GST
6-years of GST: With record high collections, why it is an opportune time for rate rationalisation
Setting up GST appellate tribunal need of the hour: Smita Singh, S&A Law
GST audit checklist: Ensuring compliance and mitigating risks
Retro amendment clears key GST doubt, but opens door for further litigation
GST ITC restriction on CSR spend: Why businesses are worried about potential challenges
GST on digital services: Budget 2023-24 broadens scope of OIDAR
Ease of GST compliance: Still a distant dream
From audits to notices, untangling the GST regime for taxpayers
![GST amnesty scheme: Why taxpayers need an opportunity to correct inadvertent errors](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST amnesty scheme: Why taxpayers need an opportunity to correct inadvertent errors
In the initial years, people struggled in understanding the impact of the new regime on their businesses, getting their internal systems revamped and training personnel to undertake the requisite compliances.
![Decriminalisation of GST Act: Why it can be a big reprieve for small businesses in India](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Decriminalisation of GST Act: Why it can be a big reprieve for small businesses in India
To promote ease of doing business for small businesses and clearly distinguish between minor offenses and willful evasion of duty, the govt is initiating one of the major overhauls of the GST provisions after 5 years.
![GST collection for November stands at Rs 1,45,867 crore, surges 11% YoY](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST collection for November stands at Rs 1,45,867 crore, surges 11% YoY
"The government has settled ₹33,997 crore to CGST and ₹28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is ₹59678 crore for CGST and ₹61189 crore for the SGST. In addition, Centre had also released ₹17,000 crore as GST compensation to States/UTs in November 2022," stated the release.
![Exporters may have great festive season amid withdrawal of GST exemption on outbound international freight](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Exporters may have great festive season amid withdrawal of GST exemption on outbound international freight
The pandemic resulted in severe supply disruption across the globe, and as result the freight rates are much higher today than it was during pre-pandemic.
![Why merging GST NAA with CCI may not be a prudent move](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Why merging GST NAA with CCI may not be a prudent move
The proposed merger of the two regulatory bodies may seem logical given the perceived commonality between the two – namely, regulation of economic laws and protection of consumer interests.
![Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Amendment in GST return format: Why changes regarding ITC will increase complexity for taxpayers
In most companies, the accounting process of vendor invoices is structured in such a manner that the GST amount, which is ineligible for ITC, is not recorded separately rather the entire transaction amount is booked in the expense GL itself
![GST Appellate Tribunals: Can it reduce the problem of pending cases?](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST Appellate Tribunals: Can it reduce the problem of pending cases?
As per the current construct, GSTAT can hear matters in an appeal against the orders passed by the GST appellate authority or revisional authority.
![Government collects Rs 1,47,686 cr GST revenue in September](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Government collects Rs 1,47,686 cr GST revenue in September
GST collections in September rose 26 per cent to over Rs 1.47 lakh crore, the finance ministry said on Saturday. Goods and Services Tax (GST) mop-up has been over Rs 1.40 lakh crore for seven months in a row.
![August GST revenue collection up 28% YoY at Rs 1.44 lakh cr](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
August GST revenue collection up 28% YoY at Rs 1.44 lakh cr
The gross GST revenue collected in the month of August 2022 stood at Rs 1,43,612 crore, up 28% on a year-on-year basis, the Finance Ministry said in a statement on Thursday. With this, the monthly GST revenues have exceeded Rs 1.4 lakh crore for six months in a row.
![GST revision can enable India achieve $5 trillion economy: EY](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST revision can enable India achieve $5 trillion economy: EY
The book recommends the policy measures required to reform GST hinging on revenue buoyancy, world-class dispute resolution, institutional strengthening, and enhancing the ease of doing business.
![GST: From payment for not serving notice period to cheque dishonour, CBIC clears the air](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST: From payment for not serving notice period to cheque dishonour, CBIC clears the air
The Circular also mentions non-compete fees, late payment charges by utility providers of electricity, water or cancellation charges levied by railways, airlines, hotels, tour operators as examples of payments made towards the independent activity of tolerating an act.
![GoM weighs scrapping 12% GST slab](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GoM weighs scrapping 12% GST slab
People aware of the development told ET that most of the members of the group were of the view that the 12% slab accounts for about 8% of total GST revenues and can be done away with.
![E-invoice mandatory for turnover above 10 crore from October 2](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
E-invoice mandatory for turnover above 10 crore from October 2
Presently, e-invoice is compulsory for businesses with an annual turnover of over Rs 20 crore. In a notification issued on Monday, the centre said it has amended the rule on the recommendations of the Council. The GST Council, in its 37th meeting on September 20, 2019, had recommended the introduction of an electronic invoice in GST in a phased manner.
![To tax at 18% or 28%? The GST Conundrum for skill gaming sector](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
To tax at 18% or 28%? The GST Conundrum for skill gaming sector
The market value of the Indian skill gaming sector is around Rs 79 billion in the financial year (FY) 2021-22 and may reach Rs 150 billion in FY 2023-24.
![From canteen to medical insurance, GST Council provides much-awaited relief on employee perks](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
From canteen to medical insurance, GST Council provides much-awaited relief on employee perks
Perquisites provided by an employer to its employees always attract the attention of the tax authorities. Service provided by an employee to an employer is exempted from GST.
![States backed removal of GST exemptions: Revenue Secretary Tarun Bajaj](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
States backed removal of GST exemptions: Revenue Secretary Tarun Bajaj
Revenue Secretary Tarun Bajaj told ET that the tax revenue growth was robust and the government should be able to meet its fiscal deficit target. He also talked about capital gains tax, duty on glod and more.
![Revised GST rates kick-in today; Here is a list of items that'll get costlier](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Revised GST rates kick-in today; Here is a list of items that'll get costlier
Consumers may have to shell out more as several goods and services will cost higher from July 18 onwards with the Goods and Services Tax (GST) Council approving rate hike to address inverted duty structures and withdrawing some exemptions.
![Draft paper released on changes to GSTR-3B](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Draft paper released on changes to GSTR-3B
The draft, approved by the GST Council in its 47th meeting held last month, has incorporated many recommendations by the industry such as auto population of values and streamlining process of input tax credit and IGST settlement, and allowing negative values.
![New GST googly: Gifted IPL tickets are no longer free](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
New GST googly: Gifted IPL tickets are no longer free
This would mean that any IPL franchise owner gifting complimentary tickets to its employees will have to cough up GST on the value. KPH Dream Cricket Private Ltd, which operates an IPL cricket team under the title Punjab Kings, had approached the Punjab bench of AAAR for clarity on the matter.
![How uniformity in tax law made a common national market](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
How uniformity in tax law made a common national market
The GST law is driven by the recommendations of the GST Council, which is a body having representation from both Central and State Governments, thus promoting uniformity in law, practice, tax processes and standardisation of reports or filings.
![GST on gaming and gambling: Don’t ‘game over’ before it has even begun](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST on gaming and gambling: Don’t ‘game over’ before it has even begun
Caught between a perception that online games are nothing but a rich man’s gambit that only whips up greed and promotes gambling, India’s $2 billion online gaming industry oday suffers from a serious image problem. But GoM’s recommendation to levy 28% levy on the full value of consideration or the wagering amount would make the sector unviable and significant revenue leakage.
![Panel on GST Appellate Tribunal formed, report by month-end](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Panel on GST Appellate Tribunal formed, report by month-end
As per the Terms of Reference (ToR) of the GoM, the GST Appellate Tribunal panel, chaired by Haryana Deputy Chief Minister Dushyant Chautala, would recommend required amendments in the GST law to ensure that the legal provisions maintain the right federal balance and are in line with the overall objective of uniform taxation within the country.
![GST 2.0 may be free of jurisdiction: Vivek Johri, chairman, CBIC](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST 2.0 may be free of jurisdiction: Vivek Johri, chairman, CBIC
New Delhi, which raised the import duty on gold recently, is not looking at any further administrative measures immediately to clamp down imports.
![Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Govt notifies procedural changes in GST rules, interest to be charged for wrongful credit availment
With the amendments notified by the Central Board of Indirect Taxes and Customs (CBIC), businesses have also been allowed to make tax payments on the GSTN portal by using IMPS and UPI payment modes. Businesses with aggregate annual turnover of up to Rs 2 crore in the fiscal ended March 31, 2022, are exempt from filing annual returns for 2021-22, as per the amended rules.
![FICCI bats for bringing healthcare under zero-rating GST](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
FICCI bats for bringing healthcare under zero-rating GST
“Enabling this would not only ensure that the input tax credit chain is intact but will also make compliances easier and ensure that the input taxes are not loaded into the cost of healthcare services,” the FICCI letter said. FICCI also red-flagged the recent recommendation of the GST council to levy 12% GST on bio-medical waste treatment plants, and 5% GST on Room rent (exceeding Rs.5000 per day).
![A tax comes of age: Five years since rollout, areas where GST needs retouch and improvement](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
A tax comes of age: Five years since rollout, areas where GST needs retouch and improvement
There have been hits — a total digitisation of tax compliance infra and e-invoicing, robust revenue collection, and near-consensus decision despite a politically charged environment — but some misses as well.
![GST compensation to states should not be extended: Hasmukh Adhia](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST compensation to states should not be extended: Hasmukh Adhia
"Compensation was more an insurance against tax losses for five years (2017-22). But if it is continued for too long, it will lead to laxity in states’ bureaucracy. It will act as a disincentive in mopping up more taxes. The GST compensation to states should end now."
![Track and trace: Tech is powering GST administration and compliances](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Track and trace: Tech is powering GST administration and compliances
The transition from a multi-tax ‘manual’ environment to a technology-driven, uniform and single GST framework has been an ambitious policy shift.
![5 years of GST: The irritants that we need to iron out](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
5 years of GST: The irritants that we need to iron out
GST Authorities can investigate affairs of taxpayers for a long period of 5 years and 9 months. It is common experience that GST Authorities calls for details and documents for such a long period and that too within very short time.
![Five years of GST: Is it a gamechanger for MSMEs?](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Five years of GST: Is it a gamechanger for MSMEs?
Conscious of the immense contribution of the sector, the government has been taking many measures to provide a more facilitative environment for MSMEs’ growth.
![The need to make GST reporting standardised, less cumbersome for taxpayers and administrators](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
The need to make GST reporting standardised, less cumbersome for taxpayers and administrators
There is no doubt that the Government has put in its best efforts to clarify the issues to avoid confusion prevailing among taxpayers, however, there are many disputes that need prompt addressing so that litigation/disputes can be avoided.
![5 years of GST: Has it done enough to propel Make in India?](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
5 years of GST: Has it done enough to propel Make in India?
In line with industry expectations, GST has had a positive impact on the manufacturing sector by removing the cascading effect of taxes resulting in the reduction of manufacturing costs.
![GST collection surges by 56% YoY to Rs 1,44,616 crore in June](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
GST collection surges by 56% YoY to Rs 1,44,616 crore in June
The Goods and Services Tax (GST) revenue for the month of June surged by 56% on an annual basis to nearly Rs 1.45 lakh crore as against Rs 1.4 lakh crore in May, revealed finance minister Nirmala Sitharaman on Friday.
![5 years of GST: A mix of success and work in progress](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
5 years of GST: A mix of success and work in progress
The first five years of GST have been a roller-coaster ride, impacted by two waves of COVID-19 that resulted in global lockdowns and supply chain disruptions.
![Five years of GST – Baby out of the cradle](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Five years of GST – Baby out of the cradle
Whenever the history of Indian GST is written, the impact of technology in its implementation and execution would invariably be a major highlight.
![Government hikes GST for cut & polished diamonds from 0.25% to 1.5%](https://img.etimg.com/thumb/msid-42031747,width-160,height-120/etlogo.jpg)
Government hikes GST for cut & polished diamonds from 0.25% to 1.5%
Gem and Jewellery Export Promotion Council (GJEPC), the apex body of gem and jewellery trade in India, through a series of representations, had been seeking GST increase on cut & polished diamonds to 1.5%, GST decrease on grading and certification (GCS) to 1.5%, refund of accumulated ITC, etc.
Goods and Services Tax (GST) is an indirect tax used on the supply of goods and services. GST is a value-added tax levied on goods and services sold for domestic consumption. It has subsumed several taxes including central excise duty, services tax, additional customs duty, surcharges and state-level value added tax. The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. GST provides revenue for the government and the Goods and Service Tax Act was passed in the Parliament in March 2017 and came into effect on July 2017. The three types of GST are Central Goods and Service Tax, State Goods and Service Tax, Integrated Goods and Service Tax. Since its instruction, GST has undergone many changes and is spearheaded by the GST Council, which has 34 members (primarily finance minister from each state) and headed by the Union Finance Minister. The Council meets on a regular basis for revisions, clarifications, additions and enactments of rule or rate changes of the goods and services in India.
1. How do I register for GST?
Go to the GST website, click on Register Now under Taxpayers, enter the details in Part A, add the OTP received on the email and mobile. You will receive the Temporary Reference Number (TRN) on your mail and mobile. To Register, fill all the details in Section B. Submit appropriate documents which include, proof for the place of business, bank account details, and authorization form. After the completion of the forms a success message and Application Reference Number (ARN) is sent to registered email and mobile.
2. Can a person operating two different companies with different names but with same PAN get two GST registrations?
One PAN holder gets one registration in every state, but he has the option of getting different registrations for different business verticals.
3. Is it compulsory to register for GST?
Following businesses/companies must register for GST:
a. Businesses with turnover above Rs 40 lakh.
b. Individuals registered under the Pre-GST law.
c. Companies that supply via e-commerce aggregator.
d. All e-commerce aggregators.
4. How long does one have to wait to register?
An unregistered person has 30 days to complete its registration formalities from its date of liability to obtain registration.
5. What are the GST slabs?
Goods and services are divided in into five different tax slabs for collection of tax -5%, 12%, 18% and 28%. Petroleum products, alcoholic drinks, and electricity are not taxed under GST and instead are taxed separately by the individual state governments, as per the previous tax system.
6. Who decides rates for levy of GST?
The CGST and SGST are levied at rates jointly decided by the Centre and states. The rates are notified on the recommendations of the GST Council.
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