KT Rama Rao writes to Central Govt to slash GST on medical devices

15/03/202315/03/2023byAdmin

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Industries Minister KT Rama Rao on Tuesday wrote to the union government to slash the GST on medical devices to 12 percent and on diagnostics to 5 per cent as against the existing 18 percent, and to introduce schemes to promote component manufacturing in India. He also stressed on the need to incentivize companies by raising import duties in phases under a Phased Manufacturing Programme (PMP) as was being done for mobiles and X-Ray machines.

You can now file a rectification application to claim pending input tax credit; However, there is a catch

Good news for GST registered taxpayers who filed GSTR-3B to claim pending input tax credit (ITC) for FY 17-18, 18-19, 19-20 and 20-21 but were prevented from claiming it due to due date related issues. Many of these taxpayers received GST demand notice because they did not file GSTR-3B return on or before the deadline. As per the GST law ITC can’t be claimed without filing GSTR-3B return. One issue led to another. Without getting the benefit of ITC their final output tax liability increased unnecessarily.

GST Council to clarify taxability of ESOPs, start-ups and MNCs to benefit

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No claimants for ₹39L recovered in ₹7L theft at GST officer’s house

An amount of ₹39 lakh recovered in a theft case has been lying at the Antop Hill police station as neither the complainant, a superintendent with the Goods and Services Tax (GST) department, nor the accused, an executive assistant at the department, are willing to claim it.

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