14 Jun 2022 03:47 PM
New

Forget GST, tax cryptos like shares

Source: https://www.livemint.com/opinion/online-views/forget-gst-tax-cryptos-like-shares-11655124348857.html

India wants to tax crypto transactions under its goods and services tax (GST) regime, but officials aren’t sure whether to classify these digital assets as goods or services. Law officers are grappling with several questions: Should these digital assets qualify as goods or services? Who would be liable to pay GST? On what value would the levy apply? And anyway, valuation is tricky as these digital assets are volatile.

11 Jun 2022 04:17 PM
New

CBI Arrests 3 Accused Including Superintendents of GST, Customs

Source: https://taxguru.in/goods-and-service-tax/cbi-arrests-accused-including-superintendents-gst-customs.html

CBI Arrests Three Accused Including Superintendents of GST, Customs In Separate Cases of Bribery

10 Jun 2022 05:10 PM
New

GST Council Newsletter for the month of May, 2022

Source: https://taxguru.in/goods-and-service-tax/gst-council-newsletter-month-may-2022.html

GST collection crosses Rs.1.40 lakh crore mark 4th time since inception of GST; 3rd month at a stretch since March, 2022 The gross GST revenue collected in the month of May, 2022 is Rs.1,40,885 crore of which CGST is Rs. 25,036 crore, SGST is Rs.32,001 crore, IGST is Rs.73,345 crore (including Rs. 37469 crore collected on import of goods) and cess is Rs. 10,502 crore (including Rs. 931 crore collected on import of goods).

09 Jun 2022 04:20 PM

GST Council may bring rate on li-ion cells on par with EVs

Source: https://www.livemint.com/auto-news/gst-council-may-bring-rate-on-li-ion-cells-on-par-with-evs-11654712945007.html

NEW DELHI : India may cut the goods and services tax on lithium-ion batteries and bring them on a par with taxes on electric vehicles to give a fillip to its green mobility plans.

09 Jun 2022 06:05 PM

Indian economy likely to be $20 trillion by 2040: Chief Economic Advisor

Source: https://www.livemint.com/news/india/indian-economy-likely-to-be-20-trillion-by-2040-chief-economic-advisor-anantha-nageswaran-11654732436798.html

CEA V Anantha Nageswaran said that the structural reforms of Prime Minister Narendra Modi government, such as GST and the IBC will manifest their advantages and potential in the coming decade

09 Jun 2022 06:26 PM

CAs authorised to Appear before GST Authorities- Gorakhpur Commissioner clarifies

Source: https://taxguru.in/goods-and-service-tax/cas-authorised-appear-gst-authorities-gorakhpur-commissioner-clarifies.html

On meeting with DM and Commissioner by the Chartered Accountants of Gorakhpur, Finally Clarification issued by the GST Addl Commissioner of Gorakhpur that CAs are authorised to Appear before GST Authorities.

08 Jun 2022 12:22 PM

Income from property rented out: GST AAR makes an important ruling

Source: https://economictimes.indiatimes.com/small-biz/gst/income-from-property-rented-out-gst-aar-makes-an-important-ruling/articleshow/92073684.cms

In an advance ruling under GST, the Maharashtra AAR has ruled that the amount received under lease rental services for residential purposes will be outside the ambit of GST.

08 Jun 2022 05:55 PM

Sitharaman says India’s fundamentals sound because of steps taken by govt

Source: https://www.livemint.com/economy/sitharaman-says-india-s-fundamentals-sound-because-of-steps-taken-by-govt-11654686262359.html

Finance minister Nirmala Sitharaman on Wednesday said India’s fundamentals are sound due to several steps taken by the government such as reducing corporate tax, ensuring that the economy is greatly digitized and bringing in the Goods and Service Tax (GST) and bankruptcy code.

07 Jun 2022 01:54 PM

New Functionalities for Taxpayers on GST Portal (May, 2022)

Source: https://taxguru.in/goods-and-service-tax/functionalities-taxpayers-gst-portal-may-2022.html

To establish correctness of the bank account and to verify whether it matches with the PAN of the business, validation of the bank account details provided at the time of GST Registration/ Creation of Temp ID by the taxpayers is being done with CBDT database.

06 Jun 2022 01:47 PM

GST E-Invoice System User Manual for Tax Payers

Source: https://taxguru.in/goods-and-service-tax/gst-e-invoice-system-user-manual-tax-payers.html

The GST Council has approved introduction of ‘E-invoicing’ or ‘electronic invoicing’ in a phased manner for reporting of business to business (B2B) invoices to GST System.