The goods and services tax (GST) collection for the month of June slipped below Rs 1 lakh crore mark for the first time after eight months, majorly on account of state-wise lockdowns in wake of second Covid wave, data released by finance ministry showed on Tuesday.

GST revenue mop-up remained above the Rs 1 lakh crore-mark for the eight straight month in May at over Rs 1.02 lakh crore. The revenue for May 2021 is lower than the record over Rs 1.41 lakh crore GST collected in April 2021.

The GST Council on Friday deferred a decision on cutting rates for a number of products related to combating Covid-19, while exempting a medicine used for treatment of black fungus and relief material such as medical oxygen and concentrators, even if imported on payment basis, from payment of integrated GST.

Multiple GST slabs and interpretations — both by businesses and government authorities — are ensuring that there is never any shortage of classification problems. At least three cases have been dealt with by various authorities, with companies seeking production interpretations, which in many cases were clear.

The Supreme Court on Wednesday sought responses of the finance ministry, the GST Council and the Central Board of Indirect Taxes and Customs (CBIC) on a PIL seeking a mechanism to levy GST on foreign companies, like Facebook and Google, in business-to-business transactions for Online Information Database Access and Retrieval (OIDAR) services.

Goods and services tax (GST) collections touched a new high of nearly Rs 1.2 lakh crore in January, indicating a sharp recovery post lockdown and better compliance, manifested in record returns of 90 lakh.

Be it a school kid in Ahmedabad whose favourite tea-time snack is a plate of Dhoklas or a senior citizen in Bengaluru who can’t do without his staple breakfast of piping hot Rava-Idlis, an advance ruling, issued by the Gujarat bench, has ‘united’ foodies across India with a single goods and services tax (GST) rate.

The tax department has alleged that online food delivery giant Swiggy and Walmartbacked Flipkart’s logistics arm Instakart relied on fake manpower supply to utilise input tax credit (ITC) and evade GST, senior government sources said.

The govt believes that economic recovery coupled with action against wrong-doers has helped push GST collections to record levels. Finance secretary Ajay Bhushan Pandey tells TOI that the govt is moving with specific information against those misusing the facility and will ensure that the honest are not burdened. He said an upward trend in economic … Continue reading TOI exclusive: Why GST collection is at new high

Armed with data analytics and information from agencies, the government has launched a massive crackdown on GST evaders, initiating action against 7,000 entities including arrest of 185 – a campaign that contributed to buoyancy in tax collection, finance secretary Ajay Bhushan Pandey said on Sunday. ​​The government netted a record GST collection of Rs 1.15 … Continue reading Govt crackdown on 7,000 GST evaders, 185 arrested

Goods and services tax collections rose 11.6% in December to reach a record Rs 1.15 lakh crore on the back of higher demand, partly due to Diwali, improved compliance and higher prices of some goods. It also marks three straight months of over Rs 1 lakh crore collections. What seems to have helped was record … Continue reading GST mop-up rises 11.6% in Dec to all-time high of Rs 1.15 lakh cr

Facing heat from GST officials for evading taxes on the pretext of adding fruit juice or pulp to their carbonated beverages, local soft drink companies are set to shift to the 40% levy, said people familiar with the development.

The mandatory requirement of 1 per cent cash payment of goods and services tax (GST) liability with effect from January 1 would be applicable to about 45,000 taxpayers, which is only 0.37 per cent of the total businesses registered in the GST system, revenue department sources said on Saturday.

Traders’ body CAIT on Friday urged finance minister Nirmala Sitharaman to defer the implementation of Rule 86B in goods and services tax (GST), whereby businesses with over Rs 50 lakh monthly turnover will have to pay at least 1 per cent of their GST liability in cash, terming it a “counter productive” measure that will … Continue reading CAIT urges FM to defer rollout of Rule 86B in GST

Tax authorities have cancelled the GST registration of over 1.6 lakh entities for not filing returns for over six months and separately arrested over 132 persons for alleged irregularities related to filing of fake invoices to claim bogus refunds.

The Centre on Wednesday said it has released the sixth installment of Rs 6,000 crore to the states to meet the GST compensation shortfall. With this installment, a total amount of Rs 36,000 crore has been released so far.