In a major relief to the GST taxpayers, the government has decided to cap the maximum late fee for Form GSTR-3B at Rs 500 per return for the extended tax period of July 2017 to July 2020 subject to the condition that such returns are filed before September 30, 2020.
The GST investigation arm DGGI unearthed Rs 40 crore tax evasion by an unregistered pan masala/gutkha manufacturing unit in the national capital. The GST investigation arm DGGI unearthed Rs 40 crore tax evasion by an unregistered pan masala/gutkha manufacturing unit in the national capital.
What is the difference between a roti and a Paratha? Apart from the taste, it is 18 per cent GST that can be imposed on Parotas (or Parathas) because these need to be heated before consumption.
The GST Council may consider at the next meet levying cess on commodities like pan masala and bricks at the manufacturing stage itself, a move aimed at checking tax evasion and shoring up revenues.
As a measure to clean up pendency in return filing, the GST Council has reduced/waived late fee for non-furnishing FORM GSTR-3B for the tax period from July, 2017 to January, 2020.
GST paid on invoices which have become bad debts must be paid back, Domestic Air Cargo Agents Association of India (DACAAI) said on Tuesday.At present, under the GST law agents have to up front pay 18 per cent GST on the invoices.
Reduction in GST rate and introduction of scrappage policy would help in reviving the commercial vehicle sector which has been facing headwinds for quite some time now
The GST Council is scheduled to meet on June 12 and likely to discuss the impact of the COVID-19 pandemic on tax revenues, sources said. The 40th meeting of the GST Council, headed by Finance Minister Nirmala Sitharaman and comprising state counterparts, will be held via video conferencing.
A Pakistani man has been arrested by Central GST intelligence officials for illegally selling pan masala worth crores of rupees in parts of Madhya Pradesh, Maharashtra and neighbouring states even during the lockdown period, officials said on Thursday.
The Centre had released Rs 69,275 crore in 2018-19 and Rs 41,146 crore in 2017-18 as compensation for GST which was rolled out on July 1, 2017.
The GST Council in its next meeting will discuss waiver of late fee for non-filing of GST returns for August 2017 to January 2020 period. In a tweet, the Central Board of Indirect Taxes and Customs (CBIC) said, "Issue of GST late fee for the past period (August 2017 to January 2020) to be discussed in the next GST Council meeting."
Reports had earlier said that the central government is considering a calamity cess on the Goods and Services Tax, similar to flood cess imposed by Kerala in June last year.
Under the GST law, states are guaranteed full compensation for any revenue loss for the first five years after the introduction of the goods and services tax (GST) in July 2017.
The government on Friday deferred the release of April GST revenue collection data due to the ongoing lockdown, sources said. The government had last month extended the deadline to file GST returns for March to May 5, from April 20.
The Income Tax Department on Monday deferred for the third time the requirement for companies to include in their I-T audit report the details of the Goods and Services Tax (GST) and GAAR.
Former Congress President Rahul Gandhi on Monday called upon centre to revoke the Goods and Service Tax on masks and sanitisers among others
CPI(M) General Secretary Sitaram Yechury, in New Delhi on Monday, criticised the Centre for not releasing over Rs 30,000 crore in the goods and services tax (GST) dues.
The Centre has released Rs 1,237 crore to Punjab as GST compensation arrears for July 2017-March 2019. Punjab Finance Minister Manpreet Singh Badal in a letter to Finance Minister Nirmala Sitharaman said the funds came at a "crucial time" when the entire country is facing the Covid-19 crisis.
Besides, all pending GST and custom refunds will also be released benefiting close to 1 lakh businesses, the note stated. The total refund amount will be to the tune of Rs 18,000 crore, finance ministry said.
Top News
Latest News
