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GST revenues in April touched the highest ever level of about Rs 1.68 lakh crore, up 20 per cent from the year-ago period, on improved compliance, the finance ministry said on Sunday. The gross GST collection in April 2022 is an all-time high and Rs 25,000 crore more than the previous highest collection of Rs … Continue reading GST revenues at all-time high of Rs 1.68 lakh crore in April

In the wake of some media reports stating that feedback has been sought from states regarding a suggestion for raising Good and Services Tax (GST) rates on 143 items, the ministry in a statement said deliberations of the panel of ministers to rationalise GST rates are ongoing and the report has not been submitted.

Goods and services tax (GST) collections for the month of March touched a new record high of Rs 1.42 lakh crore, breaching its previous record of Rs 1.40 lakh crore in January. In an official release, the ministry of finance said that economic recovery, anti-evasion activities, especially action against fake billers have been contributing to … Continue reading GST collections at record high of Rs 1.42L cr in March

The Central Board of Indirect Taxes & Customs (CBIC) has issued a standard operating procedure for the scrutiny of GST returns for financial years 2017-18 and 2018-19, the first two years of the roll-out of the new taxation regime.

Goods and services tax (GST) collections stayed above Rs 1.30 lakh crore-mark for the fifth straight time in February, official release by the ministry of finance showed on Tuesday. Gross GST revenue collected in February is Rs 1,33,026 crore, 18 per cent higher than Rs 1,13,143 crore revenue collected in the same month last year … Continue reading GST collection up 18% at over Rs 1.33L cr in Feb

Many states have demanded that the GST compensation cess regime be extended for another five years and the share of the Union government in the centrally-sponsored schemes be raised as the Covid-19 pandemic has impacted their revenues. The GST compensation to states for revenue shortfall resulting from subsuming of local taxes such as VAT in … Continue reading States demand extension of GST compensation for another 5 years

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

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.

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