Govt exempts GST on 11 food items when sold loose. See list
India | July 19, 2022 15:59 ISTGST News: The government has exempted GST from being levied on several food items if they are sold in loose. Check out the list.
GST News: The government has exempted GST from being levied on several food items if they are sold in loose. Check out the list.
Severa non-BJP ruled states want the compensation regime to be extended by 5 years or the share of states in the GST revenues be increased to 70-80 per cent from the current 50 per cent.
Many are hopeful that this time apart from petrol and diesel, a decision should be taken on bringing liquor under GST. However, there is no official word on these developments.
GST Council meet: The council may see a stormy discussion around compensation payout to states with opposition-ruled states aggressively pushing for its continuation beyond the five-year period which ends in June.
GST Collections: This is the fourth time when GST collections crossed Rs 1.40 lakh crore mark since the inception of the tax regime in July 2017 and the third straight month since March 2022.
GST Slabs Changes News: Reducing GST slabs will involve raising taxes on some items and a reduction as well on a few items.
A meeting of the Goods and Services Tax (GST) Council, the highest decision-making body in the GST matter, is likely to be held next month.
At present, services of casinos, horse racing and online gaming attract 18 per cent GST.
The record GST collection is also a sound indicator of the national capital's economy recovering fast after the devastation caused by the three waves of COVID during past 2-years, officials said.
A group comprising ministers from states is yet to finalise a report on rationalisation of GST rates and a decision will be taken in due course, sources said.
Goods and Services Tax (GST) collection in August at over Rs 1.12 lakh crore: Finance Ministry.
Passing the ruling, the AAR said the supply of vouchers are taxable as goods and will attract an 18 per cent goods and services tax.
Out of the total revenue collected CGST was Rs 22,197 cr, SGST was Rs 28,541 cr, IGST was Rs 57,864 cr- including Rs 27,900 cr collected on import of goods- and Cess was Rs 7,790 cr- including Rs 815 cr collected on import of goods.
E-invoice is an electronic authentication technique under the GST framework.
The members of the Federation of Karnataka Chambers of Commerce and Industry (FKCCI) appealed to Nirmala Sitharaman to bring petrol and diesel under the GST regime.
Digitisation has become an inevitable necessity for MSMEs to fulfil the GST compliance requirements.
Modifying the AAR verdict, the AAAR has clarified that GST will be levied not on the supply of vouchers but on the underlying supply of goods/ services at the time of redemption and the time for payment of GST will be dependent on the provisions detailed in the GST law.
No further relaxation is likely in terms of e-invoicing as the Centre is set to go ahead with the decision to make GST e-invoicing mandatory for companies with an annual turnover of over Rs 500 crore for their business-to-business transactions starting October 1.
"Year-end collections are always highest as there is pressure on field officers to meet the targets," said Amit Bhagat, Partner, indirect tax practice, Dhruva Advisors.
Sources said the revenue department is mulling on the idea of a national bench of AAAR since it feels that the Authority for Advance Ruling (AAR) mechanism in its current form is not serving its objective of providing certainty to taxpayers under the Goods and Services Tax (GST) regime.
Top News
Latest News
