GST Ready India

GST Ready India’s Latest News and Updates

GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting

Jun 05, 2018

GST: Centre planning to revamp AAR mechanism to deal with contradictory rulings

The government is planning to revamp the advance ruling mechanism under GST by setting up either a centralised authority or 4 regional authorities, in the wake of the contradictory orders passed by AARs in different states.

Under the Goods and Services Tax (GST) law, each state is required to set up Authority for Advance Rulings (AAR) comprising one member from the central tax department, and the other from the respective state. Click to read more

Govt planning to revamp GST AAR mechanism to deal with contradictory rulings

The government is planning to revamp the advance ruling mechanism under GST by setting up either a centralised authority or 4 regional authorities, in the wake of the contradictory orders passed by AARs in different states.

Under the Goods and Services Tax (GST) law, each state is required to set up Authority for Advance Rulings (AAR) comprising one member from the central tax department, and the other from the respective state. Click to read more

GST Council may bring natural gas, aviation turbine fuel under its purview at next meeting

The Goods and Services Tax Council is likely to bring in two petroleum products – natural gas and aviation turbine fuel (ATF) – under the ambit of the new indirect tax system at its next meeting, a senior government official told Moneycontrol. The date of the Council meeting is yet to be decided but it is expected to happen later this month, the official said.

The rate at which these two products will be taxed is yet to be decided, the official said, adding that ATF may attract 12 percent tax. Click to read more

GST from lotteries fetch nine state governments nearly Rs 3,950 crore

If Lady Luck is on your side, three ‘tenners’ on a lottery ticket can fetch you Rs 75 lakh. And if she’s not, you lose your three tenners, but you’ve still done your good deed for the day. That’s Karunya, a welfare lottery scheme run by the Kerala government.

Lottery is not gambling… It’s just trying one’s luck. And even if it is gambling, it’s fine as long as it is done for the benefit of the king or the state,” says Thomas Isaac, finance minister, Kerala, quoting an Indian philosopher. Isaac may sound a bit conceited but he can afford to. The Kerala government launched lotteries worth over Rs 4,000 crore in the previous fiscal, the proceeds of which went towards providing healthcare benefits to several lakh low-income families. Click to read more

Government To Share Unclaimed IGST Between Centre And States

The government will share unclaimed and unsettled integrated Goods and Services Tax collections between the Centre and states, two government officials told BloombergQuint.

The central government has been given powers to provisionally settle the IGST collected in a financial year as per recommendations of the GST Council, the government said in a notification today. The settlement will be adjusted in subsequent months based on returns filed by the taxpayers, the notification added. Click to read more

Mint Primer: How financial services will be taxed under GST

The central board of indirect taxes and customs (CBIC) this week issued a detailed FAQ clarifying queries on the applicability of the goods and services tax (GST) on the financial services sector. Mint takes a look at what this means.

Why is this important?

The government had formed 18 sectoral groups last year to look into issues faced by various sectors to ensure smooth implementation of GST. The FAQ on the financial services sector was the first to be released. It aims to remove ambiguities around the applicability of the tax on various transactions and consequently narrows the scope for future litigation. The FAQs also seek to lessen the compliance burden on financial institutions which already have to register in all states where they operate and file multiple returns. Click to read more

Govt unable to crack GST e-wallet code as export refunds remain unpaid

Even as exporters and the government continue to argue over the quantum of unpaid refunds under the Goods and Services Tax (GST) regime, the much-waited e-wallet mechanism remains a no starter.

Traders had supported the e-wallet mechanism to battle the crippling liquidity crunch that had set in after GST was imposed. Subsequently, a decision to adopt a mechanism such as this was taken at the 22nd GST Council meet on October 6, last year with an initial deadline for April 1. After the deadline was missed, the government extended the rollout by another 6 months. Click to read more

GST Notices In Gujarat, Karnataka And Hyderabad Have Taxpayers Worried

As the Goods and Services Tax regime nears one year of implementation, the tax department is starting to tighten the screws on inconsistencies in the returns filed and credits claimed.

BloombergQuint knows of instances in which taxpayers in at least three states — Gujarat, Karnataka and Hyderabad — have received two kinds of notices from the department. It could not be ascertained if similar notices have been sent out in other states as well. Click to read more

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