Page 24 - Gst

GST collection up 18% YoY at over Rs 1.33 trn in Feb: FinMin

This is the first time cess collection has crossed the Rs 10,000 crore-mark, signifying recovery in certain key sectors, especially automobile sales

GST intelligence body widens investigation on fintech firm BharatPe

Audit at BharatPe had suggested deeper investigation on deals with non-existent vendors

Officials bust network availing fake input tax credit benefits under GST

Central Goods and Services Tax (CGST) Commissionerate, Mumbai zone, on Friday said it has busted a network involved in availing fake input tax credit benefits under goods and services tax.CGST Commissionerate, Belapur of CGST Mumbai Zone, said it has also arrested the proprietor of Amarnath Enterprises, Navi Mumbai for availing and passing on of fake Input Tax Credit (ITC) of Rs 26.28 crore by issuing bogus invoices to the tune of Rs 132.7 crores.Based on a tip-off received from the Central Intelligence Unit of CGST Mumbai Zone an investigation was initiated, which revealed that only invoices were issued and no supply of goods had taken place, CGST Commissionerate said in a statement.Evidence gathered during the investigation and confession of the proprietor indicated that an offence, as specified in Section 132 of the Central Goods and Services Tax Act, 2017, was being committed with full disregard to the statutory provisions, with an intention to defraud the Government of its due ...

'Gabbar Singh Tax' critique of GST a disservice to our institutions: FM

Nirmala Sitharaman termed the Opposition's criticism of the Goods and Services Tax (GST) as 'Gabbar Singh Tax' as a knee-jerk reaction which is a disservice to the country's institutions.

Singapore to hike taxes on rich as it winds down Covid-19 spending

GST will rise to 8% from January next year and to 9% in 2024, Lawrence Wong said, from 7% now.

GST, raw material costs pushed footwear prices by 20-50% in 1 yr: V Noushad

V Noushad urged the government to take steps to boost the local manufacturing of components, machines and designs in the non-leather category

Extending GST compensation period may push back rate rejig: CBIC chairman

In a Q&A, CBIC chairman Vivek Johri talks about if revenues are to reach the levels where compensation would perhaps no longer be an issue, then GST rate structure, exemptions too need to be reviewed

Govt likely to propose 18% GST on crypto mining, trading entities

Though the date for the next GST Council meeting has not been set, it could happen in March

Top headlines: LIC virtual road shows underway, Ukraine tensions drag on

Regulator asks commercial banks to make KYC ironclad as frauds rise. More on that story in our top headlines.

Income earned from providing guest lectures liable to 18% GST: AAR

Income earned from providing guest lectures will attract 18 per cent GST, the Karnataka bench of AAR has ruled. The applicant, Sairam Gopalkrishna Bhat, had approached the Authority for Advance Ruling seeking clarity on whether the income earned from conducting guest lectures, amounts to or results to as supply of taxable services. While passing the ruling, the AAR said the said service falls under the category of other professional, technical and business services and does not fall under the exempted category of services. Hence, the said services provided by the applicant attract GST of 18 per cent, it said. The AAR ruling would mean that service professionals whose turnover exceeds Rs 20 lakh will have to pay 18 per cent goods and services tax (GST) on income earned from providing guest lectures. AMRG & Associates Senior Partner Rajat Mohan said this ruling will open pandora's box for millions of freelancers, academicians, researchers, professors and others who share knowledge ..

Avoid amendment

Proposed changes in GST will increase friction

Top headlines: RBI official wants crypto ban; Canada seeks more immigrants

Top property developers across western and northern India are getting into 'second homes' concept at leisure destinations. More on that in our morning wrap.

Asset monetisation: NITI seeks GST waiver for 'rights to use' transfers

At present, the transfer of 'Rights to Use' is considered a supply under the GST regime, and attracts 18 per cent tax in the hands of the new entity or special purpose vehicle

'Open to look into restaurants demand for higher GST rate with ITC benefit'

Revenue Secretary's comment comes at a time when a 5% tax is levied on restaurant services, irrespective of whether it is air-conditioned or non-AC, without the benefit of the input tax credit

K'taka CM urges Centre to extend GST compensation period upto 2024-25

Bommai presented the request when he called on Union Finance minister Nirmala Sitharaman in New Delhi on Monday.

Centre will bring ATF in GST for discussion in next Council meet: FM

Centre will bring for discussion in next meeting of the GST Council the issue of bringing aviation turbine fuel (ATF) into the goods and services tax regime, Finance Minister Nirmala Sitharaman said

Share of GST revenue from imports nearly constant since 2014

GST revenue from imports - The Indian imports have grown especially from China and so is import IGST. But as a proportion of total GST collections, revenue from imports has remained the same.

Fiscal capacity facilitates larger investments

Unfortunately, a great opportunity to bring down the general tariff rate has been lost

Budget 2022: Settlement for FY19 GST accounts gives states Rs 4,000 crore

Apart from the devolution for this fiscal year, states received an additional Rs 24,227 crore in the Revised Estimates of 2021-22 (FY22) on account of "prior period adjustment of tax devolution"

Budget 2022: Centre's move to ramp up state finances tight-fisted

Devolution to grow 13% to Rs 8.1 trn in FY23. Power reforms to allow borrowing up to 4% of GSDP in addition to Rs 1 trn capex loans. But funding for centrally-sponsored schemes stagnates