Natural gas could be brought under the GST radar, simplification in GST to help India reach among top 50 countries on Ease of Business Index and the possibility of an encrypted e-way bill to track movement of gold. Here is what's happening on #GSTThisWeek
GST applicable on Interest / Late Fee / Penalty due to delayed payment
The Authority of Advance Rulings ( AAR ) has held that interest, late fee and penalty due to delayed payments of consideration received after the imposition of GST will now be liable to GST.
Premium recovery from employees’ parents mediclaim not liable for GST
Salaried individuals will now find that the recovery of medical insurance premium from salary of employees for parents’ Mediclaim will not be liable to GST.
Gas and ATF likely to be brought under GST
Aviation turbine fuel or ATF and natural gas, are likely to be among the first set of petro products to be included under the Goods and Services Tax (GST) radar. ATF prices could even fall if the GST rate is set at 18%.
CAIT demands probe of business model of e-commerce giants
The Confederation of All India Traders ( CAIT) has claimed that e-commerce companies including Amazon and Flipkart have been selling goods much below their market value thus denying the Government of its due legitimate GST revenue. Under the GST Act, the Government has the power to determine the actual market value of the products if it appears to be under billed. CAIT has urged the Finance Minister to institute a probe into the business model of e-commerce companies as they are causing huge GST revenue losses to the government and to recover the difference of GST between billed price and market value from the period of implementation of GST.
E-way bill on gold movement to be introduced
In a bid to keep tax evasion in check, the Government will be introducing an e-way bill on the movement of gold. An encrypted version of e-way bill is being considered by a panel comprising of central and state officials to ensure tax evasion doesn't occur using gold.
Experts cite Singapore GST model to cut multiple GST slabs
Experts have suggested that India should do away with multiple tax slabs under the Goods and Services Tax (GST) for greater ease of compliance and follow Singapore’s one tax rate of 7% on taxable goods under GST.
New GST refund rules create confusion as return filing deadline draws closer
Taxpayers await clarity over the new GST refund rules notified in October 2019 that restricted the refund of input tax credit to 20% of the total claimed amount. GST registered businesses will begin uploading their returns from the first week of November and it will be the first occasion when they will file their returns under the new rules governing the refund of input tax credit.
Customer Service Desk opens for GST grievances
The Central Board of Indirect Taxes and Customs (CBIC) has directed to appoint a nodal officer in each CGST and Customs Commissionerate to sort out taxpayer grievances in line with the Prime Minister’s recent announcement to institutionalize tax payer services.
FASTag may help curtail Rs 60,000 crore loss to country’s economy
Delays in deliveries due to delays at toll stations and highways cost the country nearly Rs. 60,000 crore in losses. To curb this issue, Union Ministry for Road Transport and Highways introduced the FASTag, an easy to use, reloadable tag which enables automatic deduction of toll charges and lets vehicles pass through the toll plaza without stopping for the cash transaction. This speeds up the process of deliveries saving the Government huge amounts of revenue in losses.
Govt promises simplification in GST to improve Ease of Business Ranking
After India jumped 14 places to rank 63rd in the World Bank's Ease of Business index, the Government is taking measures to simplify GST and is aiming to be among the top 50 countries on Ease of Doing Business Index.
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