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<keyword id="19983534" type="General" weightage="100" keywordseo="Hero-MotoCorp" source="keywords" meta.keywordsubtype="org" meta.entityname="Hero MotoCorp" meta.hostid="83" meta.entityid="Hero MotoCorp">Hero MotoCorp</keyword> on Sunday said it has received a <keyword id="19901479" type="General" weightage="20" keywordseo="demand-notice" source="keywords">demand notice</keyword> of over Rs 17 crore from <keyword id="22828708" type="General" weightage="20" keywordseo="Delhi-GST-authorities" source="keywords">Delhi GST authorities</keyword>. The company has received an order for disallowance of <keyword id="19980589" type="General" weightage="20" keywordseo="input-tax-credit" source="keywords">input tax credit</keyword> for FY 2019-20 from the Office of the <keyword id="20263022" type="General" weightage="20" keywordseo="gst-officer" source="keywords">GST Officer</keyword>, <keyword id="22830157" type="General" weightage="20" keywordseo="Government-of-NCT-of-Delhi" source="keywords" meta.keywordsubtype="org" meta.entityname="Government of NCT of Delhi" meta.hostid="83" meta.entityid="Government of NCT of Delhi">Government of NCT of Delhi</keyword>, the two-wheeler major said in a <keyword id="19954258" type="General" weightage="20" keywordseo="regulatory-filing" source="keywords">regulatory filing</keyword>. The company said the tax demand is for Rs 9,38,66,513, interest Rs 7,32,15,880 and penalty Rs 93,86,651 as per the notice. Based on the company's assessment, the tax demand is not maintainable in law, it added. The input tax credit disallowed by the office of the GST Officer, New Delhi, was rightfully claimed by the company as per the provisions of the GST law but disallowed on account of the supplier's non-compliance, which is not attributable to the company, <keyword id="7029" type="General" weightage="20" keywordseo="Hero" source="Orion">Hero</keyword> MotoCorp said. Accordingly, the company shall take appropriate steps, including filing an appeal, it added. There is no material impact on financials, operations or other activities of the company, Hero MotoCorp said.

Hero MotoCorp gets over Rs 17 crore tax notice from Delhi GST authorities

<keyword id="19906778" type="General" weightage="20" keywordseo="Infosys" source="keywords">Infosys</keyword> says that the Karnataka State authorities are withdrawing the pre-show cause <keyword id="19951327" type="General" weightage="20" keywordseo="GST" source="keywords">GST</keyword> notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "The Company has received a communication from Karnataka State authorities, withdrawing the pre-show cause notice and has directed the Company to submit a further response to DGGI central authority on this matter," said Infosys Earlier on Wednesday the Karnataka State GST authorities issued a pre-show cause notice to Infosys for payment of GST of Rs. 32,403 crores for the period July 2017 to March 2022 towards the expenses incurred by overseas branch offices of <keyword id="19916185" type="General" weightage="20" keywordseo="Infosys-Limited" source="keywords" meta.keywordsubtype="org" meta.entityname="Infosys Limited" meta.hostid="345" meta.entityid="Infosys Limited">Infosys Limited</keyword>. The Company responded to the pre-show cause notice and stated that the Company believes that as per regulations, GST is not applicable to these expenses. "Additionally, as per a recent Circular (circular number 210/4/2024 dated June 26, 2024) issued by the Central Board of Indirect Taxes and Customs on the recommendations of the <keyword id="19994390" type="General" weightage="20" keywordseo="gst-council" source="keywords">GST Council</keyword>, services provided by the overseas branches to Indian entity are not subject to GST," said the company. The clarification from Infosys came post news articles published on Wednesday for non-payment of GST towards expenses incurred by the overseas branches of the Company. Infosys said GST payments are eligible for credit or refund against the Infosys says that the Karnataka State authorities are withdrawing the pre-show cause GST notice issued to Infosys with a tax demand of Rs 32,403 crore, the company informed the exchange in a filing on Friday, "Infosys has paid all its GST dues and is fully in compliance with the central and state regulations on this matter," the statement said. (ANI) SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms" target="_blank">Ola Electric IPO – Price band to risk factors, all you need to know</a><a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/nothing-phone-2a-plus-with-dimensity-7350-pro-chipset-launched-in-india-starting-at-29999/articleshow/112164963.cms" target="_blank">Nothing Phone (2a) Plus with Dimensity 7350 Pro chipset launched in India starting at ₹29,999</a><a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/indian-smartphone-shipments-decline-by-2-in-q2-2024-xiaomi-retakes-the-throne/articleshow/112162312.cms" target="_blank">Indian smartphone shipments decline by 2% in Q2 2024, Xiaomi retakes the throne</a>

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

The <keyword id="19994390" type="General" weightage="100" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Monday is expected to deliberate on a host of issues, including <keyword id="20118944" type="General" weightage="20" keywordseo="taxation" source="keywords">taxation</keyword> of insurance premiums, GoM's suggestions on rate rationalisation, and a status report on <keyword id="19939772" type="General" weightage="20" keywordseo="online-gaming" source="keywords">online gaming</keyword>, sources said. Sources said the fitment committee, comprising Centre and state tax officials, will present a report on GST levied on life, health and reinsurance premiums and the revenue implications. The GST Council, chaired by Finance Minister Nirmala Sitharaman and comprising state ministers, will decide on whether to reduce the tax burden on <keyword id="19894985" type="General" weightage="20" keywordseo="health-insurance" source="keywords">health insurance</keyword> from the current 18% or exempt certain categories of individuals, like senior citizens. The deliberations will also happen with regard to the goods and services tax (GST) cut on <keyword id="23083492" type="General" weightage="20" keywordseo="life-insurance-premium" source="keywords">life insurance premium</keyword>. In 2023-24, the Centre and states collected Rs 8,262.94 crore through GST on health <keyword id="22612491" type="General" weightage="20" keywordseo="insurance-premium" source="keywords">insurance premium</keyword>, while Rs 1,484.36 crore was collected on account of GST on health reinsurance premium. The issue of taxation on insurance premium figured in Parliament discussions with opposition members demanding that health and life insurance premiums be exempt from GST. Even Transport Minister Nitin Gadkari wrote to Sitharaman on the issue. Finance Minister Nirmala Sitharaman in her reply to discussion on the Finance Bill had said 75% of the GST collected goes to states and opposition members should ask their state finance ministers to bring the proposal at the GST Council. West Bengal Finance Minister Chandrima Bhattacharya had raised the issue in the meeting of the Group of Ministers (GoM) on rate rationalisation last month and the matter was referred to the fitment committee for further data analysis. The GoM had opined against any tinkering of four-tier GST slab of 5, 12, 18, and 28 % for the time being. The panel, however, had asked the fitment committee to look into any scope for rationalisation of rates of goods and services. With regard to online gaming, Centre and state tax officers will present a "status report" before the GST Council. The report would include <keyword id="20053837" type="General" weightage="20" keywordseo="GST-revenue" source="keywords">GST revenue</keyword> collection from the online gaming sector before and after October 1, 2023. From October 1, 2023, entry-level bets placed on online gaming platforms and casinos were subject to 28% GST. Prior to that, many online gaming companies were not paying 28% GST, arguing that there were differential tax rates for games of skill and games of chance. The GST Council in its meeting in August 2023 had clarified that online gaming platforms were required to pay 28% tax and subsequently, Central GST law was amended to make the taxation provision clear. Offshore gaming platforms were also mandated to register with GST authorities and pay taxes, failing which the government would block those sites. The council had then decided that the taxation on online gaming sector would be reviewed after six months of its implementation. Sources said the Council would deliberate on the status of taxation on the sector, and any change in tax rates is unlikely. Besides, the Council is likely to be apprised about the ongoing drive against fake registration, the success of the drive and action taken against such entities. The total amount of suspected GST evasion would also be presented before the Council. The drive, from August 16, 2024, to October 15, 2024, is aimed at detecting suspicious/fake GSTINs and to conduct requisite verification and further remedial action to weed out these fake billers. In the first drive between May 16, 2023 to July 15, 2023, against fake registration, 21,791 entities (11,392 pertaining to state tax jurisdiction and 10,399 pertaining to CBIC jurisdiction) having GST registration were discovered to be non-existent. An amount of Rs 24,010 crore (state - Rs 8,805 crore + centre - Rs 15,205 crore) of suspected tax evasion was detected during the special drive. Also, the Council would approve notifications, including that of the amnesty scheme, announced in the last council meeting. The council in June meeting took a host of taxpayer-friendly measures, including waiver of interest and penalty for demand notices issued in the first three years of GST -- 2017-18, 2018-19 and 2019-20 -- if the full tax demanded is paid by March 31, 2025. To reduce litigation, a monetary limit for tax officers, to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court was fixed at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively, by the Council. It also recommended a reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under goods and services tax (GST).

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

The <keyword id="19994390" type="General" weightage="20" keywordseo="GST-Council" source="keywords">GST Council</keyword> on Saturday decided to tweak <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword> on items, including accommodation services for students and solar cookers, and took a host of taxpayer-friendly measures including waiver of interest and penalty for demand notices issued in the first three years of <keyword id="6354679" type="General" weightage="100" keywordseo="GST" source="Orion">GST</keyword> rollout. Briefing reporters after the 53rd <keyword id="3680839" type="General" weightage="20" keywordseo="GST-Council-meeting" source="Orion">GST Council meeting</keyword>, Finance Minister <keyword id="129243" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="Orion">Nirmala Sitharaman</keyword> said the Council has recommended to roll-out the biometric-based <keyword id="20433416" type="General" weightage="20" keywordseo="Aadhaar-authentication" source="keywords">Aadhaar authentication</keyword> of registration applicants on pan-India basis in a phased manner. This will help check fraudulent registration done to avail input tax credit and evade taxes. To reduce litigation, the Council decided to fix a monetary limit for tax officers to file appeals before the GST Appellate Tribunal, the High Court and the Supreme Court at Rs 20 lakh, Rs 1 crore and Rs 2 crore, respectively. It also recommended reduction of the quantum of pre-deposit required to be paid by taxpayers for filing of appeals under Goods and Services Tax (GST). The maximum amount of pre-deposit for filing appeal with the appellate authority has been reduced from Rs 25 crore CGST and SGST each to Rs 20 crores CGST and SGST each. This will help ease cash flow and working capital blockage for the taxpayers. "The 53rd GST Council meeting has taken a number of decisions on trade facilitation, easing compliance burden and giving relief to taxpayers in terms of easing compliance," Sitharaman said. The Minister said the next meeting of the GST Council will be held in August in which the Group of Ministers (GoM) on GST rate rationalisation under Bihar Deputy Chief Minister Sumant Chaudhary, will give a presentation on the status of the work and aspects covered by the panel and work pending before the panel. "What was decided in the Council is, when we meet in the next GST Council meeting we will start a discussion on rate rationalisation... There will be a presentation by the GoM irrespective of whether the report is draft... and then Council will start the discussion on rate rationalisation in the next meeting in August," Sitharaman said. The GST Council on Saturday recommended to exempt Accommodation Services of up to Rs 20,000 per person per month from GST. This is subject to the condition that these services are supplied for a minimum continuous period of 90 days. "It's primarily meant for students," Sitharaman said. In a taxpayer friendly move, the Council has decided to waive interest and penalties for demand notices issued under Section 73 of the CGST Act (for cases not involving fraud, suppression or wilful misstatement) for the fiscal years 2017-18, 2018-19 and 2019-20, if the full tax demanded is paid by March 31, 2025. GST, which subsumed 17 local taxes and cesses, was rolled out on July 1, 2017. With its introduction, prices of various products and services used by masses have moderated. As per the CBIC data, mobile phones and many household items including TV, refrigerator, washing machine and AC have become cheaper post GST. It has reduced burden on household income and improved affordability. The Council also decided to refer the standing committee's recommendation to exempt GST on fertiliser and cut rates on raw materials to the GoM on rate rationalisation. Currently, GST is levied at 5 per cent on fertilisers, while its raw materials like sulphuric acid and ammonia face 18 per cent tax. Also the Tax Collected at Source (TCS) rate for e-commerce suppliers has been cut from present 1 per cent to 0.5 per cent, which will ease the financial burden on the suppliers making supplies through E-commerce platform. Besides, services provided by Indian Railways to the general public, namely, sale of platform tickets, facility of retiring rooms/waiting rooms, cloak room services and battery-operated car services as well as intra-railway transactions would be exempt from GST. GST Council has prescribed a uniform rate of 12 per cent on all milk cans meaning steel, iron, aluminum which are irrespective of the use. The Council also recommended a uniform GST rate of 12 per cent on all carton boxes and cases of both corrugated and non-corrugated paper or paper board, which in particular, help the apple growers of Himachal Pradesh and Jammu &amp; Kashmir. All types of Sprinklers, including fire water sprinklers, will attract 12 per cent GST. Solar Cookers, whether it has a single or dual energy source, too will attract a 12 per cent tax. The Council also decided that GST anti-profiteering provisions will have a sunset date of April 1, 2025. Current cases and investigations with regard to profiteering complaints will be handled by the Principal bench of GST Appellate Tribunal (GSTAT), instead of the Competition Commission of India (CCI). Also, the time limit to avail input tax credit w.r.t. any invoice or debit note through any GSTR 3B return filed up to November 30, 2021 for FY 2017-18, 2018-19, 2019-20 and 2020-21, has been fixed at November 30, 2021. Sitharaman said less than two per cent of the total 58.62 lakh taxpayers under Central GST administration has been sent tax notices and the intention of the government is to make GST assessees life easier by reducing compliance requirements. "I want to reassure the assessees that our intent is to make GST assessees life easier, we are working towards less and less compliance. On behalf of the CGST, notices are not being sent left, right and centre. Only 1.96 per cent of all active tax assessees have been sent notices from Central GST," Sitharaman said.

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

<keyword id="19896016" type="General" weightage="20" keywordseo="New-Delhi" source="keywords">New Delhi</keyword>: The 54th Meeting of the <keyword id="21275205" type="General" weightage="20" keywordseo="Goods-and-Services-Tax-Council" source="keywords" meta.keywordsubtype="org" meta.entityname="Goods and Services Tax Council" meta.hostid="261" meta.entityid="Goods and Services Tax Council">Goods and Services Tax Council</keyword> or GST Council, will be held on 9th September 2024 in New Delhi, the GST Council said in a post on social media platform "X" on Tuesday. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> Nirmala Sitharaman said that the next meeting of the GST Council will take place in mid to late August. The aim of this meeting will be to discuss the pending issues of the last meeting. The council is expected to discuss rate rationalisation and compliance, among others. The GST Council, consisting of the Union Finance Minister and representatives from all States and Union Territories, was established to make decisions on various aspects of GST, including <keyword id="20452955" type="General" weightage="20" keywordseo="tax-rates" source="keywords">tax rates</keyword>, exemptions, and administrative procedures. It played a crucial role in shaping the GST framework in India. The last meeting of the GST Council was held on 22 June 2024 this year. During the meeting, the council recommended relaxation to taxation, Input Tax Credit (ITC) claims and demand notices. The GST Council proposes exemptions for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. During the 53rd meeting of the council, it proposed an exemption for specific services offered by Indian Railways to the general public, as well as for intra-railway transactions. The sale of platform tickets and services such as retiring rooms, waiting rooms, cloakroom facilities, and battery-operated car services are now exempt from GST. The 53rd council meeting was marked by several key decisions aimed at easing the compliance burden and providing relief to taxpayers. "Today's <keyword id="20115983" type="General" weightage="100" keywordseo="GST-Council-meeting" source="keywords">GST Council meeting</keyword> has taken a lot of decisions on trade facilitation, easing compliance burden and relief to taxpayers in terms of compliance easing out," the Finance Minister had said. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. The Council, in its June 22 meeting, approved an extension for availing input tax credit (ITC) on any invoice or debit note. To curb government litigation, the Council has recommended setting monetary thresholds for filing appeals by departments: Rs 20 lakh for the GST appellate tribunal, Rs 1 crore for high courts, and Rs 2 crore for the Supreme Court. In a move to assist small taxpayers, the Council, in its last meeting, extended the deadline for furnishing returns from April 30 to June 30 for the fiscal year 2024-25 and subsequent years. The Council, in its last meeting, recommended the phased rollout of biometric-based Aadhaar authentication for GST registration applicants across India. The Council recommended a uniform GST rate of 12 per cent on all milk cans, regardless of their material (steel, iron, or aluminium), to eliminate disputes. The Finance Minister, during the last GST meeting, reiterated the central government's intent to bring petrol and diesel under the Goods and Services Tax (GST) framework. She highlighted that the groundwork for this inclusion was laid during the initial implementation of GST and emphasized that the decision now lies with the state governments. The central government has long maintained that incorporating petrol and diesel into GST would streamline tax rates and potentially reduce prices for consumers.

54th GST Council meeting to take place on September 9 in New Delhi

Prime Minister <keyword id="19895781" type="General" weightage="20" keywordseo="narendra-modi" source="keywords">Narendra Modi</keyword> hailed the seven-year journey of <keyword id="19922145" type="General" weightage="20" keywordseo="Goods-and-Services-Tax" source="keywords">Goods and Services Tax</keyword> (<keyword id="19951327" type="General" weightage="100" keywordseo="GST" source="keywords">GST</keyword>). Quoting a newspaper report, PM tweeted on the social media platform "X" that GST has improved the lives of 140 crore <keyword id="19916609" type="General" weightage="20" keywordseo="Indians" source="keywords">Indians</keyword>. "For us, reforms are a means to improve the lives of 140 crore Indians. After the introduction of GST, goods for household use have become much cheaper." The PM also highlighted that after the implementation of GST, the <keyword id="20044873" type="General" weightage="20" keywordseo="savings" source="keywords">savings</keyword> of the poor and the common man have increased as the GST has reduced <keyword id="20018720" type="General" weightage="20" keywordseo="taxes" source="keywords">taxes</keyword> on various <keyword id="20447338" type="General" weightage="20" keywordseo="household-items" source="keywords">household items</keyword> like flour, curd, detergent, etc. He said, "This has resulted in significant savings for the poor and common man. We are committed to continuing this journey of reforms to transform people's lives". The Goods and Services Tax will complete its seven years on July 1, it was implemented in 2017. After its implementation, the tax has reduced on several products and services used by the common man. As per the Central Board of Indirect Tax and Customs, post GST various daily household items have become cheaper. It includes items like flour, television, detergent, hair oil, soap etc. The GST has amalgamated a large number of central and state taxes into a single tax. It also mitigated the ill effects of cascading or double taxation in a major way and paved the way for a common national market. From the consumers' point of view, the biggest advantage is in terms of reduction in the overall tax burden on goods. The Introduction of GST has also made Indian products more competitive in the domestic and international markets owing to the full neutralisation of input taxes across the value chain of production. On June 22, <keyword id="19956758" type="General" weightage="20" keywordseo="Finance-Minister" source="keywords">Finance Minister</keyword> <keyword id="19916618" type="General" weightage="20" keywordseo="nirmala-sitharaman" source="keywords">Nirmala Sitharaman</keyword> announced that the next meeting of the Goods and Services Tax (GST) Council is tentatively scheduled for mid-to-late August. The GST Council proposed exemptions for specific services offered by <keyword id="19909154" type="General" weightage="20" keywordseo="Indian-Railways" source="keywords" meta.keywordsubtype="org" meta.entityname="Indian Railways" meta.hostid="261" meta.entityid="Indian Railways">Indian Railways</keyword> to the general public, as well as for intra-railway transactions. The GST Council recommended waiving interest penalties on demand notices issued under Section 73 of the GST Act for fiscal years 2017-18, 2018-19, and 2019-20. This section pertains to cases not involving fraud, suppression, or misstatement. Taxpayers who pay the full tax amount demanded in the notice by March 31, 2025, will benefit from this waiver.The Council approved an extension for availing input tax credit (ITC) on any invoice or debit note.

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

Footwear major <keyword id="19980586" type="General" weightage="80" keywordseo="bata-india" source="keywords">Bata India</keyword> has received a notice from the <keyword id="19980587" type="General" weightage="50" keywordseo="state-tax-officer" source="keywords">State Tax Officer</keyword>, Anna Salai Assessment Circle, Chennai, amounting to Rs 60.56 crore, the company said in a filing to the bourses on Thursday. The notice dated December 27, 2023, pertains to several issues raised in a final audit report on December 25, for the 2018-19 financial year, according to the filing. The issues raised include differences in turnover on outward supplies in the monthly GST returns, differences in tax on outward supplies in the GSTR-9 &amp; GSTR-9C returns, excess <keyword id="19980589" type="General" weightage="50" keywordseo="input-tax-credit" source="keywords">Input Tax Credit</keyword> (<keyword id="19896958" type="General" weightage="80" keywordseo="itc" source="keywords">ITC</keyword>) availed, and <keyword id="19980588" type="General" weightage="50" keywordseo="itc-reversal" source="keywords">ITC Reversal</keyword> on credit note. The company said it initially received an audit notice on April 27, 2023, and submitted relevant documents in response. Bata India was given a personal hearing on January 10, 2024, to present its case and provide further information on the disputed issues, as per the filing. The company expressed confidence in its ability to defend the case before the authorities concerned. "It is believed that the company has a good case to defend the matters without any material financial impact," Bata India said. SEE ALSO:<a href="https://www.businessinsider.in/business/auto/webstories/new-electric-scooter-simple-dot-one-comparison-with-ola-s1-pro-electric-scooter/slidelist/106343351.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/webstories/new-electric-scooter-simple-dot-one-comparison-with-ola-s1-pro-electric-scooter/slidelist/106343351.cms" target="_blank">Simple Dot One vs Ola S1 Pro – price, range and features compared</a><a href="https://www.businessinsider.in/business/auto/news/popular-luxury-cars-in-india-in-2023/slidelist/106325299.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/popular-luxury-cars-in-india-in-2023/slidelist/106325299.cms" target="_blank">Mercedes-AMG SL 55 Roadster to Volvo C40 Recharge – The most popular luxury cars in India this year</a><a href="https://www.businessinsider.in/tech/mobile/news/iqoo-12-vs-oneplus-11-vs-samsung-galaxy-s23-the-battle-of-the-affordable-flagships/articleshow/106200031.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/mobile/news/iqoo-12-vs-oneplus-11-vs-samsung-galaxy-s23-the-battle-of-the-affordable-flagships/articleshow/106200031.cms" target="_blank">iQOO 12 vs OnePlus 11 vs Samsung Galaxy S23 – the battle of the affordable flagships</a>

Bata India gets ₹60 crore sales tax notice

India's biggest tax reform, the <keyword id="6359833" type="General" weightage="20" keywordseo="goods-and-services-tax" source="Orion">Goods and Services Tax</keyword> (<keyword id="6354679" type="General" weightage="20" keywordseo="gst" source="Orion">GST</keyword>), completes its half-a-decade journey on June 30, with many hits and some misses, and also brought about a paradigm shift in use of technology to bring about tax compliance and making over Rs 1 lakh crore revenue collection every month 'a new normal'. A nationwide Goods and Services Tax (GST), which subsumed 17 local levies like excise duty, <keyword id="6355686" type="General" weightage="20" keywordseo="service-tax" source="Orion">service tax</keyword> and <keyword id="6370857" type="General" weightage="20" keywordseo="vat" source="Orion">VAT</keyword> and 13 cesses, was rolled out at the stroke of midnight on July 1, 2017. Under GST, a four-rate structure that exempts or imposes a low rate of tax of 5 per cent on essential items and top rate of 28 per cent on cars is levied. The other slabs of tax are 12 and 18 per cent. In the pre-GST era, the total of VAT, excise, CST and their cascading effect led to 31 per cent as tax payable, on an average, for a consumer. Besides, there is a special 3 per cent rate for gold, jewellery and precious stones and 1.5 per cent on cut and polished diamonds. Besides, a cess is levied on the highest tax slab of 28 per cent on luxury, sin and demerit goods. The collection from the cess goes to a separate corpus — Compensation fund — which is used to make up for revenue loss suffered by the state due to GST rollout. GST also represents an unprecedented exercise in fiscal federalism as the Centre and states come together in the GST Council to thrash out modalities for smooth functioning of the relatively new tax regime. The Council has met 47 times so far and have taken measures which made Rs 1 lakh crore <keyword id="4943720" type="General" weightage="20" keywordseo="gst-collection" source="Orion">GST collection</keyword> per month 'a new normal' and on course to take the figure to Rs 1.4 lakh crore every month. As the government releases the June GST collection numbers on July 1, it is widely expected that the collections will follow the past four months' trend and be around Rs 1.4 lakh crore. The collections had touched a record Rs 1.68 lakh crore in April 2022, it had for the first time crossed Rs 1 lakh crore mark in collections in April, 2018. On the 5th anniversary of GST, <keyword id="4336899" type="General" weightage="20" keywordseo="Central-Board-of-Indirect-Taxes-and-Customs" source="Orion">Central Board of Indirect Taxes and Customs</keyword> (CBIC) tweeted "GST subsumed multiple levies and cesses, reduced compliance burden, removed regional imbalances and inter-state barriers, and significantly increased the transparency and overall Revenue collection". Over the past years the Government has been proactively issuing circulars and clarifications to clear doubts regarding taxation under GST and ensure ease of doing business. More recently, the GST Council, in its 47th meeting in Chandigarh, has decided to ease compliance for small taxpayers who supply through the e-commerce platform. Such suppliers, who make only intra-state supplies, need not seek GST registration if their annual turnover is less than Rs 40 lakh in case of goods and Rs 20 lakh in case of supplies. To help tax officers in administration, GST Network, which provides the technological backbone for the indirect tax regime, has been using artificial intelligence and machine learning to dish out newer data and plug revenue leakages. Tax experts, however, seek a simpler structure for Goods and Services Tax, a structure which would ensure seamless flow of input tax credit through the entire supply chain without losses. BDO India Partner and Leader - Indirect Tax Gunjan Prabhakaran said “over the past five years, the GST law has evolved and mitigated several issues faced by the taxpayers through timely clarifications and amendments. "However, the GST Council and the Government should quickly address few other hardships faced by taxpayers in relation to unwarranted and excessive issuance of show cause notices (for reconciliations of financial numbers, grant of registration, etc) and introduce a robust, technology driven single assessment process, which would achieve the twin objective of ease of doing business and remove the cascading effect of taxes". AMRG &amp; Associates Senior Partner Rajat Mohan said in the last five years, GST law has matured at a fast pace. First, the focus was on compliance and technology; sooner than later, it moved gears, and taxpayers were posed to self-regulate the annual filings. "Now it seems the law has entered the next phase whereby litigation needs to be reduced by either replacing ambiguous tax laws or clarifying the practical application of technical issues. Businesses expect the government to resolve all sectoral issues like would BPO/KPO qualify as an intermediary, tax credit for capital expenditure on building, levy of GST on Extra Neutral alcohol (ENA) etc," Mohan said. While the GST administration has moved forward with alacrity, it is still a long way to go to achieve the full potential of GST and make it a true 'good and simple tax'. With petrol, diesel, ATF outside GST, a large part of the economy is still not covered by the indirect tax regime. Inclusion of petroleum products under the GST net, could reduce cost for companies, tax experts say. With emerging technology, there is emergence of newer asset classes like the virtual digital assets (VDA) or cryptocurrency. There is a need for clarity on whether they would be classified as supply of 'goods' or 'services' and what would be the tax rate on them. Tax rate rationalisation is something which would happen sooner or later. Current inflationary concerns may have derailed the plans to tweak rates and GST slabs, but it would eventually be a reality as both the Centre and states need revenues and lesser slabs would mean a simplified tax regime. Besides, the decision makers in the Council too have to work out a solution as state governments, from July 1, 2022, stare at a stoppage of compensation for revenue loss due to GST implementation. When GST was rolled out on July 1, 2017, states were promised a compensation, from the cess fund, for five years if their GST collection falls short of the 14 per cent compounded revenue growth. Most states have sought an extension to the compensation mechanism and a final decision is likely to be taken at the next GST Council meeting in Madurai in the first week of August. Abhishek Jain, Partner Indirect Tax, KPMG in India, said going forward, the Government can consider setting up of Central authority to resolve conflicting AAR judgements across states and consider doing away with anti-profiteering provisions freeing businesses to set prices. "Further, bringing petroleum and electricity under GST ambit will help prevent cascading and ensure further uniformity. Lastly, some checks can also be incorporated on system generated GST notices, so as to avoid any unnecessary harassment of taxpayers," Jain said. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/startups-like-unacademy-vedantu-blue-stone-caratlane-go-physical-from-digital-as-pandemic-boom-ends/articleshow/92564319.cms">Startups go physical from digital as pandemic boom ends</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indian-credit-card-users-spend-40x-more-than-debit-card-users-online/articleshow/92543305.cms">Indian credit card users spend 40x more than debit card users online</a>

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

Road safety body <keyword id="164836" type="General" weightage="80" keywordseo="international-road-federation" source="Orion">International Road Federation</keyword> (<keyword id="6359592" type="General" weightage="100" keywordseo="irf" source="Orion">IRF</keyword>) wrote a letter to Union Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>, demanding the removal of GST on life-saving device helmets for the safety of the two-wheeler riders in the forthcoming Union Budget 2023-24. "India accounts for about 11 per cent of road accident deaths worldwide and the economic loss is about $15.71-38.81 billion to the Indian Economy as per the latest <keyword id="10238204" type="General" weightage="80" keywordseo="bosch-report" source="Orion">Bosch Report</keyword>. The two-wheeler riders, being the most vulnerable, constitute almost 31.4 per cent of road accidental deaths primarily due to head injuries. One of the most effective measures to reduce two-wheeler accident injuries and fatalities is the use of standard helmets," said K.K. <keyword id="121197" type="General" weightage="80" keywordseo="kapila" source="Orion">Kapila</keyword>, President Emeritus of, the International Road Federation (IRF) said in his letter. "The helmet usage in our country has been found to be low. It has been noticed that most of the two-wheeler riders fall into economically weaker and lower-income groups and prefer to purchase helmets which are cheaper and inferior in quality. Many of these helmets are not capable to save a rider's life, in case of an accident," Kapila stated. He said that currently, the applicable rate of GST on helmets, which is a life-saving devices, is 18 per cent. "I, as a proponent of Road Safety, strongly recommend that there should be no GST on helmets. This will help in making the standard helmets more affordable for the masses and will discourage them from buying helmets of substandard quality. This in turn will assist, not only in reducing road accident fatalities of two-wheeler riders but will also help in reducing the whooping GDP loss due to road accidents to our economy," Kapila added. As per Section 129 of the Central Motor Vehicle Act, 1988 wearing of helmets is mandatory for two-wheeler riders. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/iit-kanpur-to-collaborate-with-canadas-university-of-alberta-for-a-joint-degree-programme/articleshow/97125239.cms">IIT Kanpur to collaborate with Canada's University of Alberta for a joint degree programme</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-enterprises-20000-crore-fpo-price-band-open-date-and-other-key-facts/slidelist/97129042.cms">Adani Enterprises ₹20,000 crore FPO: Price band, open date and other key facts to know</a>

Waive GST on helmets, road safety body urges FM ahead of the Union Budget

<ul><li>Companies and firms with branches in different states now have a new headache to deal with – charging <keyword id="6354679" type="General" weightage="100" keywordseo="gst" source="Orion">GST</keyword> on salaries of their head office staff. </li><li>Experts suggest that this will effectively make salaries taxable under the purview of GST, which is in contradiction with the law. </li><li>This could also lead to a flurry of notices from the GST authorities, and litigation that can be avoided. </li></ul>The GST (Goods and Services Tax) regime requires firms to take separate registration for each state, and common expenses incurred by the head office, like marketing, advertising, legal services and travel expenses, for instance, are to be distributed to branch offices, usually based on their respective turnovers. Now, a <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/aaar-ruling-on-salary-to-impact-head-office-branch-gst-dynamics/articleshow/88938019.cms">new tax ruling</a> says the same shall apply to salaries paid to head office employees for the services provided to branch offices. Essentially, if you are in the Delhi head office of a company and your <keyword id="10876" type="General" weightage="20" keywordseo="salary" source="Orion">salary</keyword> is ₹10,000 a month, your company has to say how much of the money paid to you is attributable to services rendered to, say, the Kolkata branch office. And, pay GST on that part of the salary. While the employees don’t have to worry about this, the finance team will have a new headache. Experts say this will create confusion and unnecessary litigation. “Salary is not under the purview of the GST law. This AAAR ruling essentially makes salaries taxable under GST, which is contradictory to the provisions of the law,” <keyword id="3183501" type="General" weightage="20" keywordseo="jatin-arora" source="Orion">Jatin Arora</keyword>, partner, <keyword id="3460452" type="General" weightage="20" keywordseo="phoenix-legal" source="Orion">Phoenix Legal</keyword>, told Business Insider. There was a <a href="https://taxguru.in/goods-and-service-tax/gst-implications-inter-unit-service-cost-cross-charges.html">similar ruling</a> from Karnataka Authority of Advance Ruling 2019. The union government had said that it would provide a clarification in this matter but nothing has come through so far. “As per Schedule I, only supply of goods and services between related parties would be subject to tax, whether with or without consideration. However, cost allocation is different from supply of service, and this would not fall under the purview of supply,” <keyword id="3063029" type="General" weightage="20" keywordseo="Abhishek-Rastogi" source="Orion">Abhishek Rastogi</keyword>, partner, <keyword id="908387" type="General" weightage="20" keywordseo="khaitan-co-" source="Orion">Khaitan &amp; Co.</keyword>, told Business Insider. He also further explained that this means that any cost allocation – in this case, salaries of head office staff – would not be taxable under GST. Maharashtra AAAR’s ruling is a result of a request filed by Cummins India, seeking clarity on whether it should charge GST on allocation of salaries of its head office staff to branches. “Due to this, there will be unnecessary confusion, leading to notices from the department and litigation,” Arora added, stating that the government should issue a clarification at the earliest to avoid a flurry of notices from the tax department to firms across the country. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/tesla-india-prospects-get-a-boost-as-states-compete-with-each-other-to-invite-elon-musk-to-their-backyard/articleshow/88890951.cms">Tesla India prospects get a boost as states compete with each other to invite Elon Musk to their backyard</a> <a href="https://www.businessinsider.in/stock-market/news/hcl-technologies-shares-down-7-as-employees-are-leaving-the-firm-at-a-faster-rate-than-ever-before/articleshow/88944681.cms">The street is dumping HCL Tech shares because its employees are leaving at a faster rate than ever before</a> <a href="https://www.businessinsider.in/policy/legal/news/can-you-claim-input-tax-credit-on-csr-expense-three-authorities-have-two-different-rulings/articleshow/86609122.cms">Can you claim input tax credit on CSR expense ⁠— three authorities have two different rulings</a>

GST on salaries? A new ruling can cause a lot of confusion and litigation

<keyword id="6358777" type="LOCATION" weightage="20" keywordseo="New-Delhi">New Delhi</keyword>, <keyword id="6355199" type="DOMAIN" weightage="20" keywordseo="reliance-industries">Reliance Industries</keyword> Limited (RIL) and BP Exploration Alpha Limited (BPEAL) have invited <keyword id="48985" type="PERSON" weightage="20" keywordseo="Bids">bids</keyword> through an online platform companies for the <keyword id="6355653" type="UNKNOWN" weightage="20" keywordseo="gas">gas</keyword> produced from the <keyword id="187231" type="PERSON" weightage="20" keywordseo="KG-D6-Basin">KG D6 basin</keyword> in Kakinanda. In a <keyword id="1176272" type="PERSON" weightage="20" keywordseo="public-notice">public notice</keyword>, RIL and BP while inviting bids said they expect to sell the gas from February 1, 2021. "The gas produced for KG D6 will be available for sale at the delivery point at Gadimoga near Kakinada, Andhra Pradesh tentatively from 01 February 2021," RIL and BP said in the notice. Crisil Risk and Infrastructure Solutions has been appointed by the consortium to conduct the bidding process for sale of gas through an online web based electronic bidding platform. The consortium is currently producing and developing deep water gas fields under the production sharing contract with the government. Earlier this month, RIL and BP had announced the start of production from the R Cluster, ultra-deep-water gas field in block KG D6 off the Kakinada coast. RIL and BP are developing three deepwater gas projects in block KG D6  R Cluster, Satellites Cluster and MJ  which together are expected to meet 15% of <keyword id="3658" type="LOCATION" weightage="20" keywordseo="India">India</keyword>'s gas demand by 2023. These projects will utilise the existing hub infrastructure in KG D6 block. RIL is the operator of KG D6 with a 66.67% participating interest and BP holds a 33.33% participating interest. R Cluster is the first of the three projects to come onstream. The field is located about 60 kilometers from the existing KG D6 Control &amp; Riser Platform (CRP) off the Kakinada coast and comprises a subsea production system tied back to CRP via a subsea pipeline. Located at a water depth of greater than 2000 meters, it is the deepest offshore gas field in Asia. The field is expected to reach plateau gas production of about 12.9 million standard cubic meters per day (mmscmd) in 2021. SEE ALSO: <a href="https://www.businessinsider.in/india/news/these-are-some-important-changes-in-india-from-january-1-2021-new-year/articleshow/80021085.cms">From mandatory FAStag to quarterly GST returns — these are some important changes in India from January 1</a> <a href="https://www.businessinsider.in/business/auto/news/heres-what-to-expect-from-maruti-mm-hero-bajaj-auto-and-other-automakers-in-december-month-2020-auto-sale/articleshow/80021695.cms">December auto sales estimates — Here’s what to expect from Maruti, M&amp;M, Hero, Bajaj Auto, and other automakers</a> <a href="https://www.businessinsider.in/tech/apps/news/google-is-testing-a-shortcut-feature-for-tiktok-and-instagram-videos/articleshow/80021865.cms">Google is testing a shortcut feature for TikTok and Instagram videos</a>

RIL and BP expect to sell gas from KG-D6 deep water blocks starting February

New Delhi, Dec 5 () The Central Board of Indirect Taxes and Customs (CBIC) has withdrawn a circular which created confusion on whether IT service providers can be qualified as intermediaries based on self-assessment under the goods and services tax (GST).
 The government has withdrawn circular in view of numerous representations received expressing apprehensions on its implications.
 "In view of these apprehensions and to ensure uniformity in the implementation of the provisions of the law across field formations, the Board (CBIC),...hereby withdraws, ab-initio, Circular No. 107/26/2019-GST dated 18.07.2019," an official notification said.
 The government earlier in the year issued a circular on the scope of information technology-enabled services (ITeS) and coverage under intermediary services.
 The said circular had created confusion, with this, leaving an onus on ITeS service providers self-assessing on whether they qualified as an intermediary. This entailed a spate of notices being issued on ITeS firms.
 Commenting on the withdrawal of circular, EY Tax Partner Abhishek Jain said the earlier circular had fuelled ambiguity for back office support centres specifically on whether some of the activities performed by them entailed their coverage under 'intermediary'.
 While withdrawal of the circular should be helpful, the industry as well looks forward to an explicit clarification on the scope of intermediary; to avoid unwarranted litigation and possible financial repercussions and uncertainty, he said. DP HRS

CBIC withdraws GST circular on ITeS

GST is a long-term vision and process but a step in the right direction. It is one of the biggest tax reforms that the country has seen since independence. The decision of ‘one country one tax’ is always beneficial for any country. For an economy where the volume of transactions is increasing through the digital mode, this move will certainly result in the increase of the GDP of the country. Although, debatable at this point, the inflation rate is also anticipated to decrease. However, if the inflation rate increases at this point, it will directly affect the consumer electronics industry of the country. Slow down Over the last half year, the consumer electronic industry has slowed down significantly due to demonization and will experience a further slow down due to GST. Not just the consumer electronics sector, this slow down just cost India the tag of the ‘fastest growing economy’. The March end growth figures are the lowest since the December quarter 2014. In June 2017, there has been a major slowdown in the manufacturing sector, where output generated is as low as 50%-60%. Most of the manufactures have closed down their plants on 27 June, only to re-open them, post the introduction of GST and attaining clarity on the working of the same. After-effects The price of television sets is set go up by 5-6 % from 1st July, with the GST council recommending a 28% tax on the same. Some players in the market have decided to wholeheartedly support their trade partners in this respect, as there will be an excise duty loss that will be faced by dealers/ distributors across the country. A heavy impact on sales for the first few months post GST is expected, but we are optimistic that once the festive season arrives, sales will pick up again. Government deferring filing of returns Delaying the filing of returns until September under the GST regime is a smart move, as this will give manufacturers time to settle down into the new format. These two months will be a teething period for everyone so that return filling and other nuances can be understood and are aligned in the system. On the other hand, there are less than a few hours to go before the GST rollout and the government is still clarifying details and working out the implementation as well as deciding on tax rates. Recently, the government announced deferment of filling to August and September, which raises a concern amongst businesses about the capability of the tax department of handling the implementation and the coordination of the smooth running of the system. Are you ready? While all revisions are underway, we feel that the vendors and suppliers are ready for GST. There is certainly a positive attitude towards the implementation in the trade, which is a good sign for the economy. The finance minister has confirmed on 21st of June that GST will roll out on July 1 which puts a rest to the speculation that there could be further delay and we are all geared up and focused for towards the change. The major concerns are for small scale businesses that may have to recruit people specially for GST. This will not be an easy task since to hire people, one must ensure that they are well versed with the system. Another concern is that from filing a return quarterly, the system will change to filling returns every month which will also amount to extra work as everyone is accustomed to a quarter closing in the country. Heavy Discount Currently, there is a lot of panic regarding GST as retailers are hoping to avoid building inventory that they will have to carry forward after 30th June. Bigger companies and brands are offering discounts, some to the tune of 40%, to liquidate their inventory as soon as possible, which poses great difficulty for affordable category brands, like ours. India has a phenomenally large rural market, where there is noticeable fear related to GST and where there is substantial speculation, therefore we have started educating our trade partners about the processes and roll out of GST and the consequences that retail and consumer electronics will face. Grey market and Tax evasion If we talk about LED TV’s in the affordable category, the most significant challenges being faced by them are fake products, grey or cash market. We may not discuss it openly, but this is certainly terminating our economy. There is a tax revenue loss of Rs.1500 to 2000 on each 32” set. This parallel market has been generating revenue to the tune of $1.5 billion and is growing at the rate of 25% per annum. As a result, many TV brands have had to shut down their operations in the past. These TV’s are declared at an erroneous rate of duty or at 50% under invoicing, due to the various loopholes in our system. If strict measures are not taken while implementing the GST, it could very well turn around to be the biggest tax loss to the country instead of the biggest tax to reform it. However, ‘One country one tax’ will lead to single taxation for supply of goods. The opportunity to conduct business will increase as there will be more accessibility to different parts of the country. Due to the multifaceted tax structure, small and middle scale businesses used to hesitate in conducting business deals with big houses or those located outside their immediate periphery. (This article has been contributed by Avneet Singh Marwah, Director and CEO of Super Plastronics, which is the Kodak TV Brand licensee partner in India)

You Searched For "gst notice" and got 13 results

Hero MotoCorp gets over Rs 17 crore tax notice from Delhi GST authorities

PTI

Infosys says Karnataka govt withdrawing pre-show cause notice on GST notice

ANI

GST Council to deliberate on taxation of insurance premium, report on online gaming tomorrow

PTI

GST Council tweaks tax rates; Waives interest, penalty on tax dues for first 3 years of rollout

PTI

54th GST Council meeting to take place on September 9 in New Delhi

ANI

Seven years of GST has lowered taxes and improved lives of 140 crore Indians: PM

ANI

Bata India gets ₹60 crore sales tax notice

PTI

GST had its hits and misses but made ₹1.3 lakh crore monthly tax, the new normal

PTI

Waive GST on helmets, road safety body urges FM ahead of the Union Budget

IANS

GST on salaries? A new ruling can cause a lot of confusion and litigation

Rounak Jain

RIL and BP expect to sell gas from KG-D6 deep water blocks starting February

IANS

CBIC withdraws GST circular on ITeS

PTI

This is what the consumer electronics sector is thinking about GST

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