07 Jul 2022 06:52 PM
New

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
New

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
New

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.

06 Jul 2022 06:16 PM

Govt notifies GST Council decisions to ease compliance burden on small businesses

Source: https://www.livemint.com/news/india/govt-notifies-gst-council-decisions-to-ease-compliance-burden-on-small-biz-11657110822759.html

NEW DELHI: The Union government has notified decisions taken by Goods and Services Tax (GST) Council in the meeting last week including granting exemption to taxpayers with aggregate turnover of up to ₹2 crore in 2021-22 from filing annual returns for that year. The move is likely to help small businesses by easing their compliance burden.

05 Jul 2022 04:07 PM

Govt could look at two rate GST structure while retaining highest 28% slab: Revenue Secretary

Source: https://www.livemint.com/economy/govt-could-look-at-two-rate-gst-structure-while-retaining-highest-28-slab-revenue-secretary-11656942756500.html

Government is for reducing the number of tax slabs in the GST regime but would want to continue with the top GST slab of 28 per cent for luxury and sin goods while looking to narrow down rates between 5-18 per cent slabs to two to begin with before making GST a single mean rate tax system, Revenue Secretary Tarun Bajaj said on Monday.

05 Jul 2022 04:16 PM

Highest GST to continue on luxury, sin goods

Source: https://www.livemint.com/news/india/highest-gst-to-continue-on-luxury-sin-goods-11656950141793.html

The government aims to maintain the top Goods and Services Tax (GST) slab of 28% for luxury and sin products, but is open to discussing combining the three slabs of 5%, 12% and 18% into one, according to Revenue Secretary Tarun Bajaj.