Multiple goods and services tax (GST) rates have now become a bone of contention between hand sanitiser manufacturers and the government. Last month, the Central Economic Intelligence Bureau alerted GST authorities about manufacturers of alcohol-based hand sanitisers paying 12% GST by “wrongly classifying” them as “medicaments”, which attract an 18% levy.
Congress leader Rahul Gandhi on Monday attacked the government over rising coronavirus cases, saying future Harvard Business School case studies on failure would include the government’s handling of Covid-19. “Future HBS case studies on failure: 1. Covid19. 2. Demonetisation.3. GST implementation,” Gandhi tweeted.
The gross GST revenue collected in June totalled Rs 90,917 crore, and augurs well for collections in the months ahead as economic activity gathers pace. But it also marked the third straight month of decline year-on-year. Data released by the government on Tuesday showed that the collections for the month were 91% of the GST … Continue reading GST kitty improves, June mfg contraction slows
Finance minister Nirmala Sitharaman on Wednesday asked GST officers to foresee the issues faced by domestic businesses and address them proactively so that they can compete on a global scale and build a self-reliant India.
GST revenue collection in June stood at Rs 90,917 crore, up from Rs 62,009 crore mopped up in May and Rs 32,294 crore in April.The goods and services tax (GST) mop up was 9 per cent lower on a year-on-year basis in June, while it was 62 per cent down in May and fell 28 … Continue reading GST collection in Q1 dips 59% due to Covid
The Centre has initiated short-messaging service (SMS) facility for taxpayers to file ‘nil’ monthly goods and services tax (GST) returns. The service will be available from the starting of next month (July 1, 2020).
A bag of popcorn is typically associated with fun times, be it at a movie or the beach. But for manufacturers of popcorn, it can be a different story in the realm of indirect taxes. A plethora of classification norms under the goods and services tax provisions continue to confound taxpayers.
Amid the chorus for GST compensation from states, the Centre has conveyed that there is a need to factor in the “abnormal situation” due to the coronavirus pandemic, which it described as an “act of God”, indicating that there was no insurance for 14% growth in GST collections during these times.
Tax evasion of Rs 225 crore has been detected by Central GST intelligence officers after they busted illegal pan masala manufacturing units in Indore and arrested three persons for their involvement in the huge racket.
Finance minister Nirmala Sitharaman on Friday said no late fee will be levied for delayed filing of GST returns by registered entities with nil liability between July 2017 to January 2020. She said late fee for non-filing of monthly sales return for others has been reduced to a maximum of Rs 500 for July 2017 … Continue reading GST Council halves interest on late filing of returns
The government on Wednesday sought to end the confusion over GST on company directors, while also addressing concerns over held-up input tax credit refunds, an issue that was hurting industry amid tight cash flow.
The government on Monday rolled out SMS facility for taxpayers filing ‘Nil’ monthly GST returns, a move which will benefit about 22 lakh registered taxpayers. Nil return SMS can be sent to 14409 after 1st date of subsequent month. These taxpayers with ‘NIL’ liability need not log on to the GST portal.
The Centre has released Rs 36,400 crore as GST compensation to the states and union territories for three months till February 2020.For April-November 2019 period, the Centre had already released Rs 1,15,096 crore to compensate states and UTs on account of revenue loss due to implementation of the goods and services tax (GST).
The Central Board of Indirect Taxes (CBIC) on Monday said it has sanctioned GST refund claims worth Rs 11,052 crore in 47 days. In a tweet, the CBIC said it is “committed to ensuring liquidity to GST taxpayers especially MSME sectors during the lockdown”.
The country’s top two-wheeler maker Hero MotoCorp has decided to defer planned investments for capacity additions due to the coronavirus pandemic, and has sought an immediate tax relief from the government in terms of GST rate cut and relaxations in electric vehicle launch mandates.
The government managed to rake in just over Rs 18,000 crore through integrated GST (IGST) on imports in March, the lowest since the new tax regime kicked in 30 months ago, indicating that collections in the coming months are expected to be weaker, putting additional pressure on the government that is facing demands for fiscal … Continue reading Lowest ever GST on imports in March
In a statement, the Goods and Services Tax Network (GSTN) said it has enabled tax officers of different states and union territories (UTs) to access their office during the lockdown period, and is providing secured access to the office network on request.
Goods and services tax (GST) collection in March fell 8.4% to Rs 97,597 crore, failing to cross the physiologically important Rs 1-lakhcrore level after four months, in what was an indication of a slowdown in the economy.
GST collections in March slipped below the psychological Rs 1 lakh crore mark for the first time in four months to Rs 97,597 crore as COVID-19 lockdown that shut most businesses compounded tax collection woes in an already sluggish economy. GST mop-up in March recorded an 8.4% decline over March 2019 collection of Rs 1.06 … Continue reading GST mop-up slips below Rs 1L cr in March
Ahead of the Goods and Services Tax (GST) Council meeting on Saturday, the government is pushing for a review of the levy on mobile phones, footwear, fertiliser and man-made fibres to correct a major discrepancy that has crept in where the duty on the finished product is lower than those on inputs.
The GST Council is likely to rationalise tax rates on five sectors, including mobile phones, footwear and textiles, and defer implementation of the new return filing system and e-invoicing in its meeting on March 14.
The government has collected Rs 1.05 lakh crore as GST revenue in February, up 8 per cent over the same month last year. The collection from Goods and Services Tax (GST) in February was, however, lower than the Rs 1.10 lakh crore collected in January 2020.
The Centre on Thursday said it has released Rs 19,950 crore as GST compensation cess to states and union territories (UTs) last Monday, taking the overall payout past the Rs 1lakh crore mark.
Describing India’s latest tax reform GST (goods and service tax) as “the biggest madness of the 21st century,” said BJP Rajya Sabha MP Subramanian Swamy that the country needs to grow at 10% per annum to become a superpower by 2030. He also demanded that former PM late P V Narasimha Rao, be given the … Continue reading GST ‘biggest madness of the 21st century’: Swamy
While addressing the media after a post-Budget meeting with industry representatives, the finance minister said states and the GST Council have to decide when they will bring this under GST. “No amendment (to the law) will be required. Whenever the states decide to bring this under the new regime, it can be done.”
The ministry of corporate affairs is ready to launch Spice+, the new company incorporation form, with at least five new formalities — EPFO, ESIC & professional tax registration, opening of bank account and GST registration — as part of a comprehensive package to make life easier for someone starting a business.
The Central Board of Indirect Taxes and Customs has frozen tax credits of around Rs 40,000 crore as the returns did not match, exposing alleged fraud by close to 2,000 entities, apart from cases where returns were not filed. Last week, the indirect tax wing of the revenue department blocked the credits within four hours, … Continue reading Rs 40k cr in GST claims blocked over likely fraud
The government on Wednesday decided to allow staggered filing of GST returns, following repeated complaints of the online system getting clogged ahead of the monthly deadline.