Page 31 - Gst

Top headlines: Shah reviews coal crisis; Tata seeks to consolidate airlines

India may look at increasing tax on some goods and services in a step toward moving to a simpler structure. More on that in our top headlines this morning.

Govt may consider higher GST, fewer rates to simplify structure: Report

The two lowest rates could be raised by a percentage point each to 6% and 13%, reports Bloomberg.

Orissa HC rules deposits for GST appeals must be filed via cash ledger only

Experts say this would have repercussions on businesses having accumulated tax credits

GST rate clarifications on cattle feed may lead to disputes

DDGS falls under the category of residues and will get similar treatment in terms of GST rate as is given to other residues

Centre releases Rs 40k cr to states/UTs to meet GST compensation shortfall

Total amount of Rs 1.15 trn released in current year to meet GST compensation shortfall

Refund interest paid on ineligible input tax credit, says industry

The levy of interest on availed but unutilised input tax credit is a subject of significant disputes in GST since its implementation

Doing WFH due to Covid no reason to cancel of GST registration: HC

Court orders CBIC to issue austere circular mandating tax officers not to cancel registration of any taxpayer during the pandemic period otherwise than on charges of tax evasion

'GST on payments of BOT-HAM projects to have little impact on cash flows'

GST levy on annuity payments of BOT-HAM projects will have limited impact on project cash flows, domestic rating agency Icra on Wednesday.

Ministerial panels to review GST exempt list, identify evasion sources

The Finance Ministry has set up two committees of state finance ministers who would review current tax slabs and GST exempt items, identify potential evasion sources and suggest changes in IT systems. The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs. The 7-member panel, which would submit a report in two months, would be headed by Karnataka Chief Minister Basavaraj Bommai and include West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, Bihar Deputy Chief Minister Tarkishore Prasad. It would also review the supply of goods and services exempt under Goods and Services Tax with an objective to expand the tax base and eliminate breaking of ITC chain. The GoM on GST system reforms would identify potential sources of evasion and suggest changes in business processes and IT systems to plug revenue leakage. The eight-member panel, headed by ...

CBIC issues useful GST clarifications

CBIC says a company incorporated in India and a body corporate incorporated by or under the laws of a country outside India are separate legal entities

Made additional efforts to clear Punjab's GST dues: Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Friday said she made additional efforts to clear Punjab's pending GST dues of more than Rs 1,400 crore, which should be recognised

Regaining fiscal balance

GST rate restructuring will be critical for consolidation

IT-BPM industry welcomes GST clarification on intermediaries

This is a long-standing issue between the IT-BPM industry and the government

Supplies to IT/ITeS parent firms eligible for refunds, clarifies CBIC

The move comes as a major relief to several entities that were denied refunds when they were exporting services to their parent or subsidiary companies abroad

GST panel to consider giving waiver on one day interest, late fee

As some taxpayers faced difficulties in filing GST return on Monday, the tax department on Tuesday said the IT grievance redressal committee would consider giving interest and late fee waiver

GST Council extends concessions on certain Covid drugs till Dec 31: FM

The all-powerful GST Council on Friday extended concessional tax rates on certain Covid-19 drugs by three months till December 31

GST Council meet on Friday: Profiteering cases likely to go to CCI

The Council will also discuss bringing petroleum products within the GST ambit

No GST on back-office sector, says govt in intermediary services dispute

More than 200 companies are involved in disputes over the definition of intermediary services, says report.

GST on ice cream parlours may lead to litigation, say experts

The Council said ice cream parlours would draw 18% GST

SME Chatroom: 'ITC available based on IGST payment shown in bill of entry'

In the case of related party transactions, where contemporaneous imports/exports are not available, the matter goes to the Special Valuation Branch for further investigations