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Tax officials have started sending out notices to various Wakf boards for not paying service tax and GST on rent received from properties being used for non-religious and non-charitable purposes, a source said.
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GST collection reached Rs. 1 lakh crore only in two months out of nine in the current financial year, according to government data.

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New Delhi: The Goods and Services Tax (GST) has come as a challenge for government auditor CAG as huge numbers are to be worked, Comptroller & Auditor General of India Rajiv Mehrishi, Comp said on Monday.
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The telcos have requested the government to adjust Rs 35,000 crore against their liabilities as there is no certainty yet about improvement in their revenues. Usually, the government refunds the balance between output liability and input credit to companies under the inverted duty structure wherein a lower GST rate is charged from selling services while the rate is higher for buying goods. There is no provision under GST wherein amount is refunded because of higher capex and lower income.

Goods and Services Tax (GST) rate on restaurants was cut to 5 per cent without Input Tax Credit (ITC) from 18 per cent with ITC, with effect from November 15, 2017.

Happy with the interim budget announced on February 1, the industry is now pinning its hopes on finance minister Piyush Goyal and the GST Council to rationalise GST on under construction property, one of the key demands of the industry.

The implementation of Goods and Services Tax (GST) has impacted a wide range of sectors including the shipping industry. Within the sector, there are some areas wherein the GST levy is tilted in favour of international players instead of the domestic ones.

The Interim Budget 2019-20 may have kept an ambitious growth target for the Goods and Services Tax for next fiscal, but it doesn’t expect benefits from the indirect tax regime to flow in until 2020-21.

In a major overhaul of the equity holding structures of financial conglomerates, the Reserve Bank of India (RBI) is said to be looking at a holding company model for banks.
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Tax authorities have made it clear that interest will be levied on both cash and input tax credit (ITC) component of GST paid after the prescribed due date.
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At the first policy meeting of the new Reserve Bank of India (RBI) governor, Shaktikanta Das, the Monetary Policy Committee (MPC) voted 4-2 in favour of reducing the policy rate by 25 bps to 6.25% and voted unanimously to change its policy stance back to “neutral” from “calibrated tightening”. While the change of stance was expected, the rate cut was unexpected by both consensus and us. Dr Chetan Ghate and Dr. Acharya dissented against the cut.
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Duty relaxation for exporters and a tax relief package for the real estate sector are likely to be discussed at the next meeting of the GST Council, which is expected to meet once before the model code of conduct kicks in ahead of the Lok Sabha elections.
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Even as the chorus on reduction in Goods and Services Tax (GST) on two-wheelers grows, the industry is now in favour of having twin slabs instead of one.

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Change is always easier to talk about than to actually pioneer. India witnessed a tectonic change in the landscape of indirect taxation with the introduction of the GST. The government, business and the common man alike, were all cognisant of the initial bumpy ride that GST would show in its implementation. Adding credence to the above is the fact that the GST Council has had 32 meetings, which resulted in over 900 decisions and the issuance of over 290 notifications by the Central government. This is also a testimony of the government’s resolve and dogged efforts towards addressing the concerns and challenges faced by the trade and public.

Qatar supplies 8.5 million tonnes a year of liquefied natural gas to India. It is the country’s single largest source of imported gas, supplying about 40 percent of all overseas shipments reaching India.
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India’s largest LNG supplier Qatar Sunday urged the central government to include natural gas in GST to help create demand for the environment-friendly fuel and raise its share in the country’s energy basket.

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In a positive development for the domestic renewable industry, the Central Electricity Regulatory Commission (CERC) has provided relief to solar project developers with regards to the effect of goods and service tax (GST) on solar projects which are still in the development phase.
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Non-resident Indian property investors and buyers stand to benefit significantly from an impending tax cut that has been proposed by a panel in a bid to give the much-needed fillip to the lackluster Indian real estate sector.
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The government collected a total of Rs 4,172 crore as late fee for delayed filing of various Goods and Services Tax (GST) returns. The amount was collected in the period since the implementation of GST on July 1, 2017 up till February 4, 2019. The fee for late filing of GST returns is Rs 25 per day for Central GST (CGST) and State GST (SGST). Businesses that have to file GST but don’t have any tax liability are required to pay a fine of Rs 10 under CGST and SGST.
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Observing that the Central Goods and Services Tax Act was enacted with the laudable object of “one country one tax”, the Madras High Court on Tuesday dismissed the anticipatory bail applications filed by nine persons apprehending arrest under the provisions of the Act.
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he GST Council will consider a proposal to slash the tax on cement to 18 per cent from 28 per cent at its meeting next week along with a ministerial panel report that proposes a cut in rates in under-construction properties, including affordable homes.
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There should be a dedicated institutional mechanism or a separate body to enforce fiscal roadmaps and keep a check on government spending, chairman of the 15th Finance Commission N.K. Singh said on Thursday
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The government on Thursday relaxed the norms for e-way bills. Rules regarding validity have been changed, while a facility has been provided for auto-calculating the route distance
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