Page 2 - Central Goods And Services Tax

GST council should raise exemption threshold to Rs 1.5 cr, says GTRI

The Goods and Services Tax Council should consider raising the GST exemption threshold to Rs 1.5 crore annual turnover and also do away with the requirement of state-wise registration, which would help ease compliance, economic think tank GTRI said on Friday. The GST network has over 1.4 crore registered taxpayers, making it the largest global platform for indirect taxes. "The GST Council now needs to consolidate gains by making compliance easy," the Global Trade Research Initiative (GTRI) said, while recommending seven reforms for next phase of transformational growth. The think tank suggested increasing the GST exemption limit to Rs 1.5 crore, which it feels will be a game changer for India's MSME sector and set them on the path to job creation and growth. Currently, registration for GST is optional for firms with an annual turnover of less than Rs 40 lakh for goods and Rs 20 lakh for services. "Firms with less than Rs 1.5 crore annual turnover account for 84 per cent of total

HC asks GST dept to drop notices against firm facing audit proceedings

Calcutta High Court says not clear how parallel proceedings can be conducted by three wings of same department

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

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

'Unkind act': Chidambaram slams govt for GST hike on scientific equipment

Criticising GST hike on scientific equipments, P Chidambaram said government believes that all the scientific knowledge that we need can be gathered by gazing at the sky and re-imagining our past

Delhi traders call GST on pre-packed food 'anti-people', demand withdrawal

Traders in the national capital have opposed the GST Council's decision to tax pre-packed and labelled food items, and termed it an "anti-people move"

GST Council tilts towards rate hikes, drops exemptions for many items

Okays removing the exemption on mass consumption items

GST Council meeting next week may consider e-way bill for gold transport

Likely to take up GoM report on feasibility of system for intra-state movement of precious metals

Five years of GST: Indirect tax reformed, but there's still some way to go

July 1 will mark five years of goods and services tax (GST) in India. Starting today, we track the journey through a series of reports

CBIC issues guidelines for post audit and refund claims under GST

This is following several reports CBIC received about different practices being followed by the field formations, creating issues for taxpayers

Cooperative federalism

SC has done well to reiterate GST Council's position

GST mop-up hits record high of Rs 1.68 trn in April on robust biz activity

Tops Rs 1.5 trillion for the first time; record collections for 2 months in a row

FY23 Budget wishlist: ACMA seeks uniform 18% GST for all auto components

Auto components industry body ACMA on Tuesday said it has urged the government for a uniform GST rate of 18 per cent on all auto parts to curb the impact of counterfeits in the aftermarket operations.

Father-son duo held by CGST department for fake ITC of Rs 22 crore

A father-son duo has been arrested by the Central Goods and Services Tax department in connection with what is being called as a Rs 22-crore fake input tax credit (ITC) racket.

Meeting of Group of Ministers on GST rate rationalisation deferred

A meeting of the panel of state finance ministers looking into GST rate rationalisation has been deferred, sources said. The Group of Ministers (GoM) on rate rationalisation, headed by Karnataka Chief Minister Basavaraj Bommai, also includes West Bengal Finance Minister Amit Mitra, Kerala Finance Minister K N Balagopal, and Bihar Deputy Chief Minister Tarkishore Prasad. It has met twice so far and was scheduled to meet on November 27 to consider recommendations of the Fitment committee regarding GST rate and slab changes. Sources said the meeting has been deferred and the GoM would submit its report to the GST Council, chaired by the union finance minister and comprising state counterparts. The Council, which meets once every quarter, is slated to meet next month. Sources had earlier said the Fitment committee, comprising tax officers from states and the Centre, has made many "sweeping" recommendations regarding slab and rate changes and taking items out of the exemption list. All

Grants, non-philanthropic donations to attract 18% GST, says AAR

Charitable trusts are liable to pay 18 per cent GST on grants and non-philanthropic donations received by them, the Maharashtra AAR has ruled

Now Jharkhand also opts for the special window for GST compensation

With this, all states and 3 UTs choose the window set up by the Centre to borrow on behalf of states the shortfall arising out of GST implementation

GST compensation row: What the Centre and state govts disagree on

Here's a quick breakdown of the relevant details

GST uncertainty continues

Confusion and delays could increase Centre-state friction

Minting money: States earned Rs 1.75 trillion from sale of alcohol in FY20

It was their third-largest source of revenue after GST and sales tax or value-added tax