Some states are taking a legal view on the state GST rate and the compensation rules ahead of the Goods and Services Tax (GST) Council meeting, which is likely to be held in mid-June, said people in the know. While the agenda is still being finalised, several states are likely to take up the matter related to GST compensation and may pitch for its continuation beyond the June 30 deadline. States would like to know how they would divide the compensation collected after June 2022 for payment of principal and interest of compensation shortfall borrowing and arrears to states, sources said.
India's Goods and Services Tax (GST) collection surged to Rs 1.30 lakh crore in October, the second highest since its implementation in July 2017, indicating economic recovery from the COVID-19 pandemic and impact of festive demand, a finance ministry statement said on Monday. The highest GST collection of Rs 1.41 lakh crore was recorded in April 2021. This is the fourth time in a row when the GST collection was upwards of Rs 1 lakh crore. The collection from GST was Rs 1.17 lakh crore in September, 2021.
Goods and Services Tax (GST) collections at Rs 95,480 crore in September touched the highest level so far this fiscal, the finance ministry said on Thursday.
India and the United States vowed on Thursday to step up joint efforts to halt illicit money flows.
After questioning him for four hours in the morning, Chidambaram was taken to a special court in Delhi which sent him to CBI custody till Monday.
The GST Council also decided that a committee of officers will be constituted to examine the simplification of forms for annual return and reconciliation statement.
CAG recommended fixing a definite time frame for rolling out simplified GST return forms.
Inter-state supply may come under GST composition
For now, the concerns over bad loans have taken a back seat; a bigger challenge for the banking community is credit growth, explains Tamal Bandyopadhyay.
The immediate concern for all companies is to prepare themselves - and their vendors and suppliers - for the new GST return filing mechanism, being test piloted from April 1.
Tax experts say one of the most dispute-prone proposals is making "fraudulent availing" of input tax credit (ITC), without an invoice or bill, a cognizable and non-bailable offence.
'There were lots of functionalities the Group of Ministers asked us to incorporate.'
Businesses with monthly turnover of over Rs 50 lakh will have to mandatorily pay at least 1 per cent of their GST liability in cash, the finance ministry said as it moved to curb evasion by fake invoicing. The Central Board of Indirect Taxes and Customs (CBIC) has introduced Rule 86B in Goods and Services Tax (GST) rules which restricts use of input tax credit (ITC) for discharging GST liability to 99 per cent. "... The registered person shall not use the amount available in electronic credit ledger to discharge his liability towards output tax in excess of 99 per cent of tax liability, in cases where the value of taxable supply ... in a month exceeds Rs 50 lakh," the CBIC said.
A combination of add-on insurance covers can be helpful in managing finances and making life much easier, says Dhirendra Mahyavanshi
Cash flow-based analysis should throw up businesses better able to survive the transient effects of a working capital crunch, says Devangshu Datta.
Rollout likely to be pushed to next financial year.
The import tariff value is the base price at which the customs duty is determined to prevent under-invoicing.
In a first, the Comptroller and Auditor General's (CAG) officers reached out to several ministries in the last week of April as part of a confidence-boosting measure. The meeting brought the CAG officials and those from the ministries across the table to discuss the pain points in their relations. CAG of India Girish Chandra Murmu took this novel step because of growing tensions between those audited and the auditor.
The US president is facing off against a series of accusations put together by a team of investigators.
'There is something fundamentally wrong with the GST -- whether be it the rates, compliance, or the GST Network itself.'
To curb the menace of illicit fund flows, the government has set up a high level panel that will look into trade-based money laundering activities which particularly involve manipulation of invoices.
With audits and greater emphasis on anti-evasion measures, more tax demands will lead to more litigation. So, it is a bit early to start celebrating. GST is still work in progress.
The GST bill's draft says tax would be levied on Maximum Retail Price
The Central Bureau of Investigation (CBI) had told the finance ministry some "well-known" companies in the power, oil, and telecommunications sectors were involved in round-trip trading by indulging in third-party transfers in violation of law.
The Bills are primarily aimed at helping the MSME sector and small traders, Finance Minister Piyush Goyal said while introducing these in the Lok Sabha
The loan facility will be available at all branches of Union Bank of India and 329 sales touch-points of Tata Motors. UBI offers car loans up to 85 per cent of invoice, for tenure ranging up to five years, at a rate of 11-11.25 per cent, Tata Motors said.
Top firms get GST notices on credit claims on Friday; replies sought within hours.
The government has sacked these officers ranging from the ranks of principal commissioner to assistant commissioner, some of whom were already under suspension.
Apple Inc's leading contract manufacturer, Taiwanese giant Wistron, has exceeded its investment obligation in India in just eight months, although the government's production-linked investment (PLI) scheme allowed it to complete the investment in four years. Between August 2020 and end March 2021, Wistron made an investment of Rs 1255 crore - 25 per cent more than the total investment it had committed to the government. Under the PLI scheme for mobile devices, the government had stipulated that each of the five participating global companies needed to invest Rs 250 crore every year for the first four years, totalling Rs 1,000 crore.
The Council also discussed process to make return filing simpler with just one return to be filed every month.
The GST rate on mobile phones will be hiked to 18 per cent while that on maintenance repair overhaul (MRO) services for aircraft will be lowered to 5 per cent with effect from April 1, Finance Minister Nirmala Sitharaman said on Saturday. The GST rate on handmade and machine-made matchsticks has been rationalised to 12 per cent from 5 per cent and 18 per cent respectively.
Official talks were held between Modi and Seikh Tamim for multi-sectoral partnership and strengthening of Indo-Qatar ties following which the agreements and Memorandums of Understanding were signed on the second day of the Prime Minister's visit.
Also, the import tariff value -- the base price at which customs duty is determined to prevent under-invoicing -- in case of silver has been reduced to $644 per kg from $694 per kg earlier, a notification by the Central Board of Excise and Customs said.
Despite a steady collection rate, the government faces a steep Budget target of Rs 6.1 trillion for CGST for 2019-20.
ED and Directorate of Revenue Intelligence have detected a significant increase in the outflow of Indian money, specifically into four countries --Thailand, Dubai, Singapore and Hong Kong.
While the tax-to-GDP ratio of 9.88 per cent has been assumed for FY21, the same as last year, when it touched a decadal low, for FY22 a ratio of 10.7 per cent has been assumed, an average of the last five years.
The import tariff value is the base price at which the customs duty is determined.
Companies are worried that any staggered roll-out of GST could result in cash flow issues with businesses not able claim tax credit due to breakage in the chain
Chidambaram has not been named as an accused in the FIR and the CBI is yet to file a chargesheet in the matter.
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