Page 71 - Gst

Revenue shortfall: GST Council to bridge the gap between Centre and states

Under the Compensation Act, states have been promised 14 per cent growth in their revenue every year with 2015-16 as the base year

Petro-products in GST ambit only after consensus: Arun Jaitley

He also sought to know why the prices of petrol and diesel did not decline with a fall in the global crude prices

GST's unfinished agenda: Dealing with contractual price adjustments

Despite the myriad legislative changes on account of GST, Section 64-A continues abated as it has not been amended

August GST collections likely to drop on rate cuts effected in last meet

The revenue from GST stood at Rs 939.60 billion in July, while it was at Rs 964.83 billion in June this year

Retrospective amendments in GST transitional provisions have shocked biz

Credits not allowed to be offset for output liability are costs to business

Consumer durables firms, GST body continue to spar over profiteering

Most durables companies say they have passed on GST tax benefits after the 10 percentage point cut in July

225 million e-way bills generated across India since GST rollout

It added that July 31 accounted for the highest 2.177 million e-way bills generated in a single day

E-commerce players to pay up to 2% tax collected at source from October

The GST Council kept deferring the TCS proposal, part of the GST laws, in phases till September this year

TDS and TCS provisions under GST law to be implemented from Oct 1: Govt

The government has notified October 1 as the date for implementing the tax deducted at source (TDS) and tax collected at source (TCS) provisions under GST law. As per the Central GST (CGST) Act, the notified entities are required to collect TDS at 1 per cent on payments to goods or services suppliers in excess of Rs 2.5 lakh. Also, states will levy 1 per cent TDS under state laws. E-commerce companies will now be required to collect up to 1 per cent TCS while making any payment to suppliers under the Goods and Services Tax (GST). States too can levy up to 1 per cent TCS under State GST (SGST) law. EY Tax Partner Abhishek Jain said, "The e-commerce companies for TCS and various PSUs/ Government Companies for TDS would need to quickly gear up their ERP systems to comply with these provisions from 1st October. With audit report as well being notified, the industry would now really need to buckle up, especially given the short time frame." AMRG & Associates Partner Rajat Mohan said ...

Govt gets Delhi High Court notice on GST tweaks in import licence

Importers have moved court against changes in the criteria for availing of the advance authorisation licence, which, they say, has led to the DRI issuing notices to them

Suppliers to pay penalty for not passing GST rate cut benefits: NAA

The NAA gave its ruling in a case against Jaipur-based Sharma Trading Company

GST revenues slide to Rs 939.6 bn in August from Rs 964.83 bn in July: Govt

Explaining reasons for the dip, the ministry said one of the main factors is a probable postponement of sale of items for which tax rate was reduced by the GST Council in its meeting on July 21

Four-tier rate structure, cess for luxury goods: Takeaways from GST meet

Centre, states agree on compensation formula; cess on cards for ultra-luxury items

Orissa HC directs authorities not to take action against importers on GST

Importers had approached various courts over restrictions imposed for availing advance authorisation licences

Govt may soon impose IGST on ex-factory sales; decision in September

The issue of double taxation was raised after an order by the Authority for Advance Rulings, Uttarakhand, which ruled that the importer will have to pay the IGST on CIF value and also on ocean freight

How should firms prepare to deal with intra-company services under GST?

Major challenges could be faced by entities that cannot claim input tax credit such as entities engaged in hospital, liquor, electricity supply

GST officers to ensure companies pass on benefits to the consumers

The national anti-profiteering authority has asked CBIC to instruct commissioners to proactively carry out checks on companies and businesses for profiteering

Revenue dept defers GST, GAAR details reporting for auditors till Mar 2019

The CBDT had received several representations from auditors that the implementation of reporting requirements

Himalaya searches highlight issue of classifying products under GST regime

Experts said in many such cases, allegations have been found to be frivolous by higher courts

GST administration: Remaining issues

After a year, electronic invoices and litigation remain challenges