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.
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The government crackdown on those involved in GST frauds has resulted in 215 arrests so far, which includes professionals such as chartered accountants (CAs) and a company secretary.
Swiggy and Instakart have said that tax authorities are probing their vendors for alleged GST default and that they are not under the scanner.
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 finance ministry on Monday released the ninth instalment of Rs 6,000 crore to the states to meet GST compensation shortfall, taking the total amount of fund released to Rs 54,000 crore. The Centre had set up a special borrowing window in October 2020 to meet the estimated shortfall of Rs 1.10 lakh crore in … Continue reading Govt releases 9th instalment to meet GST shortfall
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
The government has extended the deadline till March 31, 2021 for completing GST anti-profiteering investigations, which were to be completed by November this year.
Come January 1 and GST taxpayers would be able to pay their tax dues on a self assessment basis without having to go through the cumbersome process of filing tax returns on a monthly basis.
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.
All the 28 states and three Union Territories (UT) with legislature have decided to go for Option-1 to meet the revenue shortfall arising out of the Goods and Services Tax (GST) implementation. The Central government has set up a special borrowing window for the states and the UTs who choose Option-1 to borrow the amount … Continue reading All states choose Option-1 to meet GST shortfall
The Rs 2,000-crore writing instrument industry is facing a double whammy of taxation issues and demand slump with most of the educational institutions being closed in the country due to the Covid-19 pandemic, officials said on Wednesday.
The goods and services tax (GST) collections for the month of November stood at Rs 1,04,963 crore — 1.4 per cent higher than the revenues in the same period last fiscal, ministry of finance said in an official release on Tuesday.
“Governments of Kerala and West Bengal have communicated their acceptance of Option-1 to meet the revenue shortfall arising out of GST implementation. The number of states who have chosen this option has gone up to 25,” the finance ministry said in a statement.
The Centre and states are looking to further tighten the GST registration process and legal measures to deal with the rising cases of fake invoicing. A meeting of the law committee of the GST Council has been convened on Wednesday to discuss these issues, finance ministry sources said.
The CGST department needs to take a cautious approach because of the amount of fraud happening in claiming input tax credit (ITC) by business entities, an official of the GST administration said on Friday.
The government on Monday released Rs 6,000 crore as second tranche of GST compensation shortfall to 16 states and 3 union territories (UTs), the ministry of finance said in an official statement. Till date, the finance ministry has facilitated loans of Rs 12,000 crore under the special window to states and UTs.
GST collections in October stood at over Rs 1.05 lakh crore, crossing for the first time Rs 1 lakh crore mark since February this year, the finance ministry said on Sunday. The total number of GSTR-3B returns filed till October 31, 2020, is 80 lakh.
The Centre has borrowed and transferred Rs 6,000 crore as the first tranche of GST compensation shortfall to 16 states and two union territories, including Maharashtra, Gujarat, Bihar, Assam, Delhi and J&K, the finance ministry said on Friday.
The ministry of finance on Wednesday said that the Centre will borrow the estimated shortfall of Rs 1.1 lakh crore — as part of a special window — to meet the GST compensation shortfall of states. The amount to be borrowed will be passed on to the states as a back-to-back loan in lieu of … Continue reading GST shortfall: Centre to borrow Rs 1.1 lakh crore
The Centre on Tuesday permitted 20 states to raise Rs 68,825 crore through open market borrowings to bridge the GST revenue shortfall. The decision came a day after the GST Council meeting failed to reach a consensus on the stalemate over the Centre’s proposal of states borrowing against future GST collections to make up for … Continue reading GST shortfall: States allowed to raise Rs 69k cr
Finance and revenue secretary Ajay Bhushan Pandey said the e-invoicing implementation B2B transactions from October 1 has been encouraging and is getting progressively robust.