Page 12 - Latest Updates on Goods and Services Tax
India at 75: Prudent public finance policy still remains a challenge
Among other things, making the direct tax regime less confusing and bringing in expenditure reform are crucial challenges for the central government
 "India at 75: Prudent public finance policy still remains a challenge")
Tax conundrum: FPIs uneasy after 18% GST on regulatory services
Set to approach Sebi, finance ministry for clarification
 "Tax conundrum: FPIs uneasy after 18% GST on regulatory services")
Setting up GSTAT: GoM may pitch for easing eligibility for states' officers
States learnt to be at loggerheads with Centre as they seek equal representation
 "Setting up GSTAT: GoM may pitch for easing eligibility for states' officers")
Lack of clarity on GST paid on liquidated damages may lead to litigation
There is fear that entities may be asked to reverse ITC or pay back refunds, experts say
Aiming for cooperative federalism, govt created Centre-states mistrust
There is no love lost between the Centre and the states, particularly those ruled by the Opposition parties on various issues
 "Aiming for cooperative federalism, govt created Centre-states mistrust")
Bumper GST collections could lead to compensation windfall for states
Extending compensation is a topic that has remained a sticking point in India's federal structure, with not only opposition states but also BJP-governed states speaking about it
 "Bumper GST collections could lead to compensation windfall for states")
GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1
Presently, the process is mandatory for businesses with an annual turnover of Rs 20 cr and above
 "GST e-invoicing must for entities with Rs 10 cr turnover from Oct 1")
Amid robust tax growth, customs and excise duties decline over 10% in Q1
Receipts from customs and excise duties were down 10.59 per cent at Rs 97,695 crore in Q1 of FY'23
 "Amid robust tax growth, customs and excise duties decline over 10% in Q1")
SC dismisses plea seeking GST exemption for Haj via private tour operators
The private tour operators argued that the levy is discriminatory as it exempts certain pilgrims who undertake the journey through the Haj Committee of India
 "SC dismisses plea seeking GST exemption for Haj via private tour operators")
'No tax should be levied on common man's items': Kerala on GST hike
Kerala Finance Minister KN Balagopal said the state had repeatedly expressed its reservations over imposing GST on certain packaged food items, contradicting Union Finance Minister's claims
Crypto markets rebound but assets future in India uncertain: Experts
From April 1, a 30 per cent tax was applied on income from the sale of cryptocurrency. From July 1, an additional 1 per cent tax was applied in the form of tax deducted at source (TDS)
 "Crypto markets rebound but assets future in India uncertain: Experts")
Rajya Sabha adjourned for the day as Oppn continues to protest price hike
Rajya Sabha proceeding washed out completely and was adjourned for the day amid continued protest by the Opposition parties led by the Congress over price rise and levy of GST on daily essentials
 "Rajya Sabha adjourned for the day as Oppn continues to protest price hike")
Lok Sabha adjourned till 4 pm amid Opposition protests over price rise
Lok Sabha proceedings were adjourned till 4 pm on Wednesday amid vociferous protests by Opposition members over price rise and the imposition of the Goods and Services Tax on some daily-use items
 "Lok Sabha adjourned till 4 pm amid Opposition protests over price rise")
Renting apartments gets costlier for companies with new GST rates in effect
The rent of apartments for top executives will attract an 18 per cent Goods and Services Tax (GST)
 "Renting apartments gets costlier for companies with new GST rates in effect")
GST changes from Monday may put pressure on retail inflation: Experts
Falling global commodity prices may neutralise the impact, say experts
GST on labelled food items, hospital rooms above Rs 5K from Monday
Tax rates on products such as printing, writing or drawing ink; knives with cutting blades, paper knives and pencil sharpeners will be hiked to 18 per cent on Monday
FinMin seeks industry views on changes in monthly GST payment form
The finance ministry on Friday released a paper suggesting changes in the monthly GST payment form and sought industry comments by September 15.
Global recession fears may ease inflationary pressures: Govt report
CAD will deteriorate if crude prices don't come down
 "Global recession fears may ease inflationary pressures: Govt report")
Crisis and macroeconomic policy
The book is worth a read for all those interested in our economy - students or commentators of various tints - not least because most arguments are data-anchored but devoid of spite
 "Crisis and macroeconomic policy")
GoM on GST Appellate Tribunal set up, to be headed by Dushyant Chautala
The Goods and Services Tax (GST) Council has set up a six-member group of ministers (GoM) to recommend necessary amendments required in the GST laws and other legal changes for setting up the GSTAT
