Page 3 - Gst

Reality check on tax growth

The record rise in tax collections in 2021-22 should be judged in a larger context

GST Council meeting unlikely this month as some issues couldn't be taken up

Currently, GST is a four-tier structure attracting tax rates of 5, 12, 18, and 28 per cent

FAQ on taxation of cryptocurrencies, virtual digital assets in works

The government is working on an FAQ on taxation of cryptocurrencies, which will give a nuanced clarification on the applicability of income tax and GST on virtual digital assets, an official said.

Fruit-based fizzy drinks to draw 40% rate under GST after Gujarat ruling

The authority did not agree with a petitioner's that fruit-based drinks should attract 12 per cent GST.

Looking back at GST implementation: What the future holds?

The system is stabilising and efforts for simplification and strict compliance are seen in collections.

Tax administration finally being cleaned up, being made more efficient

GST collections dropped below the Rs 1.2 trillion mark only once in the last six months. These are astounding statistics for a tax system that naysayers had written off as being a failure.

Tamil Nadu sets up GST advisory council on fiscal powers of state, Centre

The Tamil Nadu government has set up an advisory council on the fiscal powers of the state and the Centre with special reference to the goods and services tax (GST)

GST for Covid-19 medicines pegged at 5%, says Pankaj Chaudhary

Covid medicines and instruments are being sold at a GST rate of five per cent while other medicines are sold at a GST rate between five and 12 per cent, Pankaj Chaudhary said

Cryptocurrency exchanges feel pinch as India's new tax regime starts

Sharp fall in volumes and number of visitors on first three days of April

Odisha records 49% growth in GST collection for fiscal year 2021-22

The Odisha Goods and Services Tax (OGST) collection for the financial year 2021-22 is Rs 12743.01 crore as against Rs 8292.15 crore collected till March '21 with a growth rate of 54 per cent.

Odisha registers 49% growth in gross GST collection in 2021-22

The officials informed that the growth in GST is mostly driven by mining and manufacturing sectors

Brick manufacturing, trading to attract 6% GST without ITC; 12% with credit

Brick kilns can opt for a composition scheme to pay a 6 per cent GST without input tax credit (ITC) beginning Friday, higher than 5 per cent earlier. Those businesses who do not wish to opt for the composition scheme would be subject to 12 per cent Goods and Services Tax (GST) with ITC. The government on March 31 notified the GST rates that would be applicable from April 1. As per the notification, building bricks, earthen or roofing tiles, fly ash bricks and blocks, bricks of fossil meals can opt for a composition scheme. So far, manufacturing and trading of bricks were chargeable at 5 per cent GST, and businesses were allowed to claim credit on inputs. The GST Council had in September last year decided to bring brick kilns under a special composition scheme from April 1, 2022. AMRG & Associates Senior Partner Rajat Mohan said India is already witnessing high inflation and at this juncture, any steep increase in tax rates for essential infrastructure items would lead to a ripple

States panel likely to bat for system tracking dealers' transactions

The panel may also suggest integrating the Goods and Services Tax Network with NPCI to curb frauds in tax refunds

11 crypto exchanges found to be evading Rs 81.54 cr in GST, says govt

WazirX, Coin DCX and CoinSwitch Kuber among companies under investigation, Parliament is told

Amitabh Bachchan pays up after DGGI evasion notice on NFT sale

Bachchan had entered into an agreement with Rhiti Entertainment Pte. Ltd, Singapore, for conversion of his content into NFTs by way of an auction.

GST on insurance premiums should be reduced to 5% or nil: SBI Research

Govt may look to reduce GST on insurance premiums and enrol the workers of MNREGA under the PMJJBY, PMSBY to increase insurance penetration

Govt working to classify cryptocurrency under GST law, 'remove doubt'

The government is working on classification of cryptocurrency as goods or services under the GST law, so that tax can be levied on the entire value of transactions

Taxing pizzas, ice cream or vehicles: GST is neither good nor simple

Separate state-wise Appellate Authority for Advance Ruling don't serve a useful purpose: there is a need for a national one.

IndiGo 'in talks with Central govt' to bring aviation fuel under GST ambit

IndiGo's full-time Director and Chief Executive Officer Ronojoy Dutta urged the Central government to bring the Aviation Turbine Fuel (ATF) under goods and service tax (GST) ambit

Centre yet to pay GST dues of Rs 26,000 crore to Maharashtra: Minister

Union government has not yet paid GST dues of Rs 26,000 crore to Maharashtra and if the state gets this money it would be very helpful said Minister of State for Finance Shambhuraj Desai