saturday reduced the Goods and Service Tax on liquid jaggery, pencil sharpeners, and certain tracking devices, Union Finance Minister Nirmala Sitharaman said. Briefing media after the 49th meeting of the GST Council, the minister also informed that reports of the GoM (Group of Ministers) on checking tax evasion by pan masala and gutkha industry, and on Goods and Services Tax Appellate Tribunals (GSTATs), have been taken on board. She further said all the GST compensation dues will be cleared, including Rs 16,982 crore for the month of June. The finance minister further said the GST Council has decided to rationalise late fees on filing of annual GST returns after the due date. Finance ministers of states and UTs (with legislature) and senior officials of Union Government and states participated in the meeting.

Entire Rs 16,982 cr GST compensation cess to states to be cleared: FM

Finance Minister Nirmala Sitharaman said on Saturday that the entire GST compensation cess for June 2022 totalling Rs 16,982 crore will be cleared.