- 20 Nov 2021 03:24 PM
- New
GST could see major overhaul; reducing tax slabs, pruning exempt list on table
The new regime may have just three major tax rates covering most of the items against four now - 5%, 12%, 18% and 28%. The recast will seek to simplify the regime as well as lift revenue.
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- 18 Nov 2021 02:42 PM
- New
GST: Activity of development and sale of land attract tax under GST?
AAR, Karnataka rules in case of Bengaluru firm Maarq Spaces has held that Selling land does not attract the Goods and Services Tax, but if someone develops and sells a parcel, then it comes under the GST ambit, according to the Authority of Advance Ruling (AAR) in Karnataka. It held that the activities envisaged under the Joint Development Agreement between the applicant and the landowners amount to supply of service, liable to be taxed under GST. AAR has rejected applicant’s plea that it is primarily engaged in sale of land, which is not liable to be taxed. Even though AAR’s ruling is applicable for applicant and the jurisdictional officer only, but can be used for persuasion in similar cases.
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- 18 Nov 2021 03:06 PM
- New
Grants, non-philanthropic donations received by charitable trusts to attract 18 pc GST: AAR
Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments.
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- 17 Nov 2021 01:52 PM
Industry body calls for lower GST on phones, components
ICEA said that GST rates on mobiles and components should be brought down to 12% and 5%
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- 16 Nov 2021 02:13 PM
E-way bill generation slackens in November post festive season spur
About 24.1 million e-way bills were generated in the first half, with the daily average at 1.72 million. The full month is likely to see around 52 million e-way bills, and experts said the situation needs to be monitored carefully as e-way bill generation is a proximate indicator of Goods and Services Tax (GST) collection.
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- 16 Nov 2021 02:31 PM
CBIC Chairman inaugurates Customs & GST pavilion at 40th India International Trade Fair
Source: https://pib.gov.in/PressReleasePage.aspx?PRID=1772102
Shri M. Ajit Kumar, Chairman, CBIC, inaugurated the Customs & GST pavilion here today at Hall no.12 of Pragati Maidan, New Delhi.
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- 15 Nov 2021 02:23 PM
GST fraud worth ₹34 cr unearthed in Delhi, 7 firms under probe
The modus operandi involved creating multiple firms with the intent to avail or utilize and pass on inadmissible credit
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- 13 Nov 2021 01:42 PM
Notices to firms after mismatch in GST tax credits
The GST framework allows companies to set off part of their future tax liability against GST paid by them on the raw materials sourced from suppliers.
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- 12 Nov 2021 01:40 PM
Buoyant GST receipts show economic recovery: Bhagwat Karad
Karad said there were some hiccups in GST implementation when it was introduced four years ago, but with feedback and suggestions from tax practitioners, these problems are being ironed out gradually
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- 12 Nov 2021 02:12 PM
Can petrol, diesel prices fall further soon? What Nitin Gadkari says
The GST Council on 17 September had decided to continue keeping petrol and diesel out of the GST purview, as subsuming the current excise duty and VAT (value-added tax) into one national rate will impact revenues
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