Modifying the AAR verdict, the AAAR has clarified that GST will be levied not on the supply of vouchers but on the underlying supply of goods/ services at the time of redemption and the time for payment of GST will be dependent on the provisions detailed in the GST law.
Revenue and Department of Economic Affairs Secretary Tarun Bajaj on bringing petroleum products under GST said that this move involves interest of both state and centre.
GST revenues during March 2021 are the highest since introduction of GST. In line with the trend of recovery in the GST revenues over past five months.
Centre and states collectively collect over Rs 5 lakh crore tax on petroleum products, Modi told the Rajya Sabha while participating in a discussion on the Finance Bill 2021.
Union Finance Minister Nirmala Sitharaman on Tuesday said she was ready to discuss bringing petrol and diesel under GST in the next council meet.
During the interaction with the students of St. Teresa's College in Kochi, Congress leader Rahul Gandhi alleged that as the economy collapsed due to COVID-19 pandemic, Centre is forcibly taking money from common people to run the government.
Union Finance Minister Nirmala Sitharaman on Monday said that there is no proposal to bring crude oil, petrol, diesel, jet fuel (ATF) and natural gas under the Goods and Services Tax (GST).
GST collections crossed the Rs 1 lakh crore-mark for the fifth month in a row in February, rising 7 per cent annually to over Rs 1.13 lakh crore, indicating economic recovery, the finance ministry said on Monday.
The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28.
GST officers have arrested a person for creating fictitious firms and committing input tax credit fraud of Rs 50.03 crore, the finance ministry said on Sunday.
"It will be a good move, but the decision rests with the GST Council," Subramanian said during a recent interaction with FICCI FLO members.
On increasing fuel prices in the country, Union Petroleum and Natural Gas Minister, Dharmendra Pradhan said that it has happened due to increase in prices of crude oil in international markets.
Protesting against rising diesel prices and excessive taxation among other issues, transporters' apex body AIMTC on Sunday said it would suspend transport operations if the government fails to address their issues.
Teera Kamat, a five-month-old girl from Mumbai, who is suffering from a rare medical condition, her parents had appealed through social media to waive off 23 per cent import duty and 12 per cent GSTthat addeed Rs 6 cr to the cost of Rs 16 crore treatment.
GST officers have busted a network of 46 fake firms which used to generate fake invoices and fraudulently avail input tax credit (ITC) worth Rs 82.23 crore, the finance ministry said on Tuesday.
The ministry said in line with the trend of recovery in the GST revenues over past five months, the revenues for the month of January 2021 are 8 per cent higher than that in the same month last year.
All the accused persons have worked as data entry operators in the VAT and GST departments on a contract basis and were well conversant with the vulnerabilities of the taxation system and the ways to take advantage of the existing GST slabs to claim a fake refund.
The gem and jewellery industry wants the Modi government to reduce customs duty on gold, withdraw of tax collected at source, cut in import duty on polished precious and semi-precious gemstones.
Industry body India Cellular and Electronics Association (ICEA) has renewed its demand for reducing Goods and Services Tax (GST) for the mobile industry ahead of the Union Budget to be presented on February 1.
Congress leader Rahul Gandhi on Saturday said the his party is committed to reconceptualising the Goods and Services Tax regime if voted to power at the Centre and assured ushering in a 'One tax, minimum tax.'
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