Times News Network
The government has extended the time for levy of GST compensation cess by nearly 4 years till March 31, 2026. As per the Goods and Services Tax (Period of Levy and Collection of Cess) Rules, 2022, notified by the finance ministry, the compensation cess will continue to be levied from July 1, 2022 to March … Read More “GST compensation cess levy extended till March 2026” »
The GST Council at its meeting next week is likely to be a stormy affair with the opposition-ruled states aggressively pushing for the continuation of compensation for revenue loss, while the Centre will defend such a move citing a tight revenue position. To meet the shortfall in the GST compensation fund, the Centre has borrowed … Read More “States to push for continuing GST compensation beyond June; Centre to cite tight revenue position” »
A group of ministers (GoM) reviewing the Goods and Services Tax (GST) rates has decided to remove exemption for packaged food items, if sold under unregistered brands. These items will be taxed at 5%, the rate for branded food. The move is in the wake of misuse of the exemption for unbranded food by a … Read More “Unregistered food brands also to attract 5% GST: Group of ministers” »
By Archit Gupta Credit and Finance for MSMEs: The fraudulent Input Tax Credit (ITC) claims have been on the rise, especially with the uncovering of many fake firms which were set up to issue fake invoices. This may have prompted the government to consider a revision in the GSTR-3B format to curb and combat the … Read More “Can modifications in GSTR-3B format put an end to fake invoicing menace?” »
About 90 per cent of Indian industry leaders feel that GST has made doing business easier by bringing down barriers across the country, a Deloitte survey said on Wednesday. The GST regime has also positively affected the prices and costs of goods and services to end consumers, along with helping companies optimise their supply chains, … Read More “90% of businesses feel GST made doing business easy: Deloitte survey” »
By Mahesh Jaising Business and investor communities around the world are buzzing with all sorts of crypto-discussions triggered by developments in blockchain technology. In a very short period of time, the virtual digital assets (VDAs) space has evolved from just cryptocurrencies to tokens, stablecoins, non-fungible tokens (NFT), and a digital representation of everything along with … Read More “Clarify GST laws for VDAs” »
Aided by better compliance, higher commodity prices and revival of economic activities, the Centre’s net tax revenue in the current financial year may be around Rs 20.62 trillion, Rs 1.28 trillion or 6.6% more than the budget estimate (BE) of Rs 19.34 trillion, according to the analysts. Buoyancy in the gross tax revenue (GTR) could … Read More “Govt’s net tax revenue seen to exceed budget estimate by Rs 1.3 trillion” »
Amid global challenges, managing inflation, improving infrastructure and macroeconomic stability are crucial to reviving animal spirits and stimulating growth, an article published in the RBI Bulletin said on Tuesday. The article, entitled ‘State of the Economy’, notes that the Indian economy consolidated its recovery, with most components exceeding pre-pandemic activity levels. It said clouds of … Read More “Low inflation and higher infrain investment key to stimulate growth: RBI article” »
Easy business for MSMEs: One of the reasons for the low digital prevalence of MSMEs is the complex Goods and Services Tax (GST) compliance requirements required to make the transition from offline to online sales platforms, said the MSME body Federation of Indian Micro and Small & Medium Enterprises (FISME). “Only about 10 percent of … Read More “Complex GST compliance for sale online among the reasons for MSME’s low digital penetration: FISME” »
Ahead of the Goods and Services Tax (GST) Council meeting in a month or so, Central Board of Indirect Taxes and Customs (CBIC) chairman Vivek Johri on Thursday said that reforms in the rate structures and rationalization of tax rates are crucial for improving revenue efficiency and buoyancy. GST collections have been consistently higher than … Read More “Rationalization of tax rates to aid in revenue buoyancy: CBIC chairman” »
