Page 30 - Goods And Services Tax

Don't cut fuel taxes

Roll-back will increase fiscal risks

From GST collection to car sales, macro data signals steady recovery

GST mop-up rises 7% to Rs 1.13 trn in Feb; Manufacturing PMI eases slightly to 57.5

GST collections surpass Rs 1.1 trn-mark for 3rd straight month in Feb

The revenues for the month of February 2021 are 7 per cent higher than the GST revenues in the same month last year

Govt extends due date for filing FY20 GST annual returns till March 31

The government on Sunday extended the deadline for filing GST annual returns for 2019-20 fiscal by a month till March 31. This is the second extension given by the government. The deadline was earlier extended from December 31, 2020, to February 28. In view of the difficulties expressed by the taxpayers in meeting this time limit, Government has decided to further extend the due date for furnishing of GSTR-9 and GSTR-9C for the financial year 2019-20 to March 31, 2021 with the approval of Election Commission of India, the Finance Ministry said in a statement. GSTR 9 is an annual return to be filed yearly by taxpayers registered under the Goods and Services Tax (GST). It consists of details regarding the outward and inward supplies made or received under different tax heads. GSTR-9C is a statement of reconciliation between GSTR-9 and the audited annual financial statement. On the extension, AMRG & Associates Senior Partner Rajat Mohan said, Even though it is a relatively small ...

Traders body to launch agitation from Mar 5 against GST, e-commerce issues

Traders' body CAIT on Sunday said it would launch a nation-wide agitation against issues related to the goods and services tax and alleged malpractices of foreign e-commerce firms.

Bringing petroleum products under GST will be a good move, says CEA

He, however, said the decision will have to be taken by the GST council

GST registration: Foreigners exempted from Aadhaar authentication

However, Indian citizens will have to follow the Aadhaar authentication or personal verification route for GST registration

GST rate rationalisation: The larger objective

Besides merging the rate slabs of 12 per cent and 18 per cent, the GST Council could consider phasing out exemptions to those commodities that were subject to VAT duty by the States

12 including a CA arrested in a single day for fake GST invoice frauds

12 including a CA arrested in a single day for fake GST invoice frauds

Fake invoicing: 12 arrested including a CA in a single day, 329 since Nov

Goods and Services Tax (GST) authorities have been using data analytics, data sharing and artificial intelligence tools to unearth the ITC utilisation frauds via fake invoicing and bogus firms

HUL, Colgate among Nomura's top picks in case of GST slab rejig

The rate rejig, analysts say, will alter the tax burden on companies, which they expect to get passed on to the consumers

Without legislative backup, govt must not amend rules

The GST Council should prevail on the government to avoid such practices as they lead to unnecessary litigation

Course correction

Underperformance of GST must be addressed

Clarity on GST rate key likely to determine benefits for gas users

For now, analysts expect industrial users, city gas distributors and utilities to benefit

GST Council may take up rationalising tax rates, slab merger in next meet

15th Finance Commission has suggested merging 12 and 18% tax rates

SC asks Centre to file affidavit on technical glitches in GSTN

One of the major contentions put forward by the taxpayers was that the relevant GST forms could not be filed due to technological glitches faced on the GST Network portal

Registration of taxpayers to be suspended for anomalies in GST sales return

The registration would be suspended in cases where a comparison of the returns furnished by a registered person with the details of outward supplies furnished in form GSTR-1

ICAI wants FM to withdraw Budget proposal on doing away with GST audit

The Institute argues that benefits of such an audit outweigh ease of compliance that the new rule would bring for assessees

A compliance strategy for GST

It is quite clear that to get the compliance benefit of the GST design, all economic entities must be brought within the tax net so that the invoice trail is established

15th FC report: Annual GST losses hit Rs 4 trillion on lower rates

Finance Commission finds inconsistencies in GST, bats for change, simplification and a three-rate structure