GOODS AND SERVICES TAX ACTS
Process to pick GSTAT judicial and tech members to start after Budget
Sanjay Malhotra's panel progresses GSTAT selection with an advanced appeals portal. Mishra heads GSTAT amid delays, critiqued by Mathews. GST Council sets time and monetary limits for cases, enhancing tribunal functionality.
8th year of GST: Friendlier, simpler regime ahead? What the future likely holds
It would be unreasonable to expect very quick results. While concrete outcomes on this agenda are likely to be backloaded within the financial year, clear timelines and a glide path of transition may well emerge sooner.
ITR filing for FY2023-24: Latest full list of authorised banks for tax payments available at e-Pay Tax service
Taxpayers are offered wide range of modes for payment, including Net Banking, Debit card, Pay at Bank Counter. List of banks for tax payments available at e-Pay Tax service, as per the Income Tax Department’s website:
GST collection rises 8 pc to Rs 1.74 lakh cr in Jun
The June 2024 GST collection reached Rs 1.74 lakh crore, marking an 8% increase from May 2024. EY India Tax Partner, Saurabh Agarwal, emphasized the need for the next wave of GST reforms to tackle working capital blockages and implement sector-specific solutions.
Finance ministry lauds GST, says it reduced tax rates on household goods, brought relief to every home
The Finance Ministry on Monday praised the Goods and Services Tax (GST) system on the occasion of its seventh anniversary, highlighting its role in lowering taxes on essential items such as household appliances and mobile phones, thereby providing significant relief to households. Implemented on July 1, 2017, GST replaced approximately 17 local taxes and cesses. This year's GST Day theme is "Sashakt Vyapar Samagra Vikas" (Empowered Trade Overall Growth).
Budget 2024: India’s GST kitty remains central focus; a look at overall collection
India GST Collection Budget 2024 | Finance Minister Nirmala Sitharaman is set to incorporate robust Goods and Services Tax (GST) collections, hitting Rs 2.1 lakh crore in April 2024, into Union Budget 2024. With May's collections at Rs 1.73 lakh crore, GST continues to streamline, aiding government fiscal strategies amidst economic growth and coalition governance challenges.
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GST simplified compliance, improved tax buoyancy; fake ITC generation still a challenge
Introduced seven years ago, the Goods and Services Tax (GST) has streamlined compliance and boosted tax revenues, but challenges persist with fake invoices and fraudulent registrations causing tax evasion concerns. Despite this, GST has simplified the tax regime, increased taxpayer numbers, and improved tax buoyancy and state revenues. However, efforts to combat evasion are ongoing, with the need for further measures such as operationalizing the GST appellate tribunal.
US Treasury finalises new crypto tax reporting rules
The new tax reporting requirements for crypto brokers aim to improve accuracy, ensuring that crypto owners pay the tax owed on digital asset transactions. The rules will help simplify reporting and may lead to additional IRS regulations for non-custodial brokers in the future.
Industry pitches for tax reduction, rationalisation of duty structure in Budget
During a pre-budget meeting with Finance Minister Nirmala Sitharaman, industry representatives urged for reduced indirect taxes and rationalized duty structures. FIEO's Ashwani Kumar requested extending the Interest Equalisation Scheme for five years. Reliance Industries sought a review of tariffs on Chinese imports, and Nasscom pushed for easing transfer pricing rules.
Banks in a GST fix over RBI's directive to levy penal charges
The Reserve Bank of India's directive to levy penalties only in the form of 'penal charges' is posing a tax dilemma for banks. Banks fear that the indirect tax on such levies would attract the goods and services tax (GST). The new rule, which came into force from April 1, 2024, was brought in by the central bank to ensure "reasonableness and transparency" in disclosure of penal interest. However, banks have asked the tax authorities to spell out their stand on the issue.
Flour, TV, refrigerator, LPG become cheaper: PM Modi says GST resulted in 'significant savings' for poor, common man
Prime Minister Narendra Modi lauded the impact of Goods and Services Tax (GST) during its seven-year tenure, highlighting its role in improving the lives of 140 crore Indians. He noted GST's reduction in taxes on essential household items like flour and detergent, enhancing affordability for the common man.
GST Council recommends reduction of GST on carton boxes from 18 pc to 12 pc
Industries Minister Harshwardhan Chauhan, representing the State, thanked the council for taking the decision unanimously on the proposal of the state. He said that the decision would also help the industry reduce working capital costs.
In Graphics: GST Council’s new steps to simplify tax processes
The Goods and Services Tax (GST) Council on Saturday, in its first meeting after the new government took charge at the Centre, announced several measures to ease tax compliance and provide tax certainty to industry. ET reviews the steps taken:
Union Finance Minster Nirmala Sitharaman chairs pre-budget meeting with state finance ministers
Union Finance Minister Nirmala Sitharaman chaired a pre-budget meeting with state and union territories finance ministers at Bharat Mandapam for suggestions on the upcoming Union Budget, after previously consulting with economists and industry experts. She is set to chair the 53rd GST Council Meeting to discuss tax rates, policy modifications, and administrative challenges, crucial for shaping India's indirect tax system. The agenda for the meeting is yet to be disclosed.
What is expected from the GST Council meeting today?
The GST council may delay the inclusion of petroleum products under GST and the much-awaited rate rationalization. Discussions may also focus on reducing GST on insurance products.
GST rate rationalisation panel reconstituted, Bihar Dy CM Samrat Chaudhary appointed convenor
Bihar Deputy Chief Minister Samrat Chaudhary appointed as convenor of GoM on GST rate rationalisation. Panel includes members like UP Finance Minister Suresh Kumar Khanna and Goa Transport Minister Mauvin Godinho.
Retro tax demand on online gaming companies may be quashed
As per the recommendation tax notices in cases where the lower tax was paid due to interpretation of law or lack of clarity can be quashed, people familiar with the development said. The law committee has suggested amendment to the Central Goods and Services Tax (CGST) Act, 2017 via the introduction of a new Section 11A in the legislation.
GST council may cut upfront payment for tax appeal to 7%
The council could also consider an amnesty scheme for disputes of the pre-GST regime and a proposal to make biometric-based Aadhaar authentication mandatory for suspicious persons seeking GST registration.
New govt not in favour to sell stake in OMCs, says Oil Minister Puri
India's oil minister, Hardeep Singh Puri, has announced plans to bring petrol, diesel, and natural gas under the Goods and Services Tax (GST) as part of the new cabinet. Puri emphasized that the government is not in favor of stake sales in state-run oil firms, following the scrapping of the Bharat Petroleum Corporation Ltd (BPCL) divestment process in 2022. The Indian firms are also in talks for a term oil deal with Russia.
Brett Lee granted tax relief by ITAT due to invalid notice service
The Delhi bench of the Income Tax Appellate Tribunal (ITAT) provided relief to former Australian cricketer Brett Lee in a tax case, ruling that the notice served to him under the Income Tax Act was beyond the limitation period. The case involved a ₹3 crore endorsement fee received by Lee for the assessment year 2013-14 from three Indian entities. The tribunal found that the notice, sent a day before the deadline and to the wrong email address, was invalid. As a result, the assessment order was quashed.
Rupee surges 38 paise to 83.04 against US dollar in early trade
The rupee strengthened to a three-month high of 83.04 against the US dollar on Monday, supported by positive sentiment in domestic equity markets fueled by strong macroeconomic data and exit poll results favoring PM Narendra Modi's government.
GST to be paid by telcos along with instalments towards spectrum charges
The spectrum will be assigned for 20 years and successful bidders will be allowed to make payments in 20 equal annual instalments in the coming mega auction.
GST relief for foreign airlines in the offing
India may exempt GST on services between foreign airline operators' head offices and local entities. The fitment committee is reviewing for a final tax exemption decision, considering maintenance services, rental costs, and hotel accommodation.
Clarification likely on GST on NBFC co-lending
The government, led by Vivek Joshi, addresses concerns around GST levy on co-lending arrangements with NBFCs, raising issues of distortion and increased lending costs. Banks, tax authorities, FIDC, MFIN, CRISIL, partner banks discuss the growth of co-lending model, NBFCs' loan book reaching ₹1 lakh crore.
GST officers working on registration mechanism for 'shared warehouse' for e-commerce suppliers
GST authorities are developing a mechanism to address taxation and registration issues for shared warehouses used by e-commerce companies, where multiple suppliers store goods for last-mile delivery. This issue arises because suppliers have geo-tagged these warehouses as their 'additional place of business' under GST rules, raising concerns of potential fraudulent registrations and the risk of holding warehouses accountable for individual supplier defaults.
Not necessary to make arrest in all GST cases, says SC
The Supreme Court emphasized on Wednesday that arrests in Goods and Services Tax (GST) cases should be based on credible evidence and tangible material, not mere suspicion. The bench, while reserving its verdict on challenges to GST and Customs Act provisions, highlighted that the power of arrest should not be used indiscriminately. It noted that arrests should occur only if there are reasons to believe a serious offense has been committed. The court aims to interpret the law to protect citizens' liberty and prevent harassment.
Five states show interest in implementing Aadhaar-based authentication for GST registration
Five states plan Aadhaar-based GST registration. Biometric authentication aims to curb fraud. April's record GST revenue of Rs 2.10 lakh crore was driven by economic growth and increased transactions. Maharashtra led in revenue collection.
SC asks Centre to not use "threat and coercion" in GST recovery operations
The Supreme Court directed the Centre to persuade traders to clear GST dues voluntarily without using force during search and seizure operations. The bench emphasized the need for payment to be voluntary and without coercion, allowing individuals time to seek advice and settle liabilities.
Supreme Court asks Centre to furnish data on notices, arrests done under GST Act
The Supreme Court has asked the Centre to provide information on notices and arrests made under the Goods and Services Tax, expressing concern over potential harassment. Justices are reviewing petitions challenging GST Act provisions, seeking clarity on arrest powers to prevent citizen mistreatment. Data on arrests and notices for defaults of Rs 1-5 crore in the last three years is required. The Court aims to protect citizens from undue hardship and may amend ambiguous provisions.
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