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Data analytics, Artificial Intelligence helped improve GST collections: Nirmala Sitharaman
Business | February 08, 2020 22:38 IST
Finance Minister Nirmala Sitharaman said here on Saturday that the government was taking several steps like using data analytics to plug loopholes in the Goods and Services Tax collection and prevent particular areas of misuse and gaming of the system. During the last three months, the GST collection crossed Rs one lakh crore every month, she said addressing a press conference here on budget 2020-21.
GST compensation fund likely to fall short by Rs 25,000 cr in current fiscal: Icra
Business | February 07, 2020 17:12 IST
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
'What CBI did is right': Sisodia on his OSD being arrested on bribery charges
India | February 07, 2020 10:41 IST
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.
Jharkhand bear more loss after implementation of GST: CM Hemant Soren
Politics | February 05, 2020 16:39 IST
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.
Government nets Rs 1.1 lakh crore from GST in Jan
Business | February 01, 2020 11:01 IST
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 collection crosses Rs 1.1 lakh crore in January
Business | February 01, 2020 3:00 IST
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.
Budget 2020 Date, Time, Schedule: Key things you must know before Feb 1
Business | January 27, 2020 23:56 IST
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.
Reduce GST on bicycles to 5 percent from current 12%: Hero Cycles
Business | January 27, 2020 19:03 IST
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.
Slash GST on Auto LPG, address policy issues stalling growth: Industry body to FM
Business | January 26, 2020 12:16 IST
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.
Tax Department raises GST revenue target to Rs 1.15 lakh cr for Jan-Feb
Business | January 17, 2020 22:14 IST
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.
Revenue deptartment detects 931 GST fraud cases through data analytics
Business | January 13, 2020 18:14 IST
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.
Do away with GST on services by microfinance companies: Industry's Budget wish-list
Business | January 09, 2020 21:54 IST
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.
'Bharat bandh' called as traders are suffering due to implementation of GST: Kapil Sibal
News | January 08, 2020 17:23 IST
Congress leader Kapil Sibal on Wednesday said that the traders who have called for a nationwide strike have done so because their businesses are suffering due to the implementation of the Goods and Services Tax (GST).
GST revenue mop-up rises to Rs 1.03 lakh crore in December
Business | January 01, 2020 16:51 IST
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.
Not filing GST returns on time may result in frozen bank accounts. Check details
Business | December 27, 2019 19:15 IST
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 unearth Rs 241-crore tax evasion racket
Business | December 26, 2019 19:59 IST
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.
2 GST slabs? Niti Aayog member has a suggestion
Business | December 25, 2019 16:20 IST
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.
GST Council fixes 28% uniform tax rate for lottery
Business | December 18, 2019 21:05 IST
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.
Centre releases Rs 35,000 crore GST compensation to states
India | December 16, 2019 18:28 IST
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.
Buzz of increasing GST rates everywhere except my office, says Nirmala Sitharaman
India | December 13, 2019 17:19 IST
Ahead of the crucial meeting of the GST Council, Finance Minister Nirmala Sitharaman on Friday said the buzz of an increase in GST rates is everywhere other than her office.