Page 3 - Goods And Services Tax

GST Council waives interest, penalty on tax demands between FY18 and FY20

Reconstituted rate rejig state panel; asked to give status report in subsequent meet post Budget

GST rate rejig panel due for another revamp ahead of full Budget

Council may meet before Budget presentation in the middle of next month

GSTN rolls out form for tobacco manufacturers to report inputs, outputs

The GST Network (GSTN) has rolled out a special form for manufacturers of pan masala and tobacco products to report inputs and outputs procured with tax authorities to check evasion. This new form GST SRM-II came within a month of GSTN rolling out form GST SRM-I for registering machines of such manufacturers. "The second form namely Form GST SRM-II is also available on the portal. Taxpayers dealing in the manufacture of Pan Masala and Tobacco products can now report the details of inputs and outputs procured and consumed for the relevant month," GSTN said in an update to its taxpayers on June 7. Moore Singhi Executive Director Rajat Mohan said the newly available Form GST SRM-II requires detailed monthly reporting of inputs and outputs. "This form aims to enhance transparency and accountability in the manufacturing process of Pan Masala and Tobacco products. Taxpayers must meticulously document their procurement and consumption of inputs to avoid any discrepancies and ensure accura

AAR rules 18% GST on infant food containing milk, other ingredients

Rajasthan authority for advance rulings observed that the primary product manufactured by the company is infant milk formula which includes cereals and protein supplements

LS poll results: Regulatory focus on growth may continue, say insurers

According to insurance officials, the increase in insurance penetration will be supported by the government irrespective of the political parties because of the sector's importance

India mulls GST relief for foreign airlines; fitment committee to review

Foreign airlines with offices in India have been issued GST notices for failing to pay taxes on services imported by Indian entities from their headquarters

Why India's elections matter for growth

The reforms that may follow could help determine India's medium-term growth and economic aspirations

Mizoram records 52% growth in GST collection in April, says CM Lalduhoma

Mizoram Chief Minister Lalduhoma said the northeastern state has registered a 52 per cent growth in Goods and Services Tax (GST) in April this year. Quoting the data released by the Union Finance Ministry, Lalduhoma on Friday said that Mizoram collected Rs 108 crore in GST in April this year against Rs 71 crore collected in the same period the previous year. He attributed the growth in GST collection to massive efforts made by the state finance, planning and taxation department in revenue collection. "The reason behind the growth in GST collection is due to the massive efforts made by the finance, planning and taxation departments. People and business communities in particular are also aware of the importance of giving taxes to augment our revenue," the chief minister said. He claimed that the state's financial condition is moving towards stability due to the austerity measures being implemented by legislators and officials. In the Union Finance Ministry's data, Mizoram collected

Why future of cars does not look electrified

Electric cars, despite a goods and services tax (GST) rate of 5 per cent, are a shade above 2 per cent of all cars sold

Sharp contrasts in two Industrial hubs: Noida flourishes, Ghaziabad falters

Noida, Ghaziabad goes to polls tomorrow but the sentiment in the industrial hubs show a stark contrast

Zomato faces Rs 11.81 crore GST demand and penalty order, plans to appeal

Facing a GST demand for export services to subsidiaries from July 2017 to March 2021, Zomato plans to challenge the Rs 11.81 crore penalty and demand in appellate court

RBI mandates offline payment aggregators to verify KYC for merchants

Payment aggregators will need to conduct Contact Point Verification and verify the bank account where funds of small merchants are settled

India's economy boosts jobs, but for unskilled and semi-skilled workers

It is not really a case of jobless growth, just that job creation is more for the low-skilled

Ratio of GST collections to GDP is increasing, albeit at a slow pace

GST receipts rose more than GDP growth in nominal terms in the past three years. But buoyancy came down from 1.6 to 1.3 during the period

31 million jobs created in real estate under Modi government: Report

The measures taken, it says, can catapult the size of the Indian real estate market from $20 billion in 2017 to an estimated $1 trillion by 2030

March GST collection grows 11.5% to Rs 1.78 trillion, says FinMin

The gross total GST collection for FY24 stood at Rs 20.14 trillion, up by 11.7 per cent when compared to FY23

GST disputes persist due to conflicting interpretations of goods, services

Classification of items for GST rates was done on the basis of harmonised system of nomenclature codes. The codes contain 21 sections. These are divided into 99 chapters, which have 1,244 headings

GST mop-up rises over 12.5% to Rs 1.68 trn, car sales remain strong

The manufacturing sector, too, gathered momentum in February on the back of expansion in new export orders and easing of pricing pressures

Centre impartial in distribution of funds to state govts: Nityanand Rai

Union Minister of State for Home Nityanand Rai on Tuesday dismissed allegations that the central government was discriminating against non-BJP-ruled while disbursing funds for disaster relief. Replying to a question on flood relief to Tamil Nadu, Rai dismissed the allegations that the non-BJP-ruled states were being discriminated against while disbursing disaster relief funds. "In fact, Prime Minister Narendra Modi is very sensitive to the need of the state governments during any natural disaster and the central government provides all kinds of help during any crisis," he said, dismissing the allegation that Tamil Nadu was being discriminated against. He also informed that Rs 2013 crore was still lying with the Tamil Nadu government under SDRF which it is free to spend for flood relief. He said under the present government, inter-ministerial central team is being dispatched even before a request from the state government comes. Rai said a total provision of Rs 33581 crore was made

Avg monthly GST earnings to grow 11% to Rs 1.85 trn in FY25: Revenue secy

The government expects average monthly GST collections to touch about Rs 1.85 lakh crore in the next fiscal, up from about Rs 1.66 lakh crore this year, Revenue Secretary Sanjay Malhotra said on Friday. In a post-Budget interview with PTI, Malhotra also said the incorporation date for startups to avail of tax benefits for three years out of 10 have been extended by a year till March 31, 2025. He also said the customs duty cut in mobile spare parts and components to 10 per cent is intended to simplify tax structure, reduce classification disputes and should further spur investment in mobile manufacturing. Finance Minister Nirmala Sitharaman in her 2024-25 interim Budget speech had said the GST taxpayer base as well as monthly revenues have doubled since its launch. The monthly Goods and Services Tax (GST) collection has crossed Rs 1.70 lakh crore in three months this fiscal, taking the average monthly mop-up to Rs 1.67 lakh crore in current fiscal. "GST collections are expected to g