The central government has released Rs 19,950 crore as GST compensation to states, taking the total amount released to them to over Rs 1.2 lakh crore. In a statement, the finance ministry said Rs 19,950 crore was released to states and union territories on last Monday.
Kunal Jadhav, an employee of the GST Bhavan here, showed immense courage and patriotism when he climbed nine floors of the fire-hit building on Monday to save the national tricolour from being burnt.
The GST Network on Sunday said around 92 per cent of large taxpayers with turnover of over Rs 2 crore have filed annual returns for 2017-18 fiscal.
Pegging the unpaid GST compensation to the states at Rs 60,000-70,000 crore for the October 2019-January 2020 period, rating agency Icra has said the GST compensation fund may see a shortfall of Rs 15,000-25,000 crore for 2019-20
Delhi deputy chief minister Manish Sisodia on the arrest of Officer on Special Duty to him on bribery charges said that what CBI did is right and strictest action should be taken against the officer to set an example.
Speaking at the event in Jharkhand's Dhanbad, Chief Minister Hemant Soren on Tuesday said that after the implementation of Goods and Services Tax (GST) in India, Jharkhand bear the loss most.
This is second time since introduction of GST in July 2017 that the monthly revenues have crossed Rs 1.1 lakh crore. The GST collection is in line with the target set by Revenue Secretary Ajay Bhushan Pandey after a high-level meeting with senior tax officials earlier this month.
GST collections have crossed the Rs 1 lakh crore mark for the third month in a row in January with improved compliance and plugging of evasion, sources said on Friday.
Leading bicycle maker Hero Cycles on Monday urged the government to reduce GST on bicycles from 12 per cent to 5 per cent ahead of the Union Budget to revive demand in the rural markets.
Union Budget 2020: The Modi government is due to present the Union Budget for FY in Parliament on February 1. As the countdown for the Union Budget 2020 has begun, all eyes are set on what measures will be announced by the Finance Minister Nirmala Sitharaman.
LPG used as fuel in automobiles or Auto LPG, which is among the cleanest alternative fuels with a Global Warming Potential of 'zero' is currently taxed at 18 per cent GST.
Last month, the department had raised its GST tax collection target to Rs 1.1 lakh crore per month with Rs 1.25 lakh crore for a single month for the remaining period of this financial year while the direct tax target was to remain at Rs 13.35 lakh crore sans the corporate tax relief of Rs 1.45 lakh crore.
Refunds of over Rs 28,000 crore are said to have been filed by over 27,000 taxpayers so far on account of inverted duty structure in the current financial year.
Microfinance industry body Sa-Dhan in its wish-list for Budget 2020-21 has urged the government to do away with levy of goods and services tax (GST) on the services provided by the sector.
The GST collection in November 2019 stood at Rs 1,03,492 crore. Of the gross Rs 1,03,184 crore last month, CGST is Rs 19,962 crore, SGST is Rs 26,792 crore, IGST is Rs 48,099 crore (including Rs 21,295 crore collected on imports) and Cess is Rs 8,331 crore (including Rs 847 crore collected on imports), an official statement said.
GST Return filing: Now, if you don't file the returns in time and ignore the reminders sent to you by the Income Tax Department, it may go ahead and freeze your assets such as your bank account and even your property.
GST officials have unearthed a racket involving fake invoicing worth Rs 1,600 crore that resulted in tax evasion of Rs 241 crore, an official release said in a statement on Thursday. The racket was busted by the anti-evasion wing of CGST Delhi South Commissionerate.
Government think-tank Niti Aayog member Ramesh Chand on Wednesday made a case for only two slabs under the goods and service tax regime as against the multiple slabs currently, and said rates should be revised annually if required.
The GST Council on Wednesday fixed a uniform tax rate of 28 per cent on both state and private lottery. Briefing reporters after the 38th meeting of the Council, Revenue Secretary Ajay Bhushan Pandey said the new rate for lottery will come into effect from March 2020.
Ahead of the crucial GST Council meeting, the Centre on Monday released about Rs 35,000 crore to states and Union Territories as pending compensation. The GST Council, the highest decision making body of the indirect tax regime, is slated to hold its meeting on December 18.
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