News

Special Campaign 3.0 in full swing at Delhi Customs under CBIC

06 Oct 2023

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Special Campaign 3.0 in full swing at Delhi Customs under CBIC

The Delhi Customs is committed to the Swachhata Special Campaign 3.0 of the Department of Administrative Reforms and Public Grievances (DARPG) to augment cleanliness and elevate the workplace experiences in the Government offices. As part of the campaign, Air Cargo (Import) Commissionerate, Delhi Customs Zone, weeded out old papers/ documents weighing approx. 20 tonnes from the Air Cargo Import shed, freeing up over 1,200 square feet of space.

Introduction of DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B

06 Oct 2023

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Introduction of DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B

The GSTN has issued Advisory No. 606 dated October 06, 2023 in respect of the introduction of Compliance Pertaining to DRC-01C (Difference in Input Tax Credit (ITC) available in GSTR-2B & ITC claimed in the GSTR-3B

ITC stock gains despite GST committee rejecting tobacco tax cut proposal

05 Oct 2023

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ITC stock gains despite GST committee rejecting tobacco tax cut proposal

The GST fitment committee felt that the change is not required as the bidi industry is a small scale industry and so it was kept free from cess.

No GST cut for EV batteries to 5% as fitment committee rejects proposal

05 Oct 2023

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No GST cut for EV batteries to 5% as fitment committee rejects proposal

There will be no reduction in the goods and services tax (GST) rate on electric vehicles (EV) batteries as the GST Council’s fitment committee has rejected the industry’s proposal, sources told CNBC-TV18.

E-gaming cos offer cashbacks to ride out GST storm

05 Oct 2023

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E-gaming cos offer cashbacks to ride out GST storm

As online gaming companies are devising ingenious ways to compensate their customers for goods and service tax (GST) deductions on their deposits, industry executives on Wednesday said the move will force smaller firms to shut down and increase barriers for new entrants in the sector – leading to a significant consolidation in the online gaming space.

RPSG group’s Guiltfree faces Rs 39cr GST demand notice

05 Oct 2023

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RPSG group’s Guiltfree faces Rs 39cr GST demand notice

Guiltfree Industries Limited, a food-focused FMCG firm under Sanjiv Goenka’s RPSG Group received a Rs 39.14 crore GST demand notice, the company said on Sunday.

Punjab Pradesh Beopar Mandal: Raise GST exemption limit to Rs 1.5 crore

05 Oct 2023

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Punjab Pradesh Beopar Mandal: Raise GST exemption limit to Rs 1.5 crore

The Punjab Pradesh Beopar Mandal (PPBM) has demanded from the GST Council to increase the exemption limit to Rs 1.5 crore from present Rs 40 lakh for ease of doing business. The demand was made by traders mobilised during a conference of dealers held here last night.

05 Oct 2023

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GST panel appeals for tribunal bench

A committee of tax professionals and traders on Goods and Services Tax on Tuesday urged state government to constitute GST Appellate Tribunal in Indore.

GST council to clarify on corporate guarantees, some exemptions likely

05 Oct 2023

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GST council to clarify on corporate guarantees, some exemptions likely

Corporate guarantees given in favour of related parties will be liable for 18 per cent goods and services tax (GST) on 1 per cent of the amount guaranteed or on the actual consideration, whichever is higher. However, personal guarantees offered by the promoter or director of the company might not attract tax.

Decoding government’s tax math for online gaming players

04 Oct 2023

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Decoding government’s tax math for online gaming players

The Directorate General of GST Intelligence (DGGI), which has issued over a dozen show cause notices to real-money gaming platforms, has calculated the dues on the actual bets placed on portals since 2017, sources in the know told ET.

GST Council to discuss lower rate on motor vehicles purchased by visually impaired

04 Oct 2023

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GST Council to discuss lower rate on motor vehicles purchased by visually impaired

The GST Council is likely to discuss lowering of Goods and Services Tax (GST) rate from the current 28 percent on motor vehicles purchased by the visually impaired, in its October 7 meeting, a person aware of the development has said. The issue will be discussed in the Council after a Madras High Court decision which stated that the visually impaired petitioner is eligible for the concessional GST rate on the purchase of motor vehicles, the person told Moneycontrol.

04 Oct 2023

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Corporate guarantee on GST panel agenda

The GST Council on October 7 is likely to take up the contentious issue of levying GST on the personal guarantees provided by the Directors of the company to the banks in return for obtaining financial assistance. In addition, the tax implication of corporate guarantee in favour of a subsidiary company will also be discussed in the meeting, as per sources.

No GST likely on millet flour preparations

04 Oct 2023

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No GST likely on millet flour preparations

The Goods and Services Tax Council, the joint forum of the Centre and states, is likely to exempt millet flour food preparations from GST by slashing the current 18 percent levy to nil, sources have told Moneycontrol.

GST Council’s fitment committee rejects rate cut on over dozen items

04 Oct 2023

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GST Council’s fitment committee rejects rate cut on over dozen items

The fitment committee of the Goods and Services Tax (GST) Council has recommended the exemption of goods and services GST on powdered millet sold in loose form where 70% millet is used. It has recommended 12% GST for millets sold in prepacked and branded form. The committee refused to give any incentive for prepared produce made out of millet.

Bajaj Allianz faces Rs 1,010 crore GST demand notice; Know details

04 Oct 2023

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Bajaj Allianz faces Rs 1,010 crore GST demand notice; Know details

Bajaj Allianz gets GST demand notice for Rs 1,010 crore on Tuesday. It received the show cause cum demand notice from the Directorate of GST Intelligence for the non-payment of GST on co-insurance and re-insurance premiums, said Bajaj Finserv in its stock exchange filing on Tuesday.

Meesho welcomes non-GST sellers on its platform, to benefit small businesses

04 Oct 2023

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Meesho welcomes non-GST sellers on its platform, to benefit small businesses

E-commerce marketplace Meesho on Tuesday announced that it is set to welcome non-GST registered sellers to its platform. This will benefit a vast network of small e-commerce businesses across the country.

Indian cos with overseas staff on deputation get GST notices

04 Oct 2023

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Indian cos with overseas staff on deputation get GST notices

A spate of GST demand notices have been served on Indian companies in recent weeks in cases where overseas staff have been deputed to India.

GST fitment committee likely to recommend Tax Research Unit to study taxability of crypto assets

04 Oct 2023

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GST fitment committee likely to recommend Tax Research Unit to study taxability of crypto assets

The wait for clarity on how much and on which crypto transactions the goods and services (GST) would be levied seems longer as the states panel nominated by the GST Council in 2022 has expressed its inability to submit a paper on taxation of crypto assets, sources told CNBC-TV18.

CBIC implements the Section 16(4) of IGST Act related to restriction on export

30 Sep 2023

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CBIC implements the Section 16(4) of IGST Act related to restriction on export

The CBIC issued Circular No. 24 /2023-Customs dated September 30, 2023 regarding the implementation of Section 16(4) of the IGST Act related to the restriction on the export of certain goods on payment of IGST and coverage under the refund mechanism.

Rs 1,62,712 crore gross GST revenue collected during September 2023; records 10% YoY growth

01 Oct 2023

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Rs 1,62,712 crore gross GST revenue collected during September 2023; records 10% YoY growth

The gross GST revenue collected in the month of September, 2023 is Rs 1,62,712 crore out of which CGST is Rs 29,818 crore, SGST is Rs 37,657 crore, IGST is Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess is Rs 11,613 crore (including Rs 881 crore collected on import of goods).

GSTN enabled Form DRC-01C to deal with ITC Mismatches Between GSTR-2B & GSTR-3B

02 Oct 2023

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GSTN enabled Form DRC-01C to deal with ITC Mismatches Between GSTR-2B & GSTR-3B

The Goods and Services Tax Network (“GSTN”) has enabled Form DRC-01C to deal with Input Tax Credit (“ITC”) mismatches between GSTR 2B and GSTR 3B, in accordance with the newly inserted rule 88D of the Central Goods and Services Tax Rules, 2017 (“the CGST Rules”) vide Notification No. 38/2023-Central Tax dated August 4, 2023.