'Sarais' run by religious or charitable trusts are exempt from the Goods and Services Tax (GST) irrespective of rent, the Union Finance Ministry said on 4 August.
Read MoreThe monetary policy committee of Reserve Bank of India (RBI) today decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect. The central bank also retained its GDP growth outlook for this fiscal. To curb inflationary pressures, the Reserve Bank of India has so far raised the repo rate by 140 basis points since embarking on a tightening cycle at an unscheduled policy meeting in May this year. The repo rate before the pandemic came was 5.15%. Read More Here.
Read MoreGST on residential property: The goods and services tax (GST) is in attention these days as to whether a salaried individual should pay GST on home rent. According to tax experts, until 17th July 2022, GST was applicable on the rent of a commercial property but from 18th July 2022, GST shall be charged if such residence is rented or leased by a GST-registered person. As recommended at the 47th GST Council meeting, the tenant should pay 18 per cent GST on a reverse charge basis (RCM). However, they can claim this value as a deduction while they pay tax on sales in GST returns.
Read MoreSource: https://taxguru.in/goods-and-service-tax/suggestions-inclusion-petroluem-products-gst.html
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO.2336 TO BE ANSWERED ON MONDAY, AUGUST 1 , 2022/SRAVANA 10, 1944 (SAKA) SUGGESTIONS FOR INCLUSION OF PETROLUEM PRODUCTS UNDER GST
Read MoreSource: https://taxguru.in/goods-and-service-tax/gst-rates-apply-uniformly-all-states.html
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION No. 2326 TO BE ANSWERED ON MONDAY, AUGUST 01, 2022/ SRAVANA 10, 1944(SAKA)
Read MoreSource: https://taxguru.in/goods-and-service-tax/govt-planning-legalize-tax-cannabis.html
GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO. 2305 TO BE ANSWERED ON MONDAY, 01st AUGUST 2022 SRĂVANA 10, 1944 (SAKA)
Read MoreWearing black clothes, Congress MPs led by party chief Sonia Gandhi started a protest in the parliament on Friday against price rise and GST hike. In a footage, congress leader Priyanka Gandhi crossed the barricades where she held a brief sit-in before being taken away by cops. She, along with other Congress leaders was dragged into buses from outside the party's headquarters in Delhi today.
Read MoreKotak Mahindra Bank announced the completion of its integration with the GST portal on Friday. With that, now Kotak Bank customers can pay instant GST directly on the GST portal without having to step out from the comfort of their homes/offices. This facility is available to individuals, corporations, institutions, and their representatives. Also, current account holders of the bank are seen to benefit from this facility.
Read MoreSource: https://taxguru.in/goods-and-service-tax/request-withdraw-gst-pre-packaged-labeled-food-items.html
All Gujarat Federation of Tax Consultants has made a representation related to Withdrawal of GST on Pre-Packaged Labeled food items on 02nd August, 2022.
Read MoreSource: https://taxguru.in/goods-and-service-tax/arrested-fraudulently-availing-itc-rs-8-crore.html
CGST Delhi West officials arrest one for fraudulently availing ITC of more than Rs 8 crore
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