08 Jul 2022 02:32 PM
New

Panel on GST Appellate Tribunal formed, report by month-end

Source: https://economictimes.indiatimes.com/small-biz/gst/panel-on-gst-appellate-tribunal-formed-report-by-month-end/articleshow/92745015.cms

As per the Terms of Reference (ToR) of the GoM, the GST Appellate Tribunal panel, chaired by Haryana Deputy Chief Minister Dushyant Chautala, would recommend required amendments in the GST law to ensure that the legal provisions maintain the right federal balance and are in line with the overall objective of uniform taxation within the country.

08 Jul 2022 05:20 PM
New

Decision on GST levy on casinos and online gaming on July 12

Source: https://www.livemint.com/news/india/decision-on-gst-levy-on-casinos-and-online-gaming-on-july-12-11657279524428.html

The Group of Ministers on casinos, online gaming and horse racing will meet on July 12 to finalise its report on modalities taxing these activities that are akin to gambling.

08 Jul 2022 05:25 PM
New

CBIC clarification on penalty for fake invoicing to reduce arrests, say tax experts

Source: https://www.livemint.com/news/india/cbic-clarification-on-penalty-for-fake-invoicing-to-reduce-arrests-tax-experts-11657280206709.html

BENGALURU: In what may bring down cases of arrest or coercive action by the goods and services tax (GST) officers, the Central Board of Indirect Taxes and Customs (CBIC) has clarified that GST cannot be recovered from the supplier in case of fake invoicing, even as penalty shall be levied.

07 Jul 2022 01:45 PM

GST: At 5 years, India’s historic tax reform is out of fuel

Source: https://www.livemint.com/news/india/gst-at-5-years-india-s-historic-one-nation-one-tax-reform-is-out-offuel-11657151662110.html

Five years ago, India’s federal and state governments struck a historic deal. From July 1, 2017, a uniform tax on goods and services — marketed by Prime Minister Narendra Modi as “One Nation, One Tax, One Market" — replaced a bewildering array of local sales and entry levies. But the many compromises that were struck to bring more than 1 billion people living in 29 states on board are impairing the groundbreaking reform.

07 Jul 2022 05:41 PM

Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment

Source: https://economictimes.indiatimes.com/small-biz/gst/govt-notifies-procedural-changes-in-gst-rules-interest-to-be-charged-for-wrongful-credit-availment/articleshow/92714988.cms

With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes. Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022, are exempt from filing annual returns for 2021-22, as per the amended rules.

The amendment also clarified that interest on incorrect availment of input tax credit (ITC) would only apply in cases where such credit is utilised. The Finance Act had brought in a provision related to levying of interest on ITC wrongly availed and utilised.

07 Jul 2022 05:48 PM

GSTN advisories does not carry any legal binding on CBIC- RTI Reply

Source: https://taxguru.in/goods-and-service-tax/gstn-advisories-legal-binding-cbic-rti-reply.html

Sub: Your RTI Application No. CRECE/R/T/22/00612 and CBECE/R/T/22/00613 and CBECE/R/T/22/00613 dated 18.05.2022 under RTI Act, 2005.

07 Jul 2022 06:45 PM

DGGI-MZU busts Fake GST ITC of ₹35.11 Crores

Source: https://taxguru.in/goods-and-service-tax/dggi-mzu-busts-fake-gst-itc-%e2%82%b9-35-11-crores.html

The Mumbai Zonal Unit of the Directorate General of GST Intelligence [DGGI-MZU] on Saturday, 2 July 2022 arrested Amanpuneet Singh Kohli, Director of M/s. Immensa Multiventures Pvt. Ltd. and six other Companies under the provisions of the CGST Act, 2017. As per DGGI-MZU, Shri Amanpuneet Singh Kohli is the keyperson and mastermind behind several other firms, which he has operated through dummy proprietors. Shri Kohli was arrested on charges of having fraudulently availed & utilized Input Tax Credit [ITC] on the basis of invoices received, without any actual receipt or supply of goods or services for these firms.

07 Jul 2022 06:52 PM

Perks provided by employer to an employee not liable to GST: CBIC clarifies

Source: https://www.livemint.com/companies/news/perks-provided-by-employer-to-an-employee-not-liable-to-gst-cbic-clarifies-11657198503779.html

BENGALURU : Perquisites provided by an employer to an employee under the contractual agreement would not be subjected to goods and services tax (GST), the central board of indirect taxes and customs has clarified, which would put an end to ongoing litigations on the issue. This will be applicable from July 2017. This is part of the slew of clarifications that the Board has issued regarding decisions by the GST Council taken during the two-day meeting in Chandigarh last week.

06 Jul 2022 11:20 AM

Impact of 5% GST on non-ICU hospital rooms not significant: Revenue secretary

Source: https://www.livemint.com/news/india/impact-of-5-gst-on-non-icu-hospital-rooms-not-significant-revenue-secretary-11657028884181.html

The 5% GST on non-ICU hospital rooms that cost more than ₹5,000 will not have a significant impact on the affordability of healthcare for a significant portion of the population, said Revenue Secretary Tarun Bajaj.

06 Jul 2022 11:25 AM

PLI scheme has potential to add 4% to India's GDP annually, here's why

Source: https://www.livemint.com/news/india/pli-scheme-has-potential-to-add-4-to-india-s-gdp-annually-here-s-why-11657031820004.html

The production-linked incentives (PLI) scheme which is expected to boost the manufacturing sector has the potential to 4% to GDP per annum in terms of incremental revenues. The scheme which is aimed to offering nearly ₹2.4 lakh crore incentives in key business areas over the next five years, has seen maximum response from the electronics, auto components, and pharma sectors, according to Emkay Investment Managers.