- 09 Jul 2022 11:13 AM
- New
Finance Ministry announces GST exemption on sale of national flag. Details here
Sale of the Indian national flag, irrespective of whether machine made or of polyester, is exempt from the Goods and Services Tax (GST), the finance ministry said on Friday. Hand-woven, hand-spun national flags made of cotton, silk, wool or Khadi are already exempt from GST. In an office memorandum, the Revenue Department clarified that polyester or machine-made tricolour too would be exempt from the levy following amendments to the 'Flag Code of India, 2002' in December last year.
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- 08 Jul 2022 11:31 AM
- New
Traders to write to state finance ministers to rollback 5% GST on pre-packed and unbranded food
BENGALURU : Traders across the country have demanded the withdrawal of the goods and services tax (GST) council’s decision to do away with exemption on pre-packed and unbranded food items and impose a 5% tax.
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- 08 Jul 2022 11:49 AM
- New
GST 2.0 may be free of jurisdiction: Vivek Johri, chairman, CBIC
New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.
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- 08 Jul 2022 11:55 AM
GST Council Newsletter for the month of June, 2022
Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-june-2022.html
The 47th GST Council met under the chairmanship of Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman in Chandigarh on 28th and 29th of June, 2022. The meeting was also attended by Union Minister of State for Finance Shri Pankaj Choudhary besides Finance Ministers of States & UTs and senior officers of the Ministry of Finance & States/ UTs.
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- 08 Jul 2022 01:41 PM
GST Council forms GST Appellate Tribunal panel, to submit report by month-end
The GST Council has set up a Group of Ministers, chaired by Haryana Deputy Chief Minister Dushyant Chautala, to suggest required changes in the law for setting up the GST Appellate Tribunal (GSTAT). The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, had last week decided to constitute a Group of Ministers (GoM) to address various concerns raised by states in relation to constitution of the GSTAT.
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- 08 Jul 2022 02:32 PM
Panel on GST Appellate Tribunal formed, report by month-end
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.
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- 08 Jul 2022 05:20 PM
Decision on GST levy on casinos and online gaming on July 12
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.
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- 08 Jul 2022 05:25 PM
CBIC clarification on penalty for fake invoicing to reduce arrests, say tax experts
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.
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- 07 Jul 2022 01:45 PM
GST: At 5 years, India’s historic tax reform is out of fuel
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.
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- 07 Jul 2022 05:41 PM
Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment
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.