Page 14 - Latest Updates on Goods and Services Tax
GST: More than just a tax reform
Going forward, we also need to look at inclusion of items in the GST from a larger macro perspective
GST council meeting takes no decision on extending compensation to states
New rates for some items, removal of exemptions with effect from July 18
 "GST council meeting takes no decision on extending compensation to states")
Next stage for GST
Rate rationalisation will be critical
 "Next stage for GST")
Surat's textile hub consolidated as small players failed to survive GST
This ground report from the diamond city captures the travails of small-scale units
 "Surat's textile hub consolidated as small players failed to survive GST")
GST Council tilts towards rate hikes, drops exemptions for many items
Okays removing the exemption on mass consumption items
GST Council: Stormy discussion around states' compensation likely today
States will demand an extension of the compensation period or a change in the GST revenue distribution formula
 "GST Council: Stormy discussion around states' compensation likely today")
Blanket 28% GST could hit online gaming badly in India, says industry
The country's gaming industry is currently estimated at $1.5 billion
 "Blanket 28% GST could hit online gaming badly in India, says industry")
Five years of GST: Some biz adapted, some perished, as others thrived
This report from Howrah talks about how the mid-sized and smaller players lost ground
 "Five years of GST: Some biz adapted, some perished, as others thrived")
Five years of GST: Rates for some goods still in need of fine-tuning
The ground report from Ambattur in Tamil Nadu shows GST is a mixed bag
GST Council meet begins today: Here's what's on the agenda in Chandigarh
From revising some rates to deciding on the thorny issue of compensation extension for states, here is what the Council is likely to take up
Quicker refunds helping exporters in GST regime
Overall, the five years of GST have made life easier for exporters and importers, despite some rude shocks and unresolved issues
GST Council meet: Pruning exemptions on curd, paneer, some veggies on cards
Exemptions may also be withdrawn on certain services such as business class flights from NE airports and certain hospital room categories
 "GST Council meet: Pruning exemptions on curd, paneer, some veggies on cards")
GST Council may treat fantasy games on a par with gambling, taxed at 28%
GST Council is likely to consider system-led enforcement reforms
Five years of GST: Recovery of input tax credit still a struggle
This ground report from Agra captures the overall sentiment that GST credit is like working capital for an MSME and it is increasingly getting stuck in the system
GST Council likely to consider changes in monthly tax payment form
Currently, GSTR-3B of a taxpayer includes auto drafted input tax credit (ITC) statements based on inward and outward B2B supplies and also red flags any mismatch between GSTR-1 and 3B
 "GST Council likely to consider changes in monthly tax payment form")
Puducherry and Punjab have the highest GST revenue shortfall, shows data
The good news is the revenue shortfall of all the states have narrowed from FY21 level to FY22 level
 "Puducherry and Punjab have the highest GST revenue shortfall, shows data")
5 years of GST: Profiteering charges leave many companies perplexed
No structured guidelines for firms to avoid profiteering; standard method to compute undue profits, say experts
 "5 years of GST: Profiteering charges leave many companies perplexed")
India Inc gives thumbs up to GST, but says long way to go in fixing issues
GST-related litigation set to rise as companies and the government differ on tax rates and data reconciliation
 "India Inc gives thumbs up to GST, but says long way to go in fixing issues")
Top Headlines: TDS levy on cryptos, GST rate of 200 items, and more
From TDS levy on cryptocurrencies to GST rate of over 200 items staying the same, here are the top headlines on Thursday morning
Fitment committee rejects demands to reduce GST rate on over 200 items
The Council unlikely to decide on crypto assets in next week's meeting
 "Fitment committee rejects demands to reduce GST rate on over 200 items")
