08 Aug 2022 02:47 PM
New

NITI Aayog meet: Bhupesh Baghel seeks extension of GST compensation for 5 years

Source: https://www.livemint.com/news/india/niti-aayog-meet-bhupesh-baghel-seeks-extension-of-gst-compensation-for-5-years-11659868754799.html

Chhattisgarh Chief Minister Bhupesh Baghel again sought a five-year extension for the compensation to states in lieu of a fall in revenue due to the implementation of Goods and Services Tax (GST).

08 Aug 2022 02:58 PM
New

Maharashtra GST busts fake ITC racket

Source: https://taxguru.in/goods-and-service-tax/maharashtra-gst-busts-fake-itc-racket.html

Maharashtra Goods & Service Tax Department has arrested Mr. Brijesh Vanitlal Shah, age- 48, operator of M/s. Om Impex and two other firms, on 04.08.2022 under the special investigation operation carried out against tax evading firms.

08 Aug 2022 06:03 PM
New

Indian economy to grow 7.1% in FY23: CareEdge Ratings

Source: https://www.livemint.com/economy/indian-economy-to-grow-7-1-in-fy23-careedge-ratings-11659959415113.html

BENGALURU: The Indian economy likely to grow 7.1% in FY23 on the back of steady performance by services, manufacturing and the farm sectors, CareEdge Ratings said in a report on Monday. It, however, said government spending will play a crucial role in boosting the growth rate, while improving industrial capacity utilisation levels will help boost private investment cycle.

06 Aug 2022 04:49 PM

Mamata Banerjee meets PM Modi, seeks urgent release of funds. Details here

Source: https://www.livemint.com/news/india/mamata-banerjee-meets-pm-modi-seeks-urgent-release-of-funds-details-here-11659708415672.html

NEW DELHI : Even as former cabinet minister of West Bengal Partha Chatterjee and his aide Arpita Mukherjee were sent to the Enforcement Directorate (ED)'s custody for 14 days, the Chief Minister of West Bengal Mamata Banerjee met Prime Minister Narendra Modi in Delhi.

06 Aug 2022 05:10 PM

One arrested for fraudulently availing ITC of more than Rs 50 crore

Source: https://taxguru.in/goods-and-service-tax/one-arrested-fraudulently-availing-itc-rs-50-crore.html

On the basis of an alert, an investigation against M/s Niyati Steels has been undertaken by CGST Delhi West Commissionerate. One Shri Karan Kumar Aggarwal in his voluntary statements has admitted that he looks after all day-to-day transactions and operations of the said firm. The said firm has availed ITC of Rs 7.7 crore from non-existent entities.

05 Aug 2022 02:40 PM

'Sarais' under religious or charitable trusts exempted from GST, says CBIC

Source: https://www.livemint.com/news/india/sarais-under-religious-or-charitable-trusts-exempted-from-gst-says-cbic-11659664166220.html

'Sarais' run by religious or charitable trusts are exempt from the Goods and Services Tax (GST) irrespective of rent, the Union Finance Ministry said on 4 August.

05 Aug 2022 02:51 PM

Mint Midday Digest: Repo rate hiked by 50 bps, GST rule on house rent and more

Source: https://www.livemint.com/news/india/mint-morning-digest-rbi-mpc-results-steel-export-duty-and-more-11659665441893.html

The monetary policy committee of Reserve Bank of India (RBI) today decided to increase repo rate, the main lending rates to banks, by 50 basis points to 5.4% with immediate effect. The central bank also retained its GDP growth outlook for this fiscal. To curb inflationary pressures, the Reserve Bank of India has so far raised the repo rate by 140 basis points since embarking on a tightening cycle at an unscheduled policy meeting in May this year. The repo rate before the pandemic came was 5.15%. Read More Here.

05 Aug 2022 02:56 PM

New GST rule on house rent: Do you have to pay 18% tax?

Source: https://www.livemint.com/money/personal-finance/new-gst-rule-on-house-rent-do-you-have-to-pay-18-tax-11659668135588.html

GST on residential property: The goods and services tax (GST) is in attention these days as to whether a salaried individual should pay GST on home rent. According to tax experts, until 17th July 2022, GST was applicable on the rent of a commercial property but from 18th July 2022, GST shall be charged if such residence is rented or leased by a GST-registered person. As recommended at the 47th GST Council meeting, the tenant should pay 18 per cent GST on a reverse charge basis (RCM). However, they can claim this value as a deduction while they pay tax on sales in GST returns.

05 Aug 2022 03:21 PM

Suggestions For Inclusion of Petroluem Products Under GST

Source: https://taxguru.in/goods-and-service-tax/suggestions-inclusion-petroluem-products-gst.html

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO.2336 TO BE ANSWERED ON MONDAY, AUGUST 1 , 2022/SRAVANA 10, 1944 (SAKA) SUGGESTIONS FOR INCLUSION OF PETROLUEM PRODUCTS UNDER GST

05 Aug 2022 03:30 PM

GST Rates apply uniformly to all states

Source: https://taxguru.in/goods-and-service-tax/gst-rates-apply-uniformly-all-states.html

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION No. 2326 TO BE ANSWERED ON MONDAY, AUGUST 01, 2022/ SRAVANA 10, 1944(SAKA)