15 Jun 2022 05:38 PM
New

Govt panel on GST rate revision to meet this month, likely to discuss tax slabs

Source: https://www.livemint.com/news/india/gst-rate-revision-panel-to-meet-this-month-to-discuss-tax-slabs-11655291090365.html

The Group of Ministers on Goods and Services Tax rate rationalisation are expected to meet on 17 June, reported news agency PTI on 15 June. The panel of ministers are most likely to discuss possible tweaking in tax rates and may make changes in the tax slab.

15 Jun 2022 05:46 PM
New

90% Indian CXOs view GST rollout as a positive step: Study

Source: https://economictimes.indiatimes.com/small-biz/gst/90-indian-cxos-view-gst-rollout-as-a-positive-step-study/articleshow/92223532.cms

NEW DELHI: Giving a thumbs up to the GST regime, 90% Indian CXOs across key sectors have backed this technologically driven indirect tax regime. Industry leaders are of the view that ‘one nation, one tax’ reform has certainly brought down barriers across the country and made doing business easy and effective for both businesses and taxpayers. The GST regime has positively affected the prices and costs of goods and services to end consumers, along with helping companies optimise their supply chains. These insights and more came out in the Deloitte GST@5 Survey 2022.

14 Jun 2022 03:53 PM
New

GST receipts set to further reduce in June

Source: https://www.livemint.com/economy/gst-receipts-likely-to-further-soften-in-june-11655129119466.html

Goods and Services Tax (GST) receipts of the central and state governments are set to further moderate in June after scaling a historic high in April by riding on financial year end spike in sales, according to data on the generation of e-way bills.

14 Jun 2022 04:04 PM

Game theory analysis indicates the benefits of GST cooperation

Source: https://www.livemint.com/opinion/online-views/game-theory-analysis-indicates-the-benefits-of-gst-cooperation-11655138365295.html

At the time of its introduction in 2017, policymakers across the world wondered how a Goods and Services Tax (GST) would fare in a complex federal economy like India’s. While the success of federal democracy was applauded when it was launched, less noticed was an institution that was created by a Constitutional amendment and has become a symbol of Union-state relations at their best. By setting up the GST Council, India not only strengthened its federal structure, which has evolved since independence, it instituted a mechanism by which state government of varied political allegiances could come together, take and abide by joint decisions for the nation’s common good.

14 Jun 2022 05:01 PM

Kerala Tax Amnesty Scheme – 2022 – Key highlights

Source: https://taxguru.in/goods-and-service-tax/kerala-tax-amnesty-scheme-2022-key-highlights.html

The Government of Kerala vide Circular No. 5/2022 dated March 25, 2022, unveils an Amnesty Scheme, 2022 to settle outstanding tax dues pertaining to the period before GST introduction. The Amnesty scheme will be applicable for all pending tax arrears including cases in appeals (except arrears under KGST from 2005 onwards). The scheme shall apply to the outstanding dues under following Statutes such as:

14 Jun 2022 03:39 PM

GST receipts likely to further soften in June

Source: https://www.livemint.com/economy/gst-receipts-likely-to-further-soften-in-june-11655123561204.html

NEW DELHI : Goods and Services Tax (GST) receipts of the central and state governments are set to further moderate in June after scaling a historic high in April riding on financial year end spike in sales, showed data on e-way bills.

14 Jun 2022 03:47 PM

Forget GST, tax cryptos like shares

Source: https://www.livemint.com/opinion/online-views/forget-gst-tax-cryptos-like-shares-11655124348857.html

India wants to tax crypto transactions under its goods and services tax (GST) regime, but officials aren’t sure whether to classify these digital assets as goods or services. Law officers are grappling with several questions: Should these digital assets qualify as goods or services? Who would be liable to pay GST? On what value would the levy apply? And anyway, valuation is tricky as these digital assets are volatile.

11 Jun 2022 04:17 PM

CBI Arrests 3 Accused Including Superintendents of GST, Customs

Source: https://taxguru.in/goods-and-service-tax/cbi-arrests-accused-including-superintendents-gst-customs.html

CBI Arrests Three Accused Including Superintendents of GST, Customs In Separate Cases of Bribery

10 Jun 2022 05:10 PM

GST Council Newsletter for the month of May, 2022

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-may-2022.html

GST collection crosses Rs.1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March, 2022 The gross GST revenue collected in the month of May, 2022 is Rs.1,40,885 crore of which CGST is Rs. 25,036 crore, SGST is Rs.32,001 crore, IGST is Rs.73,345 crore (including Rs. 37469 crore collected on import of goods) and cess is Rs. 10,502 crore (including Rs. 931 crore collected on import of goods).

09 Jun 2022 04:20 PM

GST Council may bring rate on li-ion cells on par with EVs

Source: https://www.livemint.com/auto-news/gst-council-may-bring-rate-on-li-ion-cells-on-par-with-evs-11654712945007.html

NEW DELHI : India may cut the goods and services tax on lithium-ion batteries and bring them on a par with taxes on electric vehicles to give a fillip to its green mobility plans.