GST exemption on domestic supplies, commercial imports of COVID drugs to make them costlier: FM

Finance Minister Nirmala Sitharaman on Sunday said GST exemption to domestic supplies and commercial import of COVID drugs, vaccines and oxygen concentrators would make these items costlier for consumers as manufacturers would not be able to offset the taxes paid on inputs. Currently, domestic supplies and commercial imports of vaccines attract a 5 per cent … Read more

Non-FCRA listed NGOs may have to pay tax on foreign oxygen device gifts

Indian non-profit organisations and individuals getting oxygen concentrators as gifts from overseas may end up paying goods and services tax and customs duty on them even though the government has offered relief on the devices, which are in short supply during the ongoing second Covid-19 wave. The government has waived integrated GST and customs duty … Read more

Inflation and lockdown worries weigh on G-secs; yields rise 10 bps

MUMBAI: The benchmark bond yield surged Thursday pulling prices down as an unexpected wholesale price rise coupled with an estimated economic cost of localised lockdown weighed on investor sentiment. The move came on a day when the Reserve Bank of India conducted its first government securities acquisition programme (G-SAP), a mechanism to keep rising yields … Read more

Parliament Watch: CAG recommends end-to-end computerisation of SCN and adjudication process for GST regime

COMPUTERISED GST ADJUDICATION The Comptroller and Auditor General (CAG) has recommended end-to-end computerisation of the show cause notices (SCN) and adjudication process for GST regime and a definite time frame for rollout of simplified GST return forms. “The process of issuance of SCN may be computerised with inbuilt controls to ensure correct computation of demand, … Read more

Taxpayers can use ITC to discharge GST dues for March

The Finance Ministry on Saturday said GST taxpayers can utilise the Input Tax Credit available in their credit ledger to discharge their GST dues for the month of March. “Taxpayers are free to utilise the Input Tax Credit available in their credit ledger, as permissible in law, to discharge their GST dues for the month … Read more

Steps taken by govt during pandemic yielding results; economy on ‘V-shaped’ recovery: Anurag Thakur

Steps taken by the government to deal with COVID-19 pandemic are resulting in ‘V-shaped’ economic recovery and the country is likely to witness double-digit growth in 2021-22, Minister of State for Finance Anurag Singh Thakur said on Thursday in the Lok Sabha. Replying to a discussion on the second and final batch of the supplementary … Read more

Bharat bandh: Services that could be affected today

Today is the day of the Bharat Vyapar Bandh called by the Confederation of All India Traders (CAIT) to protest against “draconian” rules of GST and foul play by etail giants. According to claims made by CAIT, over 40,000 business organisations across India involving more than 8 crore traders will keep their businesses shut. The … Read more

Farm laws will make agri sector flexible to deal with future uncertainty: Sanjeev Sanyal

The Centre’s three farm laws were aimed at making India’s farm sector flexible to deal with uncertain future events such as climate change and changing consumer behaviour, according to Sanjeev Sanyal, principal economic adviser at the finance ministry. The farmer protests are unlikely to dent the economy or have any impact on the national gross … Read more

Exporters drag DRI to various high courts over GST exemption notices

Mumbai: Exporters have dragged the Revenue Intelligence (DRI), India’s primary anti-smuggling intelligence agency to various courts following notices over allegedly wrongfully availing Goods and Services Tax (GST) exemptions. Exporters have filed various writ petitions in Gujarat High Court, Punjab High Court, Bombay High Court and Madras High Court. Some of the courts have decided to … Read more