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GST Rise On Textiles: Ministries Differ As Industry Pushes Back

A uniform tax rate, according to the council, is expected to address anomalies that occur when the tax rate on raw materials is higher than the tax on the finished product. For instance, inputs into the man-made fibre fabric (yarn and fibre) attract a GST of 12-18%, which is higher than 5% on fabrics. That's also called inverted duty structure.

Centre Committed To Compensate States For 5 Yrs For Revenue Loss Due To GST: Sitharaman

BW Online Bureau

Economy

She was replying to a question on whether the government is aware of the fact that the projected 14 per cent growth rate of revenue is not attained by any state and, if so, whether the government intends to provide the GST compensation after 2022.

Rs 1,30,127 Cr Gross GST Revenue Collected In Oct: Centre

BW Online Bureau

Economy

GST collection for October 2021 registered the second-highest since the implementation of GST.

Gurugram DGGI Unit Arrests 3 For Running Fake Firms, Evading Over Rs 48 Cr GST

BW Online Bureau

Economy

DGGI informed that on the evidence, the person was arrested on October 23 2021 under the provisions of the GST Act on charges of defrauding the Government of more than Rs 26 crore of GST. The arrested person has been sent to 14 days of Judicial custody.

Ministerial Panels Set Up To Review GST Exempt List, Identify Evasion Sources

BW Online Bureau

Economy

The Group of Ministers (GoM) on rate rationalisation would also review inverted duty structure, recommend rationalisation measures, including merger of tax rate slabs.

Rise In GDP For Govt Is Rising Prices Of Gas, Diesel, Petrol: Rahul Gandhi

BW Online Bureau

Companies & Markets

The former Congress chief alleged that the government has earned Rs 23 lakh crore from increasing prices of gas, diesel and petrol in the last seven years, and said the people of the country should ask where is this money going.

Papad, Irrespective Of Shape, Is Exempt From GST: CBIC

BW Online Bureau

Companies & Markets

The clarification by the Central Board of Indirect Taxes and Customs (CBIC) came after industrialist Harsh Goenka tweeted that round shaped papad is exempt from Goods and Services Tax whereas a square papad attracts the levy.

GST To Be Paid Only On Margin Earned On Resale Of Second-Hand Jewellery: AAR

BW Online Bureau

Companies & Markets

AMRG & Associates Senior Partner Rajat Mohan said most jewellers procure old jewellery from common man/unregistered dealers, obliviating the need for credit of taxes in the hands of jewellers.

GoM To Examine Levy Of GST At Manufacturing Stage For Pan Masala, Brick Kilns Sectors

BW Online Bureau

Economy India

The GoM on 'capacity based taxation and special composition scheme in certain sectors in GST' will submit its report to the GST Council within six months.

GST Officers Arrest Two For Passing Bogus ITC Worth Rs 392 Cr To Essel Group Cos

BW Online Bureau

Economy India

Investigations indicate that a layer of genuine looking fictitious intermediary companies was created to pass on bogus ITC from non-existent and fake firms to the companies of Essel Group without actual supply of any goods or services.