Page 6 - Gst

GST officers bust syndicate of fake firms involved in Rs 362-cr evasion

GST officers have busted a syndicate involved in the creation of fake firms and bogus invoices which led to a GST evasion of Rs 362 crore, the finance ministry said

AARs give divergent rulings on notice pay recovery by employers

No GST on such collections in Maharashtra, regarded as service in MP and taxed, money received from employees for medical insurance to non-dependent parents to draw GST too

Bring natural gas under GST for PM's vision of gas-based economy: Industry

Natural gas is currently outside the ambit of GST, and existing legacy taxes

GST authorities arrest 27-yr old for issuing bogus Rs 1,000 cr bills

A local court remanded the arrested accused to judicial custody for 14 days

Interest on non-payment of GST may be recovered without notice

But with court backing, the authorities are considering doing it in some cases of mismatch in the invoices

Union Budget 2022: Key measures govt must take to address demand-side issue

The country's annual financial exercise this year, comes at a juncture when the outlook on both, global and domestic growth is uncertain in the context of the pandemic trajectory

Bring natural gas under GST for PM's vision of gas-based economy: Industry

Natural gas is currently outside the ambit of GST, and existing legacy taxes -- central excise duty, state VAT, central sales tax -- continue to be applicable on the fuel.

Bombay HC issues notices to Centre, Maharashtra over blocking of ITC

The petitioner, which is engaged in renting and leasing movable and immovable properties, challenged section 17(5)(c) of Central GST Act and the same section in the Maharashtra GST Act

Companies facing probe get relief from HC for settling pre-GST disputes

Bombay HC paves the way for firms to settle disputes with tax authorities

RBI holds special repo auction as GST outflow tightens liquidity

Rs 50,000-cr auction drew bids worth Rs 65,700 cr from the banking system; cut-off rate at 4.06%

Budget secrecy is too archaic now to be continued

Budget reform is not something the Modi government has shied away from

Bombay HC sets aside rejection of refund claims by GST authorities

Claim had been rejected as it was filed after 2 yrs; Court sets rejection aside as authorities had not considered earlier SC relaxation on time limit due to Covid

Telcos seek refund of Rs 35K cr input tax credit, GST waiver on licence fee

The telecom sector wants the government to suspend universal service obligation fund (USOF), which financially supports rollout of telecom services in the rural area

Health care services offered on flat fee exempt from GST: AAR

The applicant devised a plan for providing health care services for the next 20 years for which a lump-sum amount, say, Rs 10 lakh, will be charged

How real is the GST boost?

The share of GST collections in GDP has stagnated, even as IGST revenues from imports have gone up sharply

FY23 Budget wishlist: ACMA seeks uniform 18% GST for all auto components

Auto components industry body ACMA on Tuesday said it has urged the government for a uniform GST rate of 18 per cent on all auto parts to curb the impact of counterfeits in the aftermarket operations.

SME Chatroom: No interest liability due on retrospective amendment

However, it would help all persons concerned if the CBIC issues a clarification in this regard

Now, AAAR rules ready-to-eat fryums papad to draw 18% GST

GST rate is based on classification of products based on the harmonised system of nomenclature (HSN) codes

Businesses to be given 'reasonable time' to explain mismatch in GSTR-1, 3B

Tax officers will give reasonable time to erring business to explain reasons for mismatch in turnover reported in sales return GSTR-1 and tax payment form 3B

GST shadow on Indian cryptocurrency firms; foreign platforms go free

In the absence of regulations, international crypto and NFT platforms are escaping the GST net