GST 2.0: Is this the right time? And what kind of reforms do we need?

GST 2.0: Is this the right time? And what kind of reforms do we need?

The tumultuous years of implementing goods and services tax (GST) in India seem to be over. This indirect and transaction based tax, implemented nationwide in July 2017, has settled in. Most of the teething issues, such as glitches in ‘invoice matching’ and delays in refund, which dragged on for years, have largely been dealt with. … Read more

Taxman asks companies to reverse credit claimed on IPO expenses

Taxman asks companies to reverse credit claimed on IPO expenses

More than 150 companies that have raised funds through initial public offering (IPO) since July 2017 are now staring at additional goods and services tax (GST) liability. Tax authorities have started issuing notices to these companies, asking them to reverse credit claimed on expenses for listing of the shares, people aware of the matter said. … Read more

GST: GoM on online gaming, casinos submits report to Nirmala Sitharaman

GST: GoM on online gaming, casinos submits report to Nirmala Sitharaman

The panel of state ministers set up by the GST Council to look into taxation of online gaming and casinos on Thursday submitted its report to Finance Minister Nirmala Sitharaman. The GST Council, chaired by Sitharaman, may take up the report in its next meeting on Saturday (December 17). “Presented the Second Report of the … Read more

Government may revisit GST hike on scientific equipment

Government may revisit GST hike on scientific equipment

The Centre is likely to revisit the issue of increase in Goods and Services Tax on scientific equipment from 5% to 18%, which had been criticised by the scientific community over its potential impact on India’s research capabilities. Following the July hike, the Department of Science & Technology and the Council for Scientific & Industrial … Read more

Pre-Budget meet: Infrastructure sector demands rationalisation of GST, easier bank credit, hike in public expenditure

Pre-Budget meet: Infrastructure sector demands rationalisation of GST, easier bank credit, hike in public expenditure

The infrastructure industry on Monday demanded rationalisation of Goods and Services Tax (GST), easier bank credit and a hike in public expenditure at the customary pre-budget meeting with Finance Minister Nirmala Sitharaman. Cellular Operators’ Association of India (COAI) in its presentation to the Finance Minister has sought a reduction of levies and taxes on the … Read more

Commerce and Industry Minister Piyush Goyal to meet export promotion councils on October 7

Commerce and Industry Minister Piyush Goyal to meet export promotion councils on October 7

Commerce and Industry Minister Piyush Goyal will meet different export promotion councils on October 7 to discuss ways to promote the growth rate in the country’s outbound shipments, an official said. The meeting assumes significance as India’s exports contracted by 3.52 per cent to USD 32.62 billion in September against USD 33.81 billion in the … Read more

Govt mulls extending April GST payment deadline; asks Infosys to fix glitch on portal

Govt mulls extending April GST payment deadline; asks Infosys to fix glitch on portal

As taxpayers face technical glitch on the GST portal, the government on Tuesday said it is considering extending the April tax payment deadline and has directed for early resolution of the problem. The Central Board of Indirect Taxes and Customs (CBIC) said a technical glitch has been reported by Infosys in generation of April 2022 … Read more

GST Council mulling 28% tax on Bitcoin, other cryptocurrencies

GST Council mulling 28% tax on Bitcoin, other cryptocurrencies

In what could further dampen the mood of crypto investors in the country, the goods and services tax (GST) council is mulling a 28 per cent tax on cryptocurrencies, at par with the current GST on casinos, betting and lottery, multiple media reports claimed on Monday. The services such as crypto mining along with sales … Read more

Centre denies reports of GST council planning to raise 5% tax slab to 8%

Centre denies reports of GST council planning to raise 5% tax slab to 8%

The Central Government has categorically denied the media reports claiming that the Goods and Services Tax (GST) Council is planning to raise a five per cent tax slab to eight per cent, said the government sources. The sources confirmed to ANI that there is no such proposal from the Council, this news is speculative and … Read more

‘Pizza topping is not pizza, so will attract a higher GST levy’

‘Pizza topping is not pizza, so will attract a higher GST levy’

A pizza topping is not a pizza and hence should be classified differently and levied a higher 18% goods and services tax (GST), the Haryana appellate authority for advance ruling (AAAR) has ruled. This could complicate taxation for several pizza brands, especially when the pizzas are sold within a hotel or restaurant, said tax experts. … Read more