SGST
GST suppliers giving post-sale discount have to take undertaking from clients: CBIC
In a separate circular, Central Board of Indirect Taxes and Customs (CBIC) clarified that ITC is available to insurance companies in respect of motor vehicle repair expenses incurred by them in case of reimbursement mode of claim settlement.
GST Council fixes monetary limit for filing of appeals before various legal forums
The Council has also recommended that the maximum amount for pre-deposit for filing appeal before the appellate authority be reduced from Rs 25 crore CGST and Rs 25 crore SGST to Rs 20 crore CGST and Rs 20 crore SGST, she said. The Finance Minister also informed that services provided by the Indian railways like sale of platform tickets, facility of retiring rooms, waiting rooms, are exempted from GST.
GST Council Meeting: Railway Platform tickets exempted from GST, biometric authentication push & other key decisions
At its 53rd meeting in New Delhi, the GST Council decided to implement nationwide biometric authentication to combat fake invoicing. Finance Minister Nirmala Sitharaman announced retrospective amendments to input tax credit timelines under the CGST Act from July 2017. The meeting, the first since the new government took office, also addressed various operational issues and recommended uniform GST rates for milk cans and carton boxes.
Bribe in EMIs! Corrupt Gujarat babus ‘with a heart’ now accepting bribe in installments
Gujarat government officials adopt a disturbing tactic, allowing citizens to pay bribes in installments, easing financial strain. Dubbed 'empathetically corrupt,' this method surfaces amidst reports of hefty bribes demanded, including a Rs 21 lakh demand split into nine EMIs. Cases like these highlight systemic corruption, prompting calls for stringent action. Reports indicate a surge in such incidents, emphasizing the need for immediate intervention.
Government adopted pro-poor approach in GST implementation, revenues reached pre-GST levels: Nirmala Sitharaman
Sitharaman's efficient tax administration highlighted in maintaining stable revenues with a pro-poor approach in GST implementation. Despite lower tax rates, revenues reached pre-GST levels, benefiting states. The turnover threshold rose, tax submissions reduced, and tax buoyancy improved post-GST implementation.
At Rs 1.8 lakh cr, March mopup second best since GST rollout
India's goods and services tax (GST) collection in March reached ₹1.78 lakh crore, marking an 11.5% increase from the previous year and the second-highest since the tax regime's launch in 2017. The total gross collection for FY24 exceeded the revised budget estimate, standing at ₹20.18 lakh crore. This indicates strong domestic demand, with average monthly collections in 2023-24 up by 17.6% year-on-year. Experts suggest that the upcoming general election may further boost consumption and GST collection, potentially leading to a revision of the FY25 GST target.
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Interim Budget 2024: Check full text of FM Nirmala Sitharaman's speech here
The Finance Minister presented the Interim Budget 2024 in a speech that lasted for 48 minutes. The budget focuses on four main areas: women, poor, farmers, and youth. The government aims to empower the poor and has implemented various programs to achieve this. Direct Benefit Transfer has resulted in significant savings for the government, which has been used for the welfare of the poor. The budget also highlights initiatives for women empowerment, youth development, agriculture, infrastructure, and taxation reforms.
State GST Officer conducts search at Colgate-Palmolive warehouse in Chennai, Rs 1 lakh penalty imposed
"The penalty of Rs 1 lakh was levied for minor procedural non-compliance under Section 125 of the CGST Act and SGST Act and is not specific to any suppression or willful misstatement done by the company," the company said.
Online gaming, casinos liable to 28 per cent GST since beginning: Revenue Secretary Sanjay Malhotra
"Certain members had raised the issue of retrospective taxation. It was informed to them that this is not retrospective, and this was the law earlier. These liabilities already existed because money online games played with bets...They were already attracting (28 per cent GST) by way of betting or gambling," Malhotra told reporters. In the 52nd GST council meeting, Delhi and Goa raised the issue of tax demands on e-gaming companies and casinos.
GST Council to take up recast of Group of Ministers (GoM) on rate rationalisation
The Goods and Services Tax (GST) Council will meet on October 7 to discuss the reconstitution of the group of ministers on rate rationalization and review the progress made by states in incorporating changes related to the taxation of online gaming in their GST laws. Last month, amendments were made to the Central GST and Integrated GST laws to clarify the 28% levy on bets in online gaming, casinos, and horse race clubs. Offshore e-gaming companies operating in India are now required to register and comply with GST norms.
Exempt small suppliers making inter-state supplies on e-commerce platforms from GST registration: GTRI
Small suppliers on e-commerce platforms should be allowed to conduct inter-state supplies devoid of GST registration if their turnover does not go beyond a certain level, recommends think tank Global Trade Research Initiative. The GST Council has exempted small businesses when it comes to taking GST registration concerning intra-state supplies via e-commerce platforms if their turnover is under Rs 40 lakh in relation to goods and Rs 20 lakh in relation to services.
GST revenue collection for May up 12% YoY at Rs 1.57 lakh crore
Gross GST revenue collection in the month of May stood at Rs 1,57,090 crore, registering a rise of 12 per cent on a year-on-year basis. With this, the monthly GST revenue has come in at more than Rs 1.4 lakh crore for the 14th consecutive month.
GST revenue collection for April 2023 highest ever at Rs 1.87 lakh crore
"The revenues for the month of April 2023 are 12% higher than the GST revenues in the same month last year. During the month, the revenues from domestic transactions (including import of services) are 16% higher than the revenues from these sources during the same month last year," the Finance Ministry said.
GST on transportation services - navigating through turbulent waters
This resulted in taxing the transportation of export cargo by the Indian transporters / freight forwarders, liable to Integrated GST (IGST). This created a lot of buzz amongst the exporters as well as the Indian transporters /freight forwarders. Consequently, owing to the hardships faced, various associations and trade bodies filed representations before the Government against such withdrawal of GST exemption.
At Rs 1.55 lakh crore, GST mop-up in January is second highest ever
Giving a break-up of the collections, the ministry said that CGST accounted for Rs 28,963 crore, while the SGST stood at 36,730 crore. The IGST accounted for 79,599 crore (including Rs 37,118 crore collected on import of goods) and cess was Rs 10,630 crore (including Rs 768 crore collected on import of goods).
GST collection for November stands at Rs 1,45,867 crore, surges 11% YoY
"The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59678 crore for CGST and ₹61189 crore for the SGST. In addition, Centre had also released ₹17,000 crore as GST compensation to States/UTs in November 2022," stated the release.
CBIC to issue SOP for GST summons and notices
Officials told ET the new SOP will also allow the board to closely monitor the GST probe, including its progress and the line of investigation adopted, which will make officials more accountable and the process more transparent.
Chhattisgarh govt approves electric vehicle policy, aims to develop state as manufacturing hub
The policy aims to ensure a healthy environment for a sustainable future for citizens, reduce carbon footprint and minimise the causes of rising concerns of rapidly increasing toxic gas emissions from vehicles, etc, the statement said. The operations of both commercial and non-commercial vehicles will be encouraged under the policy, it said.
GST collection surges by 56% YoY to Rs 1,44,616 crore in June
The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.
GST: Imposition of new ITC restrictions every year is diluting ease of doing business
At the inception of GST, the availment of ITC was envisaged as a two-way communication whereby the supplier would upload the supply invoice details on the common portal and the recipient, on a real-time basis, would accept/reject the same.
Maruti Suzuki gets clearance for new plant in Sonipat: Haryana CM
The chief minister said the ongoing talks with Maruti to set up the plant on about 900 acres of land at Kharkhoda have been finalized on Saturday.
GST Dynamic QR Code for B2C invoices: All you need to know to stay compliant
The concept of UPI QR code is being followed by digital payment processors and is also available under the Income Tax Law.
Andhra announces new industrial policy with key fiscal incentives, also offers support services
In a statement, the government said the new multi-faceted capability center to be set up in the state titled ‘YSR AP One’ will seek to offer support services to the new units on par with advanced countries. The specialized services include entrepreneurship facilitation, sales support and MSME (micro, small and medium enterprises) revitalization.
Taapsee Pannu-starrer 'Thappad' gets 3-month tax exemption in MP
The single-screen cinemas and multiplexes have been asked not to collect SGST on tickets of the film.
GST Council meeting today: Lease rates, refund for exporters and extra cess on agenda
GST Council may clarify rates on long-term leases. If approved, this will benefit manufacturing and realty cos.
Industry allowed to choose between Net GST, incentivised SGST in Punjab
The Cabinet meeting was chaired by Chief Minister Captain Amarinder Singh, as per an official release.
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