GSTN, which handles the IT backbone for Goods and Services Tax (GST) has already started providing tax liability data based on sales return GSTR-1 of the taxpayer to be used in his tax payment form GSTR-3B in pdf form.
Not paying the full GST compensations by the Centre is among the factors which may result in up to Rs 3 lakh crore cut in capital expenditure by the states in FY21, a report said on Wednesday.
Days after government announced 2 options for States on the issue of meeting GST compensation, Finance Ministry sources on Monday said the entire shortfall of compensation to the states irrespective of whether it is on account of GST implementation or coronavirus pandemic will be compensated.
Congress leader Rahul Gandhi on Sunday said the NDA's Goods and Services Tax (GST) is not a tax system but an "attack" on India's poor and on its small and medium businesses and urged all to stand against it.
The gross GST collection in August stood at Rs 86,449 crore, down from Rs 87,422 crore collected in July, the Finance Ministry said on Tuesday.
Congress leader Rahul Gandhi on Monday launched a scathing attack on the Prime Minister Narendra Modi-led BJP government and said the central government has attacked the country's unorganized economy in the last six years attempting to turn people into slaves.
Finance Minister Nirmala Sitharaman, who chaired the 41st GST Council meeting, said the GST shortfall in FY21 was around Rs 2.35 lakh crore. Following a marathon five-hour meeting, Sitharaman said two options of compensating states were discussed.
Finance Secretary Ajay Bhushan Pandey who attended the 41st GST Council Meet on the agenda of making up for shortfall in states’ revenues amid the pandemic, said that the Attorney General's clear opinion was that compensation gap cannot be met from India's consolidated fund and provided two options.
Punjab Chief Minister Captain Amarinder Singh on August 26 said that the Central Government has not paid GST compensation and the finances of the states are completely down.
Congress interim President Sonia Gandhi on Wednesday said that Centre's refusal to clear Goods and Services Tax (GST) compensation to States is nothing short of betrayal on the part of the Prime Minister Narendra Modi government.
The Ministry of Finance on Monday said that businesses with an annual turnover of up to Rs 40 lakhs are exempt from GST and those with a turnover up to Rs 1.5 crore can opt for the Composition Scheme and pay only one per cent tax.
In a series of tweets, on the first death anniversary of former Finance Minister Arun Jaitley, the ministry said before goods and services tax (GST), the combination of value-added tax (VAT), excise, sales tax and their cascading effect resulted in high standard rate of tax up to 31 per cent.
Sources said the 41st meeting of the Goods and Services Tax (GST) Council would be a single agenda meeting on states' compensation to be held via video conferencing.
The country's GST collections declined to Rs 87,422 crore in July from Rs 90,917 crore in the previous month, a finance ministry statement said on Saturday. The July collections, however, are higher than Rs 62,009 crore goods and services tax (GST) mopped up in May and Rs 32,294 crore in April.
The Directorate General of Goods and Services Tax Intelligence (DGGI) has found alleged evasion of GST collectively worth over Rs 108 crore by two liquor manufacturers in Aurangabad and Nanded districts of Maharashtra
The Union Finance Ministry on Wednesday said that hand sanitizers are disinfectants like soaps, anti-bacterial liquids, dettol, which attract an 18% GST. It said that reducing the GST rate on sanitizers and other items would lead to an inverted duty structure and put domestic manufacturers at a disadvantage.
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.
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