Gst Tax
Inflationary concerns may delay GST rate rationalisation: Report
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.
 "Inflationary concerns may delay GST rate rationalisation: Report")
GST Council may take up rationalising tax rates, slab merger in next meet
15th Finance Commission has suggested merging 12 and 18% tax rates
 "GST Council may take up rationalising tax rates, slab merger in next meet")
Rs 12.4 trn-e-way bills generated in Jun; 77% of pre-lockdown level reached
GST collection in June rises to Rs 90,917 crore from Rs 62,009 crore in May and Rs 32,294 crore in April
 "Rs 12.4 trn-e-way bills generated in Jun; 77% of pre-lockdown level reached")
Frozen, packaged, branded parota not eaten by poor; Govt justifies 18% GST
According to government sources, frozen parota (layered flatbread) does not qualify as a staple item
 "Frozen, packaged, branded parota not eaten by poor; Govt justifies 18% GST")
GST hike on mobile phones will be detrimental for local manufacturing: ICEA
It is a very inappropriate time to consider hike in GST rate of mobile phones from the current level of 12 per cent, it added
 "GST hike on mobile phones will be detrimental for local manufacturing: ICEA")
Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme
Chavan said the government must tell by how much income of farmers has increased in the last five years, as part of its promise of doubling their income by 2022
 "Budget 2020: Congress seeks national farm loan waiver, minimum wage scheme")
GST officials unearth Rs 241-cr tax evasion through fake invoicing
The racket was busted by the anti-evasion wing of CGST Delhi South Commissionerate
 "GST officials unearth Rs 241-cr tax evasion through fake invoicing")
FM holds first of a series of meetings with CAs, traders on simplifying GST
The finance minister assured the stakeholders that their suggestions on simplification of GST filing will be implemented soon, Revenue Secretary Ajay Bhushan Pandey said after the meeting
 "FM holds first of a series of meetings with CAs, traders on simplifying GST")
Preparing for GST audit: Taxpayers face penalty up to 0.25% of turnover
Vinod Subramaniam, CEO, Logo Infosoft, explains the criteria, requirements, processes for filing GSTR-9C and its importance in the context of GST audit
 "Preparing for GST audit: Taxpayers face penalty up to 0.25% of turnover")
GST investigation arm finds P&G India guilty of profiteering Rs 250 cr
According to GST anti-profiteering rules, companies have to pass on the benefit of reduction of taxes to consumers by way of commensurate cut in product prices
 "GST investigation arm finds P&G India guilty of profiteering Rs 250 cr")
Last push for tax
March GST higher than expected, direct tax collection jumps
 "Last push for tax")
GST rule change to aid businesses with better cash flow management
Taxpayer can pay SGST using IGST credit before using the latter to set off CGST liability
 "GST rule change to aid businesses with better cash flow management")
Distorted criticisms on GST
The author's favourite theory is that black money cannot be removed by the GST
 "Distorted criticisms on GST")
Expensive cars, jewellery to become cheaper as TCS to be out of GST working
Under Income Tax Act, tax collection at source is levied at 1% on purchase of vehicles above Rs 10 lakh, jewellery exceeding Rs 5 lakh and bullion over Rs 2 lakh
 "Expensive cars, jewellery to become cheaper as TCS to be out of GST working")
Odisha bars input credit under GST for firms maintaining staff guesthouses
An order to this effect has been given by Appellate Authority for Advance Ruling (AAAR), Odisha, in a case relating to NALCO and order given by Authority for Advance Ruling, or AAR
 "Odisha bars input credit under GST for firms maintaining staff guesthouses")
Important changes made in GST rules
Merchanting trade, when an Indian buys goods from a foreign country and then sells these to a buyer in another country, without bringing the goods into India, will not attract GST
 "Important changes made in GST rules")
Rs 177-cr GST fraud: Man arrested in Gujarat for issuing fake tax invoices
The accused allegedly obtained GST registration, GST identity cards, login-password, SIM cards, bank accounts and online passwords in the name of dummy owners
 "Rs 177-cr GST fraud: Man arrested in Gujarat for issuing fake tax invoices")
GoM to examine GST tax rate, composition scheme for real estate sector
The panel would also examine the legality of inclusion/exclusion of land or any other ingredient, in composition and suggest valuation mechanism
Clearly, GST is still 'work in progress'
The avalanche of notifications and circulars show the GST regime is yet to stabilise
 "Clearly, GST is still 'work in progress'")
Modi scared after defeat in 3 states, forced to slash GST rates: Rahul
Gandhi also attached a video of his election campaign during the Gujarat Assembly polls last year in which he had made the GST's 'flawed implementation' a key issue
 "Modi scared after defeat in 3 states, forced to slash GST rates: Rahul")
