GST
GST Council rejigs some rates, extends cess levy, petroleum still out
It also decided to correct inverted duty structure in footwear and textile sectors while deciding to treat food delivery apps such as Zomato and Swiggy as restaurants, thereby, becoming responsible to pay 5 per cent GST on supplies made by them. However, the new system will not make meals dearer since no new tax component has been added.
Govt mulls centralised AAR system to prevent contradictory rulings
Sources said that though the plan is to replace the AARs with a BAR (Board for Advance Ruling) located at the central level with operational centres in Delhi and Mumbai, the state-level AAR mechanism may continue for some time with the BAR coming into play in matters where contradictory orders on applicability and quantum of tax have been given on same or similar items.
Govt may not need special borrowing window for GST compensation to states
The Centre has estimated GST compensation shortfall to states at Rs 1.59 lakh crore for FY22. Out of this, Rs 75,000 crore has already been released as the first installment through regular central borrowings.
Govt may not need special borrowing window for GST compensation to states
The Centre has estimated GST compensation shortfall to states at Rs 1.59 lakh crore for FY22. Out of this, Rs 75,000 crore has already been released as first instalment through regular central borrowings. With GST revenue holding up over Rs 1 lakh crore mark, the collections would now need to be Rs 1.18 lakh crore in the balance months of FY22. This is likely with expectation that overall GST collection may be higher than estimated Rs 14.1 lakh crore.
Path to recovery: GST collection for Aug at over Rs 1.12 lakh cr
The GST revenues during August 2021 were a tad lower than the over Rs 1.16 lakh crore collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 crore. So far this year, collections touched record high of Rs 1.41 lakh crore collection in April and Rs 1.04 lakh crore in May.
GST revenue collection for Aug at over Rs 1.12 lakh cr
Though the GST revenues during August 2021 are a tad lower than the over Rs 1.16 lakh crore collections recorded in the previous month, it had maintained pace after the fall witnessed in June when collections fell to Rs 92,849 crore after a record high of Rs 1.41 lakh crore collection made in April and another over Rs 1 lakh collection in May.
Govt extends deadline for availing GST amnesty scheme
The scheme was due to expire on August 31. The government had provided relief to the taxpayers by reducing or waiving late fee for non-furnishing form GSTR-3B for the tax periods from July 2017 to April 2021, if the returns for these tax periods are furnished between June 1 and August 31 this year.
Liaison offices of MNCs without revenue or clients not liable to GST
The Rajasthan bench of AAR has ruled that if the liaison office in India does not render any consultancy or other services directly or indirectly, with or without any consideration and such office does not have significant commitment powers, except those which are required for normal functioning of the office, on behalf of Head Office, then the reimbursement of expenses and salary paid by the head office to it Liaison Office in India.
Your gift and cash back vouchers will now attract 18% GST
In a recent ruling the Authority for Advance Ruling, Karnataka brought supplies of e-vouchers made by marketing firms liable for 18 per cent GST terming these instruments as part of overall supply of goods and service having an underlying value that is taxable. The order will now make marketing companies buying and supplying e-vouchers taxable at the specified rate on the value of purchase of such vouchers.
Diesel not under GST but taxable at 18% as part of composite service
In a significant order, the Karnataka bench of Authority for Advance Ruling (AAR) has ruled that the cost of the diesel incurred for running diesel generator (DG) sets in the course of providing DG rental service is nothing but additional consideration for the supply of DG sets on rent as per section 15 of the CGST/KGST Act and hence attracts 18 pet cent GST (CGST @9 per cent and KGST @ 9 per cent).
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