GST
CAIT urges Centre to exempt GST registration for e-commerce sale
GST runs contrary to the vision of "Digital India" of Prime Minister Narendra Modi, it said in a statement, and it urged the Finance Minister to set things right in consultation with the GST Council.
Budget FY23: Realty seeks incentives on home loans, rental income, GST cut on inputs
After facing strong headwinds during the initial days of the pandemic, the real estate sector has largely managed to come out of the turbulent clouds in 2021. To keep the momentum intact in the high-growth potential realty sector, several developers have requested the government to provide incentives on taxes (both principal and interest) for home loans, on the rental housing segment, and extend some concessions on income from renting of housing properties.
Dec YoY GST collection rises 13% to over Rs 1.29 lakh crore
December's collections declined on a sequential basis from Rs 1,31,526 crore reported for November. "The revenues for the month of December 2021 are 13 per cent higher than the GST revenues in the same month last year and 26 per cent higher than the GST revenues in December 2019," the Ministry of Finance said in a statement.
Increased imports, IT raids fuel GST collection
In December 2021, revenues from imports were 36 per cent higher, and the revenues from domestic transactions (including import of services) were 5 per cent higher than the revenues from these sources collected during the same month of 2020.
Swiggy, Zomato to pay 5% GST from today as new rules come into effect | Here're details
The GST council justified the new 5% tax on online food aggregators, arguing that such a move will reduce instances of tax invasion by restaurants. The council meeting notification read that “services by cloud kitchens/central kitchens are covered under ‘restaurant service… under section 9(5) of the CGST Act, 2017’,” will attract this tax rate increase minus the input tax credit.
Firm dealing in cryptocurrency fined Rs 49.20 crore
"The GST of Rs 40.5 crore was not paid. Along with interest and penalty, on December 30, a total of Rs 49.2 crore has been recovered from WazirX," a GST official said. "WazirX exchange is managed by Zanmai Labs Pvt. Ltd and cryptocurrency WRX is owned by Binance Investment Co. Ltd, Seychelles. The Goods and Services Tax (GST) officials also found that the rate of commission was different for both the transactions.
India Inc welcomes deferment of GST hike on textiles
According to reports, the council has deferred the proposal on the back of reservations from state governments and industry.
November GST collection rises to over Rs 1.31 lakh Cr
Accordingly, the gross GST collection rose to Rs 1,31,526 crore last month. This was the second straight month when the gross GST collection crossed Rs 1.30 lakh crore. Besides, the GST revenue for November 2021 was 25 per cent higher than the corresponding period of last year and 27 per cent over the like month of 2019-20. As per the Ministry of Finance, out of the total gross collection, CGST's share was Rs 23,978 crore, SGST was Rs 31,127 crore, IGST about Rs 66,815 crore and Cess was Rs 9,606 crore.
GST Council should rationalise rates: PHD Chamber
As per the industry body, the current rates are not in-sync with demand creation and employment generation in the country. Accordingly, the industry body said that items in category of 12 per cent rate should be reduced to 10 per cent and items in the category of 18 per cent rate should be reduced to 15 per cent.
Traders up in arms against 12% GST on textiles, footwear
CAIT National President B.C. Bhartia and Secretary General Praveen Khandelwal said that in the cotton textile industry there was no inverted tax structure, then why fabric and other cotton textile goods were brought under the 12 per cent bracket. Even in the man-made textile industry, at the stage of manufacturing garments, sarees and all types of made ups, there was no inverted tax issue. Without having any understanding of the stages of the textile industry such a harsh decision will be a regressive step.
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