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Gujarat HC sends notice to state, Centre over input tax credit on gifts A petitioner sought declaration of the section 17 (5) (h) of the Central GST Act and associated circular as unconstitutional to the extent that it restricts input tax credit on gifts and free samples. Current Affairs :The Gujarat High Court has given notification to the Center, state government, GST Council, and aberrant assessment board for a situation identified with forswearing of information charge credit on blessings or free examples given by organizations. A candidate looked for announcement of the segment 17 (5) (h) of the Central GST Act and related round as unlawful to the degree that it limits input charge credit on endowments and free examples. The area gives a rundown of things where info charge credit can’t be given, for example, lease a taxi. Notwithstanding, the area doesn’t make reference to blessings and tests. As the perplexity emerged whether the credit would likewise be obstructed...

GSTN to be converted into a fully govt-owned company in 3-4 months: CEO The GST Council had decided to convert it into a fully govt-owned company in May, 2018 Current Affairs :The change of Goods and Services Tax Network (GSTN) into a completely government-possessed association from a non-government, private restricted organization, is relied upon to be finished in next three to four months. A few States have just finished buying of offers from the current non-government investors, and the organization is reminding different States to finish the procedure immediately, said Prakash Kumar, CEO of GSTN. “Very nearly two-third of the states has just purchased the offers from the Banks. We expect the staying 33% will likewise purchase the offers rapidly, we are reminding them always ,” said Kumar. “When that is done, there are a few stages, for example, returning to the Ministry of Corporate Affairs for endorsement and later to the Board endorsement, following which it will b...

States rule out GST rate cut on automobiles amid grim revenue situation Says slowdown in sector not linked to GST Current Affairs  :- Key states have communicated reservations on a cut in the products and enterprises charge (GST) rate for the auto division as a result of the dreary income circumstance, after the fitment board ceased from suggesting any such decrease. Confronting a developing stoppage, the auto area is sticking expectations on the GST Council meeting on September 20 for a rate slice from 28 percent to 18 percent. Nonetheless, states including Bihar, West Bengal, Kerala, and Punjab are of the view that the stoppage in the auto division isn’t a result of the GST rate yet auxiliary issues in the economy. “Bihar won’t bolster any rate decrease on the auto area, in light of the fact that the income position doesn’t permit this,” said Sushil Modi, vice president serve, Bihar. Sushil Modi even discounted supporting the segment by abrogating the cess par...