Page 26 - Gst

Govt notifies interest on delayed GST on net basis from September 1

This, however, goes against the decision by the GST Council in the March meeting

GST Council-like authorities for land, labour, power must for reforms: RBI

"In fact, Goods and Services Tax (GST) Council type of apex authorities can be set up in respect of land, labour and power to drive structural reforms," RBI said in its 2019-20 annual report

Finance Ministry remembers Jaitley's legacy by recounting GST benefits

The Finance Ministry on Monday said GST has reduced the rate at which people have to pay tax, helped increase compliance and doubled taxpayer base to 12.4 million

Beverage industry urges govt to reduce GST on soft drinks, packaged water

The beverage industry has urged the government to remove aerated drinks fromthe sin tax category and reduce rate on juice-based drinks under the GST regime. Reduction of taxes on juices would give a boost to local horticulture sector and improve the lives of farmers, from which the industry sources fruits, Indian Beverage Association (IBA) said in a statement. IBA in a letter to Finance Minister Nirmala Sitharaman, who also heads the GST Council, has suggested placing the packaged drinking water in a lower slab of 12 per cent from the existing 18 per cent. The aerated beverages are currently placed under the highest GST slab of 28 per cent with a compensation cess of 12 per cent. "This high GST levy of 40 per cent on aerated beverages is against the stated policy of the government to maintain parity between pre-GST and GST regimes," IBA said, adding that aerated beverage is the only product in the entire food category subjected to compensation cess. It has also urged to revise "th

GST has reduced the rate at which people have to pay tax: Finance Ministry

GST has helped increase compliance and doubled taxpayer base to 12.4 million, the ministry said in a series of tweets

Top headlines: DoT objects to RCom resolution plan, AGR case update, & more

Here are the top headlines on Thursday morning

GSTN enables functionality to help GST payers on ITC eligibility

So far, the GST system used to compute eligible ITC based on suppliers' sales return GSTR-1, but the break-up at the invoice level was not provided

DGGI detects GST evasion of Rs 17.2 crore after multiple searches

The Directorate General of GST Intelligence (DGGI) conducted multiple searches at premises of a major cement manufacturer in Madhya Pradesh and Uttar Pradesh over the last seven days and detected GST evasion of Rs 17.2 crore, a release said on Wednesday. The DGGI, the enforcement arm of the Central Board of Indirect Taxes & Customs (CBIC), has arrested a director of the company from Satna in Madhya Pradesh this connection, it said. The DGGI also seized Rs 52.39 lakh in cash during the searches conducted in two states from August 5 to August 11. "DGGI has conducted multiple searches in Madhya Pradesh and Uttar Pradesh from August 5 to August 11 at various premises belonging to a major cement manufacturer located at Maihar and Satna besides their registered dealers and distributors," the DGGI, Bhopal, said in a release. The release, issued by Additional Director General, DGGI, did not mention names of the manufacturer and the director. The company evaded GST worth Rs .

Imports from related party will be scrutinised by Customs: Expert

Rule 3(3)(a) of the Customs Valuation Rules, 2007 provides that where the buyer and the seller are related, the circumstances surrounding the sale will be examined

Top headlines: Q1 earnings shrink, telcos await SC verdict on AGR and more

From auto firms planning new launches for festive season, Rajnath Singh banning import of defence items to telcos awaiting SC response of AGR dues, here are the top ness of the day

Coming soon: GST technological overhaul to ease compliance, plug leaks

Instead of completely changing the return forms, the effort is now to introduce, within the existing framework, changes in a staggered manner

Maharashtra: DGGI detects Rs 108-cr GST evasion by 2 liquor manufacturers

DGGI has found alleged evasion of GST collectively worth over Rs 108 crore by two liquor manufacturers in Aurangabad and Nanded districts of Maharashtra

Explained: How OCEN is trying to keep credit disbursement challenges at bay

Network to connect lenders, loan marketplaces, borrowers on a single platform and make access to credit a matter of minutes

Use of GST data in national accounts in limbo 3 years after tax roll-out

Difficult to gauge from state GST revenues collections whether or not economic activity is picking up, say experts

GST Network makes annual returns available online for composition dealers

This will enable 1.7 million composition dealers to file their returns on an annual basis with effect from 2019-20

Delhi HC allows Samsonite to deposit GST profiteered sum in six EMIs

Decision taken in view of Covid-19; experts feel this will form a precedent, paving way for more such petitions from companies

Fraudulent IGST claims worth Rs 1,875 crore by risky exporters identified

These people are untraceable and the list includes seven 'star' exporters, government sources said

Sanitisers are disinfectants like soaps, dettol; attract 18% GST: FinMin

Reducing the GST rate on sanitisers and other similar items would lead to an inverted duty structure and put domestic manufacturers at a disadvantage vis-a-vis importers of hand sanitisers

Covid-19: Alcohol-based hand sanitizers to attract 18% GST, rules AAR

Springfields (India) Distilleries had moved Goa AAR over classification of the hand sanitizer and the applicable rate of GST.

Uttarakhand High Court issues notice to Centre on Ashok Leyland's petition

The high court directed the Union government to file a counter affidavit and rejoinder while listing the matter after five weeks for hearing