Page 6 - Gst

Auto industry body hails GST Council's clarification on definition of SUVs

Auto industry body Society of Indian Automobile Manufacturers on Saturday welcomed the GST Council's clarification on the definition of SUVs, saying it is on the lines of its discussions with the finance ministry. Briefing reporters after the 48th GST Council meeting, finance minister Nirmala Sitharaman said the higher rate of compensation cess of 22 per cent is applicable to a motor vehicle fulfilling all four conditions -- it is popularly known as SUV; has engine capacity exceeding 1,500cc; length exceeding 4,000 mm; has ground clearance of 170 mm and above. In response, SIAM in a statement said this has brought in a clarity that higher rate of compensation cess of 22 per, over and above of 28 per of GST, will be applicable only on such vehicles which meet all the four conditions. "SIAM is thankful to ministry of finance, government of India and the GST Council for issuing a clarification on the definition of SUVs," it added. This is on the lines of SIAM's recommendations and bas

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GST Council defers GoMs reports on appellate tribunal, capacity-based tax

Clarifies compensation cess of 22 per cent on SUVs, said tax treatment of MUVs to be examined; nods to the decriminalisation of GST offences

GST Council meet: Council agrees to decriminalise certain offences

The GST Council on Saturday agreed to decriminalise certain offences and doubled the threshold for launching prosecution to Rs 2 crore, Revenue Secretary Sanjay Malhotra said. The Council could decide on only 8 out of the 15 agenda items due to paucity of time, Finance Minister Nirmala Sitharaman said, adding the items not considered included one pertaining to setting up of appellate tribunals for GST. The issue of mechanism to curb tax evasion in pan masala and gutkha businesses could also not be taken up. Malhotra said GST on online gaming and casinos was not discussed as the report of a Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, on the issue submitted its report only a couple of days back. The report of the GoM was not even circulated to GST Council members, he added. He further said the Council agreed to raise the threshold of launching prosecution to Rs 2 crore from the present Rs 1 crore. Also, the GST on husk of pulses was reduced to nil f

GST Council meet begins; decriminalisation, gutkha biz tax on agenda

Decriminalisation of offences under the GST law, setting up appellate tribunals and mechanism to curb tax evasion in pan masala and gutkha businesses are among the issues slated to be discussed in the GST Council meeting which began on Saturday morning. Besides, GST on online gaming and casinos may come up for deliberations at the Council meeting. The Group of Ministers (GoM), chaired by Meghalaya Chief Minister Conrad Sangma, set up last year on the issue had submitted its report to Finance Minister Nirmala Sitharaman on Thursday. The Council would also consider a report of tax officers and give clarity on the rate applicability in certain goods and services. "Union Finance Minister Smt. @nsitharaman chairs the 48th meeting of the GST Council via virtual mode, in New Delhi, today," the finance ministry tweeted. With regard to decriminalisation of offences, the law committee of the GST Council, comprising tax officers from the Centre and states, has suggested to the Council to ...

Contribution of cesses to central govt's tax kitty doubles to over 18%

States have been concerned about increasing cases of Centre imposing cesses for garnering additional revenue

GST Council meet: GoM pitches for 'specific tax levy' on pan masala, gutkha

Proposes levy on 38 such items in the range of 12-69% of retail sale price

No consensus in GoM report on GST framework for online gaming

The panel, headed by Meghalaya Chief Minister Conrad Sangma, submitted its second report to Finance Minister Nirmala Sitharaman ahead of the all-powerful GST Council meeting on Saturday

Best of BS Opinion: Critical decisions, chaos on the ground, and more

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GST raids in UP stopped for 3 days as traders' protests turn aggressive

UP Chief Minister Yogi Adityanath on Tuesday asked officials to stop GST raids on traders for three days

'Proving identity of re-imported goods essential for claiming exemption'

Funds held in the foreign currency accounts of SEZ units cannot be loaned or made available to any person or entity resident in India, not being a unit in Special Economic Zones

GST Council meeting: Panel for raising threshold for offences to Rs 2 cr

GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals

Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget

This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26

Online gaming industry agrees for 28% GST only on GGR not on entry amount

Online skill-based gaming industry is fine with the government raising GST on online gaming from 18 per cent to 28 per cent but it should be levied only on gross gaming revenue (GGR) and not on contest entry amount as could hit the USD 2.2-billion sector, say industry players. There are reports that upcoming GST Council may consider imposing a 28 per cent Goods and Services Tax (GST) on the total amount rather than the current practice of 18 per cent on GGR. GGR is the fee charged by an online skill gaming platform as service charges to facilitate the participation of players in a game on their platform while Contest Entry Amount (CEA) is the entire amount deposited by the player to enter a contest on the platform. "As an industry, we are united on our ask that GST continues to be levied on the gross gaming revenue and not on the contest entry amount. The increase from 18 per cent to 28 per cent GST on the gross gaming revenue already increases tax revenue for the exchequer by aroun

Best of BS Opinion: Greening of GST, hard truths about soft power & more

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'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'

Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said on Wednesday. Central Board of Indirect Taxes & Customs Chairman Vivek Johri said the government's cuts in duties will make collections on customs and central excise challenging for the fiscal. "If you look at indirect taxes as a whole, then I am pretty confident that we will meet the target. We are on track," he told reporters on the sidelines of an event here to mark the 60th anniversary of the Customs Act, 1962. Johri said most of the growth has been coming from the Goods and Services Tax (GST), where revenues have been doing very well for the last two months. "Given the very robust growth in GST, I think overall.. we will be able to meet the revenue targets," he said. "There might be a bit of challenge in central excise revenue because of the scaling down of duties by the government ...

Greening of the GST

The environmental dimension of taxes must rank high in any rate rationalisation exercise

Companies see gain in CSR, want GST on initiatives removed: Report

Legally mandated measure seen helping business in improving labour productivity

Cut excise duty on CNG till gas is included in GST: Kirit Parikh panel

The Union government should moderate the excise duty it levies on CNG till such time that the environment-friendly natural gas is included in the one-nation-one-tax GST regime, Kirit Parikh Committee has recommended. Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT and central sales tax -- continue to be applicable on the fuel. While the central government does not levy excise duty on natural gas when sold in gaseous form, it charges a 14 per cent tax on compressed natural gas (CNG). States levy VAT as high as 24.5 per cent on gas. The Parikh Committee, which was formed to recommend fair price of gas to the end consumer and a "market-oriented, transparent and reliable pricing regime", in its report to the Oil Ministry last week suggested that "gas should be brought under the GST regime". "The committee recognise that this requires consensus among the states," it said. "To obtain this, if need be the states may be ...

GST superstructure lacks some basic features even after 5 years

Currently, there is no appellate mechanism in place for rulings by the GST authorities and a group of ministers is deliberating on it