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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.
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 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.