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  • 22 Nov 2021
#gst

18% GST Eligible on Services Provided by Airbus Group as it qualifies as Intermediary Services

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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  • 22 Nov 2021
#gst

Man-made fibre, yarn to incur 12% GST from 1st Jan 2022

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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  • 22 Nov 2021
#gst

Maharashtra cuts excise duty on imported liquor by 50 per cent

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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  • 19 Nov 2021
# Income Tax

Income Tax website will not be accessible due to maintenance from Nov 20, 10 PM to Nov 21, 10 AM

Income Tax website will not be accessible due to maintenance from Nov 20, 10 PM to Nov 21, 10 AM

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  • 19 Nov 2021
#gst

Customs writes to Adani Ports SEZ on banning exim cargo from Pakistan, Iran and Afghanistan

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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  • 19 Nov 2021
#gst

Industry expresses disappointment after Centre notifies higher GST rates for textiles, clothing

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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  • 19 Nov 2021
#gst

CBIC notifies GST Rate hike from 5% to 12% on Fabrics, Apparel, Footwear w.e.f. Jan 2022

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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  • 19 Nov 2021
#gst

Excess money in cash ledger refundable even two yrs after paying GST

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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  • 17 Nov 2021

Govt likely to classify cryptocurrency exchanges as e-commerce platforms; levy 1% TCS

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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  • 15 Nov 2021
#GSTnews

Companies reach out to government for clarity on GST applicability on credit notes

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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  • 01 Nov 2021

October GST collection at Rs 1.30 lk cr, 2nd highest since GST implementation

October GST collection at Rs 1.30 lk cr, 2nd highest since GST implementation

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  • 01 Nov 2021

Higher tax revenues allow Centre to boost capex, curb fiscal deficit during April-September

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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  • 01 Nov 2021

High taxes hampering growth of luxury car segment in India: Audi

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

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  • 01 Apr 2021

Clarity on export policy of SCOMET items for supplies/exports from DTA to SEZ/EOU

The 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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  • 30 Oct 2021

Textile sector worries over proposed GST rate hike from 5% to 12%

The textile and clothing industry has expressed concerns over the GST Councils proposed plan to implement the increase in GST rates

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  • 29 Oct 2021

CBDT expands Scope of Information reported in New Form 26AS to include Mutual Fund

The Central board of Direct Taxes (CBDT) has expanded scope information included in Form 26AS to include more high-value financial transactions and additional information.

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  • 29 Oct 2021

Writ Petition not maintainable as Statutory Alternative Remedy

Writ Petition not maintainable as Statutory Alternative Remedy is available for challenging Re-Assessment Orders under TNVAT Act: Madras HC

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  • 29 Oct 2021

Punjab scraps 40,000 pending cases of VAT, allows faceless assessment of GST

Giving reprieve to trade and industry of the state, Punjab Chief Minister Charanjit Singh Channi on Wednesday announced the scrapping of 40,000 pending cases of VAT

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  • 29 Oct 2021

Centre releases Rs 44,000 crore to states towards GST compensation

The central government on Thursday released Rs44,000 crore to states and union territories

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  • 28 Oct 2021

Toy manufacturers to see higher GST liability following AAR ruling

Toys manufacturers are set to see higher tax liabilities after a ruling said that toys that have any form of light or sound should be treated as electronic toys and taxed at 18% under Goods and Services Tax (GST).

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  • 28 Oct 2021

Supreme Court allows govt appeal against giving Airtel Rs 923 crore as GST refund

The Supreme Court on Thursday allowed the Government's appeal against the Delhi High Court's 2020 order which allowed the telco to claim Rs923 crore refund by rectifying its GST returns for July to September 2017.

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