Page 9 - Gst

RBI steps up fund infusion as system liquidity 'almost neutral'

Rates on CPs, CDs surge; pressure mounts on banks to raise deposits

CBIC seeks details on digital assets from India's top crypto bourses

Crypto exchanges have been asked to furnish details this month itself

Will introduce one GST slab instead of 5 if Cong comes to power: Rahul

Congress leader Rahul Gandhi on Friday said if the party comes to power at the Centre, there would be a revisit of GST (goods and services tax). Addressing a gathering in Mahabubnagar District as part of his 'Bharat Jodo Yatra,' he alleged that the existing faulty GST regime and Prime Minister Narendra Modi-led government's demonetisation in 2016 ruined small and medium businesses. When our government assumes power in Delhi, we will revisit GST and there will be only one tax (slab) not five (slabs), he said. He promised that if the Congress comes to power in Telangana, the Forest Rights Act would be implemented in toto for the benefit of adivasis. Dubbing Chief Minister K Chandrasekhar Rao, also known as KCR, as the 'rajah' of the State, Gandhi said KCR's motto is to grab land and money of the people of Telangana. He alleged that BJP and TRS work in tandem and the latter supports all the Bills introduced by the NDA government in Parliament. On the one hand, BJP is spreading hatre

Top Headlines: Passenger vehicle sales up, legal power to CCI and more

Business Standard brings you the top headlines at this hour

Centre plans to provide legal power to CCI ahead of merger with NAA

The proposed amendments will require the GST Council's approval

'Not supply': AAR rules out GST on canteen fees, notice period pay

The announcement by the AAR bench came after the clarifications issued by the Central Board of Indirect Taxes and Customs (CBIC) in August

GST authorities issuing SCN will have to complete enforcement action

Tax authorities issuing show-cause notices will have to complete all enforcement and consequential action against the assessee against whom GST evasion was detected, the GST Council has said. Under the GST regime, states administer and control 90 per cent of the assessees with an annual turnover of up to Rs 1.5 crore. Assessees with an annual turnover of over Rs 1.5 crore are administered by the Centre and state tax authorities in 50:50 ratio on computer-based random sampling. In order to resolve the jurisdictional issues while dealing with enforcement cases, the GST Council has clarified that the tax authorities, whether Centre or state, which initiates the enforcement action will be responsible for completing all consequential actions like appeal, review, adjudication. The GST Council Secretariat, in an office memorandum, said that varied practices are being followed by the field formations regarding the issuance of recurring Show Cause Notices (SCNs) as well as other consequenti

GST Council likely to meet in Dec, may take up report on e-game tax

The Council meeting was expected to be held in August in Madurai

Centre extends deadline for filing GST returns for Sep till Oct 21

The government has extended the deadline for filing GST returns for the month of September by a day to October 21, the CBIC said on Friday. On Thursday, taxpayers faced a slow functioning of the GST portal, which was the last date for filing monthly GST returns for some taxpayers. Following that, the Central Board of Indirect Taxes and Customs (CBIC) had said that an extension of the due date was being considered. "The GST Implementation Committee of GST Council has approved extension of the due date of filing GSTR-3B return for the month of September 2022, for the monthly filers, from 20th October, 2022 to 21st October 2022," the CBIC tweeted on Friday. Monthly return and tax payment form GSTR-3B is filed in staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states. GST Network (GSTN) provides the technology backend for running Goods and Services Tax (GST). Infosys is the service provider for GSTN.

Slow GST portal: CBIC mulls extending Sept returns filing due date

With taxpayers facing slow functioning of the GSTN portal, CBIC on Thursday said it is examining the proposal of extending the deadline for filing GST returns for September. GSTR-3B is filed in a staggered manner between the 20th, 22nd, and 24th of each month by taxpayers in different states. Thursday being the last day for filing returns for some category of taxpayers, many reported slowness in the portal while filing their monthly GSTR 3B returns. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said it has received "an Incident Report" from GSTN regarding slowness in the system along with a proposal for extending the due date. "We continue to monitor the matter closely and the proposal for extension is being examined in consultation with the GST Council so that there is no burden of late fees or interest on the taxpayer," the CBIC said. The GST Network (GSTN) provides the technology backend for the Goods and Services Tax (GST). Infosys is the service provider

Healthcare services received at home are GST exempt, rules Kerala authority

It cites government note saying healthcare services provided by clinical establishments or authorised medical practitioners would not attract GST

GST Council to meet before mid-Nov; GoM report on tax casinos on agenda

The GST Council is likely to meet in the first half of November to discuss the reports of the panel of ministers on setting up GST appellate tribunal and levy of tax casinos and online gaming, an official said. In addition, the status on the much awaited full report of the committee tasked with rationalisation of GST rates may also come up for discussion at the 48th Council meeting in Madurai. Even if the report, which is to look at merger in GST slab that may result in prices of some goods and services going up, is presented, it is unlikely to be acted upon by the GST Council in view of high inflation. The GoM on rate rationalisation set up on September 24, 2021 was originally due to submit its report within two months or November 2021. The panel has got subsequent extensions since then. The Council, in its last meeting in June, had given the GoM time till September to submit a full report. The official said that the GoM on GST appellate tribunal has already submitted its report,

Chatroom: 'Drawback of IGST also available on re-export of imported goods'

This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed

Best of BS Opinion: Reducing the legal burden, an insecure partner & more

Here is the best of Business Standard's opinion pieces for today

Centre to soon waive compensation cess on coal gasification: Report

After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes

Packaged parathas, unlike chapatis, to attract 18% GST, says GAAAR

Vadilal Industries had appealed that the 8 varieties of parathas it makes should all draw the same rate as chapatis

Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr

So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision

GST's secret sauce: Tax collections continue to surge but for how long?

The 31 per cent rise in GST collections has been significantly fuelled by imports

Firms to not pay GST on part recovery of canteen payment from staff: AAR

Gujarat authority gives ruling in a matter involving Zydus Lifesciences; experts say greater clarity needed

Delhi HC directs L'Oreal to pay profiteered amount of Rs 186 crore

The court, which clubbed the petitions, had posted the matter for next hearing on October 19