Page 33 - Gst

States' tax revenues lower than two years ago as demand for spending rises

An analysis of 17 states shows that while states' revenue spending in April-June 2021 was 14% higher than the same period in 2019, own revenues were 8% lower

Deduction of interest due to prepayment of usance bill is allowed: Expert

Exporters may approach AD Category-I banks for reduction in invoice value on account of cash discount to overseas buyers for prepayment of the usance bills

Liaison office of WEF in India exempt from GST, rules AAR Maharashtra

Says services rendered by forum's liaison office are not for furtherance of business, and that the office is a public interest not-for-profit set up that needn't be registered under GST law

No GST on canteen charges recovered from employees, says AAR

GST will not be levied on the amount paid by employees for availing canteen facilities provided by their employers, the AAR has ruled.

HC grants SpiceJet relief against recovery proceedings by GST authorities

GST authorities had asked SpiceJet to pay tax liabilities of Rs 80.6 crore and furnish details of properties.

BS-Seema Nazareth Award: NK Singh calls for Parliament, GST, health reforms

Finance Commission Chairman shares his vision to make the economy deliver over next 30 years

AAR rules 18% GST on e-voucher traders, on plea by marketing services firm

Rules that e-vouchers are not an actionable claim, and are not exempt from GST. They attract 18% GST as they come under the residual category

Billion-dollar online gaming industry seeks clarity on valuation, taxation

The industry has now come out with a report to make a case for itself, and put forth the matter of taxing the business

Retro tax gone, industry must revive animal spirits: Revenue Secretary

Revenue Secretary Tarun Bajaj says withdrawal of retrospective tax amendments is the government's policy to provide a stable and predictable tax regime

Pooled investment funds likely to attract service tax: Check details here

GST on expenses charged by REITs, InvITs and MFs may result in tax levy of hundreds of crores

PHDCCI calls for 3-tier GST, capping highest slab at 18%

Industry chamber PHDCCI on Wednesday called for a 3-tier GST rate structure, with the highest slab at 18 per cent, to help boost consumption and reduce evasion.

GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr

GST officers have detected tax evasion of Rs 7,421 crore in the April-June period of the current fiscal, Parliament was informed on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary gave details of the total tax evasion detected in GST in the last 3 years. In 2019-20, 10,657 cases of evasion, involving Rs 40,853.27 crore were detected. Recovery was Rs 18,464 crore. In 2020-21, Rs 49,384 crore worth GST evasion was detected in 12,596 cases. Recovery stood at Rs 12,235 crore. In the current fiscal up to June, 1,580 cases of Goods and Services Tax evasion involving Rs 7,421.27 crore were detected, and Rs 1,920 crore recovered in April-June 2021. Chaudhary said the GST interface for the taxpayers is on a digital platform and software-based to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. "However, tax evaders are known to commit fraud even on electronic platforms by way of misrepresentatio

GST collection recovers to a 3-month high of Rs 1.16 trn in July

On a year-on-year basis, the July GST collection witnessed a 33 per cent jump

July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery

Revenues for July 2021 are 33 per cent higher than GST collected in the same month last year.

Businesses can now self-certify GST returns, instead of mandatory CA audit

GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said

Treated, purified sewage water for industrial use to attract 18% GST: AAR

Treated and purified sewage water is classified as 'water' under the GST Act and its supply for industrial use would attract an 18 per cent tax, the Authority for Advance Ruling (AAR) has said

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

Delhi assembly passes GST Amendment Bill amid opposition from BJP

The bill is about 15 new amendments to the Delhi GST Act.

'Definitely going to happen': CEA on GST rate structure rationalisation

India is the fifth largest economy of the world but the banking system is still has a lot of catching up to do, he said