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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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Independent regulator needed for targeted public investment: RBI

Independent regulator needed for targeted public investment: RBI

🕔17:24, 25.Aug 2020

Mumbai, Aug 25  The Reserve Bank of India has called for setting up an independent regulator for targeted public investment to revive and crowd in private investment. In its Annual Report 2019-20, it said that targeted public investment funded by

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Evolving taxation: Weighted GST rate declines to 11.6% since inception

Evolving taxation: Weighted GST rate declines to 11.6% since inception

🕔17:49, 24.Aug 2020

New Delhi, Aug 24  The Goods and Services Tax (GST), often hailed as the “biggest tax reform” in India, has evolved over the years, and the weighted rate of GST has declined in the past few years to 11.6 per

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CEOs of large firms/PSUs not to be issued summons at first instance for GST evasion

CEOs of large firms/PSUs not to be issued summons at first instance for GST evasion

🕔07:42, 18.Aug 2020

New Delhi, Aug 18  The Directorate General of GST Intelligence (DGGI) has issued guidelines, which seek to soften the impact of investigations and ensure that no excesses are committed that include minimal personal summons, no repeated summons and generally not

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Full Rs 1.65 lakh cr GST compensation for FY20 given to states

Full Rs 1.65 lakh cr GST compensation for FY20 given to states

🕔07:08, 28.Jul 2020

New Delhi, July 28  In a bid to provide further relief to states amid the coronavirus outbreak, the Finance Ministry has released Rs 13,806 crore as compensation for March 2020 for the states’ revenue loss in the goods and services

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Tax fraud: 1,377 exporters who claimed Rs 1,875cr IGST refund ‘untraceable’

Tax fraud: 1,377 exporters who claimed Rs 1,875cr IGST refund ‘untraceable’

🕔12:50, 17.Jul 2020

New Delhi, July 17  Government crackdown on tax defaulters has revealed shocking data as a total of 1,377 exporters who have fraudulently claimed IGST refund amounting to Rs 1,875 crore have been found untraceable at their principle place of business.

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Sanitisers soaps, not medicaments; will attract higher 18% GST

Sanitisers soaps, not medicaments; will attract higher 18% GST

🕔18:58, 15.Jul 2020

New Delhi, July 15  Amid the ongoing debate over goods and services tax (GST) rate on hand sanitisers, the government on Wednesday clarified alcohol-based hand sanitisers will continue to be levied at the standard rate of 18 per cent as

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New sanitiser makers face action for GST evasion

New sanitiser makers face action for GST evasion

🕔17:49, 8.Jul 2020

New Delhi, July 8  The urgent requirement for alcohol-based hand sanitisers amid the Covid-19 pandemic enthused many firms, including sugar mills and alcohol producers, to jump on the bandwagon. But, it seems, some evaded duties worth crores of rupee by

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GST liable on IT consulting services to firms having foreign client

GST liable on IT consulting services to firms having foreign client

🕔17:41, 5.Jul 2020

New Delhi, July 5 Software consultancy services provided by an IT company under a contract to a company which has foreign clients is liable to pay Goods and Services Tax (GST). In a recent order, Tamil Nadu Authority for Advance Rulings

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GST collection drops 9% to Rs 90,917 cr in June

GST collection drops 9% to Rs 90,917 cr in June

🕔17:30, 1.Jul 2020

New Delhi, July 1  The COVID-19 induced shrinking of economic activity for past few months has continued to have its impact on government’s tax collections with revenue under the Goods and Services Tax (GST) falling far below the psychological level

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Bring petroleum, real restate under GST, urges Assocham

Bring petroleum, real restate under GST, urges Assocham

🕔07:10, 1.Jul 2020

New Delhi, July 01  Industry body Assocham on Tuesday called for bringing petroleum products and real estate under the ambit of the Goods and Services Tax (GST). According to Assocham’s Secretary General Deepak Sood, states must be brought on board

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Govt offers filing of NIL GST statement in form GSTR-1 through SMS

Govt offers filing of NIL GST statement in form GSTR-1 through SMS

🕔10:53, 28.Jun 2020

New Delhi, June 28  In a major move towards taxpayer facilitation, the government on Saturday allowed SMS filing of NIL GST statement in GSTR-1 form with effect from the first week of July. This would substantially improve ease of GST

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Interest on PPF, savings bank included for calculating GST threshold: AAR

Interest on PPF, savings bank included for calculating GST threshold: AAR

🕔18:03, 23.Jun 2020

New Delhi, June 23  The value of exempted income sources, like interest on PPF, savings bank account and loans given to family and friends, will be included along with taxable supplies while calculating the threshold limit for obtaining GST registration.

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Govt releases Rs 36,400 cr as GST compensation to states for Covid-19 expenditure

Govt releases Rs 36,400 cr as GST compensation to states for Covid-19 expenditure

🕔07:15, 5.Jun 2020

New Delhi, June 5  In a bid to provide further relief to states amid the coronavirus outbreak, the finance ministry has released Rs 36,400 crore to states as compensation for their revenue loss in the goods and services tax (GST)

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