CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases Sat, 15 Jun 2024 05:24:34 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 https://www.nyca.in/wp-content/uploads/2022/08/9060CA_logo_icai-1.jpg CA in Jaipur | CA. Yogesh Jangid |ITR Filing 2023 | Company Registration | NGO Registration | Income Tax Raid Cases | Audit | Inc Incroporation | CPA in India | Subsidy | Project Funding | GST | GST Raid Cases | Income Tax Notice Faceless | DRI Cases | https://www.nyca.in 32 32 GST Council Meeting June 22: ATF & Natural Gas in GST https://www.nyca.in/gst-council-meeting-june-22-atf-natural-gas-in-gst/ https://www.nyca.in/gst-council-meeting-june-22-atf-natural-gas-in-gst/#respond Sat, 15 Jun 2024 05:24:34 +0000 https://www.nyca.in/?p=11021 Get updates on the upcoming GST Council meeting discussing inclusion of ATF and Natural Gas under GST, potential rate changes, and impacts on various sectors.

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The GST fitment committee is expected to meet before the upcoming GST Council session on June 22, focusing on the Oil Ministry’s proposal to bring ATF and Natural Gas under GST, CNBC-TV18 reports.

Sources familiar with the matter suggest the committee may also address clarifications regarding Input Tax Credit (ITC) claims and rate rationalization. There is consideration of placing ATF under a 5 percent GST slab and assessing proposals to tax Natural Gas at 12 or 18 percent.

Earlier reports from Moneycontrol, requesting anonymity, indicate that immediate rationalization of the current four GST slabs might be delayed due to concerns about its impact on lower-income groups.

The 53rd GST Council meeting on June 22 may clarify various issues that have been debated recently, including scrutiny of foreign airlines and shipping lines by the DGGI for GST compliance, and ITC applicability on telecom services and spectrum.

The tax department has issued notices to foreign airlines like Finnair, KLM Royal Dutch Airlines, Qatar Airways, Virgin Atlantic, Etihad, Emirates, Saudi Airlines, Air Arabia, Oman Air, Kuwait Airways, and British Airways, as well as several shipping lines, regarding GST on imported services.

The Council may also discuss improving Ease of Doing Business for global companies with branches in India and addressing the inverted duty structure under GST. Moneycontrol previously reported government efforts to ease related party transaction rules for foreign companies, possibly within 100 days after elections, allowing deferral of GST payment on imported services until service disbursement.

Another anticipated discussion is the review of GST on online gaming, highlighted by CNBC-TV18, with companies like Gameskraft and Delta Corp facing retrospective tax notices. These companies seek GST calculation based on gross gaming revenue rather than the face value of bets.

Reports from April 2024 suggested that the GST Council might directly review GST on online gaming, bypassing the fitment committee.

This meeting marks the first GST Council session since the 2024 Lok Sabha elections, with the previous one held on October 7, 2023. The Council may also consider a roadmap for simplifying rules and enhancing tax compliance.

Gross GST collections for the first two months of FY25 amount to Rs 3.83 lakh crore, showing an 11.3 percent year-on-year increase.

Source: Moneycontrol

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]]> https://www.nyca.in/gst-council-meeting-june-22-atf-natural-gas-in-gst/feed/ 0 GST Council Meeting June 22 Updates https://www.nyca.in/gst-council-meeting-june-22-updates/ https://www.nyca.in/gst-council-meeting-june-22-updates/#respond Fri, 14 Jun 2024 04:39:29 +0000 https://www.nyca.in/?p=10925 Stay informed with the latest developments from the June 22 GST Council meeting in New Delhi. Key decisions and implications discussed by industry experts.

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The 53rd GST Council meeting is set to take place on June 22 in New Delhi, with Nirmala Sitharaman, the new Union Finance Minister, chairing the session shortly after assuming office.

Before the meeting, the council’s Fitment Committee, tasked with studying proposals, is likely to meet. Among the key issues under consideration are proposals from the Petroleum Ministry to bring Aviation Turbine Fuel (ATF) under GST at a rate of 5%, and to categorize natural gas at either 12% or 18%. Additionally, the committee is expected to propose clarifications regarding Input Tax Credit (ITC) in various sectors facing operational challenges, as well as proposals related to tax applicability on metal and steel scrap.

The GST Council itself, convening after a hiatus of nearly nine months, will address several pending agenda items. These include recommendations from subcommittees like the Fitment Committee and the Law Committee, which deals with legal interpretations and rule changes. The Council may restructure the Group of Ministers on Rate Rationalisation and establish new timelines for submitting reports on rate rationalisation and correcting the inverted duty structure.

Industry expectations for the meeting include a review of GST on online gaming and clarifications on input tax credit applicability for telecom services and spectrum charges. The Council is also expected to discuss measures to enhance ease of doing business and compliance under GST, including issuing clarifications for global companies with branch offices in India and head offices abroad.

Further proposals include exempting GST on services between the head offices and local branches of foreign airline operators, streamlining compliance through Aadhaar-based authentication of GST taxpayers, and simplifying rules and laws to achieve greater compliance and ease of living.

Overall, stakeholders anticipate the Council to address a wide array of issues crucial to the business environment under the GST regime.

Source: https://www.cnbctv18.com/economy/gst-council-to-meet-on-june-22-key-issues-and-agenda-here-19428001.htm

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]]> https://www.nyca.in/gst-council-meeting-june-22-updates/feed/ 0 GST Rate Rationalization: Facing New Delays? https://www.nyca.in/gst-rate-rationalization-facing-new-delays/ https://www.nyca.in/gst-rate-rationalization-facing-new-delays/#respond Fri, 07 Jun 2024 06:25:08 +0000 https://www.nyca.in/?p=10611 Discover if the implementation of GST rate rationalization faces further delays under the new coalition government. Dive into the complexities and potential impacts now!

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The implementation of GST rate rationalization, a crucial economic reform, might face further delays under the new coalition government. Concerns over its potential impact on inflation could deter its immediate execution. Nonetheless, there remains optimism among some quarters for the long-awaited reform.

A committee led by Suresh Kumar Khanna, the Finance Minister of Uttar Pradesh, is currently engaged in the process of rationalizing rates for 1,200 categories of goods and all services, except those on the negative list. Once the committee submits its report, the Fitment Committee will deliberate and finalize the agenda for the GST Council. Following the council’s recommendations, both the Centre and the States, including three Union Territories with assemblies, will notify the revised rates.

A key proposal involves reducing the number of main rates from four to three. This could entail merging either the 12% and 18% rates into 15% or the 5% and 12% rates into 8%. While certain items may become more affordable, others might move into higher rate brackets, potentially causing inflation. This concern has historically postponed rate rationalization efforts, and experts now anticipate significant challenges in executing such an exercise.

Considering the political landscape, the interests and commitments of allies such as JD(U) and TDP will also influence any major restructuring of the tax regime by the new government. The intricate relationship between taxation policy and evolving political dynamics complicates the process of adjusting GST rates, introducing uncertainties and delays.

While businesses in sectors like food, clothing, education, healthcare, agriculture, transportation, electricity, and water supply enjoy lower tax rates, any increases may exert pressure on the government. GST being a transactional tax, any alterations will prompt the market to recalibrate, leading to further uncertainty.

Despite challenges, some experts believe that the NDA-led Council may advance rate rationalization decisions, particularly with the BJP and its alliance partners gaining significant influence in states like Odisha and Andhra Pradesh. This could pave the way for overdue revisions, such as the reduction in GST rates for items like Fly Ash blocks, addressing longstanding demands from various states.

Source: https://www.thehindubusinessline.com/economy/gst-rate-rationalisation-may-see-further-delay/article68259465.ece

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