GST
GST collection for Oct at over Rs 1.30 lakh cr
The gross GST revenue collected in the month of October 2021 stood at Rs 1,30,127 crore, which is a growth of 24 per cent over the GST revenues in the same month last year and 36 per cent over 2019-20. The revenue for October is also the second highest ever since introduction of GST, second only to that in April 2021, which is related to year-end revenues.
Jolt amid power crisis, inverters to attract dual taxes
Accordingly, an inverter system with battery will attract 18 per cent GST towards the power backup machine while another 28 per cent on the battery coming with it. The Central Board of Indirect Taxes and Customs (CBIC) has clarified that even if the UPS/ inverter and external battery are sold on the same invoice, their prices are separately known, and they constitute two separately identifiable items.
Service rendered by govt, not its agency, only exempt from GST
Services by the Central government, state government, Union Territory or local authority are exempt from GST but this rule has a few exception, including services provided to business entities. The AAR Telangana ruled that e-procurement transaction fee collected by an agency on behalf of the government is chargeable to GST.
Multiple rates, applications make GST more complicated, Revenue Dept pushed to issue clarifications
The GST regime with five major different rates and few more for certain special products had created more confusion for taxpayers than bringing about simplicity. This confusion often results in litigation that affects both the authorities and well as taxpayers. In order to remove some of confusion created by differential tax rates and it applications, the Revenue Department has issued a circular directed at all the operative officials giving clarifications
No additional borrowing by Centre to meet GST compensation of states in FY22
Government officials said the current revenue position, where both direct and indirect tax kitty of the government had seen a sharp rise, will prevent it from additional borrowing even if it meets full GST compensation shortfall for states during FY22. The centre has pegged its gross borrowing target for FY22 at Rs 12.5 lakh crore in the Union Budget 2021-22, presented by Finance Minister Nirmala Sitharaman
Court order to affect working capital of companies filing GST appeals
Recently, the Division Bench of the Orissa High Court held that pre-deposit at the time of filing an appeal under section 107(6) of the Central Goods and Services Tax Act, 2017 (CGST Act) cannot be made by debiting the Electronic Credit Ledger (ECRL).
Govt resumes E-way bill blocking facility for non-compliant taxpayers
E-way bill is a permit needed for inter-state and intra-state transportation of goods. If this permit is blocked, the business of traders dealing sale of goods or service across multiple locations in the country would come to a standstill. As per an advisory issued by The Goods and Service Tax Network (GSTN), a non-profit, non-government organisation which manages the entire IT system of the GST portal, the government has resumed blocking of EWB facility.
Three-tier GST rate structure likely by next fiscal
Sources working on the GST rate rational said that a three rate tax structure may become a reality early next fiscal after the views of a group of ministers (GoM) set for purpose is presented before the GST Council. The idea is, sources said, to move away from the present broad five rate structure of zero, 5, 12, 18 and 28 per cent to just three of 5, 18 and 28 per cent.
Path to recovery: GST collection for Sep at over Rs 1.17 lakh cr
The gross GST revenue collected in September stood at Rs 1,17,010 crore, a growth of 23 per cent over the same month last year. It is also higher than last month's (August, 2021) collection of Rs 1,12,020 crore. The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement.
Service given by corporate offices to their branches taxable
This would mean companies having separate GST registration for its head offices and branches would need to pay GST on the services that a head offices gives to its branches and receive payment for it. The order on the issue came from Maharashtra AAR or MAAR on application filed by Pune-based B.G. Shirke Construction Technology Private Limited.
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