Page 9 - Latest Updates on Goods and Services Tax
GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions
Defers the classification of crypto assets under GST regime
 "GST Council's fitment panel clarifies tax levy on SUVs, UPI transactions")
GST Council meeting: Panel for raising threshold for offences to Rs 2 cr
GST Council will also consider a ministerial panel report on setting up GST Appellate Tribunals
 "GST Council meeting: Panel for raising threshold for offences to Rs 2 cr")
Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget
This means the government will stick to its fiscal consolidation road map, which envisages a deficit of 4.5 per cent of GDP by FY26
 "Finance ministry likely to target fiscal deficit of 5.5-6% in FY24 Budget")
'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'
Robust GST collections will help achieve the FY23 revenue growth target on the indirect taxes front, despite the impact of duty cuts on central excise and customs mop-up, a top official said
 "'Govt's duty cuts to impact customs; GST to help achieve FY23 tax target'")
GST Council to discuss decriminalisation at Council meet on December 17
One of the proposals before the Council is to raise the threshold limit for launching criminal proceedings under GST for offences over Rs 20 crore
 "GST Council to discuss decriminalisation at Council meet on December 17")
GSTN in AA network: Operational costs of banks expected to come down
GSTN is expected to go live on AA network in late January or early February, people aware of the development say
 "GSTN in AA network: Operational costs of banks expected to come down")
Saas-based accounting platform Zoho Books has eyes on world markets
Zoho, which so far was focused on India, is expanding its footprint in countries such as Latin America, Mexico and Africa
 "Saas-based accounting platform Zoho Books has eyes on world markets")
TMS Ep313: GST share of states, China plus one, Markets, FPO
Why do states want a bigger share of GST? Does China plus one strategy mean advantage India? Will the rally in the broader markets continue? What is a follow-on public offer? All answers here
 "TMS Ep313: GST share of states, China plus one, Markets, FPO")
Why do states want a bigger share of GST?
Finance ministers of some states have demanded a 10 percentage point jump in their share of revenue from GST collections. What is behind this demand? What will be its impact if implemented?
 "Why do states want a bigger share of GST?")
Centre confident of meeting fiscal deficit target for FY23: Report
Centre expects the gross tax revenue to be "at least" Rs 3-3.5 trillion above the FY23 target of Rs 27.6 trillion
 "Centre confident of meeting fiscal deficit target for FY23: Report")
States' Budget demand: 60% GST share, extended compensation period
State finance ministers demanded greater fiscal autonomy through an increase in states' share in goods and services tax (GST) to 60 per cent, from 50 per cent at present
 "States' Budget demand: 60% GST share, extended compensation period")
CBIC not to file review petition in SC for restoring IGST on ocean freight
Ocean freight is the cost incurred through an agreement between two foreign parties to ship goods to India
 "CBIC not to file review petition in SC for restoring IGST on ocean freight")
Removing IPC offences from GST Act will be welcome move: Experts
Proposal will reduce litigation for businesses but may lead to longer prison sentences, they say
What are the differences between a game of skill and a game of chance?
The winnings from games of skill attract 18 per cent of Goods and Services Tax (GST), while winnings from games of chance mandate paying 28 per cent GST
 "What are the differences between a game of skill and a game of chance?")
HC asks GST dept to drop notices against firm facing audit proceedings
Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department
 "HC asks GST dept to drop notices against firm facing audit proceedings")
Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000
Business Standard brings you the top headlines this hour
 "Top headlines: Celebs under scanner for GST evasion, Meta lays off 11,000")
Top Bollywood celebrities under CBIC scanner over alleged GST evasion
Face charge of incorrect declaration to dodge tax
HC issues notice to Maharashtra GST dept for arrest over circular trading
Petition says arrest made despite a CBIC circular saying that no tax liability is there in circular trading
Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens
Separate investigation on home-grown online gaming companies shows tax evasion of up to Rs 80,000 crore
 "Abuse of Liberalised Remittance Scheme for offshore betting under CBIC lens")
Fiscal correction: Focus should be on reducing the fiscal deficit
The govt would do well to be cautious and resist the temptation of increasing expenditure in the run-up to the Lok Sabha elections because the economy is likely to slow in the second half of the year
 "Fiscal correction: Focus should be on reducing the fiscal deficit")
