Wednesday, 18 May, 2022
Topic‪Goods and Services Tax‬

Topic: ‪Goods and Services Tax‬

What lies next for Kanpur perfumer Peeyush Jain, and why he may never see the Rs 197 cr seized

GST officials say Peeyush Jain’s case will take at least six months to investigate since he is likely to be charged with multiple offences involving multiple agencies.

Man with ready cash, secret compound, ‘odour memory’: Peeyush Jain, who stashed away Rs 177 cr

Tax raid by GST intelligence found piles of cash in seven cupboards in bedroom and basement at Jain’s Kanpur residence. Charged with evading GST, Jain is in judicial custody.

India’s GST collection hits 5-month high in September at Rs 1.17 lakh crore

The tax collections has remained above Rs 1 lakh crore for the third consecutive month. The last highest revenue was recorded in April when collections reached Rs 1.41 lakh crore.

Roti vs Malabar parotta, papad vs fryum – bizarre GST slabs for similar goods spark 4,600 cases

Since GST rollout in July 2017, many items are being taxed at varying rates despite their strong likeness. Experts say this is likely to continue unless slabs are reduced.

Centre releases Rs 75,000 crore to states, UTs to compensate shortfall in GST revenue

The GST council on 28 May had decided that the central government would borrow Rs 1.59 lakh crore and release it to the states, UTs under the back-to-back loan facility.

Over 54,400 GST payers to get appreciation certificates from finance ministry

The beneficiaries were identified by the Central Board of Indirect Taxes and Customs 'for making a substantial contribution' in payment of GST in cash and timely filing of returns.

Why everyone won’t be happy with GST relief on Covid related items

Exemption given from IGST extended to even paid imports of Covid relief material, is likely to benefit NGOs recognised by states. But many others will be left out.

GST Council likely to discuss tax cuts on Covid goods, revenue shortfall to states on Friday

Ahead of the council's first meeting, finance ministers of 8 non-BJP-ruled states have devised a joint strategy to press for a zero tax rate on Covid essentials, sources said.

Simplify GST, trader body tells PM, says penalty system has brought ‘tax terrorism’ to country

Confederation of All India Traders writes to PM Modi, says GST Council has made GST a complicated tax system, and it violates PM's principle of 'Minimum Government, Maximum Governance'.

‘Landmark’ Rs 1 lakh cr monthly GST was first crossed in April 2018, but only 11 times since

Frequent changes in tax laws leading to uncertainties for businesses and lowering of rates without a corresponding rise in tax buoyancy among factors for lack of buoyant GST collection.

On Camera

YourTurn

Chinese President Xi Jinping | Representational image| kremlin.ru

Chinese economy is feeling the heat. Blame Xi’s political Lysenkoism, vaccination policy

Smarting from the failures of his Great Leap Forward campaign, which hit the economy hard, Mao launched the 1962 war with India to rally the nation behind him.
Congress supporters staged a protest against inflation in Ranchi on 10 May | ANI

As inflation breaks records, Modi govt plans to counter criticism ahead of anniversary & polls

While retail inflation hit an 8-year high of 7.8% in April, wholesale inflation surged to a 9-year high of 15.08% on the back of elevated food and energy prices in the same month.

Defence

Satellite image of the development on the site | Twitter | @detresfa_

China building ‘bigger, broader’ 2nd bridge at Pangong Tso that can carry armoured columns

China's People's Liberation Army aims for multiple routes to counter any possible operations by the Indian forces on the southern banks of the Pangong Tso in the future.

How Congress is like the Ambassador & why Indian politics needs a brand new set of wheels

Like the car, nothing the party has done to reinvent itself has worked. Only way forward is to offer something looking towards the future, not in image of glorious past.
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