Page 50 - Gst

Letter to BS: Fix GST rate on services at 18% with no input tax credit

To avoid tax on tax, the GST rate should be first brought down to 2 per cent or 5 per cent for manufacturers when they purchase raw materials.

Centre releases Rs 19950 cr GST compensation to states, total at Rs 1.2 trn

In a statement, the finance ministry said Rs 19,950 crore was released to states and union territories on last Monday

Reforming GST

We must simplify, lower and make GST comprehensive to fulfil its promise

States to get Oct-Nov GST compensation before next Council meet

The Centre has estimated a compensation cess shortage of Rs 63,200 crore in 2019-20 (FY20)

About 92% of large taxpayers filed annual returns for 2017-18: GSTN

The data shows that the number of taxpayers with a turnover of more than Rs 2 crore is 12.42 lakh, which is only 13.4 per cent of the total 92.58 lakh regular taxpayers.

Will calculate interest on delayed GST payment on net tax liability: CBIC

There have been cases where GST assessees have paid taxes after due date but did not pay the interest due on account of delayed payment

New GST filing format, e-invoicing to help in reporting for taxes: GSTN CEO

There is a need for standard to ensure complete interoperability, he said

Exporters' 634 fraudulent GST refund claims worth Rs 1,912 cr detected

"The Government has taken measures to use data analytics to identify risky taxpayers and verify them before sanction of refunds," Thakur said.

Rs 81,043 cr GST compensation released to states for Apr-Sep: Govt to RS

GST compensation cess of Rs 7,607 crore was collected in October, Rs 7,727 crore in November, Rs 8,331 crore in December and Rs 8,637 crore in January

Top 10 biz headlines: Full GST compensation unlikely; unemployment at 7.2%

From Centre hinting states unlikely to get full GST compensation to Amazon seekING interim stay on CCI order, here are top 10 business headlines of the day

States bearing the brunt of GST slowdown as revenue declines by 3.9%

The assumption of 14 per cent assured growth rate aggravates the revenue stress

Centre to release another Rs 35,000 cr GST compensation to states soon

Under the Goods and Services Tax (GST) law, states are guaranteed compensation for revenue loss for 5 years if their revenue does not increase 14 per cent on the base year of 2015-16

Some Budget proposals prone to litigation, may give rise to tax disputes

Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence

FM Sitharaman pitches for rationalisation of GST rates once a year

'I think we have laid the foundation for increasing consumption', said the finance minister

Importers, exporters to mandatorily declare GSTIN in documents from Feb 15

While importers are paying IGST on imports but not claiming credit for the same. This essentially means that the supply of imported goods to domestic channels is being done without a bill

Centre's fund crunch pulls down cities; rich Mumbai struggles too

State government accounts deserve scrutiny because they collectively spend 36 per cent more than the federal administration

GST rates are revenue negative; rejigging slabs will take time: John Joseph

The rates right now are revenue negative and not revenue neutral, he added

GST evasion: To tighten enforcement, I-T officials to share taxpayers' info

Currently, state tax officials administer and control 90 per cent of the assessees below Rs 1.5 crore annual turnover, and the remaining 10 per cent is with the central tax officers.

Letter to BS: Turn sales receipts issued by retailers into lottery tickets

But the government will have to ensure protection from counterfeiting of sales receipts

Govt likely to introduce lottery system to boost GST compliance soon

Winning amount may range from Rs 10 lakh to Rs 1 crore