Page 7 - Latest Updates on Goods and Services Tax
Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth
These issues were raised by the industry during a meeting called by the Department for Promotion of Industry and Internal Trade (DPIIT) on July 8 here
 "Toy industry seeks resolution of GST anomaly, PLI scheme to boost growth")
GST Council meeting: Onus of deducting TCS may be on ONDC sellers
Tuesday's GST Council meet likely to put out clarification
 "GST Council meeting: Onus of deducting TCS may be on ONDC sellers")
On GST anniversary, CAIT calls for fresh review of indirect tax regime
CAIT Secretary General Praveen Khandelwal said that the GST tax system should be made stable and more simplified by removing the current existing anomalies
 "On GST anniversary, CAIT calls for fresh review of indirect tax regime")
GST an engine for driving consumption, helped household save on bills: Govt
A nationwide GST, which subsumed 17 local levies like excise duty, service tax and VAT and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017
 "GST an engine for driving consumption, helped household save on bills: Govt")
Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles
The industry has sought 5 per cent GST on flex-fuel two-wheelers and a price guarantee on fuel for flex-fuel vehicles
 "Industry wants GST relaxation, fuel-price guarantee for flex-fuel vehicles")
Under scanner: Insurance companies likely to soon face GST audits
Any mismatch in information across documents could raise a red flag
Treasury-bill auction sees firm demand on hopes of improving liquidity
Surplus liquidity in the system, as indicated by the amount of funds that banks park with RBI, increased to Rs 34,843.21 crore on Tuesday, from Rs 18,657.21 crore on Monday
 "Treasury-bill auction sees firm demand on hopes of improving liquidity")
GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered
The beneficiaries of several government schemes, including PM Kisan, were using the stolen identities to operate 4,000 shell companies and 16,000 fake GST registrations
 "GST evasion of Rs 30,000 crore using stolen IDs across 16 states uncovered")
Centre to come up with pre-filled GST return forms by year-end: Report
The consolidated form, being readied by the Central Board of Indirect Taxes and Customs, will allow the GST-payers to view all of their transactions as well as e-invoices
GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds
Strong increase in line with GDP growth estimate in FY24, say experts
 "GST mop-up rises 12% to Rs 1.57 trillion in May despite external headwinds")
GST collection rises to all-time high of Rs 1.87 trillion in April
The revenues for April 2023 are 12 per cent higher than the GST revenues in the same month last year
Issue of GST on intermediary services to foreign clients may get resolved
However, there could be issues in claiming input tax credit by these intermediaries
Intra-company services by offices registered separately to attract GST: AAR
GST applicable even if employees appointed for firm as a whole, says Tamil Nadu authority
Liquidated damages in certain cases to draw 18% GST, rules Andhra AAR
Such damages are the sum that one party receives when the other party fails to meet provisions of a contract
Interstate flow of goods rose to 70% of GDP post-GST implementation
Paper published by IPPR suggests new indirect tax regime led to increasing economic integration among states
 "Interstate flow of goods rose to 70% of GDP post-GST implementation")
Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR
The applicant, a manufacturer, had argued that 18% GST should be applicable
 "Floor mats for four-wheelers to attract 28% GST, says Gujarat AAR")
GST mop up at all-time high of Rs 18 trillion in FY23, shows data
The data shows collections in the pandemic year FY21 declined, but bounced back in subsequent years, indicating resilience in the economy amid external headwinds
Taking a look at some high-frequency indicators for January-February
CEA V Anantha Nageswaran had said that to get to 7 percent GDP growth in FY23, the January-March quarter will have to register a 5.1% real GDP growth
 "Taking a look at some high-frequency indicators for January-February")
Panel working on classification of millet products to determine GST rates
The panel will likely propose the classification at the next GST Council meeting, which is expected to be held at the end of May or in June
 "Panel working on classification of millet products to determine GST rates")
A 4-member GST appellate tribunal likely in each state, says official
As per the proposal, each state appellate tribunal will have two division benches and thus will be able to deal with more appeals, the official noted
 "A 4-member GST appellate tribunal likely in each state, says official")
