Page 63 - Gst

GST Council likely to tweak textiles rates in line with global markets

At present, there are three rates - 5%, 12% and 18% - for various items under the textile sector

SC agrees to hear govt on CGST, asks high courts to not hear such cases

The central government had moved SC seeking clarification on its powers to arrest a person without filing an FIR under the CGST

Top on agenda: Easing E&P norms, getting petro products under GST

The new government may also introduce a separate scheme for revival of stranded gas-based power projects

Tightening the GST net: Time to expand base, streamline flow of credit

The government should issue clear guidelines to determine the cases where the supplier has profiteered due to the reduction in output tax

What do GST rules say about refund for exporting goods and their payment

TNC Rajagopalan explains GST rules on exports and scrips.

Higher GST will apply to dues on finished real estate projects: CBIC

CBIC has come out with another set of frequently asked questions (FAQs) to clear the air on GST on real estate

April GST return filing deadline extended till 20 June in parts of Odisha

The due date for filing summary sales return GSTR-3B and GSTR-1 for April was earlier notified as May 20 and May 11, respectively

GST chink likely to increase input tax credit of real estate companies

In a set of frequently asked questions (FAQs), the Central Board of Indirect Taxes and Customs (CBIC) on Wednesday cleared the air on GST rates on under-construction houses

Centre allocates more from IGST to itself; states may view this as unfair

The 60:40 formula (in favour of the Centre) for sharing the IGST collections has given the Centre an added advantage in meeting its annual GST target

GST will not reduce state deficits as social expenditure rises: S&P Report

Goods and Services Tax (GST) regime in India is not likely to reduce the deficits of state governments significantly, amid large and growing expenditure mandates for the social sector as well as capital spending, says a report. According to S&P Global Ratings the institutional framework for Indian states is evolving, but there is structural deficits due to persistent revenue expenditure mismatch. S&P Global Ratings credit analyst YeeFarn Phua in the report titled "Public Finance System Overview: Indian States" noted that the passage of the GST bill in 2017 is a major overhaul of tax structure and will help to widen the tax base and improve revenues of state governments. "However, states will continue to run large deficits because a significant part of this imbalance is from the expenditure side. States are unable to cut expenditures because of large and growing expenditure mandates for the social sector as well as capital spending. Therefore, the revenue-expenditure gap will ..

Why record high GST collection is an exception and not a norm yet

The government had touted GST as a tool to increase tax compliance when it was introduced in July 2017

GST: B2B invoices will have to be generated on govt portal by Sept

The move will help in curbing Goods and Services Tax (GST) evasion through issue of fake invoices

April GST collections at new high despite rate rationalisation in December

Rs 1 trillion exceeded for third month since Jan, with 10% growth over a year; experts cite rising tax base as driver

Tax benefit issue sets companies, GST body on collision course again

Interpretation of the law is an important aspect, say executives at FMCG firms

Explained: How service sector benefited and govt lost revenue after GST

Companies were able to set off a higher share of tax liability using input-tax credit in the first year of GST

Crackdown on restaurants coming after customers catch them cheating on GST

Mobile app allows people to scan unique GST Identification Number of a business and find out if it had filed returns.

ITC, Patanjali under scanner for not passing on GST benefits to customers

GST rules mandate businesses to pass on the benefits from lower tax incidence, arising from rate reduction and/or input tax credit, to the consumer

Soon, businesses may have to generate GST e-invoice on govt portal

The proposed 'e-invoice' is part of the exercise to check GST evasion

Businesses can use IGST credit to settle centre, state tax dues: CBIC

Importers typically pay IGST on goods they bring into the country. Also IGST is paid on inter-state movement of goods

Finance Ministry simplifies 'self-assessed' to file GST composition scheme

Businesses had to use a seven-page form called GSTR-4 when they filed tax returns every quarter if they opted for composition scheme.