Page 22 - Gst

Centre's GST compensation formula gets approval from all states, UTs

Jharkhand, the only remaining state, has now communicated its acceptance of Option-1 given by the Centre

Now Jharkhand also opts for the special window for GST compensation

With this, all states and 3 UTs choose the window set up by the Centre to borrow on behalf of states the shortfall arising out of GST implementation

Chhattisgarh opts for special window for GST compensation; Jharkhand left

Now all states, except Jharkhand, have opted for Centre's borrowing options. Recently, Punjab, Kerala and West Bengal also accepted Centre's proposal after much opposition

High GST on aircraft components forcing P&W to go abroad for maintenance

High GST rate on aircraft engine components has been forcing Pratt & Whitney to go abroad for engine maintenance despite having a collaboration with Air India's engineering subsidiary AIESL for the servicing, according to an industry source. Engine components attract as higher as 18 per cent goods and service tax (GST), which makes the business unviable in India, and the engine maker wants the government to bring it in parity with 5 per cent GST as in the case of aircraft components, the source said. In February, Pratt & Whitney (P&W), which has supplied its Geared Turbo Fan (GTF) engines in large numbers to IndiGo and GoAir for their Airbus A320neo family planes, inked a pact with Air India Engineering Services Ltd (AIESL) to service these engines at the latter's MRO facility in Mumbai. A P&W spokesperson in a statement to PTI, however, said that collaboration with AIESL remains strong, despite the challenges faced by the industry due to the coronavirus pandemic. "We .

Top headlines: VI bites bullet on tariff hike; auto sales contract in Nov

From Vodafone Idea taking a lead in hiking tariffs by 6 to 8 per cent to contracting auto sales, here are top headlines this morning

Will e-invoicing weed out fake invoices and bills even at the retail level?

The expert view is that it will be easier for the retail industry to dodge the system and evade taxes, than it will for the durables sector

Telangana opts for Option 1 to meet GST shortfall, joins 22 other states

The Union Ministry of Finance informed that Telangana has opted for Option-1 suggested by the Ministry to meet the shortfall in revenue arising out of GST implementation

No extra load on taxpayer for GST turnover shown in form 26AS: Revenue dept

Form 26As is a yearly consolidated tax statement accessible from income-tax dept's website using a PAN. One can refer to it for details of high-value expenses and taxes paid

Professionals and kingpins among 25 held for issuing fake bills under GST

350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources

Bengal FM writes to Nirmala Sitharaman to seek GST Council meeting

West Bengal FM Amit Mitra is seeking a meeting of the GST Council for discussions on Centre's borrowings to meet the collection shortfall

DGGI's Mumbai Zonal Unit busts Rs 408-crore GST fraud, arrests 4

The Directorate General of GST Intelligence has arrested directors of four companies on charge of involvement in GST fraud totalling Rs 408 crore, an official said here on Thursday.

Experts wary about sustainability of Rs one trillion GST collections

They believe the October mop-up may have resulted from pent-up demand, are sceptical about the post festive season scenario

Top headlines: Future Retail files caveat in HC, US poll effect on markets

From how markets will react to US elections to Adani group being favourites for Sri Lanka port, Business Standard brings you the top headlines of the day

GST borrowing to meet states shortfall must be reasonable: Finance Secy

So far, 21 states and 3 Union Territories have opted for the borrowing plan proposed by the Centre

GST shortfall: Centre to transfer Rs 6,000 crore to 16 states, three UTs

The Centre had on October 23 transferred Rs 6,000 crore to 16 states and 2 UTs of Delhi and Jammu and Kashmir

Tax mop-up showing signs of pick up, economy on revival path: Finance Secy

Pandey said the generation of e-way bills, needed for transportation of goods, is back to pre-Covid levels and online payments have risen exponentially

UK firms say India has become easier for business, want solution to tax row

Annual report on UK companies says retrospective amendment to India's Income Tax Act is a dampener.

Petroleum ministry says it supports including natural gas under GST

Decision that has to be taken by the GST council, says senior civil servant.

States will need years to recover from 'scissor effect' of Covid: RBI

Phenomenon refers to loss of revenues due to demand slowdown, coupled with higher expenditure associated with pandemic, may push the states to great strife

BP wants bigger pie of India fuel market, bats for natural gas under GST

Firm to create 80,000 jobs by increasing fuel retail outlets, along with Reliance, to 5,500 in 4-5 yrs