- 30 Nov 2021 03:11 PM
- New
Gross GST Collection in FY 2021-22 shows increasing trend
Source: https://taxguru.in/goods-and-service-tax/gross-gst-collection-fy-2021-22-shows-increasing-trend.html
The gross GST Collection in FY 2021-22 post COVID-19 pandemic outbreak are showing an increasing trend. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in written reply to a question in Lok Sabha today.
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- 29 Nov 2021 02:20 PM
- New
CBIC tells officials to help boost Nov GST collections
The indirect tax authority urged senior officials to guide field officers to gently remind all taxpayers to file returns and deposit the due tax amount in time
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- 26 Nov 2021 02:17 PM
- New
Centre urged to defer GST rate hike on apparels
The proposed merger of 12 per cent and 18 per cent slabs to a single rate will result in a staggering increase of 30 per cent in the GST rate for garments.
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- 26 Nov 2021 03:02 PM
‘Completely unjustifiable’ GST rate hike on apparel, textiles and footwear show the Govt has no easy choices
The Government wanted to correct a tax anomaly, but in the process the apparel, textiles and footwear sectors believe the move would lead to a significant hike in their cost of production.
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- 24 Nov 2021 03:41 PM
Retailers Association of India urges govt to reconsider proposed GST rate hike on textiles, apparels
RAI asked "the central and state governments and GST Council to reconsider its decision to prevent a complete collapse of the sector and maintain an atmosphere of hope and certainty." It further said, "A far more beneficial and reasonable solution is to make the entire value chain subject to a flat 5 % GST rate. This will not only resolve the inverted duty structure anomaly but also give a fillip to the industry."
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- 24 Nov 2021 04:10 PM
GoM to meet on Nov 27 to finalise report on GST rate rationalisation
Sources said the Fitment committee, comprising tax officers from states and the centre, has made many "sweeping" recommendations regarding slab and rate changes and taking items out of the exemption list.
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- 22 Nov 2021 02:09 PM
Finance Ministry notifies 12% GST rate on MMF, yarn, fabrics from January 1; corrects duty anomaly
Experts said though there is a provision in GST law to claim the unutilised Input Tax Credit (ITC) as a refund, there were other complications and resulted in more compliance burden. The inverted tax structure caused an effective increase in the rate of taxation of the sector.
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- 20 Nov 2021 02:40 PM
Clothing manufacturers disappointed over higher GST rates on apparel
CBIC on Thursday notified raising GST rate to 12% from 5% on fabrics, apparel from January 2022. Also, GST on apparel of any value has been increased to 12%. Earlier, GST was 5% for sale value up to ₹1,000 per piece
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- 20 Nov 2021 03:24 PM
GST could see major overhaul; reducing tax slabs, pruning exempt list on table
The new regime may have just three major tax rates covering most of the items against four now - 5%, 12%, 18% and 28%. The recast will seek to simplify the regime as well as lift revenue.
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- 18 Nov 2021 02:42 PM
GST: Activity of development and sale of land attract tax under GST?
AAR, Karnataka rules in case of Bengaluru firm Maarq Spaces has held that Selling land does not attract the Goods and Services Tax, but if someone develops and sells a parcel, then it comes under the GST ambit, according to the Authority of Advance Ruling (AAR) in Karnataka. It held that the activities envisaged under the Joint Development Agreement between the applicant and the landowners amount to supply of service, liable to be taxed under GST. AAR has rejected applicant’s plea that it is primarily engaged in sale of land, which is not liable to be taxed. Even though AAR’s ruling is applicable for applicant and the jurisdictional officer only, but can be used for persuasion in similar cases.
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