The Centre on Thursday released Rs 40,000 crore to states and UTs to compensate for the shortfall in GST revenues, taking the total amount released as loan so far this fiscal year to Rs 1.15 lakh crore.
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Finance minister Nirmala Sitharaman on Friday said that the cess on goods such as soft drinks, tobacco, coal and cars will go towards repayment of loans to compensate states for GST (goods and services tax) shortfall up to March 2026, suggesting that the demand for states to extend the compensation period was a tough ask.
The GST Council on Friday reduced the levy on several life-saving medicines, agreed to correct the tax structure for several products – ranging from textiles and footwear to pens – and unanimously concluded that there was no need to include petrol and diesel under this tax regime for now. Finance minister Sitharaman clarified that it … Continue reading GST council agrees to keep fuel out for now
Businesses that default on filing summary return and paying monthly GST will not be able to file GSTR-1 sales return of the succeeding month from January 1 next year.
The goods and services tax (GST) Council on Friday took several key decisions including extending tax concessions to Covid-19 drugs and reviewed tax rates of many items. However, the Council unanimously decided to keep petrol, diesel out of its tax regime.
Finance minister Nirmala Sitharaman on Friday clarified that petrol and diesel price will not be brought the goods and services tax (GST) regime yet. Briefing the media on the key decisions taken in the 45th GST Council meet, Sitharaman said that the GST Council members made it clear they do not want petroleum products to … Continue reading Petrol, diesel won’t be brought under GST yet, says FM
The Goods and Services Tax (GST) council will consider taxing petroleum products under a single national rate, according to people familiar with the matter, opening the door for a potential major change in consumer prices and government revenue.
Goods and services tax (GST) collections dipped around 4% to Rs 1.12 lakh crore in August, compared to Rs 1.16 lakh crore in the previous month, but policymakers and experts remained upbeat about revenues remaining strong in the coming months on account of improved economic activity.
India’s Goods and Services Tax (GST) revenue remained above Rs 1 lakh crore for the second straight month in August at over Rs 1.12 lakh crore, 30 per cent higher than the collection in the year-ago period.
Interestingly, the AAR bench observed that Papads were handmade once. Hence, it was easier to roll them into a round shape. Today, with the advancement of technology, the old traditional round papad has given way to different shapes and sizes.
The GST Authority for Advance Rulings (AAR-Gujarat) has held that lassi, the fermented milk product, is exempt from goods and services tax (GST).
The Karnataka Authority for Advance Rulings (AAR), which passed this ruling, did not deal with an instance of fruits served in a hotel, but fruits supplied by Juzi Fruits, a private company in Bengaluru. This company is engaged in the purchase and subsequent supply of fresh fruits in bowls (with or without the addition of … Continue reading Branded bowl of fresh fruits to face 5% GST
Taxpayers who have not filed GST returns for two months or quarters up to June 2021 will not be able to generate e-way bills from August 15, GST Network has said.
The government has borrowed and given states Rs 75,000 crore to make up for the shortfall in their revenues because of the GST implementation. The finance ministry said the amount released is about half of the Rs 1.6 lakh crore that was agreed to be borrowed in the current fiscal by the Centre and passed … Continue reading GST dues: Govt borrows, gives Rs 75,000 crore to states
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.
Union finance minister Nirmala Sitharaman on Wednesday said that the Goods and Services Tax (GST) has reduced the rate at which people have to pay tax and the GST rate at present is only 11.6 per cent.
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.
The rationalisation of late fees for delayed filing of monthly GST returns will give relief to small businesses and add to the government revenue, according to tax experts.
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.
Petrol and diesel are not the only sources of energy for which consumers are paying through their nose because of high taxes and different tax regimes on input and final products.