07 Jul 2022 05:41 PM
New

Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment

Source: https://economictimes.indiatimes.com/small-biz/gst/govt-notifies-procedural-changes-in-gst-rules-interest-to-be-charged-for-wrongful-credit-availment/articleshow/92714988.cms

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes. Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022, are exempt from filing annual returns for 2021-22, as per the amended rules.

The amendment also clarified that interest on incorrect availment of input tax credit (ITC) would only apply in cases where such credit is utilised. The Finance Act had brought in a provision related to levying of interest on ITC wrongly availed and utilised.

07 Jul 2022 05:48 PM
New

GSTN advisories does not carry any legal binding on CBIC- RTI Reply

Source: https://taxguru.in/goods-and-service-tax/gstn-advisories-legal-binding-cbic-rti-reply.html

Sub: Your RTI Application No. CRECE/R/T/22/00612 and CBECE/R/T/22/00613 and CBECE/R/T/22/00613 dated 18.05.2022 under RTI Act, 2005.

07 Jul 2022 06:45 PM
New

DGGI-MZU busts Fake GST ITC of ₹35.11 Crores

Source: https://taxguru.in/goods-and-service-tax/dggi-mzu-busts-fake-gst-itc-%e2%82%b9-35-11-crores.html

The Mumbai Zonal Unit of the Directorate General of GST Intelligence [DGGI-MZU] on Saturday, 2 July 2022 arrested Amanpuneet Singh Kohli, Director of M/s. Immensa Multiventures Pvt. Ltd. and six other Companies under the provisions of the CGST Act, 2017. As per DGGI-MZU, Shri Amanpuneet Singh Kohli is the keyperson and mastermind behind several other firms, which he has operated through dummy proprietors. Shri Kohli was arrested on charges of having fraudulently availed & utilized Input Tax Credit [ITC] on the basis of invoices received, without any actual receipt or supply of goods or services for these firms.

07 Jul 2022 06:52 PM

Perks provided by employer to an employee not liable to GST: CBIC clarifies

Source: https://www.livemint.com/companies/news/perks-provided-by-employer-to-an-employee-not-liable-to-gst-cbic-clarifies-11657198503779.html

BENGALURU : Perquisites provided by an employer to an employee under the contractual agreement would not be subjected to goods and services tax (GST), the central board of indirect taxes and customs has clarified, which would put an end to ongoing litigations on the issue. This will be applicable from July 2017. This is part of the slew of clarifications that the Board has issued regarding decisions by the GST Council taken during the two-day meeting in Chandigarh last week.

06 Jul 2022 11:20 AM

Impact of 5% GST on non-ICU hospital rooms not significant: Revenue secretary

Source: https://www.livemint.com/news/india/impact-of-5-gst-on-non-icu-hospital-rooms-not-significant-revenue-secretary-11657028884181.html

The 5% GST on non-ICU hospital rooms that cost more than ₹5,000 will not have a significant impact on the affordability of healthcare for a significant portion of the population, said Revenue Secretary Tarun Bajaj.

06 Jul 2022 11:25 AM

PLI scheme has potential to add 4% to India's GDP annually, here's why

Source: https://www.livemint.com/news/india/pli-scheme-has-potential-to-add-4-to-india-s-gdp-annually-here-s-why-11657031820004.html

The production-linked incentives (PLI) scheme which is expected to boost the manufacturing sector has the potential to 4% to GDP per annum in terms of incremental revenues. The scheme which is aimed to offering nearly ₹2.4 lakh crore incentives in key business areas over the next five years, has seen maximum response from the electronics, auto components, and pharma sectors, according to Emkay Investment Managers.

06 Jul 2022 11:32 AM

Restaurants must show more market sensitivity

Source: https://www.livemint.com/opinion/restaurants-must-show-more-market-sensitivity-11657039754130.html

Bills loaded with a service charge might be fine if these are a matter of mutual consent, but they neglect the need of customers to estimate what they’ll be asked to pay. Dump the practice

06 Jul 2022 11:41 AM

A disruption that India’s legal profession sorely needs

Source: https://www.livemint.com/opinion/columns/a-disruption-that-india-s-legal-profession-sorely-needs-11657040242038.html

I have often used this column to argue for using technology to make the legal profession more accessible and less mysterious. I have been so ardent about the need for reform, that some of my brethren have taken me aside and asked me what the heck I’m thinking.

06 Jul 2022 11:47 AM

‘GST will not impact healthcare’

Source: https://www.livemint.com/economy/gst-will-not-impact-healthcare-11657047999704.html

NEW DELHI : There is no reason for the government to reconsider the 5% goods and service tax imposed on non-ICU hospital rooms charged at over ₹5,000 a day as it will impact only a “minuscule" segment of taxpayers rather than affordable healthcare, revenue secretary Tarun Bajaj said on Monday.

06 Jul 2022 04:41 PM

Govt notifies procedural changes in GST rules

Source: https://www.livemint.com/news/india/govt-notifies-procedural-changes-in-gst-rules-11657095102354.html

The government has notified certain procedural changes in the GST rules, including those related to threshold, for filing annual returns for the 2021-22 fiscal, a move that will help ease the compliance burden on small players.