Page 2 - Latest Updates on Goods and Services Tax
Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam
The auto sector also contributes significantly to the direct and indirect employment generation in the country, he said while speaking at the 64th ACMA session
 "Auto industry hits Rs 20 trn in FY24; contributes 14-15% to total GST: Siam")
Transfer of leasehold land: Authorities may have upper hand in GST levy
When a company sells its rights to leasehold land to a third party for the remaining lease term, the transaction typically attracts stamp duty
 "Transfer of leasehold land: Authorities may have upper hand in GST levy")
Chocolate firms, bakeries receive notices for alleged GST underpayment
Directorate General of Goods and Services Tax Intelligence say chocolatiers, bakeries do not classify as restaurants and must pay 18% GST, not 5%
 "Chocolate firms, bakeries receive notices for alleged GST underpayment")
GST payers with no valid bank account barred from filing GSTR-1 from Sept 1
GST taxpayers who do not furnish bank account details to GST authorities will be barred from filing outward supply return GSTR-1 from September 1, GST Network (GSTN) has said in an advisory.
 "GST payers with no valid bank account barred from filing GSTR-1 from Sept 1")
Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18
The Directorate General of Goods and Services Tax Intelligence withdrew the tax demand after the shipping companies collectively assured authorities that no services had been imported in 2017-18
 "Foreign shipping companies granted Rs 3,000 crore GST exemption for FY18")
GST intelligence detects tax evasion of Rs 1.2 trillion so far since 2020
This comes in the backdrop of a fresh special drive being undertaken by both Central and State authorities to identify and weed out fake registrations
Reduce GST on online news subscriptions to 5%: MIB tells revenue dept
Printed newspapers, journals, and periodicals are presently exempted from the Goods and Services Tax while online news subscriptions at taxed at 18 per cent
 "Reduce GST on online news subscriptions to 5%: MIB tells revenue dept")
Second all-India drive against fake GST registrations to begin on Aug 16
Under GST, entities take fake registration for the purpose of fraudulently claiming ITC by issuing bogus invoices
 "Second all-India drive against fake GST registrations to begin on Aug 16")
GST Council to meet on Sept 9, to start discussion on rate rationalisation
The GST Council, comprising finance ministers of Centre and states, is the apex decision making body with regard to Goods and Services Tax (GST), which was rolled out on July 1, 2017
 "GST Council to meet on Sept 9, to start discussion on rate rationalisation")
GST fraud busted: Officer among 7 arrested in Rs 54 crore fake firms scam
Joint Commissioner of Police, ACB, Madhur Verma said that besides the GST officer, three advocates, two transporters, and the owner of a fictitious company were also allegedly involved in the scam
CBIC to begin special drive to weed out fake GST registration on Aug 16
This is the second such drive to identify fake registrations under Goods and Services Tax (GST). Fake GST registrations are usually taken to fraudulently avail and pass on input tax credit
 "CBIC to begin special drive to weed out fake GST registration on Aug 16")
Rs 1.82 trillion GST from mobile phones 5 times what PLI allocated
ICEA, which provided the GST data, projects that GST collections from mobile devices between FY21 and FY26 are expected to reach Rs 3.09 trillion
Pan masala makers to pay fine from Oct if machines unregistered with taxmen
Move to overhaul registration, record-keeping, and monthly filing of such businesses was aimed at improving Goods and Service Tax (GST) compliance for manufacturers of pan masala and tobacco products
 "Pan masala makers to pay fine from Oct if machines unregistered with taxmen")
DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case
Earlier this week, the IT services company received a Rs 32,403 crore GST notice from authorities
 "DGGI gives partial relief to Infosys, closes Rs 3,898 cr FY18 GST tax case")
TMC requests govt to withdraw GST on health, medical insurance premiums
MPs from INDIA bloc parties TMC and DMK walked out of the House, alleging that there was no clarification from the government over the issue
 "TMC requests govt to withdraw GST on health, medical insurance premiums")
Fake ITC claims detection by GST officers up 51% at Rs 36,374 cr in FY24
Chaudhary said challenges in tracking fake ITC fraudsters relate to masterminds, who operate fake ITC generation through control, management of a complex web of entities created across jurisdictions
 "Fake ITC claims detection by GST officers up 51% at Rs 36,374 cr in FY24")
Rural volumes likely to overtake urban by FY25-end, says Kantar report
Kantar report says rural growth largely led by rise in population rather than consumption
 "Rural volumes likely to overtake urban by FY25-end, says Kantar report")
Growth or decline? Understanding non-agricultural informal enterprises
Efforts at providing robust data for unorganised sector, which plays an important role in livelihood and survival of the poor, has so far been half-hearted, producing no comparable evidence over time
 "Growth or decline? Understanding non-agricultural informal enterprises")
Govt procurement comes full circle in Chhattisgarh, GeM portal to resume
New BJP-led government restores practise of purchasing goods & services from Centre's GeM portal; Cong-led govt used to get it from state's portal
 "Govt procurement comes full circle in Chhattisgarh, GeM portal to resume")
GST Council's key state panel for rate changes may face another revamp
In the last reorganisation of this panel, at the GST Council meeting on June 22, Bihar Deputy Chief Minister Samrat Chaudhary was appointed as its convenor
 "GST Council's key state panel for rate changes may face another revamp")
