Page 14 - Gst

AAR rules 18% GST on e-voucher traders, on plea by marketing services firm

Rules that e-vouchers are not an actionable claim, and are not exempt from GST. They attract 18% GST as they come under the residual category

Billion-dollar online gaming industry seeks clarity on valuation, taxation

The industry has now come out with a report to make a case for itself, and put forth the matter of taxing the business

Retro tax gone, industry must revive animal spirits: Revenue Secretary

Revenue Secretary Tarun Bajaj says withdrawal of retrospective tax amendments is the government's policy to provide a stable and predictable tax regime

Pooled investment funds likely to attract service tax: Check details here

GST on expenses charged by REITs, InvITs and MFs may result in tax levy of hundreds of crores

PHDCCI calls for 3-tier GST, capping highest slab at 18%

Industry chamber PHDCCI on Wednesday called for a 3-tier GST rate structure, with the highest slab at 18 per cent, to help boost consumption and reduce evasion.

GST officers detect Rs 7.4k cr tax evasion in Apr-June; recover Rs 1,920 cr

GST officers have detected tax evasion of Rs 7,421 crore in the April-June period of the current fiscal, Parliament was informed on Tuesday. In a written reply to the Rajya Sabha, Minister of State for Finance Pankaj Chaudhary gave details of the total tax evasion detected in GST in the last 3 years. In 2019-20, 10,657 cases of evasion, involving Rs 40,853.27 crore were detected. Recovery was Rs 18,464 crore. In 2020-21, Rs 49,384 crore worth GST evasion was detected in 12,596 cases. Recovery stood at Rs 12,235 crore. In the current fiscal up to June, 1,580 cases of Goods and Services Tax evasion involving Rs 7,421.27 crore were detected, and Rs 1,920 crore recovered in April-June 2021. Chaudhary said the GST interface for the taxpayers is on a digital platform and software-based to be used for payment of tax and to comply with the requirements of law and procedure by taxpayers. "However, tax evaders are known to commit fraud even on electronic platforms by way of misrepresentatio

GST collection recovers to a 3-month high of Rs 1.16 trn in July

On a year-on-year basis, the July GST collection witnessed a 33 per cent jump

July GST revenue at over Rs 1.16 trn; govt says it marks economic recovery

Revenues for July 2021 are 33 per cent higher than GST collected in the same month last year.

Businesses can now self-certify GST returns, instead of mandatory CA audit

GST taxpayers with a turnover of over Rs 5 crore can now self-certify their annual return, instead of a mandatory audit certification by chartered accountants, the CBIC has said

Treated, purified sewage water for industrial use to attract 18% GST: AAR

Treated and purified sewage water is classified as 'water' under the GST Act and its supply for industrial use would attract an 18 per cent tax, the Authority for Advance Ruling (AAR) has said

Sitharaman as FM: Some positive surprises, a few works in progress

Tax, revenue and macroeconomic trends are encouraging, but more needs to be done on privatisation, clean-up of banking mess, anti-protectionism, and de-politicisation of govt bodies, writes T N Ninan

Delhi Assembly passes GST Amendment Bill to smoothen tax filing process

The Delhi Assembly on Friday passed the 'Delhi Goods and Services Tax (Amendment) Bill, 2021' to smoothen the GST filing process and to prevent tax evasion, amid opposition from the BJP

Delhi assembly passes GST Amendment Bill amid opposition from BJP

The bill is about 15 new amendments to the Delhi GST Act.

'Definitely going to happen': CEA on GST rate structure rationalisation

India is the fifth largest economy of the world but the banking system is still has a lot of catching up to do, he said

DGGI detects Rs 278 crore GST evasion in railway purchases since July 2017

Probe relates to wrong classification of rail supplies by bidders from July 2017 to June 2021

SME Chatroom: Destruction of goods warrants reversal of input tax credit

Submit copies of correspondence with the buyer to the bank explaining the reasons for the inward remittance

Over Rs 81,000 crore due to states as GST compensation for 2020-21

Over Rs 81,000 crore GST compensation is due to states for 2020-21, while for April-May this year, Rs 55,345 crore is outstanding, Parliament was informed on Monday.

GST only on margin earned on resale of second-hand jewellery: AAR

Jewellers will have to pay GST only on the profit earned on resale of second-hand gold jewellery, Karnataka AAR has ruled.

Bring fuel under GST, reduce prices: Maharashtra minister to Centre

The Centre must bring fuel under GST and take steps to reduce prices in order to give relief to people, Maharashtra minister Amit Deshmukh said on Friday.

Centre releases Rs 75,000 crore to states, UTs as GST compensation

The government on Thursday said it has released Rs 75,000 crore to the states and Union Territories to compensate them for the shortfall in GST revenue.