23 Dec 2021 06:39 PM
New

E-way bills signal pick up in economic activity in December

Source: https://www.livemint.com/economy/eway-bills-signal-pick-up-in-economic-activity-in-december-11640261271841.html

GST collections had grown from ₹92,000 crore in June to ₹1.31 trillion in November, the second highest since GST roll out. The central government said last week its net direct tax collection so far this year has touched ₹9.45 trillion, growing 60.8% year-on-year

22 Dec 2021 06:24 PM
New

No recommendation by GST Council to bring petroleum products under new tax regime

Source: https://economictimes.indiatimes.com/small-biz/gst/no-recommendation-by-gst-council-to-bring-petroleum-products-under-new-tax-regime/articleshow/88424575.cms

The change in duties takes into account relevant factors such as international product prices, exchange rate, tax structure, inflation and keeping in view the prevailing fiscal situation, Minister of State for Finance Pankaj Chaudhary said.

21 Dec 2021 05:31 PM
New

DoT backs refund of input tax credits for telecom sector

Source: https://www.livemint.com/industry/telecom/dot-backs-refund-of-input-tax-credits-for-telecom-sector-11640027299526.html

Though GST rules permit companies to claim refunds for taxes paid on inputs, telecom infrastructure remains specifically excluded.

20 Dec 2021 05:26 PM

Withdraw GST hike on garments, fabrics: Telangana minister urges Centre

Source: https://www.livemint.com/news/india/withdraw-gst-hike-on-garments-fabrics-telangana-minister-urges-centre-11639932144673.html

Industries Minister KT Rama Rao said that the handlooms sector has been going through a difficult phase due to coronavirus pandemic

19 Dec 2021 11:57 AM

E-commerce players must meet tax liability on restaurant services in cash: CBIC

Source: https://www.livemint.com/news/india/ecommerce-players-must-meet-tax-liability-on-restaurant-services-in-cash-cbic-11639830504426.html

E-commerce firms will be liable to pay GST on any restaurant service supplied through them including by an unregistered person. The idea is to improve tax compliance

17 Dec 2021 10:32 AM

Govt reduces GST Rate on Ethanol to 5% from 18%

Source: https://taxguru.in/goods-and-service-tax/govt-reduces-gst-rate-ethanol-5-per-cent-18-per-cent.html

TAX BREAKS ON ETHANOL | The Government has lowered Goods and Services Tax rate to 5% from 18% on ethanol meant for blending under the Ethanol Blended Petrol (EBP) Programme

16 Dec 2021 01:02 PM

CGST, Mumbai busts fictitious entities availing ITC against Fake Invoices

Source: https://taxguru.in/goods-and-service-tax/cgst-mumbai-busts-fictitious-entities-availing-itc-fake-invoices.html

CGST, Mumbai busts fictitious entities availing Input Tax Credit against Fake Invoices; fraudulent transaction of Rs. 6.23 Crore

16 Dec 2021 01:06 PM

10 IGST/Custom Duty Relief Measure to fight against Covid-19

Source: https://taxguru.in/goods-and-service-tax/10-igst-custom-duty-relief-measure-fight-covid-19.html

1. IGST exempted on Import of drug used for treatment of black fungus

IGST exempted on import of Amphotericin B (the drug required for treating Mucormycosis fungal infection) if imported either free of cost or on payment basis and meant for donating to government or any other relief agencies on the recommendation of State Authority till 31 August, 2021

16 Dec 2021 01:17 PM

CGST officers arrest CA for generating fake ITC of Rs. 92 crores

Source: https://taxguru.in/goods-and-service-tax/cgst-officers-arrest-ca-generating-fake-itc-rs-92-crores.html

CGST officers arrest Chartered Accountant for generating fake input tax credit to the tune of Rs. 92 crores.

16 Dec 2021 06:19 PM

Govt cuts GST rate on ethanol meant for blending to 5%

Source: https://www.livemint.com/news/india/govt-lowers-gst-rate-on-ethanol-meant-for-blending-to-5-11639655525066.html

The government has lowered GST rate to 5% from 18% on ethanol meant for blending under the EBP programme.