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Work contract services provided to National Centre for Biological Sciences (NCBS) to be taxable at 18% GST and not 12% GST: Says AAR

    

CBIC tweet for consideration of GST late fee waiver for past period from Aug 2017 to Jan 2020

    

Next GST Council Meeting likely to happen on June 14

    

Principles of natural justice not followed by officer. Assessment order set aside and remitted back for redoing the assessment again on merits of case : Madras High Court

    

Bail Petition of Sh. Rajesh Arora : Rajasthan High Court

    

Retrofitted two wheelers for use of differently abled persons to be taxed as normal vehicle under HSN 87112019 @ 28% GST with ITC : Says AAR, Karnataka

    

GSTN advisory for registration of IRP/RPs on the GST Portal

    

Early hearing of SKH Sheet Metals accepted by Delhi High Court on the issue of availment of transitional credit under GST

    

Petitioner got approval from Bombay High Court to visit the office premises of Petitioner to collect records and information

    

Emaar MGF held guilty for profiteering of Rs. 13 crore upto 31st March 2019: Says NAA

    
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Finance Bill

The proposed GST exemption (due to Covid-19 pandemic) would block ITC and have an adverse impact on businesses 

The government is not willing to accept industry demands to substantially reduce the GST for six months to boost demand in the aftermath of the coronavirus disease (Covid-19) pandemic. The GST exemption would block input-tax credit that would have an adverse impact on businesses and may not result in any significant gain to consumers, two finance ministry officials said on Tuesday.

The input tax credit reduces the tax paid on inputs from taxes to be paid on the output of finished goods. The proposed GST exemption will make output tax zero, blocking the input-tax credit, which will add to the cost of the finished goods, the officials with direct knowledge of the matter said, requesting anonymity. 

“This will not only be injurious to the industry but also to the consumer at large and this is certainly not going to revive demand,” one of the officials said.

GST is an integrated levy of indirect taxes and the main source of revenue for both the Centre and state governments. It makes up about one-third of total tax receipts. Over 70% of the GST revenue accrues to the states as their own share of the receipts and funds devolved on them by the Centre.

Source : Hindustan Times 


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Posted by

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on May 20, 2020

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Do you feel that only reduction of GST rate will enhance the consumption. The answer is not. There are so many factors.
By: Cma Asim Saha | Dt: May 20, 2020


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