GST
Curd, lassi, cheque books, ink among things to turn costlier
Similarly, unbranded but pre-packed curd, lassi, butter milk, food items, grains etc will be brought under the GST net from the exemption list. Writing, printing, or drawing ink will also become costlier. The rate rationalisation decision was taken at the two-day 47th GST Council Meeting, chaired by Union Finance Minister Nirmala Sitharaman, that started in Chandigarh on Tuesday.
GST collections for May at Rs 1.4 lakh cr, up 44% YoY
This is the fourth time the monthly GST collection crossed Rs 1.40 lakh crore mark since inception of GST and the third month at a stretch since March 2022. Of the total collection in May, CGST amounted to Rs 25,036 crore, SGST was Rs 32,001 crore, IGST was Rs 73,345 crore, and cess Rs 10,502 crore.
Centre clears entire GST compensation payable to states till date
The payment was made to assist the states in managing their resources and ensuring that their programmes, especially the expenditure on capital, is carried out successfully during the financial year, it said. "This decision has been taken despite the fact that only about Rs 25,000 crore is available in the GST Compensation Fund.
No restaurant can charge 18% tax on products, says complaint
"The rate of GST on sales by eateries is five per cent whereas on visit to the restaurant of Timber Trail Resorts, Pawanoo, on last May 27, it has been found that this taxable person is charging GST at rate of 18 per cent i.e. nine per cent under the state GST and equal per cent under the Centre GST, whereas the rate of five per cent i.e. 2.5 per cent state GST and 2.5 per cent under Centre GST," Jagga said in a complaint.
Need clarity on ambiguities on GST regime on online gaming: Association
In a statement issued on Thursday, Roland Landers, CEO of All India Gaming Federation said that the gaming industry awaits a clear judgment on GST restructuring and rate rationalisations on the online games.
IAMAI urges GST Council to keep 18% tax on online gaming
Discussions are ongoing among various stakeholders to increase the GST rate to 28 per cent for the online gaming industry. There is no clarity on whether this will apply only to real money games or casual games as well, given that the former being a sub-segment of online gaming.
GST collection touches all-time high in April at Rs 1.68 lakh cr
The gross GST collection has crossed the Rs 1.5 lakh crore-mark for the first time in April 2022 and Rs 1 lakh crore-mark for the 10th month in a row.
'GST Council's GoM to recommend best practices to tax online gaming, horse racing'
Speaking to reporters ahead of the GoM in the national capital on May 2, Godinho, the state's representative to the Council, also said that after the recommendations made by the GoM, the GST council would take a final call on the taxation policy for the three services.
GST Council meet: Extension of compensation cess to be in focus
Among the many items on the Council's agenda, the extension of the GST compensation cess to states could turn out to be a contentious issue if the government refuses to accede to the request, given its vociferous demand from several opposition-rules states.
Reports on states' feedback for GST hikes 'purely speculative': Govt
According to a Ministry of Finance statement, a section of the media has reported that feedback has been sought from states regarding a suggestion for raising Good and Services Tax (GST) rates on as many as 143 items. Some reports have even carried the number and description of the items, the statement said, adding that the GST Council, in its 45th meeting, had formed a Group of Ministers (GoM) to look into the rationalisation of rates and its deliberations are ongoing.
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