Page 3 - Latest Updates on Goods and Services Tax
GST: Reimagining input tax credit norms
One of the key aspects under GST is that tax should only be on the 'value addition'. Also, the legacy issue of 'tax on tax' will be eliminated
 "GST: Reimagining input tax credit norms")
GST Day 2024: Check date, history, significance, quotes and more
GST Day is celebrated every year on July 1, 2024. The implementation of GST has eliminated multiple indirect taxes levied by the central and state governments
 "GST Day 2024: Check date, history, significance, quotes and more")
7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges
With enhanced revenues, the stage seems set for GST 2.0
 "7 yrs of GST: Avg monthly mop up surge by 87% despite certain challenges")
GST on crude oil, petrol and diesel boils down to revenue concerns
Despite Constitutional provisions, inclusion of petrol and diesel under GST framework remains a distant dream
 "GST on crude oil, petrol and diesel boils down to revenue concerns")
GST Council waives interest, penalty on tax demands between FY18 and FY20
Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget
 "GST Council waives interest, penalty on tax demands between FY18 and FY20")
GST rate rejig panel due for another revamp ahead of full Budget
Council may meet before Budget presentation in the middle of next month
 "GST rate rejig panel due for another revamp ahead of full Budget")
GSTN rolls out form for tobacco manufacturers to report inputs, outputs
This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers
 "GSTN rolls out form for tobacco manufacturers to report inputs, outputs")
AAR rules 18% GST on infant food containing milk, other ingredients
Rajasthan authority for advance rulings observed that the primary product manufactured by the company is infant milk formula which includes cereals and protein supplements
 "AAR rules 18% GST on infant food containing milk, other ingredients")
LS poll results: Regulatory focus on growth may continue, say insurers
According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance
 "LS poll results: Regulatory focus on growth may continue, say insurers")
India mulls GST relief for foreign airlines; fitment committee to review
Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters
 "India mulls GST relief for foreign airlines; fitment committee to review")
Why India's elections matter for growth
The reforms that may follow could help determine India's medium-term growth and economic aspirations
 "Why India's elections matter for growth")
Mizoram records 52% growth in GST collection in April, says CM Lalduhoma
The CM attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection
Why future of cars does not look electrified
Electric cars, despite a goods and services tax (GST) rate of 5 per cent, are a shade above 2 per cent of all cars sold
 "Why future of cars does not look electrified")
Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters
Noida, Ghaziabad go to the polls tomorrow but the sentiment in the industrial hubs show a stark contrast
 "Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters")
Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal
Facing a GST demand for export services to subsidiaries from July 2017 to March 2021, Zomato plans to challenge the Rs 11.81 crore penalty and demand in appellate court
 "Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal")
RBI mandates offline payment aggregators to verify KYC for merchants
Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled
 "RBI mandates offline payment aggregators to verify KYC for merchants")
India's economy boosts jobs, but for unskilled and semi-skilled workers
It is not really a case of jobless growth, just that job creation is more for the low-skilled
 "India's economy boosts jobs, but for unskilled and semi-skilled workers")
Ratio of GST collections to GDP is increasing, albeit at a slow pace
GST receipts rose more than GDP growth in nominal terms in the past three years. But buoyancy came down from 1.6 to 1.3 during the period
31 million jobs created in real estate under Modi government: Report
The measures taken, it says, can catapult the size of the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030
 "31 million jobs created in real estate under Modi government: Report")
March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin
The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23
