- 26 Nov 2021 03:02 PM
- New
‘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
- New
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
- New
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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- 18 Nov 2021 03:06 PM
Grants, non-philanthropic donations received by charitable trusts to attract 18 pc GST: AAR
Jayshankar Gramin Va Adivasi Vikas Sanstha Sangamner, a Charitable trust registered under Maharashtra Public Charitable Trust Act 1950, had approached the Maharashtra bench of the Authority for Advance Ruling (AAR), seeking clarity on whether it is liable to pay GST on the amounts received in the form of donations/grants from various entities, including the central and state governments.
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- 17 Nov 2021 01:52 PM
Industry body calls for lower GST on phones, components
ICEA said that GST rates on mobiles and components should be brought down to 12% and 5%
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- 16 Nov 2021 02:13 PM
E-way bill generation slackens in November post festive season spur
About 24.1 million e-way bills were generated in the first half, with the daily average at 1.72 million. The full month is likely to see around 52 million e-way bills, and experts said the situation needs to be monitored carefully as e-way bill generation is a proximate indicator of Goods and Services Tax (GST) collection.
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