29 Jun 2022 06:00 PM
New

GST Council meet today: From tax on online casinos to decision on taxing crypto. What's on agenda?

Source: https://www.livemint.com/news/india/gst-council-meet-today-from-tax-on-online-casinos-to-decision-on-taxing-crypto-what-s-on-agenda-11656383991824.html

The 47th Goods and Services Tax (GST) council meeting 2022 is scheduled for today, 28 June and 29 June in Chandigarh. During the two-day meeting starting today, the council is slated to discuss an array of issues, including a mechanism for compensating states for revenue loss, tax rate tweaks in some items and relaxed registration norms for small online suppliers.

29 Jun 2022 06:04 PM
New

GST council likely to consider e-way bill mandatory for gold, precious stones

Source: https://www.livemint.com/news/india/gst-council-likely-to-consider-e-way-bill-mandatory-for-gold-precious-stones-11656389088087.html

The GST Council is likely to consider making an e-way bill mandatory for intra-state movement of gold or precious stones worth ₹2 lakh and above and also e-invoicing mandatory for certain B2B transactions, news agency PTI reported.

29 Jun 2022 06:07 PM
New

GST Council meeting underway, to mull several key recommendations

Source: https://www.livemint.com/news/india/gst-council-meeting-underway-to-mull-several-key-recommendations-11656399178299.html

Chandigarh: The Goods and Services Tax (GST) Council began its 47th meeting here today with a packed schedule to decide on several key recommendations by ministerial committees that are aimed at making the tax system more efficient.

29 Jun 2022 06:13 PM

GST Council clears proposal to remove tax exemptions on few items: Key updates

Source: https://www.livemint.com/news/india/gst-council-meeting-live-updates-states-compensation-tax-tweaks-on-cards-11656404644747.html

Many important decisions are expected to be taken at the 47th meeting of GST Council, chaired by the Union Finance Minister Nirmala Sitharaman and comprising state counterparts. The Council is also set to discuss compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June. GST was introduced from July 1, 2017, and states were assured of compensation for the revenue loss, till June 2022, arising on account of GST roll out.

29 Jun 2022 06:20 PM

Extend GST compensation to states by 5 years or raise share: Chhattisgarh to FM

Source: https://www.livemint.com/news/india/extend-gst-compensation-to-states-by-5-years-or-raise-share-chhattisgarh-to-fm-11656408406923.html

Bengaluru: Chhattisgarh commercial taxes minister T S Singh Deo on Tuesday urged the union finance minister Nirmala Sitharaman to extend the goods and services (GST) tax compensation for the states beyond 30 June in view of revenue challenges faced by mining and manufacturing states under the GST regime. He said, in case it is not extended, the GST sharing formula between states and the Centre should change from 50:50 to 70:30 in favour of states.

29 Jun 2022 06:25 PM

Industry bodies voice concerns about highest tax slab on online skill gaming

Source: https://www.livemint.com/industry/industry-bodies-voice-concerns-about-highest-tax-slab-on-online-skill-gaming-11656418273277.html

NEW DELHI: The online gaming industry in India has voiced concerns regarding the impending revision of goods and service tax (GST) rates for the sector. Speaking on the matter, industry bodies E-Gaming Federation (EGF), All India Gaming Federation (AIGF) and Federation of Indian Fantasy Sports (FIFS) said levying a 28% GST rate could “annihilate" the sector.

29 Jun 2022 06:30 PM

From rate rationalisation to tax evasion: 5 updates from GST Council meeting today

Source: https://www.livemint.com/news/india/from-rate-rationalisation-to-tax-evasion-5-updates-from-gst-council-meeting-today-11656425262469.html

The 47th GST Council meeting on Tuesday approved a host of compliance procedures for GST-registered businesses along with the group of ministers (GoM) report on high-risk tax payers to check evasion.

29 Jun 2022 06:34 PM

Kerala FY23 budget assumes GST compensation for full year: KN Balagopal

Source: https://www.livemint.com/news/india/kerala-fy23-budget-assumes-gst-compensation-for-full-year-kn-balagopal-11656434984281.html

CHANDIGARH : Kerala’s FY23 state budget takes into account Goods and Services Tax (GST) compensation from central government for full year and not just upto June, state finance minister K.N. Balagopal said, expressing optimism that demands from state governments for compensation beyond June will get GST Council’s endorsement.

29 Jun 2022 06:39 PM

GST Council to ‘correct’ rates, withdraw some tax exemptions

Source: https://www.livemint.com/economy/gst-council-to-correct-rates-withdraw-some-tax-exemptions-11656439483037.html

CHANDIGARH : The Goods and Services Tax (GST) Council on Tuesday decided to correct several tax rates and withdraw some tax exemptions, apart from making a series of changes to the GST registration and refund process to boost revenue collections.

29 Jun 2022 06:45 PM

NAA may need an extension to decide on pending cases

Source: https://www.livemint.com/companies/news/naa-may-need-an-extension-to-decide-on-pending-cases-11656436734594.html

BENGALURU : The National Anti-profiteering Authority (NAA) may take a year and a half to decide on pending cases at its current pace, even as the Goods and Services Tax Council (GST) is yet to decide on folding the agency into the Competition Commission of India (CCI). If the authority is to decide on these cases on its own, it may need another one-year extension once its term ends on 30 November.