Johri further said that the tax authorities are also discussing some more tightening in the GST return filing system to limit the scope of claiming Input Tax Credit (ITC), when taxes have not been paid by suppliers in the supply chain.
The changes will be effective from January 1, 2022 to allow the e-commerce operators time to make changes in their software for such tax to be charged.
The Central Board of Indirect Taxes and Customs (CBIC) has launched a special drive to clear all pending GST refunds by month-end.
In August, the Centre gave two options to the states to borrow either Rs 97,000 crore from a special window facilitated by the Reserve Bank of India or Rs 2.35 lakh crore from the market. It had also proposed extending the compensation cess levied on luxury, demerit and sin goods beyond 2022 to repay the borrowing.
The all-powerful GST Council on Friday more than doubled the tax on caffeinated beverages to 40 per cent and slashed the rate on hotel room tariffs. Briefing reporters after a meeting of the panel, Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages has been hiked to 28 per cent plus an additional cess of 12 per cent as against the current rate of 18 per cent.
Discussion to bring petrol and diesel prices under GST in again on the peak. According to reports, trade association 'Associated Chambers of Commerce and Industry of India' or ASSOCHAM has demanded to include petroleum products and stamp duty in GST. If the government considers the recommendation of ASSOCHAM and petroleum products are included in the GST, then the price of petrol and diesel can witness a huge reduction.
The five system generated "red flags" include default in payment of tax and non-filing of GSTR-3B, and mismatch in the input tax credit (ITC) claimed by businesses vis-a-vis the returns filed by the supplier.
The Revenue Department has sent notices to three entities, including retail shopping outlet Lifestyle International, for allegedly not passing benefit of cost reduction to consumers.
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