Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
Necessary-party requirements limit impleadment of independent entities, while deferred consideration does not create an appealable adverse determinati...
Food supplement classification requires common parlance and authoritative tests, preventing treatment as proprietary Ayurvedic medicines without suppo...
The GST Council approved formation of a GoM on restructuring Compensation Cess to examine revenue impacts on states post-GST implementation. Key points: Karnataka raised concerns about revenue loss of approximately 0.7% of GSDP despite higher GST collections and growth rates compared to national average. The state clarified this was due to being a producer state under destination-based taxation. The Council agreed to form a GoM chaired by Minister of State (Finance) to: - Analyze state-wise revenue data considering COVID-19 impacts - Review compensation cess structure beyond March 2026 - Examine challenges faced by manufacturing states - Consider solutions within GST's destination-based framework Pre vs Post-GST comparison shows: - Pre-GST (2012-16): 8.3% growth rate, 11.5% GDP growth, 0.72 tax buoyancy - Post-GST (2018-23): 12.3% growth rate, 9.8% GDP growth, 1.25 tax buoyancy The GoM will submit detailed analysis and recommendations for Council's consideration before compensation cess expires in March 2026.
The GST Council approved formation of a GoM on restructuring Compensation Cess to examine revenue impacts on states post-GST implementation. Key points: Karnataka raised concerns about revenue loss of approximately 0.7% of GSDP despite higher GST collections and growth rates compared to national average. The state clarified this was due to being a producer state under destination-based taxation. The Council agreed to form a GoM chaired by Minister of State (Finance) to: - Analyze state-wise revenue data considering COVID-19 impacts - Review compensation cess structure beyond March 2026 - Examine challenges faced by manufacturing states - Consider solutions within GST's destination-based framework Pre vs Post-GST comparison shows: - Pre-GST (2012-16): 8.3% growth rate, 11.5% GDP growth, 0.72 tax buoyancy - Post-GST (2018-23): 12.3% growth rate, 9.8% GDP growth, 1.25 tax buoyancy The GoM will submit detailed analysis and recommendations for Council's consideration before compensation cess expires in March 2026.
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