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Withdraw plan to hike GST rate on textile, apparel items: Telangana Minister to Centre
  • 20 Dec 2021
#gstnews

Withdraw plan to hike GST rate on textile, apparel items: Telangana Minister to Centre

Telangana Industries Minister KT Rama Rao on Sunday urged the Centre to withdraw its proposed plan to increase GST rates from 5 per cent to 12 per cent on garments and fabrics from January 1, 2022. In a letter to Union Textiles Minister Piyush Goyal, Rama Rao said for the past two years, the handlooms sector has been going through a difficult phase due to coronavirus pandemic, an official release said here.

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Rawa Idli Mix to attract GST at 18 per cent, rules Karnataka AAR
  • 20 Dec 2021
#gstnews

Rawa Idli Mix to attract GST at 18 per cent, rules Karnataka AAR

Now, the Karnataka AAR (KAAR) has stated that Rawa Idli Mix will attract Goods & Services Tax (GST) at the rate of 18 per cent.

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CBIC clarification w.r.t. GST on service supplied by restaurants through e-commerce operators
  • 18 Dec 2021
#gstnews

CBIC clarification w.r.t. GST on service supplied by restaurants through e-commerce operators

The CBIC vide Circular No. 167/23/2021–GST dated December 17, 2021 issued clarification regarding modalities of compliance to the GST laws in respect of supply of restaurant service through e-commerce operators

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Govt finances showing marked improvement in H1: RBI paper
  • 17 Dec 2021
#gstnews

Govt finances showing marked improvement in H1: RBI paper

Government finances, both of the Centre and states, have shown remarkable resilience during the first half of the current fiscal, with tax mop-up surpassing expectations by a wide margin and expenditure remaining broadly in line with Budget estimates despite higher pandemic-related spending, says the December issue of the RBI bulletin.

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Disciplining CAs: Finance Minister to introduce CA Amendment Bill on Friday
  • 17 Dec 2021
#gstnews

Disciplining CAs: Finance Minister to introduce CA Amendment Bill on Friday

Finance Minister Nirmala Sitharaman is likely to Friday introduce a Bill in Lok Sabha to strengthen the disciplinary mechanism on chartered accountants, cost accountants and company secretaries.

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GSTR-3B is a ‘Return’ specified u/s 39 of GST Act: Supreme Court reverses Gujarat HC’s order
  • 17 Dec 2021
#Important Pronouncements

GSTR-3B is a ‘Return’ specified u/s 39 of GST Act: Supreme Court reverses Gujarat HC’s order

The Supreme Court has reversed the Gujarat High Court’s judgment wherein the High Court observed that GSTR-3B is not a return specified under section 39 of the Central and State Goods and Services Acts. In the year 2019, the Gujarat High Court held that Section 39(1) of the CGST/GGST Act

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Centre Lowers GST Rate On Ethanol From 18% To 5%, Aims To Reduce Dependence On Gasoline
  • 16 Dec 2021
#gstnews

Centre Lowers GST Rate On Ethanol From 18% To 5%, Aims To Reduce Dependence On Gasoline

The Centre on Thursday reduced the Goods and Services Tax rate to 5% from 18% on ethanol meant for blending, under the Ethanol Blended Petrol (EBP) programme.

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CGST officers arrest CA for generating fake ITC to the tune of Rs. 92 crores
  • 16 Dec 2021
#gstnews

CGST officers arrest CA for generating fake ITC to the tune of Rs. 92 crores

The officers of CGST, Thane (Rural) Commissionerate have arrested a Chartered Accountant who had generated fake input tax credit to the tune of Rs. 92 crores involving fake invoice of more than Rs. 500 crores without actual receipt of goods

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Textiles ministry to approach GST Secretariat for restoration to 5% rate
  • 16 Dec 2021
#gstnews

Textiles ministry to approach GST Secretariat for restoration to 5% rate

Union Ministry of Textiles, after receiving inputs from industry associations, has now decided to approach the GST secretariat seeking restoration of the rate of Goods and Services Tax to 5 percent, CNBC-TV18 reported

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Arrest under GST still remains a grey area
  • 15 Dec 2021
#gstnews

Arrest under GST still remains a grey area

The concept of taxation is based on the foundation of the welfare of citizens. While the primary focus of indirect tax legislation is on revenue recovery and monetary penalties, indirect tax authorities can also take actions including arrests in disciplining those who misuse the provisions of such legislations

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Madurai MP made a representation to finance minister to withdraw the 12% GST on Sungudi saris
  • 15 Dec 2021
#gstnews

Madurai MP made a representation to finance minister to withdraw the 12% GST on Sungudi saris

Madurai MP Su Venkatesan made a representation to Union finance minister Nirmala Sitharaman to withdraw the 12% GST on Sungudi saris

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Govt earned over Rs 8 lakh cr from taxes on petrol, diesel in last 3 fiscals FM Sitharaman
  • 15 Dec 2021
#gstnews

Govt earned over Rs 8 lakh cr from taxes on petrol, diesel in last 3 fiscals FM Sitharaman

The Centre earned nearly Rs 8.02 lakh crore from taxes on petrol and diesel during the last three fiscal years, of which more than Rs 3.71 lakh crore was collected in FY 21

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Govt to go slow on GST rate rationalisation exercise
  • 14 Dec 2021
#gstnews

Govt to go slow on GST rate rationalisation exercise

The government has decided to go slow on the Goods and Services Tax rate rationalization exercise and the date for the new Group of Ministers meeting is not yet decided

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GST Portal to facilitate filing of TRAN 1 to claim the ITC or accept returns manually
  • 14 Dec 2021
#gstnews

GST Portal to facilitate filing of TRAN 1 to claim the ITC or accept returns manually

Directed Revenue Department to either modify the GST portal to facilitate filing of TRAN 1 to claim the ITC or accept returns manually

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Confusion surfaces over GST rate on cheese balls
  • 14 Dec 2021
#gstnews

Confusion surfaces over GST rate on cheese balls

After ice cream, papad and paratha, cheese balls is another food item that triggered the dispute of goods and services tax (GST). The dispute has for now been settled by the appellate authority for advance ruling in Uttar Pradesh, Business Standard reported.

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Govt Reduces Compliance Burden For GST Taxpayers
  • 13 Dec 2021
#gstportal

Govt Reduces Compliance Burden For GST Taxpayers

In a good news, the Ministry of Finance on Sunday announced new relaxations for the goods and services tax (GST) taxpayers. Taking to Twitter, the Ministry said that taxpayers with Annual Aggregate Turnover (AATO) up to Rs 5 crore are not required to file the reconciliation statement in Form GSTR-9C for fiscal year (FY) 2020-21 onwards.

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Special Drive detects tax evasion of Rs. 3,500 crore so far; Rs. 460 crore recovered
  • 13 Dec 2021
#gstnews

Special Drive detects tax evasion of Rs. 3,500 crore so far; Rs. 460 crore recovered

Anti-evasion Wing, Central Goods and Services Tax Bhiwandi Commissionerate, Mumbai have busted a network of fictitious entities in Maharashtra. The entities were involved in availment and utilization of ITC against fake invoices without actual supply of goods.

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GST Council to schedule meet in early January to discuss inverted duty structure
  • 13 Dec 2021
#gstnews

GST Council to schedule meet in early January to discuss inverted duty structure

The central is planning to meet in first week of January with the GST council. The meeting is likely to discuss inverted duty structure for a few more items and will also serve as a platform for pre-budget discussion as reported by business standard.

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CBIC grants IGST refund of Rs. 27,778 crore during FY 2020-21
  • 11 Dec 2021
#gstnews

CBIC grants IGST refund of Rs. 27,778 crore during FY 2020-21

As per the recent tweet of Ministry of Finance, the Central Board of Indirect Taxes & Customs (“the CBIC”) has sanctioned IGST refund of Rs. 27,778 crore during F.Y. 2020 – 21 via a special drive to enhance liquidity.

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GST Council to consider clarifying GST issue on ice cream parlour
  • 10 Dec 2021
#gstnews

GST Council to consider clarifying GST issue on ice cream parlour

The GST Council, expected to meet later this month, is likely to take up the issue related with levy mechanism on ice cream parlour. Ice cream companies have urged for clarification on the applicability of GST at the rate of 18 per cent on parlour

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Fuels to remain outside GST regime: CBIC
  • 10 Dec 2021
#gstnews

Fuels to remain outside GST regime: CBIC

A GST Council meeting had decided against the inclusion of petrol and diesel under the GST in view of high revenue implications of such decision and fiscal constraints induced by the COVID pandemic, according to a statement filed before Kerala the High Court by the CBIC

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