05 Aug 2022 02:51 PM
New

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

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
New

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)

05 Aug 2022 03:35 PM

Govt not planning to legalize and tax cannabis

Source: https://taxguru.in/goods-and-service-tax/govt-planning-legalize-tax-cannabis.html

GOVERNMENT OF INDIA MINISTRY OF FINANCE DEPARTMENT OF REVENUE LOK SABHA UNSTARRED QUESTION NO. 2305 TO BE ANSWERED ON MONDAY, 01st AUGUST 2022 SRÃVANA 10, 1944 (SAKA)

05 Aug 2022 05:02 PM

Congress protest: Rahul Gandhi, Priyanka detained; Section 144 in New Delhi. 10-point

Source: https://www.livemint.com/news/india/congress-protest-rahul-gandhi-priyanka-gandhi-vadra-detained-section-144-in-new-delhi-10point-11659691880384.html

Wearing black clothes, Congress MPs led by party chief Sonia Gandhi started a protest in the parliament on Friday against price rise and GST hike. In a footage, congress leader Priyanka Gandhi crossed the barricades where she held a brief sit-in before being taken away by cops. She, along with other Congress leaders was dragged into buses from outside the party's headquarters in Delhi today.

05 Aug 2022 05:09 PM

This bank's customers can now pay their GST directly on the portal without stepping out of their homes

Source: https://www.livemint.com/news/india/this-bank-s-customers-can-now-pay-their-gst-directly-on-the-portal-without-stepping-out-of-their-homes-11659698346272.html

Kotak Mahindra Bank announced the completion of its integration with the GST portal on Friday. With that, now Kotak Bank customers can pay instant GST directly on the GST portal without having to step out from the comfort of their homes/offices. This facility is available to individuals, corporations, institutions, and their representatives. Also, current account holders of the bank are seen to benefit from this facility.

04 Aug 2022 02:57 PM

Request to Withdraw GST on Pre-packaged Labeled Food Items

Source: https://taxguru.in/goods-and-service-tax/request-withdraw-gst-pre-packaged-labeled-food-items.html

All Gujarat Federation of Tax Consultants has made a representation related to Withdrawal of GST on Pre-Packaged Labeled food items on 02nd August, 2022.

04 Aug 2022 03:04 PM

One arrested for fraudulently availing ITC of more than Rs 8 crore

Source: https://taxguru.in/goods-and-service-tax/arrested-fraudulently-availing-itc-rs-8-crore.html

CGST Delhi West officials arrest one for fraudulently availing ITC of more than Rs 8 crore

03 Aug 2022 02:37 PM

From hospital beds to bank cheque books, FM Nirmala Sitharaman lists out things not under GST at Rajya Sabha

Source: https://www.livemint.com/news/india/no-gst-on-withdrawal-of-cash-from-banks-fm-nirmala-sitharaman-in-rajya-sabha-11659447478145.html

Finance Minister Nirmala Sitharaman on Tuesday elaborately spoke about the list of items on which GST is levied at Rajya Sabha during the Monsoon Session of the Parliament. According to the finance minister, GST tax is only on banks purchasing cheque books from printers. She said there is GST on customer cheques and on the withdrawal of cash from banks. Further, she said that there is no GST on loose food items. "The 5% tax is only on pre-packed and labelled items".