- 04 Jul 2022 03:57 PM
- New
GST compensation to states should not be extended: Hasmukh Adhia
"Compensation was more an insurance against tax losses for five years (2017-22). But if it is continued for too long, it will lead to laxity in states’ bureaucracy. It will act as a disincentive in mopping up more taxes. The GST compensation to states should end now."
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- 04 Jul 2022 04:04 PM
- New
A tax comes of age: Five years since rollout, areas where GST needs retouch and improvement
On July 1, Goods and Services Tax (GST) completed five years of its existence. From its grand midnight launch at the historic central hall of Parliament to the 47th GST Council meet in Chandigarh earlier this week, it has been an eventful life story for what was nicknamed the “good and simple tax.”
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- 04 Jul 2022 04:27 PM
- New
CBIC honours taxpayers contributing to the GST success story
Source: https://taxguru.in/goods-and-service-tax/cbic-honours-taxpayers-contributing-gst-success-story.html
Fifth GST Day with vision [email protected] साधन, देश के सर्वांगीण विकास का celebrated at New Delhi
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- 04 Jul 2022 05:09 PM
5% GST on un-branded, pre-packed food items to hit small traders: CAIT
The GST Council last week decided to bring packaged foods items like milk, curd, and dried leguminous vegetables, makhana, wheat or meslin flour, jaggery, puffed rice, organic food, manure and compost under the 5% tax slab
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- 02 Jul 2022 04:52 PM
'Gabbar Singh Tax': BJP has made GST a nightmare for doing business, says Rahul Gandhi
Stating that the GST has become a nightmare for doing business in India, Congress leader Rahul Gandhi said on Friday that the saffron front turned his party's 'Genuine Simple Tax' into a 'Gabbar Singh Tax'.
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- 02 Jul 2022 05:26 PM
Consumer durable firms likely to raise prices due to GST rate hike. These two stocks top picks
From July 18, the GST rate on LED Lamps, lights, and fixtures will be at 18% from the current 12%. This GST hike on these items is likely to impact the earnings of consumer durable companies. To pass on the additional costs, firms are expected to raise prices on their products however demands will face the brunt. Among top picks are Havells India and Crompton Greaves Consumer Electricals in the sector.
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- 02 Jul 2022 05:34 PM
Track and trace: Tech is powering GST administration and compliances
The transition from a multi-tax ‘manual’ environment to a technology-driven, uniform and single GST framework has been an ambitious policy shift.
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- 02 Jul 2022 05:40 PM
ICAI Suggestions regarding Removal of Difficulties Order, 2022
Source: https://taxguru.in/goods-and-service-tax/icai-suggestions-removal-difficulties-order-2022.html
The power to remove difficulties available in section 172 of the Central GST Act, 2017 (hereinafter referred to as the CGST Act) was originally due to expire by 30th June 2020 was extended by two years vide Finance Act, 2020 with effect from 30th June 2020. This power has been exercised earlier by the Government to extend due dates to file Form GSTR-1 returns under section 37 and to avail input tax credit under section 16(4) of the CGST Act. With the extension of this power set to expire by 30th June 2022, it is timely that the Government consider the following urgent needs of taxpayers to alleviate their concerns as a one-time measure.
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- 02 Jul 2022 05:46 PM
₹1,44,616 crore gross GST Revenue collection for June 2022; increase of 56% year-on-year
The gross GST revenue collected in the month of June 2022 is ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of ₹1,67,540 crore.
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- 01 Jul 2022 04:21 PM
India’s tryst with GST: Let the idea play guide
The midnight launch in Parliament five years ago of our tryst with GST, the goods and services tax, was advertised across the country for unifying us into a common market for indirect taxation. Lost in the din of vexation since then over its rickety roll-out and federal friction was GST as a reformist idea for a modern economy drawn from basic economics. For a grasp of why anyone would call it a “good and simple tax", as Prime Minister Narendra Modi did back then, let’s visualize a ‘metaverse’ of sorts, a lab model for taxes as a certainty of life. Anyone keen to set up shop here and earn money would want clarity on success prospects.
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