The GST council’s decision to defer the proposed increase in tax slab for textiles, from 5 per cent to 12 per cent, has come as a new year gift for the textile industry at a time when it was on the path to recovery, Commerce & Industry Minister Piyush Goyal has said in an interaction with the textile industry on Tuesday.
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GST hike on textiles rolled back, local businessmen are up in arms against the CBIC once again, this time over a new rule applicable from January 1. The rule says that in if the GSTR-3B return fails to show the exact tax due, there can be a GST raid on the business without notice, and the owner will get no hearing.
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Central Board of Indirect Taxes and Customs has started a new initiative of holding meetings with officials of state tax administrations across the country to further boost Goods and Services Tax (GST) revenue collections, showed an official communication.
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After the Goods and Services Tax Council deferred the increase in the GST rates for the textile and garment business, the local industrialists now want the GST on scrap to be reduced from 18 to 5%.
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Cryptocurrency platforms that are facing increased scrutiny from tax authorities for GST evasion are unclear about “applicable provisions” under the country’s indirect tax regime amid regulatory uncertainty, industry executives told ET.
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The Central Board of Indirect Taxes and Customs (CBIC) has told field officers to be just and fair in enforcing the new goods and services tax (GST) compliance norms that came into force from January 01, 2022.
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The Goods and Services Tax Network (“GSTN”) has issued Advisory dated January 04, 2022 regarding reporting of supplies notified under Section 9(5) /5(5) of the Central Goods and Services Tax Act, 2017 (“the CGST Act”) by E-commerce operator (“ECO”) in GSTR-3B.
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The Goods and Services Tax Network (“GSTN”) has issued Advisory dated January 03, 2022 regarding the implementation of Rule 59(6) of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) i.e., GSTR-1 filing-restriction for non-filing of GSTR-3B for previous one month (earlier two), on GST Portal for the taxpayers.
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It's the beginning of a new year, and there are a few money changes this month that are likely to impact your wealth.
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The GST Mumbai East Commissionerate of Mumbai Zone, while investigating the business activities of cryptocurrency exchange WazirX have detected GST Evasion of Rs 40.5 Crores. The Commissionerate has also recovered Rs 49.20 Crores in Cash pertaining to GST evaded, interest and penalty.
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Enforcement officials of the Delhi GST Department unearthed a Rs 347 crore fake GST billing scam on January 1, 2022. The total tax evasion in the chain is expected to be close to Rs 40 crore.
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Electricity minister V Senthil Balaji on Sunday clarified that the Goods and Services Tax (GST) wasn’t levied on the electricity consumption charges and it was applicable only on application fees and some other services.
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Deferred the decision to change the rates in textiles from 5% to 12% w.e.f. January 01, 2022
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The gross GST revenue collected in the month of December 2021 is Rs 1,29,780 crore of which CGST is Rs 22,578 crore, SGST is Rs 28,658 crore, IGST is Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess is Rs 9,389 crore (including Rs 614 crore collected on import of goods).
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The government is working to bring changes in the GST Act and other public platforms so that companies can utilise data to grow big in size and scale, Jayant Sinha, Chairperson, Parliament Standing Committee on Finance, said on Thursday.
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E-commerce cuts across various sectors. Therefore the provisions of various laws such as Foreign Exchange Management Act, 1999, Information Technology Act, 2000, Competition Act, 2002, Companies Act, 2013, Consumer Protection Act, 2019 among others are attracted for regulating the sector.
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No Input Tax Credit (“ITC”) would be available for Corporate Social Responsibility activities excluded from normal course of business.
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GST leviable on reimbursement of electricity and water charges and to be included in the value of supply
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Come January and the government is empowered to send its recovery officials to your premises to collect GST without notice, if your tax liability shown in the requisite form is less than what invoices, mentioned in the outward supply form, should draw.
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Know Top 10 changes in GST Law effective from January 1st, 2022
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The Reserve Bank of India (RBI) vide circular dated February 05, 2021 and May 05, 2021, has allowed Scheduled Commercial Banks (SCBs) to deduct the amount equivalent to credit disbursed to New MSMEs.
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