Tag: gst council
Employers may soon be able to claim ITC on GST paid for employee insurance cover
New Delhi: The GST Council is expected to consider a proposal in its meeting on October 7 to allow employers to claim input tax credit…
GST 2.0’s next move: Council may scrap officers’ arrest powers, raise prosecution bar to Rs 5 crore
The Goods and Services Tax Council is likely to consider a sweeping overhaul of tax enforcement at its October 7 meeting, including scrapping the power…
GST panel may consider allowing transfer of unused tax credit within corporate groups
New Delhi: A key panel under the goods and services tax (GST) council is likely to consider suggestions from the industry on transfer of unutilised…
Input tax credit relief for companies on staff cars, insurance likely
New Delhi: Companies may soon be allowed to claim input tax credit (ITC) on vehicles purchased in the company’s name for employees’ use and on…
GST law panel clears proposal to shield buyers’ input tax credit from supplier defaults
New Delhi: The GST Council‘s law committee Friday cleared a proposal aimed at protecting buyers from losing input tax credit (ITC) if suppliers fail to…
CII president R Mukundan projects 7% growth for India, seeks GST Council-like body to drive reforms
New Delhi: The Indian economy is likely to expand about 7% this fiscal year as most companies are seeing growth opportunities despite cost pressures due…
GST Council should consider lowering tax on household insecticides to 5 pc: EY-HICA report
New Delhi: The GST Council should consider reducing tax on household insecticides to 5 per cent, from 18 per cent currently, to combat vector-borne diseases,…
GSTAT: The missing piece in India’s GST framework finally falls in place
Eight years! That’s how long it has finally taken for the Goods and Services Tax Appellate Tribunal (GSTAT) to become operational since the launch of…
GST reduction boosts sales, consumption likely to stay strong: Sitharaman
Finance minister Nirmala Sitharaman said the reduction in goods and services tax (GST) rates from September 22 spurred consumption. She exuded confidence that the demand…
CBIC allows 90% provisional refund for IDS claims
New Delhi: The Central Board of Indirect taxes and Customs (CBIC) has instructed its field formations to sanction 90% of the refund amount claimed on…