GST

A GST tax rate rationalisation is likely to be delayed due to elevated inflation, sources said on Wednesday. The Goods and Services Tax (GST) regime taxes goods and services in four tax slabs of 5 per cent, 12 per cent, 18 per cent and 28 per cent. It was being considered to reduce these tax slabs possibly to 3, an exercise which would have involved raising taxes in some items and a reduction in others. But with inflation rate ruling at all-time high, such an exercise is likely to be delayed, sources said.

One aspiration for the GST system was that it would lead to regional development as it is a destination-based tax regime

Moily opposed to IndianOil stake sale now as share price is low

Moily opposed to IndianOil stake sale now as share price is low

To be sure, the cooperative spirit has gone missing since about 2018, reflecting the heavy-handedness of the Centre, not just on the GST but across a range of issues

How will the SC ruling affect the GST framework? How is Ukraine crisis impacting Surat's diamond industry? Are markets poised for deeper cuts down the road? What is delimitation? All answers here

Government data indicates that less than 40 per cent of MSMEs borrow from the formal financial system

The matter before the Court was the appeal against the decision of Gujarat High Court in the case of Mohit Minerals Pvt. Ltd

The structure of central levies on petrol and diesel needs a review followed by their inclusion in GST

While many states want to extend the GST compensation regime beyond June 2022, the Centre's view stands that the compensation will be given to states only until that time

Indian importer is liable to pay IGST on the 'composite supply' in a CIF contract, a separate levy for the supply of services' by the shipping line would be in violation of ... the CGST Act: SC

The International Monetary Fund (IMF) has "corrected" an error in its calculations to now project that India would become a $5-trillion economy by 2026-27

The Supreme Court ruled that GST on ocean freight paid for import of goods is unconstitutional. What does this mean for the GST framework? How will it affect the Centre's relationship with states?

Verdict upholds federal rights of states and the people: Kerala FM Balagopal

The recommendations of the GST Council are binding in so far as they relate to subordinate legislation, as has also been reiterated by the SC in its order, sources clarified

Indian gaming companies and the industry body representing the industry had made representations for the continuation of an 18 per cent taxation

At the moment, most online gaming platforms pay 18 per cent on the commission collected by online gaming platforms for each game

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The panel of ministers tasked to review the GST levy on casinos, race courses and online gaming has finalised its report, which will be taken up in the upcoming GST Council meeting. The Group of Ministers, chaired by Meghalaya chief minister Conrad Sangma, had in its previous meeting earlier this month unanimously decided on hiking the tax rate on these services to 28 per cent. The GoM met again on Wednesday and finalised the method of valuing these services for the purpose of levying this tax. "The Group of Ministers (GoM) on casinos, race courses & online gaming has come to a consensus. The report of our submissions will be handed over to Hon'ble FM, Smti. @nsitharaman Ji in a day or two & the matter will be presented in the next @GST_Council Meeting," Sangma tweeted. At present, services of casinos, horse racing and online gaming attract 18 per cent GST. The government had in May last year set up a panel of state ministers for better valuation of services of casinos, online

As taxpayers face technical glitches on the GST portal, the government on Tuesday extended the due date for April tax payment till May 24 and has directed Infosys for early resolution of the problem. The due date for filing FORM GSTR-3B for the month of April 2022 has been extended till 24th May 2022, the Central Board of Indirect Taxes and Customs (CBIC) said in a late-night tweet. Earlier in the day, the CBIC had said that a technical glitch has been reported by Infosys in the generation of April GSTR-2B and auto-population of GSTR-3B on the portal. "Infosys has been directed by Govt for early resolution. Technical team is working to provide GSTR-2B & correct auto-populated GSTR-3B at the earliest," the CBIC tweeted. GSTR-2B is an auto-drafted Input Tax credit (ITC) statement which is available to every GST registered entity based on the information furnished by their suppliers in their respective sales return form GSTR-1. GSTR-2B statement is usually made available to ...