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GST compensation shortfall released to states touches Rs 1L Cr

GST compensation shortfall released to states touches Rs 1L Cr

🕔14:31, 20.Feb 2021

New Delhi, Feb 20  The Finance Ministry had released the 17th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,730.41 crore has been released to 23

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Rs 5,000 cr more sent to states for meeting GST compensation shortfall

Rs 5,000 cr more sent to states for meeting GST compensation shortfall

🕔07:18, 16.Feb 2021

New Delhi, Feb 16  The Ministry of Finance on Monday released the 16th weekly instalment of Rs 5,000 crore to the states to meet the GST compensation shortfall. Out of this, an amount of Rs 4,597.16 crore has been released

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SCAI seeks financial waiver, easing of IT norms in budget

SCAI seeks financial waiver, easing of IT norms in budget

🕔07:19, 29.Jan 2021

New Delhi, Jan 29  The Shopping Centres Association of India (SCAI) has sought financial waivers, a loan moratorium for the sector along with easing of income tax norms in the upcoming Union Budget. In its budget recommendations, the industry body

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Companies have to pay GST on remuneration of Independent Directors

Companies have to pay GST on remuneration of Independent Directors

🕔07:05, 22.Jan 2021

New Delhi, Jan 22  A company is liable to pay Goods and Services Tax (GST) on remunerations paid to Independent Directors on a reverse charge basis. The Rajasthan Appellate Authority on Advance Ruling (AAR) has also clarified that the parts

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Government to publicise 42 reforms it has brought

Government to publicise 42 reforms it has brought

🕔09:56, 9.Jan 2021

New Delhi, Jan 9  The Narendra Modi government has come up with a list of 42 big reforms or initiatives it has brought after coming to power in 2014 for the betterment of the country. The government has decided to

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CAIT urges FM to defer implementation of ‘Rule 86-B’ in GST

CAIT urges FM to defer implementation of ‘Rule 86-B’ in GST

🕔17:22, 26.Dec 2020

New Delhi, Dec 26 Traders’ body Confederation of All India Traders (CAIT) has urged Finance Minister Nirmala Sitharaman to defer the implementation of ‘Rule 86-B’ in GST, scheduled to be implemented from January 1, 2021. In a letter to the Finance

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Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources

Payment of 1% GST in cash only for 45,000 taxpayers: DoR sources

🕔17:18, 26.Dec 2020

New Delhi, Dec 26  The government’s decision on mandatory payment of at least 1 per cent of GST tax liability in cash will impact only around 40,000 to 45,000 taxpayers but help the entire system curb the menace of fake

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EEPC India seeks easier GST refund rules at BoT meet

EEPC India seeks easier GST refund rules at BoT meet

🕔07:03, 3.Dec 2020

New Delhi, Dec 3  EEPC India on Wednesday sought easing of GST refund rules to reduce difficulties faced by engineering exporters in the midst of the Covid-19 pandemic. The engineering exporters body brought out the issue of procedural bottlenecks that

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P&G companies fined Rs 241 cr for not passing on GST cut benefits

P&G companies fined Rs 241 cr for not passing on GST cut benefits

🕔21:26, 26.Nov 2020

New Delhi, Nov 26  The National Anti-Profiteering Authority (NAA) has imposed a fine of over Rs 241.5 crore on P&G Home Products, P&G Hygiene and Healthcare and Gillette India Ltd for not passing on benefits of GST rate cut to

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Gas, ATF may come into GST fold ahead of other petro products

Gas, ATF may come into GST fold ahead of other petro products

🕔06:59, 4.Nov 2020

New Delhi, Nov 4  At least two out of the five petroleum products, including aviation turbine fuel or ATF and natural gas, are likely to be among the first set of petro products to be included in the Goods and

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GST collections in Oct may cross Rs 1 lakh cr mark for first time in FY21

GST collections in Oct may cross Rs 1 lakh cr mark for first time in FY21

🕔07:27, 27.Oct 2020

New Delhi, Oct 27  In a sign that economic revival is getting more pronounced in the unlock phases, country’s goods and service tax (GST) collections set to cross the Rs 1 lakh crore mark for the first time during this

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Karnataka appellate authority rules 18% GST on whole wheat ‘parota’ is void

Karnataka appellate authority rules 18% GST on whole wheat ‘parota’ is void

🕔14:12, 5.Oct 2020

New Delhi, Oct 5  The Karnataka Appellate Authority of Advance Ruling (AAAR) has given a ruling that the 18 per cent Good and Services Tax (GST) applicable on whole wheat parantha or parota (fried flat bread) and Malabar Parota is

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Businesses not ready with GST e-invoicing get 30-day grace period

Businesses not ready with GST e-invoicing get 30-day grace period

🕔08:50, 1.Oct 2020

New Delhi, Oct 1  The Central Board of Indirect Taxes and Customs (CBIC) has announced a 30 day grace period for those businesses which are not yet ready for GST e-invoicing which comes into effect from Thursday, October 1. In

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Net direct tax collection declines 31% in Apr-Aug FY21

Net direct tax collection declines 31% in Apr-Aug FY21

🕔14:17, 20.Sep 2020

New Delhi, Sep 19  The net direct tax collection in April-August period of the current fiscal was 31.1 per cent lower on year-on-year (YoY) basis at over Rs 1.92 lakh crore, according to data provided by Minister of State for

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Pending GST refunds, MEIS dues hurting exporters: EEPC India

Pending GST refunds, MEIS dues hurting exporters: EEPC India

🕔10:20, 17.Sep 2020

New Delhi, Sep 16  Engineering export body EEPC India on Wednesday said that pending GST refunds along with MEIS dues are hurting exporters. According to EEPC India, besides fighting a battle for survival in the Covid-19 hit global market, exporters

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FinMin reaches out to states again, says entire GST dues to be paid

FinMin reaches out to states again, says entire GST dues to be paid

🕔12:22, 8.Sep 2020

New Delhi, Sep 8  The Centre has reached out to the states again clarifying that it would pay entire GST compensation dues to them amid the mounting opposition over the borrowing options proposed in lieu of the shortfall in indirect

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Finance Commission to deliberate on GDP growth, GST compensation

Finance Commission to deliberate on GDP growth, GST compensation

🕔18:50, 3.Sep 2020

New Delhi, Sep 3  N.K. Singh, the Chairman of the 15th Finance Commission, along with the other members, will hold a day-long meeting with the Economic Advisory Council of the commission on Friday. An official statement on Thursday said that

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Chhattisgarh records 6% higher GST revenue collection

Chhattisgarh records 6% higher GST revenue collection

🕔09:00, 3.Sep 2020

Raipur, Sep 3  Chhattisgarh recorded a 6 percent higher collection of Goods and Services Tax (GST) in August this year, compared to the same month last year. The state’s GST collection was Rs 1,873 crore last year, which rose to

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Covid Impact: GST collection drops 12% to Rs 86,449 cr in Aug

Covid Impact: GST collection drops 12% to Rs 86,449 cr in Aug

🕔08:10, 2.Sep 2020

New Delhi, Sep 2  The Covid-19-induced shrinking of economic activity for the past few months has continued to have an impact on the government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological

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Central revenues more impacted than GST revenue: Centre to states

Central revenues more impacted than GST revenue: Centre to states

🕔08:04, 31.Aug 2020

New Delhi, Aug 31  As several states continue to oppose the borrowing options proposed in lieu of the GST compensation, the Centre has told states that central revenues have been under greater strain compared to GST revenue. In a letter

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