Page 10 - Latest Updates on Goods and Services Tax
Define game of chance, game of skill to decide on taxation: GST law panel
The law panel has informed the group of Ministers (GoM) that a clear definition will clear confusion and reduce scope for multiple litigations
 "Define game of chance, game of skill to decide on taxation: GST law panel")
GST collection over Rs 1.51 trillion in October, second highest ever
Revenue for October is second highest monthly collection, next only to April 2022
 "GST collection over Rs 1.51 trillion in October, second highest ever")
Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23
Duty cuts on edible oil, petro products to blame; may not hit overall collection
 "Customs, excise mop-up likely to see Rs 1-trillion shortfall in FY23")
CBIC seeks details on digital assets from India's top crypto bourses
Crypto exchanges have been asked to furnish details this month itself
 "CBIC seeks details on digital assets from India's top crypto bourses")
RBI steps up fund infusion as system liquidity 'almost neutral'
Rates on CPs, CDs surge; pressure mounts on banks to raise deposits
 "RBI steps up fund infusion as system liquidity 'almost neutral'")
RBI's liquidity infusion largest since April 2019 as surplus cash dries up
Lack of repo suggests RBI tolerance of higher money mkt rates: Analysts
 "RBI's liquidity infusion largest since April 2019 as surplus cash dries up")
Odisha AAR says separate registration must for construction work in state
The ruling is in conflict with position taken by other AARs; industry wants CBIC clarification
 "Odisha AAR says separate registration must for construction work in state")
Chatroom: 'Drawback of IGST also available on re-export of imported goods'
This is subject to submission to Customs a certificate from the local GST officer that input tax credit has not been taken, and no refund of such ITC or IGST paid on the goods has been claimed
 "Chatroom: 'Drawback of IGST also available on re-export of imported goods'")
Centre to soon waive compensation cess on coal gasification: Report
After the removal of cess, the cost of producing methanol is expected to come down by Rs 800-900 per million tonnes
 "Centre to soon waive compensation cess on coal gasification: Report")
Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr
So far, the CBIC has made 960 arrests, including of 20 chartered accountants, under the current provision
 "Run-up to Budget: Monetary threshold for GST offences may rise to Rs 25 cr")
Don't let exposure to mid and small-cap funds exceed 30%: Experts
They will outperform if GDP, earnings growth sustain, but global risks pose threat
 "Don't let exposure to mid and small-cap funds exceed 30%: Experts")
Firms to not pay GST on part recovery of canteen payment from staff: AAR
Gujarat authority gives ruling in a matter involving Zydus Lifesciences; experts say greater clarity needed
 "Firms to not pay GST on part recovery of canteen payment from staff: AAR")
Delhi HC directs L'Oreal to pay profiteered amount of Rs 186 crore
The court, which clubbed the petitions, had posted the matter for next hearing on October 19
 "Delhi HC directs L'Oreal to pay profiteered amount of Rs 186 crore")
Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23
Centre has already collected half the targeted revenue in the first six months of the current financial year even as customs and excise duty collection figures are yet to come in
 "Taxes to come to govt's aid, achieve 6.4% fiscal deficit goal for FY23")
Exporters call on FM Sitharaman to extend GST exemption on export freight
If the exemption is not extended, exporters will have to pay GST of 18% on export ocean freight, which will increase the logistical costs for Indian goods in global market
 "Exporters call on FM Sitharaman to extend GST exemption on export freight")
Solar projects awarded before customs duty change allowed cost pass-through
Change in law allowed for hike in GST rate too as project developers face cost hikes
 "Solar projects awarded before customs duty change allowed cost pass-through")
Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'
The Council is expected to meet next month to take up the panel's report on the issue
 "Gameskraft Technology faces Rs 21,000-crore tax notice for 'GST evasion'")
Govt may retain or cut bond borrowings for current fiscal on robust revenue
India may keep its market borrowing plan for the financial year intact, with a recent uptick in revenues likely to lead to a discussion on whether the target can be reduced
 "Govt may retain or cut bond borrowings for current fiscal on robust revenue")
Centre upbeat on Rs 1.5-trillion GST revenue every month from October
GST collections were to the tune of Rs 1.43 trillion in August; in July it was around 1.49 trillion
Manufacturing in dire straits: Output up just 1.1% compared with 2019-20
Electricity output has grown around 11%; consumer durables and non-durables have contracted 6.7% and 2.4%, respectively
 "Manufacturing in dire straits: Output up just 1.1% compared with 2019-20")
