02 Jul 2022 05:34 PM
New

Track and trace: Tech is powering GST administration and compliances

Source: https://economictimes.indiatimes.com/small-biz/gst/track-and-trace-tech-is-powering-gst-administration-and-compliances/articleshow/92611468.cms

The transition from a multi-tax ‘manual’ environment to a technology-driven, uniform and single GST framework has been an ambitious policy shift.

02 Jul 2022 05:40 PM
New

ICAI Suggestions regarding Removal of Difficulties Order, 2022

Source: https://taxguru.in/goods-and-service-tax/icai-suggestions-removal-difficulties-order-2022.html

The power to remove difficulties available in section 172 of the Central GST Act, 2017 (hereinafter referred to as the CGST Act) was originally due to expire by 30th June 2020 was extended by two years vide Finance Act, 2020 with effect from 30th June 2020. This power has been exercised earlier by the Government to extend due dates to file Form GSTR-1 returns under section 37 and to avail input tax credit under section 16(4) of the CGST Act. With the extension of this power set to expire by 30th June 2022, it is timely that the Government consider the following urgent needs of taxpayers to alleviate their concerns as a one-time measure.

02 Jul 2022 05:46 PM
New

₹1,44,616 crore gross GST Revenue collection for June 2022; increase of 56% year-on-year

Source: https://taxguru.in/goods-and-service-tax/%e2%82%b9144616-crore-gross-gst-revenue-collection-june-2022.html

The gross GST revenue collected in the month of June 2022 is ₹144,616 crore of which CGST is ₹25,306 crore, SGST is ₹32,406 crore, IGST is ₹75887 crore (including ₹40102 crore collected on import of goods) and cess is ₹11,018 crore (including ₹ 1197 crore collected on import of goods). The gross GST collection in June 2022 is the second highest collection next to the April 2022 collection of ₹1,67,540 crore.

01 Jul 2022 04:21 PM

India’s tryst with GST: Let the idea play guide

Source: https://www.livemint.com/opinion/online-views/indias-tryst-with-gst-let-the-idea-play-guide-11656605580688.html

The midnight launch in Parliament five years ago of our tryst with GST, the goods and services tax, was advertised across the country for unifying us into a common market for indirect taxation. Lost in the din of vexation since then over its rickety roll-out and federal friction was GST as a reformist idea for a modern economy drawn from basic economics. For a grasp of why anyone would call it a “good and simple tax", as Prime Minister Narendra Modi did back then, let’s visualize a ‘metaverse’ of sorts, a lab model for taxes as a certainty of life. Anyone keen to set up shop here and earn money would want clarity on success prospects.

01 Jul 2022 04:33 PM

Critics are wrong, GST has strengthened federalism

Source: https://www.livemint.com/opinion/online-views/a-five-year-perspective-on-the-goods-and-services-tax-in-india-11656606563785.html

Today, 1 July 2022, marks five years since India’s introduction of the goods and services tax (GST). I have tracked the passage of the GST from its rocky start, with a matching voucher requirement too demanding for a shaky portal to handle, and fearsome penalties for not submitting forms by the stipulated deadlines.

01 Jul 2022 04:50 PM

GST changes to lift prices, hit household spending

Source: https://www.livemint.com/economy/gst-changes-to-lift-prices-hit-household-spending-11656613652304.html

The Goods and Services Tax Council’s decision to levy tax on several exempted items and raise tax rates on others would drive up inflation and dampen household spending, economists said, besides prompting consumers to switch from unbranded to branded items. Moreover, the burden may fall more on the lower-middle-income class, as most of these items form a significant part of their consumption basket, they added.

01 Jul 2022 04:59 PM

The road after the end of GST compensation

Source: https://www.livemint.com/economy/the-road-after-the-end-of-gst-compensation-11656615799711.html

A five-year constitutionally-guaranteed compensation to states to ensure a compound annual growth rate of 14% in revenues under the Goods and Services Tax (GST) regime came to an end on Thursday, leaving several states in dire need of funds. An attempt to get a last-minute extension at the GST Council meeting earlier this week by representatives of as many as 12 states did not yield the desired results, at least for now.

01 Jul 2022 05:09 PM

In charts, the GST’s five-year report card

Source: https://www.livemint.com/economy/gst-5-not-there-yet-11656616186499.html

Five years ago, the goods and services tax (GST) was launched as one of India’s biggest reforms in recent years, with the purpose of making indirect taxes “good and simple". This is far from being achieved and the indirect tax regime remains complicated, with too many tax brackets and exemptions. Some progress has been made in stabilizing the technology and getting businesses to adapt to the structure through various changes.

01 Jul 2022 05:15 PM

Data recap: Credit card spends, shrinkflation

Source: https://www.livemint.com/news/india/data-recap-credit-card-spends-shrinkflation-11656612188850.html

Every Friday, Plain Facts publishes a compilation of data-based insights, complete with easy-to-read visual charts, to help you delve deeper into the stories reported by Mint in the week gone by. Despite high inflation and rising interest rate, India’s credit card spending has been strong, while consumers are also seeing grammage cuts in day-to-day products. Covid cases are on a continuous rise.

01 Jul 2022 05:24 PM

Small online intra-state traders to get TCS relief

Source: https://www.livemint.com/companies/news/small-online-intra-state-traders-to-get-tcs-relief-11656618565684.html

Small traders who will be allowed to sell through online platforms without goods and services tax (GST) registration from January will be spared the need for a 1% tax to be collected at source, said a person familiar with the fine print of the decision taken earlier this week by the GST Council.