- 24 Jul 2022 05:08 PM
- New
CGST Mumbai South Commissionerate busts Rs. 185 Crore fake GST invoice racket
Officers of CGST Mumbai South Commissionerate have busted a fake GST invoice racket, which was used to pass on fake GST Input Tax Credit (ITC) of around Rs. 22 crore on bogus invoices of Rs 185 Crores. The Commissionerate has arrested two persons involved in the tax evasion racket. One of them, is the proprietor of Aditya Enterprises, a Walkasehwar based firm, had lent his identity for creation and use of this firm, in lieu of monetary benefits. The second person is his friend who used to operate this firm for receiving and issuing fake GST invoices.
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- 23 Jul 2022 01:59 PM
- New
E-gaming firms worry claims in GST may cripple sector
India’s online gaming companies are worried that applying the actionable claims clause in the Goods and Services Tax Act (GST Act) on the industry will significantly raise its tax burden and cripple some of the smaller players, dealing a setback for the entire industry.
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- 23 Jul 2022 03:04 PM
- New
The cat-and-mouse game of GST that spurs innovation
There’s popular joke doing the rounds on social media which goes like this—GST on paneer: 5%. GST on butter: 12%. GST on masala: 5%. Now calculate the GST on Paneer Butter Masala!
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- 23 Jul 2022 03:12 PM
States backed removal of GST exemptions: Revenue Secretary Tarun Bajaj
Revenue Secretary Tarun Bajaj told ET that the tax revenue growth was robust and the government should be able to meet its fiscal deficit target. He also talked about capital gains tax, duty on glod and more.
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- 23 Jul 2022 03:16 PM
CAIT request for clarification on GST on prepackaged & labelled goods
Important letter sent to Finance Minister, Smt. Nirmala Sitharaman requesting clarification on GST on prepackaged and labelled goods and also to defer the implementation of clauses in Notification No. 6/2022 and 07/2022-CGST (R) dated 13.07.2022 pertaining to prepackaged and labelled goods.
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- 23 Jul 2022 03:24 PM
CAIT requests for withdrawal of 5% GST on unbranded Food grains
CAIT has demanded that the 5 percent GST tax on unbranded food grains and other items should be withdrawn immediately and for this purpose GST Council should call an emergency meeting. In this regard CAIT has written letter to Finance Ministers of all the states.
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- 22 Jul 2022 01:55 PM
Govt won’t slash capex to keep deficit in control: Finance secy
Source: https://www.livemint.com/economy/india-set-on-capex-path-despite-deficit-worries-11658426873118.html
The fiscal deficit may be a “little worse" in absolute terms than estimated in the budget because of the government’s rising expenditure bill—the result of the rupee’s slide, high global commodity prices, and tax cuts—finance secretary T.V. Somanathan said.
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- 22 Jul 2022 02:00 PM
SC lists plea challenging GST on disability devices for hearing in September
A writ petition challenging the levy of GST on equipments for differently-abled persons was mentioned before the Supreme Court today.
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- 22 Jul 2022 05:53 PM
SC gives relief on tax credits to businesses
Source: https://www.livemint.com/news/india/sc-gives-relief-on-tax-credits-to-businesses-11658490487520.html
New Delhi: The Supreme Court on Friday asked the Goods and Services Tax Network (GSTN) portal to be kept open for two months from 1 September for businesses to claim tax credits arising from the transition to the new indirect tax regime in July 2017.
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- 21 Jul 2022 11:48 AM
No GST on funeral services: Govt
Source: https://www.livemint.com/news/india/no-gst-on-funeral-services-govt-11658332916590.html
The government on Wednesday said there is no Goods and Services Tax (GST) on funeral, burial, crematorium or mortuary services.
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