Source: https://www.livemint.com/news/india/rented-homes-lack-gst-clarity-11657298698338.html
NEW DELHI : The Goods and Services Tax (GST) Council’s decision last week to tax residential units being rented out to business entities at 18% may become another source of litigation and divergent rulings under the GST regime as there is no clarity over whether companies would be allowed to claim an input tax credit for the 18% GST.
Read MoreSale of the Indian national flag, irrespective of whether machine made or of polyester, is exempt from the Goods and Services Tax (GST), the finance ministry said on Friday. Hand-woven, hand-spun national flags made of cotton, silk, wool or Khadi are already exempt from GST. In an office memorandum, the Revenue Department clarified that polyester or machine-made tricolour too would be exempt from the levy following amendments to the 'Flag Code of India, 2002' in December last year.
Read MoreBENGALURU : Traders across the country have demanded the withdrawal of the goods and services tax (GST) council’s decision to do away with exemption on pre-packed and unbranded food items and impose a 5% tax.
Read MoreNew Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.
Read MoreSource: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-june-2022.html
The 47th GST Council met under the chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Chandigarh on 28th and 29th of June, 2022. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.
Read MoreThe GST Council has set up a Group of Ministers, chaired by Haryana Deputy Chief Minister Dushyant Chautala, to suggest required changes in the law for setting up the GST Appellate Tribunal (GSTAT). The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, had last week decided to constitute a Group of Ministers (GoM) to address various concerns raised by states in relation to constitution of the GSTAT.
Read MoreAs per the Terms of Reference (ToR) of the GoM, the GST Appellate Tribunal panel, chaired by Haryana Deputy Chief Minister Dushyant Chautala, would recommend required amendments in the GST law to ensure that the legal provisions maintain the right federal balance and are in line with the overall objective of uniform taxation within the country.
Read MoreThe Group of Ministers on casinos, online gaming and horse racing will meet on July 12 to finalise its report on modalities taxing these activities that are akin to gambling.
Read MoreBENGALURU: In what may bring down cases of arrest or coercive action by the goods and services tax (GST) officers, the Central Board of Indirect Taxes and Customs (CBIC) has clarified that GST cannot be recovered from the supplier in case of fake invoicing, even as penalty shall be levied.
Read MoreFive years ago, India’s federal and state governments struck a historic deal. From July 1, 2017, a uniform tax on goods and services — marketed by Prime Minister Narendra Modi as “One Nation, One Tax, One Market" — replaced a bewildering array of local sales and entry levies. But the many compromises that were struck to bring more than 1 billion people living in 29 states on board are impairing the groundbreaking reform.
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