Page 34 - Latest Updates on Goods and Services Tax
Centre releases Rs 6,000 crore of GST compensation to 23 states, three UTs
Remaining five states do not have a gap in revenue on account of GST implementation.
 "Centre releases Rs 6,000 crore of GST compensation to 23 states, three UTs")
E-invoicing under GST pick up speed, posts 17% growth in November
Daily invoice generation has now improved to 2.5-2.7 million per day compared to an average of 1.5 million a day in October.
 "E-invoicing under GST pick up speed, posts 17% growth in November")
GST collections up Rs 1 trn for second month straight, aided by festivals
November collections were 1.42 per cent higher than the same month of the previous year
25,000 defaulting taxpayers to be persuaded to file GST returns by Nov 30
GSTN and tax officials have decided to persuade 25,000 taxpayers, who have defaulted to file their GSTR-3B returns by the November 20 due date for the month of October, to file the same
Chhattisgarh, Punjab to opt for centre's borrowing option on GST shortfall
This leaves Jharkhand as the odd one out
 "Chhattisgarh, Punjab to opt for centre's borrowing option on GST shortfall")
GST not a perfect system, requires changes, rate rationalisation: N K Singh
Says finance commission's job is to reconcile divergent objectives
 "GST not a perfect system, requires changes, rate rationalisation: N K Singh")
Telangana opts for Option 1 to meet GST shortfall, joins 22 other states
The Union Ministry of Finance informed that Telangana has opted for Option-1 suggested by the Ministry to meet the shortfall in revenue arising out of GST implementation
 "Telangana opts for Option 1 to meet GST shortfall, joins 22 other states")
Five more held for fake invoices under GST, total arrests reach 30
GST Council's law panel to meet on Wednesday to deliberate on actions to curb fake issuance of invoices
GST Council's law panel to meet on Wednesday over fake invoices
Meeting is part of nationwide drive against fake GST invoices; 25 held, 350 cases filed against 1,180 entities till Nov 13, crackdown resumes today after diwali recess
Professionals and kingpins among 25 held for issuing fake bills under GST
350 cases filed against 1,180 entities, actual amount of fake ITC claimed being ascertained, say sources
 "Professionals and kingpins among 25 held for issuing fake bills under GST")
GSTN infrastructure upgraded to handle up to 300,000 users concurrently
The number of active taxpayer numbers have effectively doubled since the launch of GST at about 1.3 crore.
 "GSTN infrastructure upgraded to handle up to 300,000 users concurrently")
GST borrowing to meet states shortfall must be reasonable: Finance Secy
So far, 21 states and 3 Union Territories have opted for the borrowing plan proposed by the Centre
Too early to call
Essential to see if demand holds in coming months
 "Too early to call")
Wait for holistic response for stressed sectors: Finance secretary
AJAY BHUSHAN PANDEY talks about the Budget, revenue collection, and the goods and services tax (GST) compensation mechanism
 "Wait for holistic response for stressed sectors: Finance secretary")
GST collections cross Rs 1 trillion in October for first time in 8 months
Mop up grows 10% y-o-y at Rs 1.05 trillion, almost equal to levels in February before a nationwide lockdown to contain the coronavirus pandemic
It is a game of skill: Rajasthan High Court rejects plea to ban Dream11
Court says games offered on platform involve skill, not chance; rules that issue of GST evasion, as alleged in the plea, will be decided by GST authorities
 "It is a game of skill: Rajasthan High Court rejects plea to ban Dream11")
Frequent policy changes, taxes hurting luxury car market: Audi India head
Cars priced above Rs 25 lakh account for a per cent in India's 3 million-car market and share has remained unchanged over the last five years
 "Frequent policy changes, taxes hurting luxury car market: Audi India head")
Top trader-retailer body moves govt against Amazon, Flipkart festive sales
Says hefty discount amounting to predatory pricing, cashback by credit and debit card banks and high interest rate on EMI offered to buyers need to be scrutinised
 "Top trader-retailer body moves govt against Amazon, Flipkart festive sales")
Raise GST borrowing to Rs 1.83 trillion, Kerala CM writes to FM Sitharaman
More states likely to write to FM today; Jharkhand rejects Centre's proposal
Bridge the gap
Centre's decision to borrow doesn't fully address the GST issue
 "Bridge the gap")