The Central Goods and Services Tax Commissionerate (Ludhiana) has unearthed a racket involving fake ITC and GST refund to the tune of Rs 13.78 crore. The accused had created 18 fake firms across the country for this purpose
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The Goods and Services Tax Network says taxpayers can now withdraw their application for cancellation of registration filed in Form REG 16 unless the tax officer has initiated action on it.
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Retailers Association of India (RAI) on Tuesday urged Finance Minister Nirmala Sitharaman, state governments and GST Council to reconsider the proposed hike in GST rates on several textiles and apparel items to 12 per cent from January saying it will adversely impact 85 per cent of the sector.
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The CBIC has notified the withdrawal of the 12% GST rate for government contracts and the applicable rate of GST will be 18% from January 1, 2022.
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Goods and Services Tax fitment committee has proposed raising slab of 5% to 7% and 18% to 20%, The feasibility of merging 12 percent and 18 percent to one single slab at 17 percent is, however, yet to be examined, sources said.
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Industry representatives are seeking more clarity in provisions to cut down litigation as the anti-profiteering provision in GST regime is set to stay longer than anticipated by businesses.
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India could be eyeing a significant revamp of the GST structure as the regime completes five years in July next year when compensation to states is set to come to an end. Tax slab restructuring and reducing exemptions could be considered in the most comprehensive makeover of the single tax that was rolled out on July 1, 2017.
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The Karnataka Appellate Authority of Advance Ruling (AAAR) ruled that the 18% GST Exigible on Services Provided by Airbus Group as it qualifies as Intermediary services.
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The finance ministry has notified a uniform 12% GST rate on fiber,yarn,fabric,and apparel, thereby addressing the inverted tax structure in the MMF texttile value chain currently tax rate on MMF, Yarn and MMF Fabric is 18%, 12% and 5% respectively.
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In a significant move to arrest smuggling and bootlegging of imported liquor brands, the state government has reduced the excise duty on them by 50%
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Income Tax website will not be accessible due to maintenance from Nov 20, 10 PM to Nov 21, 10 AM
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Indian customs has written to the Adani Ports SEZ Ltd questioning its move to ban both import cargo from Pakistan, Iran and Afghanistan and exports to these countries through its port in Mundra.
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The Centrnal notification of higher GST rates for several textile and apparel items from January 2022, has come as a blow to micro, small and medium-scale textile and clothing units, with industry groups asserting that the move will push up prices for consumers and spur inflation.
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CBIC notified the hike in GST rate from 5% to 12% on Fabrics, Apparel, and Footwear w.e.f. January 2022. The objective behind the proposed increase is to correct the problem of Inverted Duty Structure faced by a small segment of the textile value chain as discussed in the 45th meeting of the Goods and Service Tax (GST) Council.
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Those who have excess money lying in the cash ledger for the purpose of paying goods and services tax would be able to take it out even after two years of the date of paying tax, a move that would ease the cash flow of the companies. Currently, assesses cannot take the refunds of this money after two years. That time bar has been lifted by the government.
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The Centre is planning to classify cryptocurrency exchanges as e-commerce platforms and levy a one percent tax collected at source on them under the goods and services tax regime.
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Many businesses that provided discounts, reduced prices, or extended payment cycles to customers amid the Covid-19 pandemic have approached the government to clarify the impact of goods and services tax (GST) on these amounts.
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October GST collection at Rs 1.30 lk cr, 2nd highest since GST implementation
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There is a lack of clarity on whether the disinvestment target of Rs 1.75 lakh crore will be achieved in the current fiscal, and big-ticket plans like the BPCL sale will be crucial.
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A high taxation regime is restricting growth of the luxury car segment in India and the government should look at lowering the levies in order to help the sector grow
Read MoreThe DGFT vide Public Notice No. 32/2015-2020 dated October 29, 2021 has made amendment in Para 2.76 of Handbook of Procedures (“HBP”) of the Foreign Trade Policy (“FTP”)
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