Page 3 - Gst

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.

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

GST Council likely to decide on common audit manual for Centre, states

GST Council may take up today expert panel's proposal to avoid multiplicity of audits by central, state authorities

Amit Mitra urges FM to call GST Council meeting to address overregulation

The West Bengal government on Friday wrote to Union Finance Minister Nirmala Sitharaman urging her to call a special meeting of the GST Council to address cases of massive overregulation and the current state of the MSMEs that have registered under the GST regime. Dr Amit Mitra, the principal chief advisor to West Bengal Chief Minister Mamata Banerjee as well to the finance department, said in a letter to Sitharaman that the "labyrinthine regulatory structures have engulfed MSMEs in particular, dragging them to an abyss". "I urge you to call a special and exclusive meeting of the GST Council to address the case of massive overregulation and the current state of the MSMEs who have dared to register under the GST regime in their quest to become formal," Mitra wrote in the three-page letter. The former state finance minister's call for the special meeting came a day before the 49th GST Council meeting is scheduled to take place on Saturday in New Delhi. The meeting will be held two ...

Top headlines: GST council meet, non-BFSI Q3 profit shrinks, and more

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Labelling of millet-based health products to dictate 5% or nil GST

Issue of tax treatment of MUVs may be deferred at Feb 18 GST Council meet

Exporters need to be receptive towards impact of recession: FM Sitharaman

She also revealed that petrol, diesel can be included in GST once states agree

Petroleum products can be brought under GST if consensus reached: FM

Finance Minister Nirmala Sitharaman on Wednesday said that if states arrive at a consensus, then petroleum products can be brought under the GST regime

All packaged items become expensive in Pakistan after GST hike: Report

The new notification will also apply on make-up products, shaving foam, gel, cream, blade, shampoo, cream, lotion, soap and toothpaste

Bogus GST invoices row: Prosecution starts against e-insurance intermediary

The Directorate General of GST Intelligence had in 2022 detected Rs 824-crore tax evasion by insurance companies

CBIC says won't object to a petitioner going to HC in absence of GSTAT

CBIC says it would like to withdraw earlier plea in matter relating to dispute over refund of a company

An idea whose time has come: Will NFIR be a game-changer for India?

The proposed financial registry will kill information asymmetry, and change the dynamics for every stakeholder in the economy for the better, reports Raghu Mohan

Unbranded namkeen products to attract 12% GST, not 5%, rules Gujarat AAR

One of the first rulings after the rate-change came into effect from July 18 last year

Adani Wilmar's Solan facility raided for alleged GST violations: Report

Adani Wilmar had failed to deposit GST collection for "several years" and this reportedly led to the inspection

GST Council meet: Tax on online gaming activities unlikely to be discussed

Council was to meet on Feb 18, but schedule may be changed

Will get fitment panel to look into 28% GST for cement: FM Sitharaman

Urges industry to ensure its output is compliant with sustainable development goals, says this is crucial for negotiating non-tariff barriers arising out of environmental concerns around the world