Page 20 - Gst

GoM may suggest pruning GST exemption list ahead of Council meeting

A meeting of the GST Council is expected this month or early next month. It may discuss the inverted duty structure, too

GST collections slip below Rs 1.5-trn mark in May despite 44% YoY increase

In April, GST collections had touched a record high of Rs 1.68 trillion, surpassing the Rs 1.5-trillion mark for the first time

Govt releases Rs 86,912 cr to states, clears entire GST compensation dues

To meet the shortfall in GST compensation to states, the Centre said that it borrowed Rs 1.59 trillion in FY22 and Rs 1.1 trillion in FY21 from the market and passed them on to the states

Centre clears entire GST compensation payable to states till date

Centre taps own resources to clear entire pending GST compensation to states as of May 31, 2022

Man's fight to get Rs 35 refund on cancelled railway ticket benefits 300k

The Railways has approved Rs 2.43 crore in refunds to 2.98 lakh IRCTC users -- many of whom might have brought multiple tickets, according to an RTI reply received by Kota-based engineer Sujeet Swami.

GST hasn't boosted states' tax collections, no gains seen in 5 yrs: Ind Ra

From June this year, the Centre will stop giving states any compensation for tax collection shortfall.

Centre likely to lift veil on taxing NFT as virtual digital asset

Likely to release framework ahead of first advance tax instalment

CBIC cautions against coercive tax collection during searches

The experience of the taxpayers is that many officers do not follow the CBIC instructions in tax collection or enforcement matters and do subject the taxpayers to unnecessary harassment

Storm in a GST cup

The notion that the recent Supreme Court ruling alters the nature of fiscal federalism is misplaced, but the Council would do well to set up dispute resolution tribunals

GST: Cooler heads for constructive ends

To be sure, the cooperative spirit has gone missing since about 2018, reflecting the heavy-handedness of the Centre, not just on the GST but across a range of issues

Inflationary concerns may delay GST rate rationalisation: Report

A GST tax rate rationalisation is likely to be delayed due to elevated inflation, sources said on Wednesday. The Goods and Services Tax (GST) regime taxes goods and services in four tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent. It was being considered to reduce these tax slabs possibly to 3, an exercise which would have involved raising taxes in some items and a reduction in others. But with inflation rate ruling at all-time high, such an exercise is likely to be delayed, sources said.

A Vyapar Credit Card for MSMEs

Government data indicates that less than 40 per cent of MSMEs borrow from the formal financial system

Why the states are grumbling

The structure of central levies on petrol and diesel needs a review followed by their inclusion in GST

States seek legal views on Supreme Court ruling before GST Council meet

While many states want to extend the GST compensation regime beyond June 2022, the Centre's view stands that the compensation will be given to states only until that time

SC strikes down levy of GST on ocean freight in CIF contracts

The matter before the Court was the appeal against the decision of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd

Taxpayers can now claim refund of IGST on ocean freight, say Experts

Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC

TMS Ep176: SC on GST, diamond industry, volatile markets, delimitation

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

Top Headlines: IMF's prediction, GST Council recommendations, and more

The International Monetary Fund (IMF) has "corrected" an error in its calculations to now project that India would become a $5-trillion economy by 2026-27

How will the SC ruling affect the GST framework?

The Supreme Court ruled that GST on ocean freight paid for import of goods is unconstitutional. What does this mean for the GST framework? How will it affect the Centre's relationship with states?

Non-BJP states hail Supreme Court verdict on GST Council recommendations

Verdict upholds federal rights of states and the people: Kerala FM Balagopal