Sumit Jha
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Lok Sabha approves changes: GST cess surplus can now be shared
In a move that would partly address the goods and services tax (GST) revenue deficit for the Centre and come in aid of states worried over stagnant growth in their own tax (non-GST) revenue, the Lok Sabha on Thursday approved changes to the relevant law to allow both to dip into the surplus in the GST Compensation Fund at any time during a financial year.
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Revenue Base: About 45% of GST paid by 0.07% of assessees
Some 6,700 firms or a minuscule 0.07% of the over 96 lakh registered for the goods and services tax (GST) under its regular scheme contribute nearly 45% of the GST revenue collected by the Centre and states.
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GST Council meet today to ease tax burden on MSMEs
The 29th meeting of the GST Council on Saturday is likely to approve measures for easing tax burden on micro, small and medium enterprises (MSME) which fall below the annual turnover of Rs 1.5 crore.
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MSMEs may get GST refunds
The GST Council will, however, have to factor in the possible shortfall in GST revenue collection because of the proposal.
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GST: Half of taxpayer base had the option to stay out, but chose otherwise
Over half of the 96 lakh regular taxpayers registered for the goods and services tax (GST) have an annual revenue below the Rs 20-lakh threshold where the tax kicks in, confirming the ability of the year-old regime to promote compliance.
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GST cut: Most white goods get cheaper by 8%
Thanks to the recent reduction in the GST rate from 28% to 18%, washing machines, refrigerators and microwave ovens among a clutch of other goods become cheaper by around 8%, effective last Friday.
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Does the government get the GST you pay at an eatery or a grocery shop? Use these free apps to find out
If you are wondering as a consumer if the GST paid on the last meal at an eatery or whether the tax charged on grocery items recently bought, then you don’t have to look further than a host of free mobile applications.
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Good news for MSMEs! More GST relief on anvil in next GST Council meet on August 4
The Goods and Service Tax Council would exclusively consider issues related to micro, small and medium enterprises taxpayers at its 29th meeting scheduled for August 4, a finance ministry official said.
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GST Council to mull rate reduction for over 3 dozen goods
The Goods and Services Tax (GST) Council in its 28th meeting will consider reduction of rates for more than three dozen goods including items classified under ‘handicrafts’.
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Revenue boost, returns filing on GST Council agenda
The Goods and Services Tax (GST) Council, in its next meeting, will take stock of the improving revenue performance of states, and also consider solutions for improving the rate of filing of returns.
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Despite refund drives, exporters are facing hindrance on initial mistakes made in claims
The fortnightly refund drives, organised by the indirect tax department, have largely been successful in sanctioning regular refunds, but the initiative hasn’t been able to address some specific issues, which have been pending since the rollout of the GST.
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UBL to pay 18% GST on profit received from breweries, rules AAR
United Breweries (UBL), which makes beer under the Kingfisher brand, is liable to pay an 18% GST on ‘surplus profit’ received from beer manufacturing units contracted by it to make and sell alcohol beverage under its brand name, a ruling passed by Authority of Advanced Ruling (AAR) in Karnataka said.
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GST on land lease: High Court ruling upsets status quo
The Bombay High Court has ruled that the one-time premium payable for long-term lease (30 years or more) of land would attract goods and services tax (GST) as it constituted ‘supply’ under the GST Act. Experts said that the order went against the accepted principle of considering long-term leases as “sale of immovable property”, which is outside the purview of GST.
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Lack of precise intelligence hits e-way bill system
The tax department is finding it difficult to effectively enforce the e-way bill system in the GST regime due to lack of precise intelligence from the centralised system, forcing tax officials to randomly deploy manpower for intercepting vehicles.
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GST GoMs: ‘Scrap reverse charge, defer sops for digital payments’
A GoM led by Sushil Modi has decided to recommend to the GST council that a section in the GST Act concerning the reverse charge mechanism (RCM) be scrapped as “it discriminates against unregistered dealers while not adding much to the revenue”.
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Some rakhis will attract GST: AAR
The traditional wrist band, also known as Rakhi, used in the festival of raksha bandhan for depicting a bond between a sister and brother is not exempt from the goods and services tax (GST), the Authority of Advanced Ruling (AAR) in West Bengal said.
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Non-tariff charges in electricity bill to attract GST
Electricity bills can have a goods and services tax (GST) component at times.
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One year of GST: Tax stabilises, but only a structural overhaul to yield dividends
In the coming months, the GSTN will release forms for assessment and audit and would be able to collate income-tax information of assessees as well. These steps are expected to encourage accurate reporting of sales and curb evasion.
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Cross-audit of GST and Income Tax to curb evasion: Hasmukh Adhia
Finance secretary expresses concern over C-GST shortfall, says many states may not need compensation in two years
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HC admits plea challenging GST on sale of land
Real estate developers have moved the Bombay High Court challenging a goods and services tax (GST) notification that seeks to bring sale of land under the GST ambit. The high court has issued notices to the central government, the Maharashtra government and the GST Council in this matter. In January, the GST Council issued a […]
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With more enforcement, revenues should stay buoyant, says Chairperson of Central Board of Indirect Taxes and Customs
In an interview with Sumit Jha, the unassuming Sarna said service tax notices issued to banks for free services would not be withdrawn but suggested the cases could be decided by a common adjudicator.
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GST: Dramatic decline in VAT-era tax evasion
What Maharashtra, Madhya Pradesh & West Bengal claim is huge GST theft may be elimination of VAT-era tax evasion.
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Taxpayers get little time to comply; notices seek large volume of documents for year before GST
Notices seek large volume of documents for year before GST
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July-March GST revenues: States ‘shortfall’ not true picture
At first glance, the goods and services tax’s (GST) revenue buoyancy seems unproven yet, given that 31 of 34 states/UTs in the country reported a ‘revenue shortfall’ during the July 2017-March 2018 period.
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GST returns filing: Compliance optimal now at 70%, says GST Network’s chief executive
With close to 70% of the 1.1 crore businesses registered for the goods and services tax (GST) filing the returns by the deadline, the compliance level is now satisfactory.
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GST: Centre staff cite reasons for alleged under-performance
The GST Network doesn’t unfailingly provide differentiated data on taxpayer compliance under the Centre and states, neither does it give field formations with segregated data on revenue collections by the two authorities, according to tax officials under the Centre.
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Tax collections: Adhia’s critique miffs CBIC field staff
Finance secretary Hasmukh Adhia’s missive to the CBIC, asking why the performance of its field formations have been inferior to their counterparts in the states under the goods and services tax (GST) regime, has put the former in a bind.
