Page 26 - Gst

How real is the GST boost?

The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply

FY23 Budget wishlist: ACMA seeks uniform 18% GST for all auto components

Auto components industry body ACMA on Tuesday said it has urged the government for a uniform GST rate of 18 per cent on all auto parts to curb the impact of counterfeits in the aftermarket operations.

SME Chatroom: No interest liability due on retrospective amendment

However, it would help all persons concerned if the CBIC issues a clarification in this regard

Now, AAAR rules ready-to-eat fryums papad to draw 18% GST

GST rate is based on classification of products based on the harmonised system of nomenclature (HSN) codes

Businesses to be given 'reasonable time' to explain mismatch in GSTR-1, 3B

Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B

GST shadow on Indian cryptocurrency firms; foreign platforms go free

In the absence of regulations, international crypto and NFT platforms are escaping the GST net

Budget basics: How govt can break out of its straitjacket and raise revenue

There are two ways: deliver a rapidly growing economic pie or re-assess tax policy - reform of GST, closing corporate tax loopholes, suggests T N Ninan

Father-son duo held by CGST department for fake ITC of Rs 22 crore

A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.

5% GST on electricity may cause Rs 5,700-crore loss to states, Centre

Power cost may fall for industrial consumers, says NTPC-commissioned report

GST mop-up signals economic recovery despite worry over Omicron

Collections grow 13% in December quarter to Rs 1.3 trillion - the best since July 2017

Delhi govt's GST department unearths Rs 347-cr 'fake billing scam'

The Delhi government's GST department on Saturday unearthed a Rs 347-crore 'fake billing scam' involving 11 firms and one person was arrested in connection with it, according to an official statement.

Increased imports, IT raids fuel GST collection in Dec 2021

Gross GST revenues collected in December 2021 stood at Rs 1,29,780 crore, 13 per cent higher than GST revenues collected in same month of 2020, and 26 per cent higher than GST revenues in Dec 2019.

Centre deferred GST hike on textiles fearing defeat in upcoming polls: Cong

The Congress claimed that Centre deferred the hike in GST on textiles from 5 per cent to 12 per cent out of fear of losing upcoming Assembly elections in five states and later in Gujarat.

Food aggregators like Swiggy, Zomato to collect 5% GST beginning Jan 1

Food aggregators like Swiggy and Zomato will have to collect and deposit tax at 5 per cent rate beginning Saturday

GST Council defers rate hike in textiles, refers issues to ministers group

'We will retain the status quo', says Finance Minister Nirmala Sitharaman after emergency meeting in Delhi.

Cryptocurrency exchange WazirX under lens for evading Rs 40 crore in taxes

According to the CBIC, the matter relates to WazirX launching its own currency, but not paying GST on it.

GST Council meeting sans talks on Omicron, life saving Covid drugs

The meeting was held on Friday under the chairmanship of Union Finance Minister Nirmala Sitharaman

India Inc welcomes deferment of proposed GST hike on textiles

The proposal intended to hike GST rate on apparel from 5 to 12 per cent

GST Council to discuss rollback of inverted duty structure in textiles

Former West Bengal Finance Minister Amit Mitra and Telangana Industries Minister K T Rama Rao had earlier urged the Centre to roll back the proposed GST rate hikes in textiles

Not like children's books, learning kit books to attract GST: AAR

The AAR agreed at the outset the kit box/book should be covered under heading 4903