Page 65 - Gst

CBIC clears air on sales promotion offers under GST

The Director General of Foreign Trade has discontinued issue of physical copies of advance authorisations and EPCG (Export Promotion Capital Goods) authorisations

Cos can raise product weight in lieu of price cut to pass on GST benefit

However, benefits must be passed on to consumers at SKU level, clubbing with promos not allowed, says National Anti-Profiteering Authority

GST appellate body clears air on tax credit for sweet shop vs restaurant

Sweet shop not to be regarded as extension of dine-out eatery, and will enjoy tax credit benefit, if its accounts are maintained separately

Election Commission gives approval to GST Council meeting on March 19

The GST Council Secretariat sent notices to states for the 34th meeting of the Council on March 19 after the Commission's approval, which was needed because of the model code of conduct in force for L

Biz can compare tax liability declared in final, summary GST returns forms

While GSTR-1 for a month is filed by the 11th day of the succeeding month, GSTR-3B is filed and taxes paid by the 20th day of the succeeding month

GST Council to meet on March 19 to finalise real estate tax structure

Rates on govt and private lottery unlikely to feature at the meet

No need to pay GST on tax at source on purchase of goods, says govt

TCS is usually applied to a list of nearly 10 items which includes cars costing above Rs 1,000,000 and scrap articles

New GST return forms released; compliance process simplified from April 1

Under the new format, invoices can be reported on a continuous basis

Cloudtail India fined Rs 11 lakh by GST anti-profiteering authority

The complaint against Cloudtail was that it increased the base price after the GST was cut with effect from November 1, 2017

GST exemption limit of Rs 40 lakh for SMEs to be effective from April 1

Also, service providers and suppliers of both goods and services with a turnover of up to Rs 50 lakh would be eligible to opt for the GST composition scheme

Relief for industry as govt clears air on levy of GST on promotional offers

Experts said the clarification will bring ease of marketing and save litigation troubles for the industry

Court refuses bail to those accused of circular trading to evade GST

The government has detected evasion of nearly Rs 4,000 crore on account of claiming input tax credit against fake invoices

Punjab allows industrial units to choose between Net GST, incentivised SGST

Punjab cabinet Wednesday approved an amendment to the Punjab Goods & Services Tax Act 2017 to enable industrial units choose between Net GST incentives and incentivised SGST on intra-state sale. The Cabinet meeting was chaired by Chief Minister Captain Amarinder Singh, as per an official release. With the new move, units which have filed their common application form on the 'Invest Punjab' business portal between October 17, 2017 and October 17, 2018 will be allowed to have one-time option to opt either for Net GST incentives or incentivised SGST on intra-state sale, it said. Such units shall be allowed to exercise this option within 90 days from the date of the notification. The incentivised State Goods and Services Tax (SGST) to be considered for reimbursement would mean that the eligible unit will be entitled to get reimbursement of SGST amount paid through cash ledger against the output liability of SGST on sale of eligible products. The eligible unit shall first have to ...

GST revenue conceals more than it reveals

It can be argued that the GoI is utilising the IGST and Compensation Cess Fund Accounts simultaneously as a source of revenue and as a source of ways and means financing

States with low tax mop-up in value-added tax regime get GST boost

New tax system benefitting consuming states more than manufacturing ones

How GST has simplified the taxable event

The present definition of a taxable event is simple because it does not depend on the previous concepts

GST collections drop to Rs 97,247 cr in Feb; rate cuts may have hit mop-up

Experts said the reduction of rates for 23 items that took effect from January 1, 2019, could have had downward impact on revenue to some extent

GST collections drop to Rs 97,247 cr in Feb, from Rs 1.02 trn in Jan

The number of sales return or GSTR-3B filed for January-February 28 is 73.48 lakh

Rs 20,000 cr GST evasion detected in April-Feb FY19, half recovered

Tax officers on Tuesday detected fake invoice worth Rs 1,500 crore which was used to claim illegal GST credit of Rs 75 crore

New GST rules on real estate defeat the very purpose of the indirect tax

The absence of ITC will generate black money, as there will now be a tendency on the part of builders to pay for inputs such as cement and steel in cash