Page 5 - Gst

GST mop-up about Rs 1.5 trillion in Dec, third-highest ever: FinMin data

Surge of 15% on annual basis; might exceed BE by Rs 1.3-1.4 trillion

CBIC asks taxmen to recover lower dues from firms under insolvency

Issues a separate circular on limitation period of show-cause notices

CBIC asks tax officers to verify invoice details in ITC mismatch cases

The CBIC has asked tax officers to verify details of invoices to resolve mismatches in ITC claims which have come up during the GST audit for 2017-18 and 2018-19. A large incidence of mismatch in Input tax credit (ITC) claims and details of outwards supplies has come to light during the GST audit for 2017-18 and 2018-19 undertaken by tax officials, following which show cause notices were issued to taxpayers. The Central Board of Indirect Taxes and Customs (CBIC) in a circular said it has received various representations from the trade as well as the tax authorities, seeking clarification regarding the manner of dealing with such discrepancies between the amount of ITC availed by the registered persons in their Form GSTR-3B and the amount as available in their Form GSTR-2A during 2017-18 and 2018-19. GST authorities, for the first time, are undertaking audit of the new tax regime which was rolled out on July 1, 2017. The CBIC said in order to ensure uniformity in the implementation

Ludhiana division tops Goods and Services Tax collection in Punjab

Maintaining its top position in the collection of GST in Punjab, the Ludhiana division leads in both collection and growth rate in the first eight months of this fiscal, the government said on Sunday

Rice unfit for humans and used for other purposes to attract 5% GST: AAR

Authority couldn't find adequate rate for the farm produce on the basis of its final product

Best of BS Opinion: Unilateral carbon pricing, cyber threats, and more

Here is the best of Business Standard's opinion pieces for today

GST compensation of Rs 17,176 cr pending to states as of June 2022: Govt

The government on Tuesday informed Rajya Sabha that GST compensation of Rs 17,176 crore is pending to states as on June 2022. Replying to supplementaries during the Question Hour, Minister of State for Finance Pankaj Chaudhary said the Centre is giving GST compensation to states for five years. He said even during Covid times when no GST was collected, the Government of India had given compensation to states after taking loans of Rs 1.1 lakh crore and 1.59 lakh crore during 2020-21 and 2021-22. "A total of only Rs 17,176 crore GST compensation is pending as on June 2022," the minister told the house. Replying to other queries, Finance Minister Nirmala Sitharaman said, "As of now, since we have somewhat cleared all the dues up to June, and about Rs 17,000 crores pending is to be given." "Details of GST compensation pending for June 2022 for Tamil Nadu is Rs 1200.6148 crores only.Utilisation certificate from a state has not been reached, that cannot be treated as pending one," she

Handle with care

GST notices should not become a tool for harassment

High regulatory burden, taxes keep cars out of reach of Indians: Automaker

The levies by the Indian govt have made purchasing vehicles expensive for the population, said RC Bhargava, Maruti Suzuki's chairman

Centre develops new metrics for imports after reports of under-reporting

In November, media reports emerged showing a $12 billion mismatch in the Indian and Chinese trade figures between January and September

What changed at last week's GST Council meeting?

In its latest meeting, the GST Council approved the decriminalisation of certain offenses and clarified the tax provisions on a number of items. What were the key decisions taken at the meeting?

Taxes on all motor vehicles in India need to be rationalised: RC Bhargava

The taxes, however, should not be the same for different types of cars as the "regulatory burn" on small cars is higher than on bigger cars in India

Here is why the Centre should hand over a lower share of taxes to states

The Centre should share only 25 per cent of tax revenues with states, and the states should be allowed to impose their own income tax

Top Headlines: India's economic activity, online gaming policy, and more

Business Standard brings you the top headlines at this hour

50K show-cause notices sent to companies, partnership firms after GST audit

It's first comprehensive audit exercise by GST authorities

Parliamentary committee recommends a GST Council-like body for RoDTEP

The Finance Ministry has allocated Rs 14,245 crore for the RoDTEP scheme in FY23, up from Rs 12,454 crore in FY22

Punjab FM opposes any increase in GST on education related goods

Describing any increase in GST on goods related to education a step against the interests of the students, Punjab Finance Minister Harpal Singh Cheema on Saturday opposed the proposal of considering the GST on pencil sharpeners at 18 per cent instead of existing slab of 12 per cent. While participating in the 48th meeting of the GST Council through video conferencing, the point raised by Cheema was also supported by the representatives of many other states, after which the decision in this regard was deferred, according to a Punjab government statement here. "Agreeing on the various recommendation made by the Fitment Committee which meet the interests of both state and nation, Finance Minister Harpal Singh Cheema gave valuable inputs during the GST Council meeting held under the chairpersonship of the Union Finance Minister Nirmala Sitharaman," said the statement. Opposing another recommendation regarding the change in GST rates for ethyl alcohol supplied to refineries for blending

Centre, state govts to focus on efforts to widen GST base: FM Sitharaman

According to finance minister Nirmala Sitharaman, monthly GST revenue collection has been above Rs 1.4 trillion in the recent past

Centre working on property, discoms data sharing to widen GST payer base

The Centre and states are working out strategies to widen taxpayer base under GST and have started pilot projects on sharing of data with discoms and property tax details to identify non-GST registered businesses. Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri said a pilot project on data sharing with discoms is ongoing in Madhya Pradesh, while Gujarat is undertaking a pilot on PAN-based linkage of businesses. Maharashtra is doing a pilot on sharing property tax data and geo tagging businesses and linking with their property. "We are working out (a) strategy, we are discussing with states. Widening GST base would mean we have to see taxpayers who ought to be in tax net are they there or not. What we are looking at is robust data from all agencies," Johri told reporters here. Explaning how the data sharing with power distribution companies or discoms would work, Johri said the department would match data base to see who are electricity consumers with commercial

28% GST on online games when winning depends on certain outcome: CBIC chief

Central Board of Indirect Taxes chief Vivek Johri on Saturday said online games where winning is dependent on a certain outcome would attract 28 per cent GST on the full bet value. Though the report of the Group of Ministers (GoM) on online gaming did not come up for discussion at the GST Council, the department would go by the view that 28 per cent GST is payable on full bet value put in by a player, and not net of margins. The comments assume significance as the Gameskraft Technology Pvt Ltd (GTPL) GST evasion case is still in the court. Directorate General of GST Intelligence (DGGI) in September issued a show cause notice to Bengaluru-based online gaming company Gameskraft Technology Pvt Ltd (GTPL), for not Goods and Services Tax (GST) to the tune of Rs 21,000 crore. Asked what would be the position of the Central Board of Indirect Taxes (CBIC) since the Council has not decided yet on the GoM report, Johri said the department's view is that 28 per cent GST is payable on actionab