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GST after five years and the path forward

Chandrajit Banerjee wrote this. On June 30, 2022, the unified Goods and Services Tax (GST), hailed as a historic and game-changing reform, will complete five years of effective implementation. GST, widely regarded as one of the most significant tax changes in Indian history, is viewed as a shining example of cooperative federalism aimed at moving…

Karnataka businessmen will conduct a bandh in protest of the GST on rice and foodgrains

The Agricultural Purchase Marketing Committee (APMC), commission agents, buyers, dealers, and labor unions are protesting the introduction of a 5% GST on rice, wheat, pulses, and other foodgrains in Karnataka on Friday. APMC and the state’s rice mills will stay closed. The State Rice Mill Owners’ Association has halted all operations and urged that the…

A GST Appellate Tribunal Panel has been formed; a report is expected before the end of the month

The GST Council has formed a Group of Ministers, led by Haryana Deputy Chief Minister Dushyant Chautala, to make legislative modifications necessary to establish the GST Appellate Tribunal (GSTAT). The GST Council, led by Finance Minister Nirmala Sitharaman and comprised of state ministers, resolved last week to form a Group of Ministers (GoM) to address…

Here’s what tax experts have to say about it.Will the ITR reporting deadline for fiscal years 2021-22 be extended?

The deadline for submitting an income tax return (ITR) for the Fiscal Year 2021-22 (Academic Years 2022-23) is July 31, 2022. Due to the unique coronavirus outbreak and problems in the newly created income tax site, the government prolonged ITR filing and other income tax-related deadlines in the preceding two years. However, with everything returning…

The Bharatiya Udyog Vyapar Mandal has called for an all-India protest against the 5% GST on critical food goods.

According to the organization, 7,300 agricultural produce market committees (APMCs), 13,000 pulse mills, 9,600 rice mills, 8,000 flour mills, and 30 million retail enterprises would protest and remain closed in opposition to the application of GST on pre-packaged and marked food goods. The GST Council has ruled that pre-packaged and labeled food goods (excluding frozen)…