News

23 Oct 2021

#GST

GST revamp: Group of state finance ministers for steps to eliminate fake input tax credit claims.

The GoM decided to benefit from international experiences to improve compliance and reporting of B2C supplies, the official said. It was recognised that in order to improve analytics there is a need to take proper feedback from tax administrations to enable adequate learning by the systems in the place.

22 Oct 2021

Karnataka earns 48% more from fuel tax in 6 months

22 Oct 2021

#Realestate #gst

Real estate developers reach out to government over GST on redevelopment.

Several real estate developers have reached out to the government for clarity and concessions on the issue of double GST payment in redevelopment projects, a factor that has led to cost escalation at a time when margins are already under pressure.

22 Oct 2021

#Textileexport #GST

Govt sets lofty $100-billion textile export target in 5 years

Speaking on the occasion, textile secretary Upendra Prasad Singh said the government is making efforts to address various challenges and facilitate the creation of an “enabling environment” for the growth of the sector.

22 Oct 2021

#gst #GSTcompensation

No additional borrowing by Centre to meet GST compensation in FY22

The Centre will stick to its borrowing programme for FY22 and will not tap the market for more funds to meet the GST compensation shortfall for states.

21 Oct 2021

GST must be paid on service charges received on behalf of the government

The Telangana Authority of Advance Rulings (AAR) has issued a new ruling earlier this month. It states that any agency working for a government is liable to pay GST on e-procurement transactions services.

21 Oct 2021

CBDT issued refunds of over Rs. 92,961 crore from April 01, 2021 to October 18, 2021

As per the recent tweet of Income Tax India, the Central Board of Direct Taxes (CBDT) has issued refunds of over Rs. 92,961 crore to more than 63.23 lakh taxpayers from April 01, 2021 to October 18, 2021.

21 Oct 2021

#GST #Advancerulling

Only supplier of goods or services can apply for a GST advance ruling.

MUMBAI: The GST Authority for Advance Rulings (Maharashtra) has recently rejected an application as it was not filed by the supplier of goods or services, but by the recipient. Second, it related to a supply that had already been completed - as on the date of the application and not a supply which was being undertaken or proposed to be undertaken.

21 Oct 2021

#GSTdues #GreaterNoida

Greater Noida to recover GST dues from allottees

GREATER NOIDA: The Greater Noida Authority will soon initiate a drive to recover the pending goods and services tax (GST) from its allottees. Authority officials, however, clarified that residential allottees will not have to pay the tax for urban services as the GST Council considers the industrial authorities as civic bodies.

20 Oct 2021

Expert panel set up to chalk out a comprehensive tobacco tax policy

The government has set up an expert group led by a senior health ministry official to prepare a comprehensive tax policy proposal covering all tobacco products from a public health perspective.

20 Oct 2021

GST Registration as SCN didn’t mention date, Time of Personal Hearing

The Madras High Court quashed the order for cancellation of GST Registration as Show Cause Notice did not mention date and time of personal hearing.

20 Oct 2021

Cotton Stored by CCI in Warehouses taxable @ 18% GST

In M/S Kakkirala Ramesh [FORM GST ARA-01 A.R.Com/22/2018 (GSTIN No. 36ABXPK8604N1ZS) dated September 20, 2021], M/S. Kakkirala Ramesh (“the Appellant”) has sought an advance ruling on whether the Godown Rent collected from the Cotton Corporation of India (CCI) is exempted as per the Notification 21/2019 – Central Tax (Rate) (NN. 21/2019) dated September 30, 2019 read with the Circular No.16/16/2017-GST dated November 15, 2017.